Magnus Fuel Surcharge - Clarification

[Rajagopalan]

Hello All,

I have seen details about the Fuel Surcharge Waiver of 1% with Magnus.

• Fuel surcharge waiver of 1% for transactions between Rs. 400 to Rs. 4,000

However could someone please explain how much surcharge is charged actually before giving 1% waiver.?

If possible, please post some statement screenshots for better understanding.

Thanks,
Raj

 

[bansalp]

Generally transactions at fuel pump charge a surcharge from 1-2.5% (+18%GST on surcharge) on top of transaction value.

Consider a transaction of INR 1000 and surcharge of 1.5%.

So action amount spent would be:

Amount displayed on POS machine: 1000
+ surcharge: 1000*1.5% = 15
+GST on surcharge = 15 * 18% = 2.8

So total amount to be paid = 1000 + 15 + 2.8 = 1017.8

Another entry in your statement would be of surcharge reversal which is 1% in above case.
1000*.01 = 10

So actual value paid for fuel worth 1000: 1017.8 - 10 = 1007.8

GST is not reversed by most credit card.

 

[Rajagopalan]

Thanks Sir. I wanted to know the exact % of surcharge levied on Magnus Card.

Is the surcharge specific to the Credit Card or does it varies on the POS used in the fuel stations.?

Lets say for example, If I use Magnus, will the surcharge be same across all fuel stations or would that vary.?

 

[bansalp]

generally it depends on POS.

 

[Rajagopalan]

Hello, Could someone please help me on the below query.?

I was using Axis MyZone credit card and I have upgraded it to Magnus and received it yesterday. Magnus is already activated.

Bill Cycle for my MyZone Card was from 14th December. After reeiving the new card, Axis MyZone disappeared from my Cards section and Magnus popped up. (I got a message that MyZone will be deactivated 45 days after the issuance of new card).

Now, transactions which I have done on my MyZone after 14th December(unbilled transactions) reflects in Magnus.

Below are my questions.

1). Joining Fee of 10K + 1.8K - Usually will that be charged against MyZone or the new magnus Card.?

2). Will there be Reward Points for the Joining Fee .?

3). Will the Joining Fee counted towards the Milestone benefit.?

4). Transactions done through MyZone, appears in Magnus now. But, I believe they wont be counted towards Milestone rewards. Please correct me if I'm wrong.

 

[Rajagopalan]

Thanks Much for the Clarification Bro.!

 

[SpiesCan'tCatchMe]

Help needed in understanding the transaction
Did a transaction of 3000/- but amount deducted was 3104/- surcharge waiver given is 30/- what's happening?