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

 

[anirban.choudhuryanirban.choudhury is verified member.]

Rent exclusion from monthly milestone was bound to happen.

Without rent payment almost 90 to 95% won’t be able to complete monthly milestone .

But insurance payment excluded from ER is a pretty bad move .

 

[kpravinramesh]

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

Yea same msg i got ..rent also includes a 1% charge ..it was expected as all banks r implying such charges .

 

[gurbina]

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?

That's a tricky one. In all honesty most merchants don't label these correctly or use shared/common MCC codes. Even in the same merchant and even payment gateway it might come under a different MCC.
I would love to know why or how these things came to be but I'm as clueless as you're.

Hopefully someone else can explain in detail on how it should be. But still it is probably very different from the actual reality.

My bet is you won't know until you do it. It is very unreliable overall.

Same thing happens with rent, insurance, wallet and literally almost any transaction.

It's almost like the only the merchants that have a very specific range of services such as airlines, hotels, transport, hospitals, etc are correctly labeled.

But any platform that offers a bazillion services will probably be mislabeled.

 

[Ravana_88]

Now that Magnus has given us this expected shock , what are the best credit cards for rent and insurance payments ?

 

[V360V360 is verified member.]

Party ends here 🙁

Now that Magnus has given us this expected shock , what are the best credit cards for rent and insurance payments ?

All CC issuers have joined the bandwagon and I don't think we are left with any so called "best cards".

 

[Copycat]

Party ends here 🙁

All CC issuers have joined the bandwagon and I don't think we are left with any so called "best cards".

Now that Magnus has given us this expected shock , what are the best credit cards for rent and insurance payments ?

Insurance:
a) Unlimited 2% cashback Pay with Amazon Pay ICICI Bank credit card, get unlimited 2% cashback or
b) Buy with Magnus APay vouchers on Gyftr at 3x (so 1.2x3=3.6% in the form of ER) and add to your APay account + 25K milestone benefit. Only risk is stockpiling 1L worth of APay vouchers in Amazon (in case Amazon suddenly changes its terms regarding max amount that can be paid via vouchers). Also, I think per month at most you can buy 1 APay voucher of 10K at 3x RP

 

[Vikash_Kumar]

Now that Magnus has given us this expected shock , what are the best credit cards for rent and insurance payments ?

I am not sure but Zenith gives rewards for insurance payment. Confirm with other members ..

 

[V360V360 is verified member.]

Insurance:
a) Unlimited 2% cashback Pay with Amazon Pay ICICI Bank credit card, get unlimited 2% cashback or
b) Buy with Magnus APay vouchers on Gyftr at 3x (so 1.2x3=3.6% in the form of ER) and add to your APay account + 25K milestone benefit. Only risk is stockpiling 1L worth of APay vouchers in Amazon (in case Amazon suddenly changes its terms regarding max amount that can be paid via vouchers). Also, I think per month at most you can buy 1 APay voucher of 10K at 3x RP

Hmmm and I am sure more restrictions and checks are coming our way.

 

[Copycat]

I am not sure but Zenith gives rewards for insurance payment. Confirm with other members ..

Now that Magnus has given us this expected shock , what are the best credit cards for rent and insurance payments ?

Vetta, I think, is better than Zenith. But I haven't done any research, so I could be wrong

https://www.aubank.in/personal-banking/credit-cards/vetta-credit-card

 

[LT1]

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.

Totally agree with you. This is much more sensible and way better than HDFC's way of putting random caps of all kinds of bonus RPs. Even genuine travel spends on HDFC get hit by the per day/per month bonus limits on DCB and Infinia. Hopefully, this means that the 1L milestone remains for a longer time.

 

[amit]

look at the bright side, still u have Feb and March month to do rent payment. remaining days of Feb and 4 days of March. 😛

 

[CMGCMG is verified member.]

Does any bank show the MCC code in the statement for each transaction? I think RBI should mandate that.

 

[R!ppEr]

Does any bank show the MCC code in the statement for each transaction? I think RBI should mandate that.

i was thinking the same.

 

[Sharjeelshaikh]

Is maintenance bill in apartment adda under rent category

 

[tsj49]

Now that Magnus has given us this expected shock , what are the best credit cards for rent and insurance payments ?

SC Ultimate still gives 3.33% points on everything...

 

[Copycat]

SC Ultimate still gives 3.33% points on everything...

But not very good redemption options, right?

 

[tsj49]

But not very good redemption options, right?

Except Amazon and FK, others are available it seems. There are already some threads for its redemption.

 

[R!ppEr]

Except Amazon and FK, others are available it seems. There are already some threads for its redemption.

also difficult to get it c2c

 

[amit]

But not very good redemption options, right?

Yes, "redemption options are not good" is the only reason user staying away from this card and thus StanC is able to give 3.33%.
if StanC starts giving good redemption options on ultimate card the 3.33% will be gone asap.

 

[CMGCMG is verified member.]

Insurance:
a) Unlimited 2% cashback Pay with Amazon Pay ICICI Bank credit card, get unlimited 2% cashback or
b) Buy with Magnus APay vouchers on Gyftr at 3x (so 1.2x3=3.6% in the form of ER) and add to your APay account + 25K milestone benefit. Only risk is stockpiling 1L worth of APay vouchers in Amazon (in case Amazon suddenly changes its terms regarding max amount that can be paid via vouchers). Also, I think per month at most you can buy 1 APay voucher of 10K at 3x RP

Does infinia give RPs for insurance?