Magnus milestone 1L calculation easy way?

[MilesMax]

Hey all,
Currently my Magnus statement date is 18th which I think is the same for most/all of them.
So I download the pdf statement which I get on email, manually add all the spends done from 1st onwards till 18th. (Eg, let's assume 70k)

Then subtract that value from 1L. So 30k.
Then probably spend atleast 32-33k to be on the safer side. (Not unnecessary spends, mostly genuine ones)

I have two questions.
1. Is there a better way to do this? Any way to download excel statement somewhere from Axis?
2. Are spends till the last day of the month considered? Eg: 11pm on the last day of the month?

 

[suhailmz]

This is one reason I opted not to go for Magnus. Too much pressure to shell out money for the milestone 😛

 

[anirban.choudhuryanirban.choudhury is verified member.]

This is one reason I opted not to go for Magnus. Too much pressure to shell out money for the milestone 😛

True bro
Only go if you have actual general spends of 1 lakh

It’s not worth to increase extra spends, rather you can use the extra funds and park it in some good bonds or Mutual funds , fir usse apni trip plan krlo . No need to worry and learn about this miles game .

But if there is someone who has actual spends of 1 lakh per month , which according to me is a very limited group , for them this card is actually very good .

 

[suhailmz]

True bro
Only go if you have actual general spends of 1 lakh

It’s not worth to increase extra spends, rather you can use the extra funds and park it in some good bonds or Mutual funds , fir usse apni trip plan krlo . No need to worry and learn about this miles game .

But if there is someone who has actual spends of 1 lakh per month , which according to me is a very limited group , for them this card is actually very good .

I agree, I would say its the best card for people with such spending pattern. I have applied for DCB as I need to spend 5 lakh to waive off annual charges, which meets my criteria. Also, the reward system of DCB is decent.

 

[MilesMax]

This is one reason I opted not to go for Magnus. Too much pressure to shell out money for the milestone

Even if you spend 50k on Magnus, using Grabdeals and Gyftr effectively you can earn a lot of points for shopping, grocery etc. Like 15k points, when converted to Airmiles it would be 12k miles.

 

[TheMentalist]

Yeah.. if you know the vouchers game, then you can extract much more value from Magnus even without the 1L milestone benefit. Plus, by buying vouchers of 3-4 months' spends together can also help you in reaching the said milestone as they usually have validity from 6 months to 1 year or can be added in wallet like Amazon, TataCliq, Swiggy/Instamart etc.

 

[MilesMax]

Yeah.. if you know the vouchers game, then you can extract much more value from Magnus even without the 1L milestone benefit. Plus, by buying vouchers of 3-4 months' spends together can also help you in reaching the said milestone as they usually have validity from 6 months to 1 year or can be added in wallet like Amazon, TataCliq, Swiggy/Instamart etc.

@TheMentalist Do you use Magnus? If yes, How do you keep track of the 1L milestone? since Axis App isn't intuitive enough to show how much more is left to spend etc

 

[TheMentalist]

@TheMentalist Do you use Magnus? If yes, How do you keep track of the 1L milestone? since Axis App isn't intuitive enough to show how much more is left to spend etc

Same as you.. manually doing the calculation

 

[MilesMax]

Same as you.. manually doing the calculation

There is no way to download the reward points credits report as a pdf, right?

 

[gurbina]

True bro
Only go if you have actual general spends of 1 lakh

It’s not worth to increase extra spends, rather you can use the extra funds and park it in some good bonds or Mutual funds , fir usse apni trip plan krlo . No need to worry and learn about this miles game .

But if there is someone who has actual spends of 1 lakh per month , which according to me is a very limited group , for them this card is actually very good .

You'd be surprised by the amount of people who look like they're printing money at home. I'm baffled honestly.

Specially in tech during COVID salaries shot up by a few hundred percent for many roles. I saw many people (and not exactly the smart kind, maybe street smart enough or stubborn enough to keep negotiating or chasing offers) go from 3-4L per year to 20L in one go for even dumb support roles.
Let alone those with experience on skills that are in demand that were receiving packages north of 40L-50L from 10L.
I guess many factors happened like many companies trying to move operations and roles to India when there's no more people with the skillset they were looking for so it turned into an auction.

This all happened during the "Great Resignation" in early 2021 which made things more favorable for employees.

Now most consumers in India aren't really fond of credit cards. Many stay away from it or don't have one even if they're eligible for it. Let alone HNI cards with high fees.

I'd almost say Magnus while very rewarding most people don't have much interest of it as they don't wanna deal with it due to "complexity" and would rather go for more common cards that either give them cashback or high discounts when shopping online.

 

[Sugowara0693]

What if you pay your entire outstanding amount on 31st of every month?

 

[TheMentalist]

There is no way to download the reward points credits report as a pdf, right?

You can.. from https://edgerewards.axisbank.co.in/lms/transaction-history
There is a Download button there, which downloads the entire history in PDF format

 

[gurbina]

What if you pay your entire outstanding amount on 31st of every month?

What do you mean? It is based on spends not outstanding amount.

You can spend 1L on the first of the month and pay it right away, it's still payments/spends of 1L.

You can download the excel from Axis website for their credit card transaction statement and filter by monthly calendar and do autosum.

Now that I think about it, I wonder why they decided to do it based on monthly spends rather than billing cycle. Maybe technical implementation design thing?

 

[MilesMax]

You can.. from https://edgerewards.axisbank.co.in/lms/transaction-history
There is a Download button there, which downloads the entire history in PDF format

This works! thanks

 

[MilesMax]

What do you mean? It is based on spends not outstanding amount.

You can spend 1L on the first of the month and pay it right away, it's still payments/spends of 1L.

You can download the excel from Axis website for their credit card transaction statement and filter by monthly calendar and do autosum.

Now that I think about it, I wonder why they decided to do it based on monthly spends rather than billing cycle. Maybe technical implementation design thing?

thanks for letting me know! I was able to download the excel.

The only downside of that excel is it doesn't seem to show if the transaction was credit or debit which is weird. But so much better than manual calculation from pdf though.

Giving milestone on the billing cycle might cause them more confusion I guess, different banks have different cycles and the number of days also change.
Making it monthly is much more straightforward for them and easy to understand for everyone I guess.

 

[bulldozer]

I use Axio app (earlier named Walnut)to track my spends. It categories spends based on card and we can customize the statement date. Now if it can be set to the end of the month, you should be able to get the monthly figure

 

[TheMentalist]

What do you mean? It is based on spends not outstanding amount.

You can spend 1L on the first of the month and pay it right away, it's still payments/spends of 1L.

You can download the excel from Axis website for their credit card transaction statement and filter by monthly calendar and do autosum.

Now that I think about it, I wonder why they decided to do it based on monthly spends rather than billing cycle. Maybe technical implementation design thing?

By suggesting to pay entire outstanding amount on 31st, he was giving a simple solution to OP to calculate spends remaining to reach milestone by just looking at Outstanding amount in app/web, which will save OP from doing unnecessary manual calculations.