On the background of the most significant Magnus devaluation, I was thinking about the Magnus card holistically and realized its non-traditional benefit.
Jotting my thoughts down , if they are not adding value, mods please remove thread.
I've been using CC for a long time and benefited in many, many ways (DCB, prestige, Amex plat, many more) ) but Magnus helped me in a non-traditional way which was different from other cards.
Prior to Magnus, I used to do ad-hoc deal base spending on top of regular expenditures. Though the rewards were terrific, my expenditure was not predictable on yearly basis.
The monthly milestone req from Magnus forced me to lay out my entire year's spending plan in an extensive Excel. I reviewed my yearly spending patterns for anything above 7/10k spent. It showed that for a few months, I was spending way above 1lk; in some months, it was below 50k.
Finally, I made some adjustments to prepone-postpone some planned spending to stay very near the 1lk monthly limit and updated the Excel. When I was going way above 1lk I simply moved them to other cards ( Infinia, Amex plat)
This revision also brought clarity on the areas that were not necessary and also showed some cases where some purchases were happening on a regular basis and not on an ad-hoc basis which was an Aaha moment for me.
The exercise finally helped me to chart out and stick to the entire years spending budget, which I had been trying to do for a long time.
I could have done this without Magnus as well, but Magnus FORCED me to put a plan on paper before execution.
After the recent devaluation, I don't know if I will keep Magnus or replace it with something else, but I will always be thankful to the Magnus team for forcing a good financial habit on its users.
Jotting my thoughts down , if they are not adding value, mods please remove thread.
I've been using CC for a long time and benefited in many, many ways (DCB, prestige, Amex plat, many more) ) but Magnus helped me in a non-traditional way which was different from other cards.
Prior to Magnus, I used to do ad-hoc deal base spending on top of regular expenditures. Though the rewards were terrific, my expenditure was not predictable on yearly basis.
The monthly milestone req from Magnus forced me to lay out my entire year's spending plan in an extensive Excel. I reviewed my yearly spending patterns for anything above 7/10k spent. It showed that for a few months, I was spending way above 1lk; in some months, it was below 50k.
Finally, I made some adjustments to prepone-postpone some planned spending to stay very near the 1lk monthly limit and updated the Excel. When I was going way above 1lk I simply moved them to other cards ( Infinia, Amex plat)
This revision also brought clarity on the areas that were not necessary and also showed some cases where some purchases were happening on a regular basis and not on an ad-hoc basis which was an Aaha moment for me.
The exercise finally helped me to chart out and stick to the entire years spending budget, which I had been trying to do for a long time.
I could have done this without Magnus as well, but Magnus FORCED me to put a plan on paper before execution.
After the recent devaluation, I don't know if I will keep Magnus or replace it with something else, but I will always be thankful to the Magnus team for forcing a good financial habit on its users.
), changed my yearly insurance spends to monthly which meant that i calculated my cash flows monthly now etc. Apart from the rewards it brought some structure to my financial planning which i was missing before. 25% reward rate is unsustainable and we knew the party will end but i still see value for magnus as hitting the monthly milestone still gives a very good 6% reward rate. Now all my gyftr spends will shift to infinia and amex plat and insurance spends will shift to magnus.
