Does the transaction get settled immediately or does it take time Bharatnxt
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Credit card to Bank account transfer @0.50% charge
- Thread starter Card_Crafter
- Start date
Hi can you please tell why need to be careful? utility earns ER points in magnus right? will it have charges if MCC is utility?
Depends on priority selected. As per screenshot looks like low priority takes 6 days.
I was thinking of doing this for dcb.. but for dcb it is written in screenshot that 1% extra will be charged.. so it will be 1.5% right? Can someone confirm my understanding. Thanks.
Edit - checked for DCB/Amex(incase someone looking for same info)
Dinners can only be done for T+1 priority(24 hrs payment), and the charges are 2.5%.
Considering 3.3% RR, this is still good to complete milestones.
Edit 2 - since DCB would take 1% extra, so charges would be 3.5% (more than Reward rate so not good for dcb)
Wish I had infinia 🙁
Last edited:
does it support amex card?
Card_Crafter
TF Ace
Depends on transaction priority. There are total six priorities you can opt for.
Instant - transaction settles instantly.
Same Day - transaction settles within 3 hours.
T+1 - takes 1 business working day.
T+2 - takes 2 working days
T+3 - takes 3 working days
Low - Takes 4 working days.
Saturdays and Sundays are non working days.
If I make a transaction of 1 lakh using Magnus
I lose Rs 500 as transaction charges:
and I gain:
(1lakh/200)x12 = 6000 reward points
500 + 25000 (milestone) = 31,000 reward points
Considering minimum value redemption of 20 paisa
31,000 x .2 = Rs 6,200
What am I missing ?
Edit1: Fixed some calculations
Last edited:
(1lakh/200)x12 = 6000 reward points, no?
We will get 6000 ER points for 1L spends in Magnus + 25K ER points for milestone
So total 31000
31000 * 0.2 = Rs. 6200
Thankyou for pointing out, fixed it
Your card may get blocked 😅 They may ask you to justify your transaction.
he can justify saying it was utility transaction..no?
Its personal use card not bussiness or corporate card so axis may or will raise query on 1 lac specially if it's all on utility. Best to do some gv purchases(shopping) and some spends here and there.
i made a payment of 1.5l that was some kind of education fees it wont flag it right?
I believe education would be good. Banks already take extra charges for fees and rent payments.
One time should be fine, not regularly like every month. If it's genuine, no need to worry, just provide proof. Ex: I paid 6L using BharatNxt to buy a car. If they every ask me to justify this transaction, i have proof of purchase.
Which utility comes up to 1L per month? They may consider it as business payment.
No as of now
understood, so i could use it to complete 1lakh milestone if i am behind by few thousand.
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