Axis Magnus Suggest the best possible way to do 10L transaction to get best reward rate form Axis magnus

[Bhavik567]

I have a legitimate spend of Rs. 10 Lakh coming up in February. This amount is going to be paid to my co-operative housing society as a one-time payment for repairs. Is there any way to convert this into Axis Magnus accelerated spend? I am willing to reimburse up to 2% MDR if needed to the platform/merchant who can help me with this. I want only legal hacks, grey areas are fine but nothing against any hard rules. Anyone wanna take up this challenge?

 

[NeoOnWheels]

Usually GST is allotted to Co-op HSG Soc so getting POS should not be an issue.

 

[Bhavik567]

Usually GST is allotted to Co-op HSG Soc so getting POS should not be an issue.

Even if everything went well, Axis can still deny points saying it is not a grocery transaction. In that case, I pay 2% to cashfree but get no points. Big risk it seems.

 

[TheMentalist]

Even if everything went well, Axis can still deny points saying it is not a grocery transaction. In that case, I pay 2% to cashfree but get no points. Big risk it seems.

Pretty big risk.. grocery worth 10L, might get flagged as commercial tnx
Atleast choose some other MCC where 10L tnx are possible for personal use like gold, jewellery, car etc. (also check whether they are eligible for RP or not)

 

[Bhavik567]

Pretty big risk.. grocery worth 10L, might get flagged as commercial tnx
Atleast choose some other MCC where 10L tnx are possible for personal use like gold, jewellery, car etc. (also check whether they are eligible for RP or not)

Thanks, I agree. I have no idea who decides the MCC though. Will talk to cashfree team and explore if this is worth going ahead with.

 

[sxchzy]

Mcc is decided by visa mc amex etc
And that is based on what the merchant identifies at time of onboarding

 

[sxchzy]

Also as long as you are getting an invoice saying it's for personal use you can say that mcc code isn't my problem I was paying my society bill

 

[Bhavik567]

Also as long as you are getting an invoice saying it's for personal use you can say that mcc code isn't my problem I was paying my society bill

If that response is valid, I am sorted!!

 

[sxchzy]

As long as you can justify with proof that its for personal use shouldn't be a problem.

 

[sxchzy]

Waiting for my 15k amazon voucher now

 

[ALOAK]

I have a legitimate spend of Rs. 10 Lakh coming up in February. This amount is going to be paid to my co-operative housing society as a one-time payment for repairs. Is there any way to convert this into Axis Magnus accelerated spend? I am willing to reimburse up to 2% MDR if needed to the platform/merchant who can help me with this. I want only legal hacks, grey areas are fine but nothing against any hard rules. Anyone wanna take up this challenge?

If u really want to be sure just call up or send an email to pno you should get a reply if it is eligible to be considered for large amount transaction banks are finiky. Except Amex if u have plat chg.

 

[Bhavik567]

If u really want to be sure just call up or send an email to pno you should get a reply if it is eligible to be considered for large amount transaction banks are finiky. Except Amex if u have plat chg.

This suggestion makes a lot of sense. Will do. Thanks

 

[rdargar]

cashfree is not onboarding custome

 

[Bhavik567]

cashfree is not onboarding custome

Damn. Why? Expected to restart?

 

[imdjay]

Be cautious when using snapay as axis team will send notice marking the transactions as business expenses. Just I did 3 lakhs ( 1lakh each from 3 different cards) , i received notice to submit the evidence. Dont know what to submit as snapay doesn't provide any invoices. Neither i can track older transactions in the snapay app.

If anyone can suggest what to reply for the email, please advice.

Email them asking for proof of how these transactions are Business transactions.
Also, tell them to stop monitoring your transaction unnecessarily else you will sue them.

And finally, threaten them saying if they continue doing these stupid things, You will close all relations with them and also advise your family and friends to do the same.