Axis Magnus I messed up! Magnus LTF 💳❌

[1RC]

I messed up but you should not!
Magnus LTF to Magnus for Burgundy LTF*

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This short article is for everyone who has the OG devalued 5:2 Magnus as LTF. I was one of them.
[Background on my LTF Magnus - I met the salary criteria and I was already a Burgundy salary account holder]

So, in order for one to get the "5:4 Transfer Ratio" one must convert his/her/their/etc. normal Magnus card to "Magnus for Burgundy". Axis is calling this conversion an upgrade. Your physical card will be replaced and upgraded to the new Magnus for Burgundy card, and if you upgrade your existing Magnus prior to November 30th, 2023 - Your card will be LTF* (no joining fee and annual charges) subject to you maintaining the "Burgundy Status".

I hope you understood the LOCK-IN catch here. As their prior Axis Select tactic for Burgundy, Axis is making sure that one is locked in to their TRV or Salary requirements in order for one to maintain the "5:4 transfer ratio and the so called LTF offer".

Coming to my tragic story, I'll now be on hook with Axis to maintain my LTF status via Burgundy Salary. I've majorly moved my expenses back to my Infinia, couple of cashback cards and Amex Gold Charge (limited to 6K or some multiplier expenses). I was thinking of moving my salary account from Axis to HSBC Premier.

IMO if you still hold the OG devalued LTF Magnus, then please continue to hold on to it unless you are willing to maintain high TRV or salary with Axis and would prefer the 5:4 transfer ratio.

Happy to read what fellow members have to say.

1RC.


Notes:

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Link to Magnus for Burgundy FAQs, Link

 

[saurabhduasd]

How to get this upgrade if no mail received yet

 

[1RC]

How to get this upgrade if no mail received yet

I have attached the email I received from Axis. You can simply call the Burgundy customer care number in the email and ask them for an upgrade. They will send you an SMS with the confirmation link. You'll have to confirm and your upgrade process will be initiated.

I believe the emails are sent to people who are maintaining their Burgundy statuses. However, I'll encourage you to call the number in the email and request for the upgrade.

1RC

 

[jonamdhar]

But why move Salary account to HSBC? Does it bring any additional benefits?

 

[CC-Muncher]

I dont understand whats tragic in this story?
You have salary account burgundy relationship, no money stuck technically.

Whats special in hsbc account?

 

[1RC]

I dont understand whats tragic in this story?
You have salary account burgundy relationship, no money stuck technically.

Whats special in hsbc account?

Money is not stuck with them but I've to continue maintaining the salary relationship with Axis thats all.

But why move Salary account to HSBC? Does it bring any additional benefits?

Now about HSBC:

HSBC Premier is a their global offering. A Premier customer in India is also a premier customer anywhere in the world. HSBC is best in my opinion to move money anywhere easily and operate your account if you are abroad on some long-term work engagement. No hassle of opening a new account if the host country has HSBC presence.

1RC

 

[CC-Muncher]

Money is not stuck with them but I've to continue maintaining the salary relationship with Axis thats all.


Now about HSBC:

HSBC Premier is a their global offering. A Premier customer in India is also a premier customer anywhere in the world. HSBC is best in my opinion to move money anywhere easily and operate your account if you are abroad on some long-term work engagement. No hassle of opening a new account if the host country has HSBC presence.

1RC

Burgundy status would be checked quarterly mostly. So you can open hsbc salary account and get salary there when you want to move money. Rest of the time use axis as salary account.

Its goi g to be hassle to keep switching the salary account in your employer portal. But this a way around.

 

[Salvo08]

Money is not stuck with them but I've to continue maintaining the salary relationship with Axis thats all.


Now about HSBC:

HSBC Premier is a their global offering. A Premier customer in India is also a premier customer anywhere in the world. HSBC is best in my opinion to move money anywhere easily and operate your account if you are abroad on some long-term work engagement. No hassle of opening a new account if the host country has HSBC presence.

1RC

Salary relationship is usually maintained. We do not move around our salary accounts. But the day you don’t want to maintain the relationship, close Magnus and move on. In that case you’ll be without Magnus in your wallet but you as it is don’t use it after the devaluation. And if you move salary to other bank then as it is your original Magnus will have to be closed.

For HSBC Premier as well you need maintain the relationship with salary >3L or 40L TRV and benefits offered do not match Infinia in any way.

