Revised terms and conditions for Spend based milestones

[AsB]

Devaluation alert
Affected cards- all axis bank credit cards
Effective from date- 5/03/2023
1% surcharge for rent payment upto Rs. 1500 per transaction.
No Reward points for Insurance premium payment.
Rent, Wallet transactions will not be counted towards monthly milestone benefit & annual fees reversal.



Full details here - http://Axbk.in/UNlPi9NbP1k

 

[AsB]

From now on, Rent payments and Wallet reloads will not be counted for any spend based rewards or fee reversal



Full details here - http://Axbk.in/UNlPi9NbP1k

Soon, other banks will follow.

 

[alphamagnus]

Any idea whether rent is counted for March milestone?

 

[AsB]

Any idea whether rent is counted for March milestone?

I think March will be the last.

 

[AsB]

4 days back🥲

Soon, just like this, others will follow. This is not at all good.

 

[004archit]

Now only few people able to achieve 1 lakh milestone for Magnus

 

[rayhan12]

Soon, just like this, others will follow. This is not at all good.

Seriously !! Rent payment is a feature used by many nowadays and banks taking this step is not good.
The rent surcharge fee wasn't there on Magnus. Now fee/taxes, exclusion of milestone, etc.

 

[ChurningNoob]

Please help me understand Dynamic Currency Conversion

 

[AsB]

Seriously !! Rent payment is a feature used by many nowadays and banks taking this step is not good.
The rent surcharge fee wasn't there on Magnus. Now fee/taxes, exclusion of milestone, etc.

I dont understand. Banks charge 1%. And also get 2-3% per transaction. Why now reduce benefits?

 

[R!ppEr]

I dont understand. Banks charge 1%. And also get 2-3% per transaction. Why now reduce benefits?

maybe cz people rotate money by paying to their family/frnds

 

[AsB]

One thing that I assume from rent payment is that- people will make rent payments even when they dont earn income properly. Like if credit cards are used for rent payments, people may use it to stay in places where the rent would be higher than the income. And even though this impact wont severe at first, there could be a potential to create massive economic storm eventually.

But, I dont think everyone would get these cards. They should have made getting those cards more strict.

 

[AsB]

maybe cz people rotate money by paying to their family/frnds

So limit the transaction to 1 per month for spend based stuff.

 

[rayhan12]

I dont understand. Banks charge 1%. And also get 2-3% per transaction. Why now reduce benefits?

Seems like everyone wants everything. But in the end government, banks, payment gateways get everything and consumer benefits get devalued.

 

[rayhan12]

One thing that I assume from rent payment is thaf- people will make rent payments even when they dont earn income properly. Like if credit cards are used for rent payments, people may use it to stay in places where the rent would be higher than the income. And even though this impact wont severe at first, there could be a potential to create massive economic storm eventually.

But, I dont think everyone would get these cards. They should have made getting those cards more strict.

Totally agree, people do use cards for rotating money, renting costly places, etc.
But if you are getting a high-end card, those perks should be there as you said make it more strict.

 

[Walter White]

Please help me understand Dynamic Currency Conversion

DCC is basically paying in your base currency (INR) while making an international transaction.

 

[rayhan12]

Taxes will be applicable as notified by the Government of India. ( As written in the Axis TnC attached. )

From Google : " The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).01-Jan-2023 "

How much more do they want lol.

 

[rdov]

Do all rent websites use the MCC code 6513?

 

[Pavan]

Now it's a normal premium card

 

[pingtime]

Wallet reload - It doesn't include buying Gift Cards from Gyftr right? Like for Amazon Pay, Amazon Shopping, Swiggy etc.

 

[AsB]

Wallet reload - It doesn't include buying Gift Cards from Gyftr right? Like for Amazon Pay, Amazon Shopping, Swiggy etc.

Nope. It does not mention.