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.

 

[CARDBITRAGE]

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

Some segments in real estate(especially housing) can generate a return of 150-200% on investment if you know what you are doing. Like with everything, you just need to have expertise in what you are doing. I know people who were doubling their money almost every 2 years in this industry.
I personally think real estate in India is over-inflated due to undisclosed income making its way into the sector. Gone are those days were people bought random properties and enjoyed 3x-5x returns in a few years' time. Going forward we will see a lot of time correction and there will be little to no return.

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

That condition applies only on the sale of a house and the individual selling the property should own only 2 houses. Recently, they announced that a person can avail of this exemption only once in their lifetime and put a cap on the maximum tax free capital gain. So that was a bummer.

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!

This is a bit overkill! If that was the case, the entire real estate sector would've collapsed. Believe me, it is so hard to beat down the price these days. People have unreasonably high and stupid expectations. They'd rather not sell the property than sell at a less desirable price. You should try finding a reasonably priced property in Goa now. A stark difference to how it was pre-covid.

 

[RajBlr]

Not official , but most likely this is already implemented

You can check this twitter post

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

That's right. I can vouch for it.

I had only 10L in my Savings balance but my Burgundy account is few months old. When I called CC 2-weeks back, he upgraded to Burgundy Magnus without any hesitation.

 

[anirban.choudhury]

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

If you are an average spender ,
For Airmiles , I think only 2 cards are enough
Axis Atlas , Amex Plat Travel and may be DCB/Infinia

For cashback it's SBI Cashback, IDFC Wealth, AU Zenith/Zenith +

 

[drsel]

Some segments in real estate(especially housing) can generate a return of 150-200% on investment if you know what you are doing. Like with everything, you just need to have expertise in what you are doing. I know people who were doubling their money almost every 2 years in this industry.
I personally think real estate in India is over-inflated due to undisclosed income making its way into the sector. Gone are those days were people bought random properties and enjoyed 3x-5x returns in a few years' time. Going forward we will see a lot of time correction and there will be little to no return.

That condition applies only on the sale of a house and the individual selling the property should own only 2 houses. Recently, they announced that a person can avail of this exemption only once in their lifetime and put a cap on the maximum tax free capital gain. So that was a bummer.

This is a bit overkill! If that was the case, the entire real estate sector would've collapsed. Believe me, it is so hard to beat down the price these days. People have unreasonably high and stupid expectations. They'd rather not sell the property than sell at a less desirable price. You should try finding a reasonably priced property in Goa now. A stark difference to how it was pre-covid.

I am selling 2 flats in Panjim and Calangute in Goa
direct message me if you are interested

 

[drsel]

Everyone knows that Traveledge give 24% return,
but Mumbai Dubai Mumbai return airfare on Traveledge is 10% more than Cleartrip for the exact same flight, after including the discount and 1400 convenience fee

 

[CC-Muncher]

I am selling 2 flats in Panjim and Calangute in Goa
direct message me if you are interested

We should open up a new thread and share your experience of dealing with properties in depth . It will be a good learning for all. 😍

 

[Amit Dhatrak]

Hi guys. Missed the latest developments on Magnus lately.

Pls guide me. If I put 10L temporary in my Axis bank account and ask RM to upgrade to Burgundy and opt for Magnus burgundy card. Post getting the card remove 10L asap. This way I’ll get to use 5:4 for free till Axis’s next account check (that is after 6 months as per T&C). Will close the card after 6 months

Is this worth it?

 

[drsel]

Hi guys. Missed the latest developments on Magnus lately.

Pls guide me. If I put 10L temporary in my Axis bank account and ask RM to upgrade to Burgundy and opt for Magnus burgundy card. Post getting the card remove 10L asap. This way I’ll get to use 5:4 for free till Axis’s next account check (that is after 6 months as per T&C). Will close the card after 6 months

Is this worth it?

To get Magnus for burgundy card you need to complete at least one of the three conditions--
1) 10 lacs in savings account with 90 days wait
2) 30 lacs TRV or fixed deposit with 45 days wait/ cooling off period
3) 3 lakhs+ salary with 45 days wait/ cooling off period.

So you will get the card only after 90 days and then it will not be free. Lifetime free offer ends on 30 November 2023

 

[Amit Dhatrak]

T

To get Magnus for burgundy card you need to complete at least one of the three conditions--
1) 10 lacs in savings account with 90 days wait
2) 30 lacs TRV or fixed deposit with 45 days wait/ cooling off period
3) 3 lakhs+ salary with 45 days wait/ cooling off period.

So you will get the card only after 90 days and then it will not be free. Lifetime free offer ends on 30 November 2023

Thanks for your reply.
I had 10L in my savings account from previous 4 months but account was not upgraded to burgundy.
Any chance that I can get LTF Magnus?

 

[drsel]

T

Thanks for your reply.
I had 10L in my savings account from previous 4 months but account was not upgraded to burgundy.
Any chance that I can get LTF Magnus?

You need to call your relationship manager and find out

 

[mastfun]

T

Thanks for your reply.
I had 10L in my savings account from previous 4 months but account was not upgraded to burgundy.
Any chance that I can get LTF Magnus?

Did u upgrade to Burgundy?

 

[Amit Dhatrak]

Did u upgrade to Burgundy?

Hi, no. But will call my RM now

 

[drsel]

Request Magnus Burgundy card holders to check if their other cards are getting 5:2 or 5:4 ratio