Need Advice On Axis Magnus Credit Card

[sridharkett]

Dear Friends,

Holding magnus card with a limit of 15L, Need to spend 15L to get the annual fee waiver and spends crossed 12L and 3L have to be spent to get the waiver. Fee will be charged next month. Should I hold the card or should I close the card. In twitter saw some post by fellowship members that 25k milestone benefit coming again to magnus, Is it true or false?
If I use that 3L on snapay will I get 35 incremental reward points. Kindly pour your suggestions friend.

 

[drsel]

1. You will get income tax notice for spending more than 10 lakhs.
2. You should hold the card and apply for Magnus Burgundy, by opening a Burgundy savings account and keeping a 30 lacs fixed deposit.
3. 25000 points on 100000 spend is a false rumour.
4. Spending 3 lakhs on snapay is likely to get your card blocked by Axis and your edge points will be frozen or reversed.
They will also send you a notice to explain the 3 lakhs business spend

 

[justsree]

1. You will get income tax notice for spending more than 10 lakhs.
2. You should hold the card and apply for Magnus Burgundy, by opening a Burgundy savings account and keeping a 30 lacs fixed deposit.
3. 25000 points on 100000 spend is a false rumour.
4. Spending 3 lakhs on snapay is likely to get your card blocked by Axis and your edge points will be frozen or reversed.
They will also send you a notice to explain the 3 lakhs business spend

For #1, I do not think one will get IT notice for >10L spend, as long as your income is good. For last few years my spend is >10L, I never got any notice

 

[drsel]

For #1, I do not think one will get IT notice for >10L spend, as long as your income is good. For last few years my spend is >10L, I never got any notice

Is it more than 10 lakhs in the financial year first April to 31st March on the same credit card???

 

[sridharkett]

1. You will get income tax notice for spending more than 10 lakhs.
2. You should hold the card and apply for Magnus Burgundy, by opening a Burgundy savings account and keeping a 30 lacs fixed deposit.
3. 25000 points on 100000 spend is a false rumour.
4. Spending 3 lakhs on snapay is likely to get your card blocked by Axis and your edge points will be frozen or reversed.
They will also send you a notice to explain the 3 lakhs business spend

Will snapay transaction provide 35 incremental reward points?

 

[drsel]

Will snapay transaction provide 35 incremental reward points?

Any transaction will provide the points the but they are liable to be frozen or reversed.

Also no points have been credited after 25th Jan for Magnus Burgundy or Atlas.
Have you received points after 25 Jan on Magnus burgundy?

 

[sridharkett]

Any transaction will provide the points the but they are liable to be frozen or reversed.

Also no points have been credited after 25th Jan for Magnus Burgundy or Atlas.
Have you received points after 25 Jan on Magnus burgundy?

Do u know the MCC code of snapay app? I just want to retain the card.

 

[Zacobite]

For #1, I do not think one will get IT notice for >10L spend, as long as your income is good. For last few years my spend is >10L, I never got any notice

yes.. true.. if income matches.. no issues

 

[Zacobite]

Dear Friends,

Holding magnus card with a limit of 15L, Need to spend 15L to get the annual fee waiver and spends crossed 12L and 3L have to be spent to get the waiver. Fee will be charged next month. Should I hold the card or should I close the card. In twitter saw some post by fellowship members that 25k milestone benefit coming again to magnus, Is it true or false?
If I use that 3L on snapay will I get 35 incremental reward points. Kindly pour your suggestions friend.

why are you force manufacturing spend of 3L just to save on fees.. If you don't have that expense now.. dont spend it unnecessarily.

Pay the fee if required or negotiate with axis.. dont spend so much to save a little

 

[Zacobite]

why are you force manufacturing spend of 3L just to save on fees.. If you don't have that expense now.. dont spend it unnecessarily.

Pay the fee if required or negotiate with axis.. dont spend so much to save a little

put 3 L in an FD anywhere.. pay fee with the interest.. dont spend if not reqd

 

[sridharkett]

why are you force manufacturing spend of 3L just to save on fees.. If you don't have that expense now.. dont spend it unnecessarily.

why are you force manufacturing spend of 3L just to save on fees.. If you don't have that expense now.. dont spend it unnecessarily.

Pay the fee if required or negotiate with axis.. dont spend so much to save a little

Ok brother.

put 3 L in an FD anywhere.. pay fee with the interest.. dont spend if not reqd

Brother if I withdraw the money from snapay, I will be paying 1.18% as fees, will invest the amount in stocks and within 10 to 15 days can make upto 3 to 5%, then withdraw the money and I will pay the credit card bill

 

[Zacobite]

Brother if I withdraw the money from snapay, I will be paying 1.18% as fees, will invest the amount in stocks and within 10 to 15 days can make upto 3 to 5%, then withdraw the money and I will pay the credit card bill

i understand.. but all this for saving 10k is not required is all i am saying.. you are creating more trails than normally required for a very small gain.. obviously you are the boss of your own decisions.. all the best

 

[sridharkett]

i understand.. but all this for saving 10k is not required is all i am saying.. you are creating more trails than normally required for a very small gain.. obviously you are the boss of your own decisions.. all the best

I agree with your opinion brother. But asking for consideration with axis bank is waste of time. Thanks for you suggestion brother. If 25k milestone benefit doesn't come again I will close the card. No point in using the card.

 

[mahi2712]

Please don't be Penny wise and Pound foolish

 

[Vasuki]

Dear Friends,

Holding magnus card with a limit of 15L, Need to spend 15L to get the annual fee waiver and spends crossed 12L and 3L have to be spent to get the waiver. Fee will be charged next month. Should I hold the card or should I close the card. In twitter saw some post by fellowship members that 25k milestone benefit coming again to magnus, Is it true or false?
If I use that 3L on snapay will I get 35 incremental reward points. Kindly pour your suggestions friend.

Call & negotiate for fee waiver .

 

[sridharkett]

Call & negotiate for fee waiver .

Ok Brother. Thanks for your suggestion.

 

[Vasuki]

Any transaction will provide the points the but they are liable to be frozen or reversed.

Also no points have been credited after 25th Jan for Magnus Burgundy or Atlas.
Have you received points after 25 Jan on Magnus burgundy?

No point credited for anything .

They took back some point for some genuine transaction too .
Some maintaince i guess

 

[rahul761ccfan]

Any transaction will provide the points the but they are liable to be frozen or reversed.

Also no points have been credited after 25th Jan for Magnus Burgundy or Atlas.
Have you received points after 25 Jan on Magnus burgundy?

Yes they have not credited any points since Jan 25

 

[justsree]

Is it more than 10 lakhs in the financial year first April to 31st March on the same credit card???

Yes, in the same financial year with same credit card

 

[silverline]

If you have spent 12L already, high chances your fees will be waived. Go ahead and call the Customer care!!! Don't need to spend 3L more!