Axis Magnus Reward Points Capping on Insurance Payments

[Subhankar]

Hello Everyone!

The much discussed point capping on Magnus is real. But it’s for few categories, and Insurance payments is one of them.

I got informed by a person who made a good amount of Insurance payment through his Magnus and got only 6,000 RP which is for the initial 1 lakh spend. Axis has also sent a mail confirmation of the same.

So if you want to swipe your Magnus for greater amount that 1 lakh for insurance payment, Magnus is not the card you want to use.

Better look out for other options like Reserve / Standard Chartered Ultimate

 

[Harry1]

Yep, it is there is one of the terms. And many people think that it is applicable for all transactions, but it's only for insurance payments.

 

[TechnoFino]

No public announcement was made; Axis quietly made these changes.

Update - Axis made this changes back in Sept 2020, but nothing mentioned on magnus web page and t&c.

 

[Harry1]

No public announcement was made; Axis quietly made these changes.

According to the RBI, banks have to inform their customers 30 days in advance before making any changes to their products' features.

Really? It has been there since quite long time now.

 

[Atulvora]

Where can we see all the updated terms and conditions?

 

[adi]

Effective 22nd September 2020, EDGE REWARDS accrual on transaction towards Insurance spends on your Magnus Credit Card, will be capped at 6,000 points per transaction https://www.google.com/url?sa=t&sou...QQFnoECCAQAQ&usg=AOvVaw3KEPXGTUWV2pItt5ZKR7GE.

 

[ChurningNoob]

Off topic : What type of insurance costs 7L? My health/car/life none cross 20k / annum

 

[Harry1]

Effective 22nd September 2020, EDGE REWARDS accrual on transaction towards Insurance spends on your Magnus Credit Card, will be capped at 6,000 points per transaction https://www.google.com/url?sa=t&sou...QQFnoECCAQAQ&usg=AOvVaw3KEPXGTUWV2pItt5ZKR7GE.

Yep, u got it.

 

[Krishna1905]

thanks guys for letting us know, are there any more changes ?

 

[Wealth is my birth right!]

Off topic : What type of insurance costs 7L? My health/car/life none cross 20k / annum

General insurance category for building or some capital goods i guess

 

[Wealth is my birth right!]

Hello Everyone!

The much discussed point capping on Magnus is real. But it’s for few categories, and Insurance payments is one of them.

I got informed by a person who made a good amount of Insurance payment through his Magnus and got only 6,000 RP which is for the initial 1 lakh spend. Axis has also sent a mail confirmation of the same.

So if you want to swipe your Magnus for greater amount that 1 lakh for insurance payment, Magnus is not the card you want to use.

Better look out for other options like Reserve / Standard Chartered Ultimate

Fine point but if split into 7 times one could have got 42k points right subject to partial payment acceptance by exide

 

[Rajapuri]

No public announcement was made; Axis quietly made these changes.

According to the RBI, banks have to inform their customers 30 days in advance before making any changes to their products' features.

I read in TnC quite a few months back

 

[bugmenot]

Off topic : What type of insurance costs 7L? My health/car/life none cross 20k / annum

It could be a corporate life insurance plan for employees. Exide is now part of HDFC Life.

 

[satviksehgal]

I have some 1.15L payments to make for 1 single premium with ICICI, I can spilt the payment in parts (icici gives that option)

Can I make it in 50, 50, and 15K brackets across 3-4 days? Will I be getting points for everything, if yes, great, if No, then I'll use some other card for making that last 15K payment.

 

[TechnoFino]

I have some 1.15L payments to make for 1 single premium with ICICI, I can spilt the payment in parts (icici gives that option)

Can I make it in 50, 50, and 15K brackets across 3-4 days? Will I be getting points for everything, if yes, great, if No, then I'll use some other card for making that last 15K payment.

Yes, you'll get points

 

[TechnoFino]

I read in TnC quite a few months back

Back in Sept 2020.
But nothing mentioned on the Axis magnus website page and t&c

 

[Copycat]

Back in Sept 2020.
But nothing mentioned on the Axis magnus website page and t&c

Actually, a lot of us knew it for quite some time . And we have to thank the Technofino community for that. I've been a member here for only a month but I read about it here plus I am pretty sure I even posted the link to help answer a query from some other member

 

[TechnoFino]

Actually, a lot of us knew it for quite some time . And we have to thank the Technofino community for that. I've been a member here for only a month but I read about it here plus I am pretty sure I even posted the link to help answer a query from some other member

That's awesome 🙂

 

[Copycat]

Off topic : What type of insurance costs 7L? My health/car/life none cross 20k / annum

Maybe a single premium payment? I know that HDFC offered me the option of choose 1 lakh x 8 or 7+ lakh x 1 for some policy called Sanchay Plus

 

[cardPoint]

Best place to keep a track for any changing rules afaik is https://edgerewards.axisbank.co.in/lms/terms-conditions

Browse to Schedule A section 5