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Axis Magnus Magnus Milestone Suggestion
- Thread starter great
- Start date
RewardsAlert
TF Legend
Agreed, people don't understand that credit card is a biggest trap designed by Banks to lure them and keep them in debt.
Handling a credit card wisely is not easy and can't be achieved by everyone.
It gives you the false impression of money lying with you, even when it's not yours.
Magnus, being issued at a limit of 4L+ is created with same strategy by Axis.
To put these kind of people in debt trap.
Because they are definitely not here to do charity.
So, instead of Manufacturing spends, try avoiding it and as @abhishek0882 said, even 3-4 months are enough to juice out nicely. Don't fall in greed trap to accumulate vouchers, that is the worst you can do
All businesses will have strategy to get customers to spend more. It is what businesses are there for. And the product and its features are great for many people. And even for a lot of people it is beneficial but people have FOMO of not being able top 'maximise and optimise' the card that they have. It is as if they will feel inferior if they do not use it to the full. It is peer pressure and competition. If someone in the forum used this trick to get something from a card, and I do not use it, I am missing out - that's the feeling. Competition - with who? We try to be very smart and end up losing out much more than we gain. Good for people who earn a lot and a few thousands and lakhs here and there does not matter to them for them it is fine. But then others are also trying to compete with them, maybe not consciously but subconsciously. And we all have hundreds of reasons to justify it with - oh, I would anyways have spent this or see how much value it offers. Please don't take it otherwise, but I have seen students on this forum trying to play the rewards and miles game and use premium and super premium cards.
Maybe I am just too old and too conservative and old school. And I hope everyone does well financially in their lives and these actions do not cost them too much. Rest everyone is intelligent and is able to think for themselves.
Absolutely agree, the game is designed in such a way that the house always wins. For every person who is financially prudent there will be others who are not. And the trap is such that one will not realize it until its too late. And the effects will be devastating
Greed is greed! Smart or dumb doesn't realise immediately, it takes time. And yes indeed Magnus has made all of us greedy, atleast led us on the path to temptation for sure 🙂
Debt trap is the worst trap.
Don't overspend just to earn rewards. I understand it's very tempting. Sooner or later you will realise that your spends have gone up significantly chasing this reward points game.
Also the value of rewards earned in the long run could be less than the amount which we had been overspending just to earn those rewards.
Don't overspend just to earn rewards. I understand it's very tempting. Sooner or later you will realise that your spends have gone up significantly chasing this reward points game.
Also the value of rewards earned in the long run could be less than the amount which we had been overspending just to earn those rewards.
I have a much simpler solution to this. If you have extra money & you want to reach 1L milestone, park that extra money in Amazon using Gyftr & then use this accumulated money to pay your insurance policies whenever the time comes. This is beneficial if you have converted your insurance premium payment into monthly payment mode.
However, there is no point in spending unnecessarily just for the sake of points - thats my view
However, there is no point in spending unnecessarily just for the sake of points - thats my view
Do not fall for the manufactured spends. You will not be able to know about the danger until it's too late. I've had an experience with one of my cards in the early days and it took a lot of time and efforts to get back in track.
Analyse your spends and plan accordingly don't force spend for anything. 20K might seems like a small amount but if you spend the same amount for over a period of time it'll become a huge amount.
I recently had a family function and did the planning very well. Divided the expenses into small ones and spend 1L+ in consecutive 3 months. Similarly you can plan your future spends and non-emergency spends accordingly to hit the milestone.
Analyse your spends and plan accordingly don't force spend for anything. 20K might seems like a small amount but if you spend the same amount for over a period of time it'll become a huge amount.
I recently had a family function and did the planning very well. Divided the expenses into small ones and spend 1L+ in consecutive 3 months. Similarly you can plan your future spends and non-emergency spends accordingly to hit the milestone.
Advance tax payment make, if not needed, they will return with 6 percent interest.
It depends upon how much you are falling short each month and how much insurance premiums you are paying. It becomes a vicious cycle. I agree that you can do this if you have so much insurance payments each month, but I am assuming someone who pays a significant amount of insurance premium each month has so much income that it needs that much sum insured. To people who have that much income will mostly achieve the monthly spends organically and easily without having to resort to all this. People who have taken high insurance without a commensurate level of income, that is another poor financial choice, and most likely they are treating insurance like an investment, which is debatable as a financial strategy. Even with all kinds of insurance, life, vehicle, health etc. etc., insurance spends will not be high unless one takes anything apart from term insurance for life insurance policy. I guess this whole discussion will again get derailed if we get into that discussion so enough said!
Simple is, if your organic regular spends 'for the month' or max first half of upcoming month achieves the milestone, it is worth it, else not. That's my personal opinion.
NPS is a very good investment. I personally invest in it regularly. However, it is for a specific purpose. If you do not attach your NPS investment to that specific life goal and invest in NPS just because you want to achieve some credit card milestone, it is not worth it. Every investment needs to be attached to a goal and has to have a specific purpose. After one has achieved the goal based investment in NPS, post that investing in NPS is just blocking money because it is completely illiquid and you will not be able to withdraw the money when you need and it may not give the kind of returns that you could get had you invested in some other place. By all means, invest in NPS for sure, till the amount that meets the goal, but not for meeting credit card goals.
I usually just add money to NPS tier 1 to bridge any shortfall. Like I did today with 20k investment. I don’t like NPS product on its own given a long lock in period, but if investing 20k can get me 25k ER, it’s a no brainer 😊
The lengths to which we will go to achieve Magnus milestones!!! For 6% interest???
We can agree to disagree 🙂
My friend purchased a fridge worth 1.05Lacs on my Magnus on a 3 month EMI plan.
Will the ~33k / month give me base points atleast?
I assume I will not be getting the bonus RP for a 1 lac transaction. Please confirm ?
Will the ~33k / month give me base points atleast?
I assume I will not be getting the bonus RP for a 1 lac transaction. Please confirm ?
Emi transactions are not counted for either base reward points or milestones.
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