Axis Magnus Tired with axshit. Closure of Axis burgundy.

[shashankrt]

I had got axis MB ltf based in 10l deposit criteria and plan was to convert to salary account and release 10l. However due to recent devaluation and continuous shit from axis, I have planned to close down account and MB.

Questions.
1. Should I cancel MB 1st before closing account?
2. What's the MAB required if I choose to continue only with Axis account minus 10l and of course closing MB?

Other cards I have are infinia ( which may get devalued soon) and Amex plat apart from multiple other cards.

Please advise.

 

[drsel]

1) No way you should give up a lifetime free Magnus Burgundy, which is easily the best card in India and possibly the whole world.

2) 10 lacs MAB for Burgundy savings account to avoid charges

 

[Riva]

If you close the LTF m4b, you will never ever get the LTF Magnus ever again. So think about it before closing..

 

[CVR]

I

I had got axis MB ltf based in 10l deposit criteria and plan was to convert to salary account and release 10l. However due to recent devaluation and continuous shit from axis, I have planned to close down account and MB.

Questions.
1. Should I cancel MB 1st before closing account?
2. What's the MAB required if I choose to continue only with Axis account minus 10l and of course closing MB?

Other cards I have are infinia ( which may get devalued soon) and Amex plat apart from multiple other cards.

Please advise.

If its LTF don’t close it

 

[navam]

Everything else is fine Axis ko gaali dete dete, Infinia ko nazar kyun laga rahe ho?

 

[Centurion_wala]

Magnus Burgundy, which is easily the best card in India and possibly the whole world.

 

[shashankrt]

Everything else is fine Axis ko gaali dete dete, Infinia ko nazar kyun laga rahe ho?

Infinia reserve upcoming re. Else I love infinia more than I hate axis.

 

[shashankrt]

I

If its LTF don’t close it

Its not Ltf in true sense unless I convert my axis account to salary. Else it's costing me atleast 35 k in terms of lost interest.

 

[REDDYT]

I

If its LTF don’t close it

This LTF conditional.. as long as you maintain burgundy status.

I am also in same state .. I have 1L Edge Rewards, planning to transfer these points.. close MB first and then downgrade burgundy SB account to normal easy savings account.

 

[drsel]

Its not Ltf in true sense unless I convert my axis account to salary. Else it's costing me atleast 35 k in terms of lost interest.

Yes agreed, so you need to see if 5:4 conversion ratio will benefit you by more than 35400 or not

 

[shashankrt]

1) No way you should give up a lifetime free Magnus Burgundy, which is easily the best card in India and possibly the whole world.

2) 10 lacs MAB for Burgundy savings account to avoid charges

Once upon a time it was good card. Now with gyftr Deval, pathetic service from axis and lost interest from 10L deposit.. Not sure its now even in top 10 cards for India.

If you close the LTF m4b, you will never ever get the LTF Magnus ever again. So think about it before closing..

Agree. However I doubt if I will go back to Axis again unless they launch a great cc which I doubt looking at their record since late 2022.

 

[shashankrt]

This LTF conditional.. as long as you maintain burgundy status.

I am also in same state .. I have 1L Edge Rewards, planning to transfer these points.. close MB first and then downgrade burgundy SB account to normal easy savings account.

Same plan here. My concerns are Axis is a shit bank and closing cards with them is also an hassle.
Need to maintain email trail of everything.

 

[sourpai]

Are you in a position to do 30L FD? In this case there is no lost interest. (Considering debt to equity allocation as per your investment & risk profile)

Interest rates are about to decline due to impeding rate cuts. Might be a good idea to lock in FD at this point... 17 months interest rate right now is 7.2%

 

[shashankrt]

Are you in a position to do 30L FD? In this case there is no lost interest. (Considering debt to equity allocation as per your investment & risk profile)

Interest rates are about to decline due to impeding rate cuts. Might be a good idea to lock in FD at this point... 17 months interest rate right now is 7.2%

This is ok for someone in lower tax bracket. FD is probably the worst investment for anyone in 30 percent bracket as u lose 40 percent gains to income tax.
I have option of salary route.. However if I go that way then have to stay like that atleast for an year and currently axis devaluing everything.

 

[sourpai]

This is ok for someone in lower tax bracket. FD is probably the worst investment for anyone in 30 percent bracket as u lose 40 percent gains to income tax.
I have option of salary route.. However if I go that way then have to stay like that atleast for an year and currently axis devaluing everything.

Probably true, but what would you suggest for someone with 70:30 (or 80:30) asset allocation between equity and debt? All debt instruments are taxed at income tax slabs, even debt mutual funds, so FD specifically is nothing different

Question here is broad financial planning and not depend on just investment instrument