Not spending 1 lakh monthly on Axis Magnus Card, still it is worth it ?

[rayhan12]

Hello guys,

I wanted to know that if I don't spend 1 lakh monthly if I get Axis Magnus CC, is it worth it ?

Should I get it or not ? Please shed some light on this.

Thanks.

 

[Tosh]

Strongly depends on what other cards you have, what kinds of rewards do you prefer, what's your spending pattern like etc etc

 

[rayhan12]

I will redirect my spending to this card if I get it but it will be nowhere to 1 lakh.

I have HDFC, SBI, ICICI, etc cards.

 

[vysakh]

If using for airmile redemption, yes, totally worth it.
If not and you're chasing coupons or items or cashback, then no, not worth it, there are better cards out there for these.

 

[rayhan12]

If using for airmile redemption, yes, totally worth it.
If not and you're chasing coupons or items or cashback, then no, not worth it, there are better cards out there for these.

So if I am using just 3 - 4 lakhs annually on this card, is it good for miles redemption ? will it cover the 10k + GST ??

 

[CVR]

So if I am using just 3 - 4 lakhs annually on this card, is it good for miles redemption ? will it cover the 10k + GST ??

if u can utilise gyftr and grabdeal 5x/10x magnus is great even without 1 lakh monthly spends.. and magnus points need to be used on air miles or hotel points transfer and not vouchers for best value.. finally it depends on what hdfc card u have.. i am assuming it is not infinia.. if u have infinia u can continue with that only using smartbuy gyftr for accelerated rewards

 

[rayhan12]

if u can utilise gyftr and grabdeal 5x/10x magnus is great even without 1 lakh monthly spends.. and magnus points need to be used on air miles or hotel points transfer and not vouchers for best value.. finally it depends on what hdfc card u have.. i am assuming it is not infinia.. if u have infinia u can continue with that only using smartbuy gyftr for accelerated rewards

no lol I have HDFC Millenia. So, according to you even if I don't spend 1 lakh whatever rewards I get for my spending should be used for miles or hotel points.

 

[Venky]

So if I am using just 3 - 4 lakhs annually on this card, is it good for miles redemption ? will it cover the 10k + GST ??

If you use the Tatacliq voucher the right way, and they don’t stop the purchase of a certain category of item via Tatacliq cash, then yes it’ll be worth the fees. As it only costs us around 3k for the year. You can redeem that amount just via the Bookmyshow offer.

 

[rayhan12]

If you use the Tatacliq voucher the right way, and they don’t stop the purchase of a certain category of item via Tatacliq cash, then yes it’ll be worth the fees. As it only costs us around 3k for the year. You can redeem that amount just via the Bookmyshow offer.

Thanks, I totally forgot the welcome voucher that we can use for the gold coin.
Appreciate everyone for the replies.

 

[rayhan12]

Concept of effective fee - The only fee you should consider while applying credit cards

EFFECTIVE FEE 🧵 Here is the concept of "effective fee" - Only fee to be considered for credit card applications ❇️ Disclaimer : This thread requires a little bit more focus so do read it with 100% attention ⏳ There is a sheet for reference too 🙊 Let's go 🏃 (2/n) Let's first understand 4 Types...

www.technofino.in

According to this post effective fee for Axis Magnus is 3,800 Rs.

If you want to recover that amount with default rate (1.2%), you have to spend ~ 3,17,000.

In this case again if you spend same amount in some 5% cards you can get 15,850 Rs. (So, overal you'll loose ~12,850 Rs.)

To recover this amount or effective rate, you need to rely heavily on Gift edge or Grabdeals to reduce that required overal spend.

Other areas, where you can spend to recover that effective rate:

- Movies (But consider some free cards also providing same benefits, so reduce overall saved amount to get effective savings rate).
- Airport M&G, I think if you do atleast 2 times, you can recover that effective fee (consider here effective fee based on our satisfaction rather market price).
- Festive or Bonus offers.

See, how things will be and if not working and still end up not recovering effective fee, surrender after a year.

Thanks for your detailed reply. Yes, if I get it I will try for a year, if not satisfied then I willl close it.

