Axis Magnus Magnus over limit expenditure

[VGisHere]

Is there an option of prepay and use over limit option available on Axis Magnus?

For eg, a person with 3L limit makes an expenditure of 2.5L on Magnus card in a billing cycle, and in same billing cycle, there is another unexpected expenditure coming up of 1L. So in this situation, can a person pay 1L before due date on card and then use the same for upcoming expenditure of 1L? Basically, spending 3.5L with limit of 3L?

Is this possible?
Does it attract any charges?
Will such a transaction negatively impact CIBIL (with TUR across all cards < 30%)?

 

[kkk]

Is there an option of prepay and use over limit option available on Axis Magnus?

For eg, a person with 3L limit makes an expenditure of 2.5L on Magnus card in a billing cycle, and in same billing cycle, there is another unexpected expenditure coming up of 1L. So in this situation, can a person pay 1L before due date on card and then use the same for upcoming expenditure of 1L? Basically, spending 3.5L with limit of 3L?

Is this possible?
Does it attract any charges?
Will such a transaction negatively impact CIBIL (with TUR across all cards < 30%)?

I have done this on my reserve card. Will let you know if there are any charges once bill gets generated on 18th. So, far there are no extra charges billed.

 

[Maxwell]

Is there an option of prepay and use over limit option available on Axis Magnus?

For eg, a person with 3L limit makes an expenditure of 2.5L on Magnus card in a billing cycle, and in same billing cycle, there is another unexpected expenditure coming up of 1L. So in this situation, can a person pay 1L before due date on card and then use the same for upcoming expenditure of 1L? Basically, spending 3.5L with limit of 3L?

Is this possible?
Does it attract any charges?
Will such a transaction negatively impact CIBIL (with TUR across all cards < 30%)?

Yes, very much possible. If you pay the bill before due date the available limit is updated and can be used for other spends
No charges unless you exceed the available limit
Cibil will calculate the 30% based on the total cards value put together eg. you have 4 cards with 5lac limit on each. your total credit limit considered in 20lac
so 30% of 20Lac is the calculation

 

[VGisHere]

Yes, very much possible. If you pay the bill before due date the available limit is updated and can be used for other spends
No charges unless you exceed the available limit
Cibil will calculate the 30% based on the total cards value put together eg. you have 4 cards with 5lac limit on each. your total credit limit considered in 20lac
so 30% of 20Lac is the calculation

So effectively one can probably spend more, say 5L as long they pay 2L+ back before actually making next transaction?
Only thing one needs to keep in consideration is that single transaction is under the credit limit, right?

And what would be reported in CIBIL, 3L or 5L?

 

[VGisHere]

I have done this on my reserve card. Will let you know if there are any charges once bill gets generated on 18th. So, far there are no extra charges billed.

Thanks, would be awaiting your reply.
Also, in case you don’t mind sharing, how much did you spend vs your actual credit limit!

 

[drakesri]

Only thing one needs to keep in consideration is that single transaction is under the credit limit, right?

Few banks allows single payment of more than credit limit if you have negative credit balance. They may charge you for over utilization though, some banks dont charge and some dont even allow using over and above the CL.

With Axis I think its possible, but check with CC if there will be any charges.

And what would be reported in CIBIL, 3L or 5L?

Your overall spend is reported in CIBIL on monthly basis so in this case 5L will be reported as utilization however the outstanding reported will be based on the statement generated.

 

[Wealth is my birth right!]

Is there an option of prepay and use over limit option available on Axis Magnus?

For eg, a person with 3L limit makes an expenditure of 2.5L on Magnus card in a billing cycle, and in same billing cycle, there is another unexpected expenditure coming up of 1L. So in this situation, can a person pay 1L before due date on card and then use the same for upcoming expenditure of 1L? Basically, spending 3.5L with limit of 3L?

Is this possible?
Does it attract any charges?
Will such a transaction negatively impact CIBIL (with TUR across all cards < 30%)?

Yes u can Pre pay and use limit again
I had 6m back just 2l limit on Magnus card so I used to do this and in my case no charges extra I got
CIBIL not getting any issues since the overall other bank card limits also put together
My CIBIL last 8 months 794 to 802 range
My Magnus card got currently 5l limit

 

[kkk]

Yes u can Pre pay and use limit again
I had 6m back just 2l limit on Magnus card so I used to do this and in my case no charges extra I got
CIBIL not getting any issues since the overall other bank card limits also put together
My CIBIL last 8 months 794 to 802 range
My Magnus card got currently 5l limit

How did you increase Magnus limit?

 

[Wealth is my birth right!]

How did you increase Magnus limit?

After 3 months we can request LE for hni cards
They raised a request and asked for 3 months payslip then bank statement (if ur salary account is with Axis bank then no need to present statement)
They did CIBIL enquiry and within 3 working days I got LE from 2.10 to 5l

 

[kkk]

After 3 months we can request LE for hni cards
They raised a request and asked for 3 months payslip then bank statement (if ur salary account is with Axis bank then no need to present statement)
They did CIBIL enquiry and within 3 working days I got LE from 2.10 to 5l

Hmm ok, My limit is already 6.5 Lakh. So not sure if requesting further limit enhancement will be fruitful at this stage.

 

[Wealth is my birth right!]

Hmm ok, My limit is already 6.5 Lakh. So not sure if requesting further limit enhancement will be fruitful at this stage.

As long as the take home is more than 1.5l pm they may give u atleast 8l
Nothing wrong in trying but see whether real need for putting efforts

 

[Akashgod]

Axis never charges for doing it.. however be ⚠️ cautious as it builds a negative impact if u continue to do so for long time.

 

[Venky]

Last month I had to pay my Magnus’s bill twice as the bill did not settle till the due date when I paid via Billpay. So what Axis did was to add the surplus amount that I have paid, after deducting this months expenses, to my credit limit. So my limit increased by 60k and obviously there were no charges.
Not sure about how/if it’ll effect my cibil.

 

[FinGuru]

Last month I had to pay my Magnus’s bill twice as the bill did not settle till the due date when I paid via Billpay. So what Axis did was to add the surplus amount that I have paid, after deducting this months expenses, to my credit limit. So my limit increased by 60k and obviously there were no charges.
Not sure about how/if it’ll effect my cibil.

It would have no impact on CIBIL. If anything, the impact will be positive as the utilization would have fallen.