I’ll suggest wait for few months for launch of Infinia Res. You may leverage shifting your Pay Acct to HDFC to get the upgrade from Infinia.

 

[aayusharyan]

The title is soo click-baity like YouTube.,

 

[shashankrt]

I messed up but you should not!
Magnus LTF to Magnus for Burgundy LTF*

---

This short article is for everyone who has the OG devalued 5:2 Magnus as LTF. I was one of them.
[Background on my LTF Magnus - I met the salary criteria and I was already a Burgundy salary account holder]

So, in order for one to get the "5:4 Transfer Ratio" one must convert his/her/their/etc. normal Magnus card to "Magnus for Burgundy". Axis is calling this conversion an upgrade. Your physical card will be replaced and upgraded to the new Magnus for Burgundy card, and if you upgrade your existing Magnus prior to November 30th, 2023 - Your card will be LTF* (no joining fee and annual charges) subject to you maintaining the "Burgundy Status".

I hope you understood the LOCK-IN catch here. As their prior Axis Select tactic for Burgundy, Axis is making sure that one is locked in to their TRV or Salary requirements in order for one to maintain the "5:4 transfer ratio and the so called LTF offer".

Coming to my tragic story, I'll now be on hook with Axis to maintain my LTF status via Burgundy Salary. I've majorly moved my expenses back to my Infinia, couple of cashback cards and Amex Gold Charge (limited to 6K or some multiplier expenses). I was thinking of moving my salary account from Axis to HSBC Premier.

IMO if you still hold the OG devalued LTF Magnus, then please continue to hold on to it unless you are willing to maintain high TRV or salary with Axis and would prefer the 5:4 transfer ratio.

Happy to read what fellow members have to say.

1RC.


Notes:

---

Link to Magnus for Burgundy FAQs, Link

How exactly were you planning to move to HSBC premier? for salary account they need corporate salary account and only salary credit may not be admissible. Also what happens when lets say you switch companies and new company does not allow salary credit to HSBC? HSBCs penalty for not maintaining AQB / TRV is 0.2% of short fall !!

 

[aayusharyan]

How exactly were you planning to move to HSBC premier? for salary account they need corporate salary account and only salary credit may not be admissible. Also what happens when lets say you switch companies and new company does not allow salary credit to HSBC? HSBCs penalty for not maintaining AQB / TRV is 0.2% of short fall !!

What's so special about HSBC Premier that they charge 0.2% of shortfall as penalty for non maintenance?

 

[shashankrt]

What's so special about HSBC Premier that they charge 0.2% of shortfall as penalty for non maintenance?

Well its HSBC policy. Also HSBC premier is comparable to likes of Chase and BOA HNI premium accounts and these have global privileges and a class apart (its what HDFc / Axis are in India). For example if you are HSBC premier in India - you can easily get similar account in other countries without associated credit requirements. Same is the case with Amex plat charge card - you get Amex plat card in any country (where its available) if you have plat in India.

 

[1RC]

How exactly were you planning to move to HSBC premier? for salary account they need corporate salary account and only salary credit may not be admissible. Also what happens when lets say you switch companies and new company does not allow salary credit to HSBC? HSBCs penalty for not maintaining AQB / TRV is 0.2% of short fall !!

I work for a global management consulting firm. We have "corporate salary" relationship with HSBC.

HSBC Premier salary account is a zero balance account in India. A monthly net salary credit north of 3L is needed.

 

[shashankrt]

I work for a global management consulting firm. We have "corporate salary" relationship with HSBC.

HSBC Premier salary account is a zero balance account in India. A monthly net salary credit north of 3L is needed.

Then it would make sense to migrate to HSBC rather than staying with mess called Axis (if you dont need Magnus)
In my case the firm allows salary credit to any account - however they dont have "corporate salary" account relationship with anyone. Hence for me HSBC may not be possible (though possible with Axis)

 

[1RC]

Then it would make sense to migrate to HSBC rather than staying with mess called Axis (if you dont need Magnus)
In my case the firm allows salary credit to any account - however they dont have "corporate salary" account relationship with anyone. Hence for me HSBC may not be possible (though possible with Axis)

I wasn't suggesting anyone to move to HSBC. You do you man

Albeit, Axis is also fine. Haven't had any issues with them. RM is good. Burgundy support staff are quick to respond over emails.