Axis Magnus Axis Burgundy Magnus: Updates

[Subhankar]

Hello everyone!

So finally the day has come. People who are eligible started receiving Burgundy Magnus cards. It took about 3 days to get the card to us.

I’ll keep updating this post with the updates. Will try to keep it as minimal as possible.

• There’s no difference in terms of appearance between the regular Magnus and Burgundy Magnus.
  
  
  
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• It’s being issued on the MasterCard World Platform.
• The bin starts with 5296.
• No add-on cards are being sent as of now.
• There are 3 different point buckets: Edge RP, Magnus Burgundy, Edge Miles
  
  
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• The 5:4 and transfers to Burgundy Magnus points will kick in when you’ll activate the card, but few reported that it hasn’t been transferred yet, and cc is stating it’ll be delayed. It’s better to wait now before activating the card, as you’ve 30 days in your hand for activation if you’ve Edge RP to be credited as it’ll be a one-time transfer.
• In the travel edge, the changed point cap is 10L instead of 5L with a ratio of 5:2
  
  
  
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• Yes, Burgundy Magnus is a CONDITIONAL LTF. Your account will be reviewed every 6 months.
  
  
  
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• As of now, 30L TRV per account per customer ID & 3L salary credit is valid. 10L AMB/AQB isn’t valid.
• Going by the points bucket, there’s little to no chance that your other cards’ points will be with Magnus Burgundy post the first migration, which is a bummer and a dealbreaker with the TRV.

I’ll keep updating with any new updates here. Please do keep the discussion on Burgundy Magnus related only so that it becomes helpful for all.

 

[drsel]

Again no official communication on this right?

There is nothing official about it,
but you should not take any chance.
just keep 30 lacs fixed deposit and make sure you get the lifetime free Magnus Burgundy

 

[mastfun]

There is nothing official about it,
but you should not take any chance.
just keep 30 lacs fixed deposit and make sure you get the lifetime free Magnus Burgundy

Nope I have better ways of growing my 30L than keep it blocked with Axis But I have seen people with Just AQB getting LTF, So I will take a risk

 

[drsel]

Nope I have better ways of growing my 30L than keep it blocked with Axis

You should not put all your money in risky assets

 

[drsel]

If the risk-free interest rate keeps going up, risky asset prices will fall

 

[anirban.choudhury]

Again no official communication on this right?

Not official , but most likely this is already implemented

You can check this twitter post

https://x.com/AskEnvici/status/1710625419177992363?s=20

 

[anirban.choudhury]

Nope I have better ways of growing my 30L than keep it blocked with Axis But I have seen people with Just AQB getting LTF, So I will take a risk

If your monthly spends on cc are above 2.5 lakhs only then it's advisable to block 30 lakhs , not for the LTF as the fees is not the differentiator here but the 5:4 transfer rate.
If your spends are less than that , you can still manage good rewards using atlas , plat travel , DCB/Infina with no strings attached relation.

 

[drsel]

If your monthly spends on cc are above 2.5 lakhs only then it's advisable to block 30 lakhs , not for the LTF as the fees is not the differentiator here but the 5:4 transfer rate.
If your spends are less than that , you can still manage good rewards using atlas , plat travel , DCB/Infina with no strings attached relation.

But it's a short term block as people are expecting around 50000 to 60000 points coming end November.
After converting that at 5:4 ratio they may close down the Magnus Burgundy card and release the 30 lacs

 

[anirban.choudhury]

But it's a short term block as people are expecting around 50000 to 60000 points coming end November.
After converting that at 5:4 ratio they may close down the Magnus Burgundy card and release the 30 lacs

I can understand 31000 points for August milestone
But if there is another 30,000 points that means even without milestone they have earned that , so the spends must be really good atleast 2 lakhs a month.
In that case he has really good spends and should keep those 30 lakhs an NRV and enjoy 5:4 as he can easily get benefits from that.

 

[mastfun]

You should not put all your money in risky assets

No Sir, I usually buy properties in upcoming sections of my native and sell for atleast 14 to 15% profits and keep rotating!!

 

[drsel]

No Sir, I usually buy properties in upcoming sections of my native and sell for atleast 14 to 15% profits and keep rotating!!

What about double registration, stamp duty and brokerage?
when you buy and sell, the government & broker make (6 +1)% x 2 times = 14% profit on the same property.

