Is it worth applying for Axis Magnus Burgundy for Car Purchase now?

[AItechie]

Hi Team,

I am planning to purchase a car (XUV 700) worth ₹25 lakhs. I currently hold an HDFC Infinia card, and my wife has an Axis Atlas card. I was considering applying for the Axis Magnus Burgundy card for my wife by placing a ₹30 lakh FD in her account, since her salary alone doesn’t meet the eligibility criteria.

However, with the recent changes in the accelerated reward points structure on Magnus Burgundy, I’m unsure which card would be the most beneficial to use for this purchase. Additionally, since I’ll already be paying an extra 2% surcharge for using a credit card, I want to evaluate whether opting for Magnus Burgundy—with its high annual fees and new reward limitations—still makes sense.

 

[sourpai]

What is the credit limit on Atlas for your wife? You haven't mentioned it. Assuming she gets the MB with same limit, do the calculations if it makes sense. AEP (14%) for MB is valid only for card limit + 1.5L per calendar month

If splitting payment over two months covers the car cost, then MB is worth it totally

 

[AItechie]

What is the credit limit on Atlas for your wife? You haven't mentioned it. Assuming she gets the MB with same limit, do the calculations if it makes sense. AEP (14%) for MB is valid only for card limit + 1.5L per calendar month

If splitting payment over two months covers the car cost, then MB is worth it totally

Her limit on Atlas is 5.7L

 

[Card doctor]

Her limit on Atlas is 5.7L

Not worth at that credit limit

 

[Wealth is my birth right!]

Her limit on Atlas is 5.7L

Minimum 10 better for this car purchase

 

[sourpai]

No point in getting MB with this limit. You can use Atlas instead and complete all the milestones

 

[AItechie]

@sourpai @Wealth is my birth right! One dumb question. How is the credit limit for the MB will be decided. Here I am keeping 30 Lakh FD. Still she gets the new card with 5.7L old atlas cards limit?

 

[Wealth is my birth right!]

@sourpai @Wealth is my birth right! One dumb question. How is the credit limit for the MB will be decided. Here I am keeping 30 Lakh FD. Still she gets the new card with 5.7L old atlas cards limit?

Not necessarily
I have seen many who opened with 30l fd got 10l limit straight away including me
But Magnus was my first card with axis
Not sure for existing atlas limit how they assess while approving new card

 

[Card doctor]

@sourpai @Wealth is my birth right! One dumb question. How is the credit limit for the MB will be decided. Here I am keeping 30 Lakh FD. Still she gets the new card with 5.7L old atlas cards limit?

In most case , your credit limit will be same as previous card

My credit limit was 3L When I got Magnus , requested twice via mail over 4 years and they were very generous and increased to 14.8 L .

You need to mail them after a year or more and they will increase it

 

[AItechie]

@Card doctor @Wealth is my birth right! Can you please suggest me strategy thats best for me given this condition. Thanks for the help in advance.

 

[sourpai]

@sourpai @Wealth is my birth right! One dumb question. How is the credit limit for the MB will be decided. Here I am keeping 30 Lakh FD. Still she gets the new card with 5.7L old atlas cards limit?

Credit limit depends on your income.... net salary credit, ITR etc. Keeping 30L won't affect the credit limit directly

If you can show good income at the time of MB application, you might get the card with higher credit limit