 

[Copycat]

Please have a look at this, if you are interested:

Magnus bandwagon! Is Axis Magnus good for a use case like mine? Please advice.

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...

www.technofino.in

 

[rayhan12]

Please have a look at this, if you are interested:

Magnus bandwagon! Is Axis Magnus good for a use case like mine? Please advice.

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...

www.technofino.in

Sure, let me check.

 

[Copycat]

If you are never going to hit the 1L milestone per month, then here is what you do

1) Take you last year's spends. Convert it to ER points (note: ER points work on 200 rupees multiples). So you actually will get slightly lesser than 1.2%
2) Now convert this into MB points or KrisFlyer airmiles
3) Go to the website of the hotel/airline and see what this will fetch you. Now check how much this would cost if you bought the same thing using cash
4) Compute the rewards you earned last year, in cash terms
5) Now using the values from 3 & 4 , as well as the 3800/- pa effective fee of Magnus, decide what makes the most sense for you: continue buying with your existing cards or get a Magnus & buy with Magnus

 

[rayhan12]

If you are never going to hit the 1L milestone per month, then here is what you do

1) Take you last year's spends. Convert it to ER points (note: ER points work on 200 rupees multiples). So you actually will get slightly lesser than 1.2%
2) Now convert this into MB points or KrisFlyer airmiles
3) Go to the website of the hotel/airline and see what this will fetch you. Now check how much this would cost if you bought the same thing using cash
4) Compute the rewards you earned last year, in cash terms
5) Now using the values from 3 & 4 , as well as the 3800/- pa effective fee of Magnus, decide what makes the most sense for you: continue buying with your existing cards or get a Magnus & buy with Magnus

That's soo deep appreciate your reply. If I will get the card I will have to contact you personally lol for any help.

 

[CVR]

Assuming you will have not any grabdeals or gyftr use for 5x/10x is quite extreme. Gyftr has vouchers for every day use like amazon, flipkart, swiggy, zomato, big basket, myntra etc. Very easy to have 50k of those even with your spends for paying bills, shopping, grocery, apparel, food etc. So include that too while u evaluate magnus.

Bottomline - Magnus could be more rewarding while Ultimate will be simpler

 

[rayhan12]

Assuming you will have not any grabdeals or gyftr use for 5x/10x is quite extreme. Gyftr has vouchers for every day use like amazon, flipkart, swiggy, zomato, big basket, myntra etc. Very easy to have 50k of those even with your spends for paying bills, shopping, grocery, apparel, food etc. So include that too while u evaluate magnus.

Bottomline - Magnus could be more rewarding while Ultimate will be simpler

Yes, it seems so. Underlying all things stated by you guys.

Hoping to get the card. ( I have applied offline today. )

 

[CMGCMG is verified member.]

If you are never going to hit the 1L milestone per month, then here is what you do

1) Take you last year's spends. Convert it to ER points (note: ER points work on 200 rupees multiples). So you actually will get slightly lesser than 1.2%
2) Now convert this into MB points or KrisFlyer airmiles
3) Go to the website of the hotel/airline and see what this will fetch you. Now check how much this would cost if you bought the same thing using cash
4) Compute the rewards you earned last year, in cash terms
5) Now using the values from 3 & 4 , as well as the 3800/- pa effective fee of Magnus, decide what makes the most sense for you: continue buying with your existing cards or get a Magnus & buy with Magnus

Why 1.2% ?

 

[Copycat]

Why 1.2% ?

He mentioned earlier he has Millennia. So I was using the cash equivalent (in voucher terms) for a like to like comparison (by this I mean: Millennia points can be converted to cash credit, and ER points can be converted to wallet credit using Amazon Pay vouchers)

 

[sameerdes]

Thanks, I totally forgot the welcome voucher that we can use for the gold coin.
Appreciate everyone for the replies.

A small correction from personal experience. The Tata Cliq voucher which comes as the Magnus welcome benefit can't be used for gold coin purchase. Faced it personally myself & have seen tweets about it, so better to not pin hopes on that fully!

 

[Tosh]

There are ways and threads upon threads on this.. please go through those you'll see some really good stuff