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Axis Magnus Insurance premium payment through Axis magnus after devaluation

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Rutvik28

Rutvik28

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Hello,

I have a very interesting question/doubt on an insurance premium payment through axis magnus credit card after it getting devalued recently.

So the question goes like this, if I pay insurance premium of more than 1.5 lacs in a month in multiple transactions (considering the individual transactions are less than 1 lac), then if I pay more insurance premium in the same month will I get 35 reward points on 200rs spent for next set of transactions or the normal reward rate of 12 reward points per 200rs ?

And if let's say the answer is 35 reward points per 200rs, then how will the cap of 6000 reward points per transaction be applied for those transactions ?

I have an insurance premiums of ~3-4 lacs coming in the Oct end and November month, so I was thinking if I can pay all the premiums in the month of November, then will I get more reward points instead of paying in separate months.
 
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LuxTraveler said:
Axis bank T&C says "Max 6000 Base EP per transaction". So my understanding is 1 lakh is fine for 6000 points. (12 points/200 Rs)
Also as confirmed in earlier posts, for the month of october all transaction including Insurance pay after 1.5 L spends also earned AEP (23 points/200 Rs).

But as with the case of Axis they can do interpretation other way and reverse or stop giving AEP on insurance in future 😢.
Click to expand...
Thanks very much for your reply...

I will go ahead and try to split my lic premium and check if i get the AEP...

🤞🙏🏻.
 
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Harry1 said:
6000 points + 23/200 * (X-1.5L) where X is paid amount, assuming u don't have any other spends in that month.
Click to expand...
Hi,
I have Magnus Burgundy.

I did 2 transactions today -
1st transaction for 2 lakhs
2nd transaction on gyftr - 10k worth apay vouchers at 2x

For incremental spends, Axis gives 35 ER points.
so for 1st transaction, i'll get 13 ERs till 1.5 Lakhs & 35 ERs for balance 50k - this is clear
for 2nd transaction - how many ERs will i get considering gyftr has 2x ER on apay vouchers & my calendar month transaction > 1.5 Lakhs?
 
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mik777 said:
Hi,
I have Magnus Burgundy.

I did 2 transactions today -
1st transaction for 2 lakhs
2nd transaction on gyftr - 10k worth apay vouchers at 2x

For incremental spends, Axis gives 35 ER points.
so for 1st transaction, i'll get 13 ERs till 1.5 Lakhs & 35 ERs for balance 50k - this is clear
for 2nd transaction - how many ERs will i get considering gyftr has 2x ER on apay vouchers & my calendar month transaction > 1.5 Lakhs?
Click to expand...
Why post same thing at multiple places? Moreover this is answered already at multiple places. And cvr still replied to u in other thread.
 
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statusquo said:
View attachment 41328They have inserted this new table on the FAQ page (https://www.axisbank.com/docs/defau...magnus-credit-card-for-burgundy-faq.pdf).They clearly state now that when insurance payment is over 1 lakh, we get base EP on the first 1 lakh (6000 points) and the entire amount (1.5 lakh in their example) is counted towards AEP. Great for us M4B holders 😀
Click to expand...
better to split premium into smaller payments and pay via amazon pay through accelerated reward
 
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sxchzy:
better to split premium into smaller payments and pay via amazon pay through accelerated reward
How do you get AEP when you pay through Amazon Pay?
 
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statusquo said:
View attachment 41328They have inserted this new table on the FAQ page (https://www.axisbank.com/docs/defau...magnus-credit-card-for-burgundy-faq.pdf).They clearly state now that when insurance payment is over 1 lakh, we get base EP on the first 1 lakh (6000 points) and the entire amount (1.5 lakh in their example) is counted towards AEP. Great for us M4B holders
Click to expand...
Is this table any different from the one they included in the FAQs published after devaluation 🤔🤔
 
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statusquo said:
There is a row with insurance spend greater than 1 lakh and various other edge cases which weren’t there earlier
Click to expand...
Not sure what you are referring to. I was referring to the attached document which I found on a quick search in this post in TF from Nov 2023 though I am sure it came much earlier:

Post in thread 'Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.'
www.technofino.in

Axis Magnus - Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

-- Edited Post -- Final Update Official PDFs are now out Magnus - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf Reserve - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf Revision of Axis Bank...
www.technofino.in www.technofino.in

This is what I meant when I said I am not sure of the difference or any addition in the table you have annexed in your post vs what is there in this document?
 

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