Axis Magnus Burgundy's Eligibility

[TheIntelligentTeen]

Hey Members,

I am 20 years old currently, dont have any strong ITR (Filed 6L last year and will file 15-20L this year)

I have a HDFC Bank Regalia gold credit card with 6L limited (Secured Lien via FD)

I am now thinking of gettting a Axis' Magnus burgundy as I am spending almost 3L per month (1.5L being on travel due to my business)

I am confused on the eligibility for the Magnus Burgundy credit card


Will I get the CC if I am okay opening a Burgundy account and fund it wiht 10L+, will they issue me a credit card without my ITR? If not can I get Magnus burgundy by keeping a FD with Axis Bank

Based on my situation can you suggest me other cards that I can get or should get?

 

[helloworld]

Based on my situation can you suggest me other cards that I can get or should get?

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Sep 28, 2024

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• helloworld
• Replies: 15
• Forum: Suggest me a Credit Card

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: )

 

[typhoon]

rich person gets everything.

 

[MrReddy]

Hey Members,

I am 20 years old currently, dont have any strong ITR (Filed 6L last year and will file 15-20L this year)

I have a HDFC Bank Regalia gold credit card with 6L limited (Secured Lien via FD)

I am now thinking of gettting a Axis' Magnus burgundy as I am spending almost 3L per month (1.5L being on travel due to my business)

I am confused on the eligibility for the Magnus Burgundy credit card


Will I get the CC if I am okay opening a Burgundy account and fund it wiht 10L+, will they issue me a credit card without my ITR? If not can I get Magnus burgundy by keeping a FD with Axis Bank

Based on my situation can you suggest me other cards that I can get or should get?

Axis Magnus Burgundy requires high income say ₹25-30L. You can get it with a ₹10L+ FD if you don’t have a strong ITR.

You may also consider Axis Atlas if you would prefer a card from Axis Ecosystem, as both of them give you 5x points if booked Flights or Hotels via their Travel Portal.

 

[sambit87]

Hello Sir. Wanted to check with you if i have say 50k axis edge rewards points from the use of burgundy debit card and if i take magnus burgundy card then will i be able to transfer these points in 5:4 ratio or that Will work only on points earned on magnus credit card

 

[MrReddy]

I am aware that if you get upgraded from Magnus to Magnus Burgundy credit card all the points accumulated on Magnus converts at a ratio of Magnus Burgundy at later stage after upgrade.

Don't use much of Debit card, so not sure if this applies with it. But if all points accumulated on Debut or Credit comes under one pool then it should be the same case.

 

[dotastorm]

Hey Members,

I am 20 years old currently, dont have any strong ITR (Filed 6L last year and will file 15-20L this year)

I have a HDFC Bank Regalia gold credit card with 6L limited (Secured Lien via FD)

I am now thinking of gettting a Axis' Magnus burgundy as I am spending almost 3L per month (1.5L being on travel due to my business)

I am confused on the eligibility for the Magnus Burgundy credit card


Will I get the CC if I am okay opening a Burgundy account and fund it wiht 10L+, will they issue me a credit card without my ITR? If not can I get Magnus burgundy by keeping a FD with Axis Bank

Based on my situation can you suggest me other cards that I can get or should get?

I recently upgraded to an Burundy Account. From what I understand you will need to have a 30 lakh initial funding to onboard and then thereafter maintain 10L Average Monthly Balance. (or you might have to wait a few months if you want to qualify with just 10L AMB)

From the website it says ITR requirement is 24 lakhs. you can talk to someone when you go to the bank to open an account. I don't think they are very strict on income proofs when applying online for a CC.

Another alternative is to get an addon card from someone else in your family who can qualify.

Axis Atlas would be 2nd best card which you might want to get regardless anyways to maximise Group A redemption limits. It has a much lower annual fees which make is on par with magnus overall reward rate till ~1-2L spends per month, depending upon how much you spend on travel edge vs others and if you have a few huge spend months for AEP to maximise.