Axis Magnus Axis Magnus insurance reward points on a single policy when split into multiple payments

[narun2001]

Hi,

As per Magnus' T&C, rewards on insurance payments are capped at 6k(for 1lac). What happens when I split the payment into multiple payments? This, document mentions "One Policy" in brackets for insurance payments and I don't understand the relevance if the same policy's premium is paid over multiples of 1 lakh. I did go over this thread which talks about this, however, while it's clear from that thread several different insurance payments have given reward points and accelerated points, it's unclear about reward points for single policy when payment is split. Has anyone done this with any success? More importantly, can it be flagged as a breach of any of their terms that might end up cancelling the card altogether?

 

[narun2001]

Hi,

As per Magnus' T&C, rewards on insurance payments are capped at 6k(for 1lac). What happens when I split the payment into multiple payments? This, document mentions "One Policy" in brackets for insurance payments and I don't understand the relevance if the same policy's premium is paid over multiples of 1 lakh. I did go over this thread which talks about this, however, while it's clear from that thread several different insurance payments have given reward points and accelerated points, it's unclear about reward points for single policy when payment is split. Has anyone done this with any success? More importantly, can it be flagged as a breach of any of their terms that might end up cancelling the card altogether? I'm concerned after the Atlas fiasco. TIA

 

[Zacobite]

Hi,

As per Magnus' T&C, rewards on insurance payments are capped at 6k(for 1lac). What happens when I split the payment into multiple payments? This, document mentions "One Policy" in brackets for insurance payments and I don't understand the relevance if the same policy's premium is paid over multiples of 1 lakh. I did go over this thread which talks about this, however, while it's clear from that thread several different insurance payments have given reward points and accelerated points, it's unclear about reward points for single policy when payment is split. Has anyone done this with any success? More importantly, can it be flagged as a breach of any of their terms that might end up cancelling the card altogether? I'm concerned after the Atlas fiasco. TIA

Axis - anything is possible.. Also paying in parts may also not be easy.. as amounts typically are non editable... Trial and error is the only way.. Never tried splitting payment before

 

[narun2001]

Axis - anything is possible.. Also paying in parts may also not be easy.. as amounts typically are non editable... Trial and error is the only way.. Never tried splitting payment before

I've already contacted my insurer and they are ok to send payment links splitting the transactions. I've asked Axis customer care also about this. Over phone, they said it should be ok. However, I'm not very confident so trying to get it in writing. Will update once I get a response.

 

[abheet]

But then in this example, they haven't excluded Insurance from AEP. Look at the workings at end of the table. So we will get 12 EPs per 200 upto 6k and 23 AEPs per 200 on complete payment?

 

[Namans]

Hi,

As per Magnus' T&C, rewards on insurance payments are capped at 6k(for 1lac). What happens when I split the payment into multiple payments? This, document mentions "One Policy" in brackets for insurance payments and I don't understand the relevance if the same policy's premium is paid over multiples of 1 lakh. I did go over this thread which talks about this, however, while it's clear from that thread several different insurance payments have given reward points and accelerated points, it's unclear about reward points for single policy when payment is split. Has anyone done this with any success? More importantly, can it be flagged as a breach of any of their terms that might end up cancelling the card altogether? I'm concerned after the Atlas fiasco. TIA

It's per transaction, also there is no way for them to know whether it's the same policy or a different one.
If they had such detailed information as to whether it is one policy or two, they wouldn't need to ask for invoices from anyone and easily be able to block all manufactured spends users.

 

[kameshee17]

I've already contacted my insurer and they are ok to send payment links splitting the transactions. I've asked Axis customer care also about this. Over phone, they said it should be ok. However, I'm not very confident so trying to get it in writing. Will update once I get a response.

Limit is per transaction and not per insurance payment per month, you should be able pay in different transactions and get the reward points for both

 

[Riva]

It's per transaction, also there is no way for them to know whether it's the same policy or a different one.
If they had such detailed information as to whether it is one policy or two, they wouldn't need to ask for invoices from anyone and easily be able to block all manufactured spends users.

Have they asked for invoices for Magnus spends? I think it's only for Atlas spends so far.

