Axis Magnus Axis is charging 1.2% EXTRA (over platform fees) on rent payment

[amolgabbu]

Surprised to know that since 5 March 2023, Axis bank is charging 1.2% extra i.e. over & above the usual fees by platforms like No broker, etc. When I contacted the customer care, they told that this extra fees is going directly to Bank.

Shocking for me. But this is not there in HDFC card I believe. Have you also experienced the same?

 

[TheMentalist]

Surprised to know that since 5 March 2023, Axis bank is charging 1.2% extra i.e. over & above the usual fees by platforms like No broker, etc. When I contacted the customer care, they told that this extra fees is going directly to Bank.

Shocking for me. But this is not there in HDFC card I believe. Have you also experienced the same?

Check here : https://www.technofino.in/rental-payment-using-credit-cards-a-comprehensive-guide/

 

[romilq]

Most banks if not all are charging now. Some from second transaction in a month.

 

[thanix]

Surprised to know that since 5 March 2023, Axis bank is charging 1.2% extra i.e. over & above the usual fees by platforms like No broker, etc. When I contacted the customer care, they told that this extra fees is going directly to Bank.

Shocking for me. But this is not there in HDFC card I believe. Have you also experienced the same?

Looks like you missed the announcement.

In HDFC, only first rent transaction in a month is free. No reward points as well. From second rent transaction onwards same 1% + GST applies.

 

[amolgabbu]

Looks like you missed the announcement.

In HDFC, only first rent transaction in a month is free. No reward points as well. From second rent transaction onwards same 1% + GST applies.

Once a month free is fine. Axis is charging from the first transaction itself, that's unfair !!

 

[netsec]

If you're having Citi Bank Credit Card, you can use that. It's the only card which has not put any regulations yet on rent payments.

 

[cpranav19]

Surprised to know that since 5 March 2023, Axis bank is charging 1.2% extra i.e. over & above the usual fees by platforms like No broker, etc. When I contacted the customer care, they told that this extra fees is going directly to Bank.

Shocking for me. But this is not there in HDFC card I believe. Have you also experienced the same?

Will this 1.2% fees still be charged of you pay rent using Magnus / Reserve --> PayzApp --> Redgirraffe?

 

[amolgabbu]

Will this 1.2% fees still be charged of you pay rent using Magnus / Reserve --> PayzApp --> Redgirraffe?

I believe yes it will be charged as this is the bank charge on rent payment

 

[CCgeek]

Will this 1.2% fees still be charged of you pay rent using Magnus / Reserve --> PayzApp --> Redgirraffe?

No, it does not as it is categorized as insurance. My last transaction was in April end

 

[phagocyte536]

Good morning sir

 

[CC_Fire]

rental payments are slowly going to get 0 reward points + a substantial mark-up at all banks over the next few months/quarters. Know from some bank insiders that it has become a big system wide issue whereby folks are misusing it to use it as a cash advance feature. Hopefully some way of making genuine rental payments will remain lucrative.

 

[CC_Fire]

No, it does not as it is categorized as insurance. My last transaction was in April end

this is the last remaining decent option to use. Until the MCC is plugged.

 

[SamPtnk]

Sabne acha paisa chapa with rental loophole
Knew someone who was making 50K per month just by rotating money