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Currency conversion using Magnus towards milestone benefit?
- Thread starter Frade
- Start date
Hope those will be translated to local utilities
Pls test for 10$ and let the forum know
I had written to their premium experiences DL and I got the below response. So it should be considered because currency conversion does not fall into any of these. They also mention that Onus transactions are excluded so its possible that they exclude it if I use the Magnus to load a forex card issued by Axis Bank.
I also feel this transaction is not a utility.
"We would like to inform you that all the spends done shall be eligible to earn EDGE REWARD points except the below mentioned transactions:
o Balance transfers
o Cash advances
o Any onus transactions , EMI transactions.
o Financial charges (e.g; late payment fee, dishonoured cheque charges, service fee, transaction charges)
o Disputed transactions
o Any purchases made at petrol pumps/ service stations
o Payment of enrolment fee for the program (If any)"
I also feel this transaction is not a utility.
"We would like to inform you that all the spends done shall be eligible to earn EDGE REWARD points except the below mentioned transactions:
o Balance transfers
o Cash advances
o Any onus transactions , EMI transactions.
o Financial charges (e.g; late payment fee, dishonoured cheque charges, service fee, transaction charges)
o Disputed transactions
o Any purchases made at petrol pumps/ service stations
o Payment of enrolment fee for the program (If any)"
Point 3 we can use other bank forex cards to get magnus rewards on those spends but mcc matters
On this link Axis mentions that the MCC code 6051 is for insurance spends. Does Magnus earn rewards on insurance spends?
I guess it does because neither does this link mention any restriction on Edge rewards on insurance spends for Magnus nor did Axis guys mention it on the mail.
Important Announcements | Axis Bank
Visit us to know the terms and conditions like surcharge fees, edge rewards, and many more offers. know more about the important announcements on Axis Bank Credit Cards.
6000 ER per transaction So upto 50kOn this link Axis mentions that the MCC code 6051 is for insurance spends. Does Magnus earn rewards on insurance spends?
I guess it does because neither does this link mention any restriction on Edge rewards on insurance spends for Magnus nor did Axis guys mention it on the mail.
Important Announcements | Axis Bank
Visit us to know the terms and conditions like surcharge fees, edge rewards, and many more offers. know more about the important announcements on Axis Bank Credit Cards.www.axisbank.com
@Venky @Wealth is my birth right!
50k means 3000ER right? It doesn’t mention the Magnus/Reserve/VI for exclusion from 5th March. So I guess we’ll be getting ER for Magnus. I have only paid my insurance premium’s via my Vistara infinite card and I got the CV for the same.
Edit- No ER for rent as per Customer Care.
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Yea Magnus is excluded from this link https://www.axisbank.com/retail/car.../terms-and-conditions/important-announcements. I wonder if it will get counted towards monthly milestone spends?
Its funny that currency conversion vendors are given MCC of 6051 by Visa and this MCC is included under insurance by Axis.
Its funny that currency conversion vendors are given MCC of 6051 by Visa and this MCC is included under insurance by Axis.
There is no mention if insurance will/will not be excluded from the Milestone consideration. All we can see in the circular thats new is that Rent that is no longer gonna be considered. I just called the customer care to confirm if we’re still gonna get ER for rent and insurance payments or not and were told something completely new. The executive told me that whatever rent payment we do is gonna be like a fuel payment equivalent ie 1% surcharge and no ER and also no consideration for milestone (unlike fuel) while insurance payments will earn ER on only amount upto ₹5000 ie just 300ER per calendar month (old & irrelevant information) but any amount like ₹99000 or so will be considered for the Milestone.
I told him that this is nowhere mentioned in the circular and he said that it is what is being told to us. Also as there is no mention of the Vistara cards he said its business as usual for them.
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I think the Axis agent was referring to this circular for Magnus lol.
For Magnus this is what needs to be referred to.
So many circulars. My mind is blown. 🥲
Lets wait for their written response to your mail.
Thanks both for the clarificationOn this link Axis mentions that the MCC code 6051 is for insurance spends. Does Magnus earn rewards on insurance spends?
I guess it does because neither does this link mention any restriction on Edge rewards on insurance spends for Magnus nor did Axis guys mention it on the mail.
Important Announcements | Axis Bank
Visit us to know the terms and conditions like surcharge fees, edge rewards, and many more offers. know more about the important announcements on Axis Bank Credit Cards.
Axis Bank has clarified. Those 2 circulars are for different card holders.
"Further, we would like to inform you that Insurance spends will be consider to earn the normal EDGE reward points and will be counted towards the milesone spending to acheive the 25000 EDGE reward points on spend of 01 Lakh in a calendar month. From 22ndSep'20 transactions which are maintained with MCC 6300, 6381, 5960, 6012 & 6051 are covered under Insurance spends and you can earn maximum of 6000 EDGE REWARDS per transaction as there is a capping for the same."
"The eligibility for Insurance spends as mentioned above is not applicable for other credit cards however, for few affluent credit cards there is a capping."
They say max 6000 ER per txn, not per calendar month, so if someones Insurance runs into let's say 5 lakhs, I guess they could make 5 txns and earn 30k ER. Do correct if I am wrong.
FYI magnus is not affluent it’s hni vagayara
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