Will Burgundy Magnus be downgraded if I dont maintain meeting the criteria?

[jsj]

My Magnus was updated to Burgundy Magnus as I was meeting the criteria in Oct 2023. But now the average balance in my account have been less than the criteria limit?
Just wanted to know will Axis downgrade the CC? Or what will they do?

TIA

 

[Vasuki]

My Magnus was updated to Burgundy Magnus as I was meeting the criteria in Oct 2023. But now the average balance in my account have been less than the criteria limit?
Just wanted to know will Axis downgrade the CC? Or what will they do?

TIA

Yes ..
Axis is big mf in this downgrade thing

 

[drsel]

They will check every quarter so now they will check on first July

 

[jsj]

Yes ..
Axis is big mf in this downgrade thing

Will they send me a communication or do it straight away ? What happens to the points which are there in my account ?

 

[drsel]

You can use it without any fear till first July or you can increase the limit to meet the 10 lakhs AMB or 30 lakhs TRV

Either 10 lakhs in savings account or 30 lacs fixed deposits.
10 lacs fixed deposits alone will not qualify

 

[drsel]

Will they send me a communication or do it straight away ? What happens to the points which are there in my account ?

You need to convert them right now.
what are you waiting for

 

[Deleted member 30446]

Not related to the thread but I have been keeping 0 inr in my Priority account for a year now. No charges but some months I get a message telling to maintain MAB. No charges yet, is that normal?

 

[Vasuki]

Will they send me a communication or do it straight away ? What happens to the points which are there in my account ?

You will be burgundy but not true burgundy hence
The PREVILAGE will be withdrawn..

Ofc u will get the communication.. u can contact your rm .ofc none want to talk to rm 😂🤡

 

[Vasuki]

Not related to the thread but I have been keeping 0 inr in my Priority account for a year now. No charges but some months I get a message telling to maintain MAB. No charges yet, is that normal?

Yes same happened with my digital account

But after 1 year or so they started leving non maintenance charges..
So I closed the account without paying any charges

 

[Deleted member 30446]

Yes same happened with my digital account

But after 1 year or so they started leving non maintenance charges..
So I closed the account without paying any charges

how did you close the account without paying charges? I plan on just letting it go dormant if I ever get charged. I still plan on keeping my Axis Atlas though. Will this be a problem?

 

[Vasuki]

how did you close the account without paying charges? I plan on just letting it go dormant if I ever get charged. I still plan on keeping my Axis Atlas though. Will this be a problem?

Account & cc has no relationship.

I closed it because axis has no -ve balance system..
So it was showing zero not minus

I knew.if I fund I m. Gonna get charged..so closed it by visiting branch

 

[Deleted member 30446]

Account & cc has no relationship.

I closed it because axis has no -ve balance system..
So it was showing zero not minus

I knew.if I fund I m. Gonna get charged..so closed it by visiting branch

what if I just ignore it forever?

 

[drsel]

It will show negative balance when you close the account not before that

 

[drsel]

Because when you close your account all the charges will get added automatically

 

[Deleted member 30446]

It will show negative balance when you close the account not before that

so will they ask me to pay that amount before proceeding with the closure?

 

[CMGCMG is verified member.]

My Magnus was updated to Burgundy Magnus as I was meeting the criteria in Oct 2023. But now the average balance in my account have been less than the criteria limit?
Just wanted to know will Axis downgrade the CC? Or what will they do?

TIA

Once they starts rechecking AQB criteria, there is a high change you will be charged 30k + gst immediately without notifying you.

 

[drsel]

so will they ask me to pay that amount before proceeding with the closure?

Obviously! in that case you should not close it

 

[drsel]

Once they starts rechecking AQB criteria, there is a high change you will be charged 30k + gst immediately without notifying you.

According to the terms he will be charged 14750 and given the old ordinary Magnus card as a replacement

 

[coolguy1]

Just wanted to know will Axis downgrade the CC?

Axis will not downgrade the CC but charge you Rs.30,000 if you hold a Magnus Burgundy card so be careful and close it down.
They're targeting max profitability and accounts like yours could be the next target they choose to maximise their profits.

 

[Anupama_Jha]

Not related to the thread but I have been keeping 0 inr in my Priority account for a year now. No charges but some months I get a message telling to maintain MAB. No charges yet, is that normal?

Get it converted to Liberty Savings Account and enjoy 750 per quarter along with 0 AMB requirements