Axis Magnus Reward Points Capping on Insurance Payments

[SubhankarSubhankar is verified member.]

Hello Everyone!

The much discussed point capping on Magnus is real. But it’s for few categories, and Insurance payments is one of them.

I got informed by a person who made a good amount of Insurance payment through his Magnus and got only 6,000 RP which is for the initial 1 lakh spend. Axis has also sent a mail confirmation of the same.

So if you want to swipe your Magnus for greater amount that 1 lakh for insurance payment, Magnus is not the card you want to use.

Better look out for other options like Reserve / Standard Chartered Ultimate

 

[Copycat]

Best place to keep a track for any changing rules afaik is https://edgerewards.axisbank.co.in/lms/terms-conditions

Browse to Schedule A section 5

Thank you. That's really useful. Have moved it right to the top of my bookmarks list

 

[aniketdalal]

Hello Everyone!

The much discussed point capping on Magnus is real. But it’s for few categories, and Insurance payments is one of them.

I got informed by a person who made a good amount of Insurance payment through his Magnus and got only 6,000 RP which is for the initial 1 lakh spend. Axis has also sent a mail confirmation of the same.

So if you want to swipe your Magnus for greater amount that 1 lakh for insurance payment, Magnus is not the card you want to use.

Better look out for other options like Reserve / Standard Chartered Ultimate



View attachment 7375

Hi Subhankar,

I need to make an insurance transaction for a value of more than one lakh rupees and I got a reply today from the Axis bank premium support that the transaction will be counted for the 25000 Bonus points (achieving the milestone on spending one lakh rupees). See the attached screenshot.

Can someone confirm if this is still true?

Thanks,
Aniket

 

[Copycat]

Hi Subhankar,

I need to make an insurance transaction for a value of more than one lakh rupees and I got a reply today from the Axis bank premium support that the transaction will be counted for the 25000 Bonus points (achieving the milestone on spending one lakh rupees). See the attached screenshot.

Can someone confirm if this is still true?

Thanks,
Aniket

Yes, it is still true
You will earn a maximum of 31000 points (6000 regular ER and 25K milestone ER)

https://campaign.axisbank.com/generic/faq_revision-of-edge-reward-on-Insurance-spends-using-magnus-credit-card.pdf

Always check here as the latest T&C are updated:

Terms & Conditions | EDGE REWARDS

edgerewards.axisbank.co.in

Look at Schedule A in the link above

 

[Keshau28]

What If I spend 4lakh in insurance category per month but not in a single shot. I will do in multiple transactions , then will I get edge 24000 normal edge points? Actually I work in insurance company, so I collect cash from customers and I just swiped the card.

 

[Slayer]

What If I spend 4lakh in insurance category per month but not in a single shot. I will do in multiple transactions , then will I get edge 24000 normal edge points? Actually I work in insurance company, so I collect cash from customers and I just swiped the card.

Now this is poggers

@SiddharthR @Chaitanya-a

 

[ccdc]

What If I spend 4lakh in insurance category per month but not in a single shot. I will do in multiple transactions , then will I get edge 24000 normal edge points? Actually I work in insurance company, so I collect cash from customers and I just swiped the card.

how do you pay the card bill if you collect cash from customers...coz if you pay 4L a month cash to pay off your card bill...income tax dept will open a office right in front of your house.

 

[Slayer]

how do you pay the card bill if you collect cash from customers...coz if you pay 4L a month cash to pay off your card bill...income tax dept will open a office right in front of your house.

You don't pay via cash

 

[ccdc]

What If I spend 4lakh in insurance category per month but not in a single shot. I will do in multiple transactions , then will I get edge 24000 normal edge points? Actually I work in insurance company, so I collect cash from customers and I just swiped the card.

most probably your card will get blocked..coz no one pays 48L per year for insurance for personal insurance spends...plus if you spend 48L on paying your card bill...income tax dept will surely notice...

 

[Kesha28u]

Now this is poggers

@SiddharthR @Chaitanya-a

Means??

 

[Kesha28u]

You don't pay via cash

No. They give cash and I pay through card.

 

[Kesha28u]

Do

most probably your card will get blocked..coz no one pays 48L per year for insurance for personal insurance spends...plus if you spend 48L on paying your card bill...income tax dept will surely notice..

Plz reply my questions if you know

 

[SiddharthR]

Means??

Something exciting

No. They give cash and I pay through card.

You can take their payment in your bank & pay your CC bill, but still your card will be blocked surely as you used that for business purposes

 

[SubhankarSubhankar is verified member.]

What If I spend 4lakh in insurance category per month but not in a single shot. I will do in multiple transactions , then will I get edge 24000 normal edge points? Actually I work in insurance company, so I collect cash from customers and I just swiped the card.

No. It’s capped at 6,000 edge pts.

 

[Copycat]

No. It’s capped at 6,000 edge pts.

Are you sure?
From what I believe is the TnC in force, it is 6000 RP per transaction. So he should get 24K ER points

https://campaign.axisbank.com/generic/faq_revision-of-edge-reward-on-Insurance-spends-using-magnus-credit-card.pdf

 

[Slayer]

Are you sure?
From what I believe is the TnC in force, it is 6000 RP per transaction. So he should get 24K ER points

https://campaign.axisbank.com/generic/faq_revision-of-edge-reward-on-Insurance-spends-using-magnus-credit-card.pdf

Per transaction