I was really considering applying for the Magnus card, but I am not sure if it’s a good match for me or not. I have realised that there are many people in similar position like myself. This should help them as well. Here are my queries/confusions, and some points. I have already tried contacting Axis bank regarding these credit card queries before applying, but I am unable to go though the IVR without a credit card number 🤷🏻♂️
Thank you!
- About the 1lac/month milestone, I am not sure I’ll able to achieve that regularly with my necessary spends, it’s possible but uncertain. The point is at what point it is worth having the card. I have the HDFC Business Regalia right now, which I have received 3 months ago, and I have already spent 6+ lacs in last 3 months only, just 2 lacs away from Regalia’s 8lac milestone benefit. These spends were not just mine, family spends are included. But I don’t think this will be the case always, so let’s say I will achieve the Magnus’ 1lac/month milestone only 3-4 or may be 5 times in a year, would this still be a worthy card in this case is the question?
- The second point is I am going to apply this on C2C basis. I have the Amazon Pay card with 5Lac limit, no EMIs or anything, whole limit is vacant. I have read here that people have done C2C with this card successfully. But I would still need to pay around 11,800/year. Is this worth getting for me? If I am not wrong, this is annual fees. So if I apply right now, I pay 11,800, and then I will pay 11,800 on this day next year, is this correct? Confusion is because someone here said you have to pay joining+annual i.e 23,600.
- Now I am okay with this fees, only considering the welcome/annual benefits. Three queries regarding that as well.
— Are the complimentary flight ticket and 10k Tata CLiQ voucher both just welcome benefit, or BOTH are annual benefits?
— About the free flight ticket. I think this would be useless, as this is for a one way ticket, my usual domestic travel fare is Rs.5000 only. So I won't pick this.
— About the 10k Tata CLiQ voucher, this is something I can utilise. I am guessing this is like money in the Tata CLiQ website, and I can use it multiple times? If this is the case, this is well worth it for me. I can easily order stuff worth 10k in a year, every year. This makes the 'effective' card cost down to Rs.1800 only, which I will gladly pay for the benefits of this card.
- I am a noob in miles conversion game, and I haven’t done this ever before. I reckon utilising this card to its full potential would require knowledge of miles game as well, is that too complicated? Pardon my ignorance. I have also bookmarked a few videos to learn that.
- As it must be evident, I am fairly new to the credit card game. My current portfolio is:
— Amazon Pay LTF
— IndusInd Legend LTF
— HDFC Business Regalia LTF
- I will obviously direct all my transactions towards Magnus. After (if) reaching the monthly milestone, I am going to switch to Regalia.
Thank you!