So in 7 such double transactions of buy and sell, 98% value of the property is WASTED on registration, stamp duty and brokerage alone; not even considering legal fees and other expenses like property tax, maintenance, depreciation, etc

This wastage is negligible with investments in other assets like shares and paper gold of the same value as the property

 

[mastfun]

What about double registration, stamp duty and brokerage?
when you buy and sell, the government & broker make (6 +1)% x 2 times = 14% profit on the same property.

So in 7 such double transactions of buy and sell, 98% value of the property is WASTED on registration, stamp duty and brokerage alone; not even considering legal fees and other expenses like property tax, maintenance, depreciation, etc

This wastage is negligible with investments in other assets like shares and paper gold of the same value as the property

I am talking about 14% profits after deduction of Stamp Duty and I deal directly with owners ☺️

For example : I bought a property directly from BDA( Bangalore Development Authority) approved layout in 2018 for 7000 per sqft, now it's at 11,000 per sqft!! Direct dealing from the property office saved me brokerage and legal fees !!

And one more thing to note is that I will pay stamp duty only while buying !
Lot of my friends does this and I just gave one of the examples...

And you don't have to pay Capital Gain taxes when u invest in another property!

 

[drsel]

I am talking about 14% profits after deduction of Stamp Duty and I deal directly with owners ☺️

For example : I bought a property directly from BDA( Bangalore Development Authority) approved layout in 2018 for 7000 per sqft, now it's at 11,000 per sqft!! Direct dealing from the property office saved me brokerage and legal fees !!

And one more thing to note is that I will pay stamp duty only while buying !
Lot of my friends does this and I just gave one of the examples...

And you don't have to pay Capital Gain taxes when u invest in another property!

You have to sell it to book profit and enjoy the money,
otherwise the profit is only on paper.

so I am talking about the double profit of 12% that the government makes whenever property is bought and sold. Where is this double profit coming from?

The government will be only too happy if the same properties are bought and sold as many times as possible, like every year

 

[MilesMax]

And you don't have to pay Capital Gain taxes when u invest in another property!

For this to happen, the property you invest has to be a residential property right? Not land or site. Correct?

 

[mastfun]

You have to sell it to book profit ,
otherwise the profit is only on paper.

so I am talking about the double profit of 12% that the government makes whenever property is bought and sold. Where is this double profit coming from?
The government will be only too happy if the same properties are bought and sold as many times as possible, probably every year

Yup, Govt is the winner everytime And coming to the profit and tax , the tax paid for Long term Capital gains is based on the Cost Inflation index table and believe me it will be less than the 30% you pay on FD Maturities!

 

[drsel]

95% of people who buy flats are unable to sell them and book profits in their entire lifetime!
They leave it all behind.

Worse still, They take huge loans and pay EMIs for 20--30 years, ensuring that they live poor and die rich!

 

[drsel]

Yup, Govt is the winner everytime And coming to the profit and tax , the tax paid for Long term Capital gains is based on the Cost Inflation index table and believe me it will be less than the 30% you pay on FD Maturities!

You are right about FDs.
I am only keeping this FD because of the Magnus burgundy, otherwise I never invest in FDs.
The last time I had an FD was when my father put it in my name as a child and that time the Bank FD rate was 14% believe it or not!

 

[mastfun]

For this to happen, the property you invest has to be a residential property right? Not land or site. Correct?

Yes that's true!! My friends usually buy flats or villas sold by BDA and sell it within 5 years for profits! https://housing.bdabangalore.org that way they will entirely save on the legal fees!

 

[mastfun]

You are right about FDs.
I am only keeping this FD because of the Magnus burgundy, otherwise I never invest in FDs.
The last time I had an FD was when my father put it in my name as a child and that time the Bank FD rate was 14% believe it or not!

I do believe !! Those days were golden!

 

[mastfun]

95% of people who buy flats are unable to sell them and book profits in their entire lifetime!
They leave it all behind for others.

Worse still, They take huge loans and pay EMIs for 20--30 years, ensuring that they live poor and die rich!

Totally agree! There is another set of people who will invest in upcoming apartment complex and sell it before registration for good profits

 

[mastfun]

@anirban.choudhury Sir, without Magnus , which card do you suggest as replacement??