 

[Riva]

Limit is per transaction and not per insurance payment per month, you should be able pay in different transactions and get the reward points for both

You would also need to pay in different months since the 6K cap is per month.

 

[Namans]

Have they asked for invoices for Magnus spends? I think it's only for Atlas spends so far.

No, they have not.

You would also need to pay in different months since the 6K cap is per month.

The 6k cap is per transaction, not per month.

 

[TJJack]

Hi,

As per Magnus' T&C, rewards on insurance payments are capped at 6k(for 1lac). What happens when I split the payment into multiple payments? This, document mentions "One Policy" in brackets for insurance payments and I don't understand the relevance if the same policy's premium is paid over multiples of 1 lakh. I did go over this thread which talks about this, however, while it's clear from that thread several different insurance payments have given reward points and accelerated points, it's unclear about reward points for single policy when payment is split. Has anyone done this with any success? More importantly, can it be flagged as a breach of any of their terms that might end up cancelling the card altogether? I'm concerned after the Atlas fiasco. TIA

Hi,
I have paid in parts my insurance using axis magnus burgundy. I got base as well as accelerated points. My edge rewards account got suspended later for this. But when I submitted proofs of payments that the payments was for personal use [my own policy), they activated the account. They again blocked the account after two months for the same transactions and it was again unlocked. It is a hazzle. But y loose the points? U r not doing anything wrong. Use it for your own policy and you should be fine. Hope this helps. I will be doing this again next month and my account will get blocked again. AI picks it up and axis blocks it.

 

[Zacobite]

Hi,
I have paid in parts my insurance using axis magnus burgundy. I got base as well as accelerated points. My edge rewards account got suspended later for this. But when I submitted proofs of payments that the payments was for personal use [my own policy), they activated the account. They again blocked the account after two months for the same transactions and it was again unlocked. It is a hazzle. But y loose the points? U r not doing anything wrong. Use it for your own policy and you should be fine. Hope this helps. I will be doing this again next month and my account will get blocked again. AI picks it up and axis blocks it.

oh my god.. ai is also stupid at axis!!

 

[narun2001]

But then in this example, they haven't excluded Insurance from AEP. Look at the workings at end of the table. So we will get 12 EPs per 200 upto 6k and 23 AEPs per 200 on complete payment?

Yes, the entire amount paid for insurance is eligible for AEP. Only the base rewards is capped to 6000 ER points per insurance transaction. I've already got confirmation from them in writing. I've read multiple people reporting the same as well

 

[techt]

oh my god.. ai is also stupid at axis!!

It's AI - Axis Irritation

 

[narun2001]

It's per transaction, also there is no way for them to know whether it's the same policy or a different one.
If they had such detailed information as to whether it is one policy or two, they wouldn't need to ask for invoices from anyone and easily be able to block all manufactured spends users.

I understand that they might not have this information. I'm a little worried since it might look very suspicious if they see multiple 1 lakh transactions for insurance payment. Again, I need to pay by this month end and just read about Atlas card holders getting emails for seemingly trivial transactions.

From this post, I read the following. Have bolded the terms that I'm concerned about for this particular issue.

Axis Bank's terms and conditions on card cancellation:

"To ensure that the Credit Card is being used as per the regulatory guidelines, Terms and Conditions and applicable policies of the Bank, Bank shall have a right to run periodic checks on the Credit Card usage to identify whether there is excessive utilization of credit limit beyond the sanctioned limit in one statement cycle, unusual or excessive utilization at few select merchants, to make repayment of another credit card/loans, transfer funds to savings account, possible collusion with merchant and/or usage towards non-personal/ business related requirements, over-use/ misuse of features/ offers/ programs towards accumulation of undue reward points/ cash back / other benefits amongst others

 

[narun2001]

Hi,
I have paid in parts my insurance using axis magnus burgundy. I got base as well as accelerated points. My edge rewards account got suspended later for this. But when I submitted proofs of payments that the payments was for personal use [my own policy), they activated the account. They again blocked the account after two months for the same transactions and it was again unlocked. It is a hazzle. But y loose the points? U r not doing anything wrong. Use it for your own policy and you should be fine. Hope this helps. I will be doing this again next month and my account will get blocked again. AI picks it up and axis blocks it.

Oh! This helps. Thanks a lot!