Axis Magnus cash withdrawal query

[pradipkhomane]

Hello everyone,
Anyone tried withdrawal of cash using Axis Magnus card. Are there any interest charges that incurred after withdrawal? When I got call for upgrading credit card to Axis Magnus, I have been informed that there are no withdrawal as well as interest till 50 days credit free period similar to how we use it for other purpose. But later customer care said that although cash withdrawal is free but interest payment will be applicable.

 

[rayhan12]

Hello everyone,
Anyone tried withdrawal of cash using Axis Magnus card. Are there any interest charges that incurred after withdrawal? When I got call for upgrading credit card to Axis Magnus, I have been informed that there are no withdrawal as well as interest till 50 days credit free period similar to how we use it for other purpose. But later customer care said that although cash withdrawal is free but interest payment will be applicable.

+1

 

[RajBlr]

Hello everyone,
Anyone tried withdrawal of cash using Axis Magnus card. Are there any interest charges that incurred after withdrawal? When I got call for upgrading credit card to Axis Magnus, I have been informed that there are no withdrawal as well as interest till 50 days credit free period similar to how we use it for other purpose. But later customer care said that although cash withdrawal is free but interest payment will be applicable.

Yes, they are not charging the withdrawal fee which is normally 1-2% and interest fee is separate, which will be levied like you have taken a loan sort of, as it is a ATM transaction and not a Merchant transaction.

But any reason why do you want to do this? when you have a debit card to use with piece of mind.

Also, no ER points for any such cash always

 

[anirban.choudhuryanirban.choudhury is verified member.]

As per my experience never withdraw money from credit , maybe Magnus does not have any cash withdrawal fees but interest is charged from day 1 and there is no interest free period for cash withdrawals

 

[pradipkhomane]

Yes, they are not charging the withdrawal fee which is normally 1-2% and interest fee is separate, which will be levied like you have taken a loan sort of, as it is a ATM transaction and not a Merchant transaction.

But any reason why do you want to do this? when you have a debit card to use with piece of mind.

Also, no ER points for any such cash always

Then I think I have been misinformed by customer service executive offering credit card upgrade on recorded call saying it will be interest free after double confirming. I was thinking of using it just for any cash transaction if it's interest free. Also I have raised concern regarding misinformation to PNO at Axis.

 

[RajBlr]

Then I think I have been misinformed by customer service executive offering credit card upgrade on recorded call saying it will be interest free after double confirming. I was thinking of using it just for any cash transaction if it's interest free. Also I have raised concern regarding misinformation to PNO at Axis.

Interesting on the double confirmation from CCare exec.

We can try with small amount and keeping the fingers cross and see 🤞

But again, it is better safe than sorry, as IR is heavy in CCard.

 

[pradipkhomane]

Interesting on the double confirmation from CCare exec.

We can try with small amount and keeping the fingers cross and see 🤞

But again, it is better safe than sorry, as IR is heavy in CCard.

Let see what PNO team says about the query raised and based on that we can decide whether to try or not.

 

[mosco]

Let see what PNO team says about the query raised and based on that we can decide whether to try or not.

Any update?

 

[pradipkhomane]

Any update?

Cash withdrawal charges are not applicable but interest starts from the day you withdraw cash. Not recommended.

 

[Deleted member 9785]

Cash withdrawal charges are not applicable but interest starts from the day you withdraw cash. Not recommended.

is interest levied even if you pay the overall card dues as per statement due date?

 

[pradipkhomane]

Yes interest start from date of cash withdrawal

 

[rammahajan]

is interest levied even if you pay the overall card dues as per statement due date?

what would happen if i credit the same amount on the day when I withdraw the cash? I am thinking to use Magnus as secondary debit card for forex withdrawal in case some problem with my zero forex niyo idfc card. does this cash withdrawl would attract forex trsaction fee also?