Rent Excluded from Magnus milestone benefits starting March-2023?

[R!ppEr]

Hey All,

Got a msg from Axis bank regarding update of tnc of my privilege credit card, which had the below PDF. Does it mean that for magnus rent is no longer counted for Milestone benefits?

@TechnoFino

 

[R!ppEr]

also for 15lac fee reversal rent and wallet are not considered anymore?

 

[Vikash_Kumar]

This was bound to happen, most of the banks have already done it 🙁

 

[dealmoto]

yeah, pretty bad move, but expected.

 

[R!ppEr]

gonna be difficult for most people to hit the monthly milestone now!

 

[Copycat]

I hope Insurance spends will still count on Magnus. I'm counting on hitting 1 monthly milestone with mainly an insurance spend

 

[R!ppEr]

I hope Insurance spends will still count on Magnus. I'm counting on hitting 1 monthly milestone with mainly an insurance spend

the msg i got was for privilege and for that they have discontinued ER points for insurance, u can try calling the cc to check maybe

 

[Copycat]

the msg i got was for privilege and for that they have discontinued ER points for insurance, u can try calling the cc to check maybe

Thanks. Will wait a few days and see. I have a smallish insurance payment coming up and worse case I can test with that

 

[Vikash_Kumar]

Insurance payment will still be counted for milestone benefits but no edge rewards as per document below:

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/revision-of-axis-bank-credit-card-terms-and-conditions.pdf

 

[R!ppEr]

Thanks. Will wait a few days and see. I have a smallish insurance payment coming up and worse case I can test with that

do let us know too!! credit card cos are spelling their own doom if they remove such important transactions from rewards!

 

[vaibhav111vaibhav111 is verified member.]

Hey All,

Got a msg from Axis bank regarding update of tnc of my privilege credit card, which had the below PDF. Does it mean that for magnus rent is no longer counted for Milestone benefits?
View attachment 9736
@TechnoFino

all axis cc are excluded

 

[Copycat]

do let us know too!! credit card cos are spelling their own doom if they remove such important transactions from rewards!

Sure.

Insurance payment will still be counted for milestone benefits but no edge rewards as per document below:

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/revision-of-axis-bank-credit-card-terms-and-conditions.pdf

For Magnus I guess that would mean you will get 25K ER (milestone benefit) instead of 31K ER (25K milestone + 6K regular ER) for a 1L insurance transaction. Let's wait and see

 

[R!ppEr]

For Magnus I guess that would mean you will get 25K ER (milestone benefit) instead of 31K ER (25K milestone + 6K regular ER) for a 1L insurance transaction. Let's wait and see

yeah, i see huge hit to people who pay insurance but dont achieve the 1L milestone

 

[R!ppEr]

also, for rent payments, what category does it show on the cc bill?

 

[T2A]

yeah, I see huge hit to people who pay insurance but dont achieve the 1L milestone

But we can get the Amazon vouchers and use those to pay the insurance?

 

[Sharjeelshaikh]

Is maintenance payment under rent category

 

[gurbina]

The biggest losers are going to be third party services that allow to pay rent with credit card. What would be the point now? For those short on cash or with poor cash flow but I don't think it's a substantial amount of people.

Also the rent surcharge is not imposed by the government, they just put a cap on it.

Maybe they should cap the interest rates and all the random fees that every banks decides to make. It is due to simplify the existing state of it, it is really cumbersome and even complicated.

 

[Sharjeelshaikh]

I would use my sbi vistara card for insurance and rent payment .axis is killing its own business.

 

[gurbina]

I would use my sbi vistara card for insurance and rent payment .axis is killing its own business.

I think people and these third party services to pay for rent with a credit card are at fault.

Here in the forum itself you'll find lots of people doing fake rent transactions to family/friends to achieve the milestone.

The bank can't do anything about this and is unable to verify them, only the tax department and the platforms that process these rent payments can.

If they made it mandatory that they require an official rent agreement (or whatever is necessary to identify legit transactions) then it wouldn't have killed this part of their own business.
And people chose to abuse this for the credit card rewards, getting cash, investing, among others despite being unethical or illegal. Many used these rent transactions all the way before it becomes taxable and many also used it for HRA exemption.

So in a way I'm glad this happened. Learn the hard way. It would have been better to have the government crack down on it instead of Axis nerfing their cards but that seems to be the only solution they had.

At least Axis came up with a sensible solution instead of trashing the 1L milestone.

 

[Vikash_Kumar]

I think people and these third party services are at fault.

Here in the forum itself you'll find lots of people doing fake rent transactions to family/friends to achieve the milestone.

The bank can't do anything about this and is unable to verify them, only the tax department and the platforms that process these rent payments can.

If they made it mandatory that they require an official rent agreement (or whatever is necessary to identify legit transactions) then it wouldn't have killed this part of their own business.
And people chose to abuse this for the credit card rewards or having "better cashflow" despite being unethical or illegal. Many used these transactions all the way before it becomes taxable and many also used it for HRA.

So in a way I'm glad this happened. Learn the hard way.

At least Axis came up with a sensible solution instead of trashing the 1L milestone.

Completely agree with your thoughts !! Its a shocker for money rotators !! Now, only genuine spenders can achieve monthly milestones.

One good thing that happened is that the card is still not devalued 🙂 I am only affected at the insurance part but atleast it is counted towards monthly milestone which is sufficient for me...

My other concern is MCC 6012 FINANCIAL INSTITUTIONS - MERCHANDISE & SERVICES. Do Education fee payments come under this category?