Axis Magnus Monthly Benefit - Cut Off Time for Transactions

[Rajagopalan]

Hi All,

I believe for the Magnus Monthly milestone benefit, only the settlement date will be considered and not the transaction date.

1). Considering minimum of 2 days for settlement after the transaction, i thought it is always must to freeze transactions T-2 days from the Calander end date of the Month so that it doesn't carry over to the next month and milestone is missed.

Is my understanding correct.?

2). Is there any trick that comes into play here to do transactions till the last day of the Calender month.?

3). Will settlement happen over the weekends also.? Lets say for example, If I make a transaction tomorrow(29th December). If 31st December is a holiday, will settlement happen irrespective of the holiday.?

 

[thedator]

I would say it will be risky to count any transactions going towards the milestone in last 2 days.
As far as settlement goes, thats merchant driven. Some merchants can choose to settle every day, some every 2 days etc. Nothing to do with weekday or weekend

 

[anirban.choudhury]

I don’t think settlement date is considered , mostly it should be transaction date only
Not sure though

 

[amit]

I don’t think settlement date is considered , mostly it should be transaction date only
Not sure though

We are living in high speed transaction age, It's the transaction date and time is matter.
In Nov I completed the MRCC monthly milestone on last date of the month (30th) and it taken as a Nov trxn.

 

[TheMentalist]

We are living in high speed transaction age, It's the transaction date and time is matter.
In Nov I completed the MRCC monthly milestone on last date of the month (30th) and it taken as a Nov trxn.

For my HDFC DCB, they considered the settlement date, as I did tnx on last day of month, but it wasn't counted towards the monthly milestone

 

[amit]

For my HDFC DCB, they considered the settlement date, as I did tnx on last day of month, but it wasn't counted towards the monthly milestone

may it's issue with DCB, Diners network. can someone confirm for other HDFC cc?
for Amex trxns in between 12:00 am to 12:30 am count as previous day trxn, because there server is configured globally such way.

 

[TheMentalist]

may it's issue with DCB, Diners network. can someone confirm for other HDFC cc?
for Amex trxns in between 12:00 am to 12:30 am count as previous day trxn, because there server is configured globally such way.

This is what they replied to me :

On receipt of your query, we have taken a detailed review and observe that transaction amounts of Rs.*** incurred at M/s. *** incurred on your card account on June 30, 2022 and Rs. *** incurred at M/s. *** incurred on your card account on June 30, 2022. The transactions are processed to the card account as and when the same is received from another member bank. We were in receipt of the settlement from merchant only on July 01, 2022. Hence, the said transactions were not qualified for June 2022 calendar month.

 

[CVR]

This is what they replied to me :

On receipt of your query, we have taken a detailed review and observe that transaction amounts of Rs.*** incurred at M/s. *** incurred on your card account on June 30, 2022 and Rs. *** incurred at M/s. *** incurred on your card account on June 30, 2022. The transactions are processed to the card account as and when the same is received from another member bank. We were in receipt of the settlement from merchant only on July 01, 2022. Hence, the said transactions were not qualified for June 2022 calendar month.

this is from - amex or axis or hdfc?

amex transactions done on 1st morning are counted for milestone benefits?

 

[TheMentalist]

this is from - amex or axis or hdfc?

amex transactions done on 1st morning are counted for milestone benefits?

HDFC DCB

 

[Sudheep]

"Spends are calculated on a calendar month basis i.e 1st of every month irrespective of card issuance date"

this is what AXIS t&c says, settlement date in not mentioned.

whereas AMEX & HDFC mentions the settlement date as the criterion in t&c.

In recent amex offer, it was mentioned "transaction date will be considered " in the offer mail itself may be because its not in line with their normal policy.

however as far as practicable better to avoid spends in last day of of the month to meet the target.

 

[d3rvish]

I made a transaction on November 30 at 10.58pm hoping it would have a December settlement date (I had hit the 100k milestone for November by then). But no, it showed up as a Nov 30 transaction in my statement.

 

[Sudheep]

I made a transaction on November 30 at 10.58pm hoping it would have a December settlement date (I had hit the 100k milestone for November by then). But no, it showed up as a Nov 30 transaction in my statement.

Statement will always show date of transaction only..

settlement happens at backend, the date is not known to us .

 

[Rajagopalan]

Going by the thread, It would be nice to have a monthly milestone tab for all CC providers, so that we get a clear understanding of what transactions went through for the milestone consideration. Too much to expect though.

 

[787]

Hi

With Magnus, is it the settlement date or the transaction date that is considered for monthly 1L milestone.

Thanks!

 

[anirban.choudhury]

Mostly transaction date is considered, haven’t tried it though

 

[787]

Thank you!

Mostly transaction date is considered, haven’t tried it though

 

[totaldragon]

Has anyone been able to confirm this? Whether settlement date is considered or the transaction date?

 

[amit]

Has anyone been able to confirm this? Whether settlement date is considered or the transaction date?

trsxns date.

 

[004archit]

Has anyone been able to confirm this? Whether settlement date is considered or the transaction date?

transaction date, i have done one transaction on 30 Nov and got the milestone benifits

 

[Sudheep]

Has anyone been able to confirm this? Whether settlement date is considered or the transaction date?

yes , Txn date for even grabdeals cap of 10k calculation. got M&S 44x posted for transaction done on Nov 30