Axis Bank has a new announcement for EDGE Rewards. This time it for excluding few spends from milestone benefits and annual fee waiver. Axis Bank will not include rent and wallet spends for milestone and annual fee waiver benefits anymore. These changes are effective from 5th March, 2023. Here is everything you need to know about these new rules.
Rent and Wallet Excluded for Milestone Benefits
Magnus has been a very popular credit card for some time now with its 25K EDGE Rewards on Rs 1 Lakh monthly spend. Wallet spends were already excluded for milestone benefits. The rent payment exclusion will make it difficult for users to meet the milestone target.
Rent and Wallet Excluded for Annual Fee Reversal
- Rent and Wallet payments will not be counted as eligible spends for annual fee reversal as well
- Affected credit cards: Privilege, Select, Pride Platinum, Pride Signature, Titanium, Platinum, IndianOil Axis, Magnus and Reserve
- The transactions for this exclusion will be identified through the MCC: 6513 for Rent and 6540 for Wallet
If you were looking to meet the annual fee waiver through rent payments, even that is gone now.
Surcharge on Rent Payments
We will now have to pay a surcharge fee of 1% plus GST on each rental transaction. This is capped at max Rs 1500 per transaction. However, we continue to get regular EDGE rewards on rental payment on Magnus and Reserve subject to the earlier cap.
Right now, Magnus and Reserve are lucrative cards for accumulating miles and hotel points. Magnus’s 25K EDGE RP milestone has caught the attention of many card enthusiasts. These exclusions will now ensure that the 25K EDGE RP benefit stays on for a little longer.
We had an earlier update from Axis Bank where it did a harsh devaluation by stopping EDGE RP for many more categories on its other EDGE Rewards cards. Considering that, Magnus and Reserve are still better off.
If you hold any of the cards where rewards are being discontinued on the above categories, then it is time to move. SC Ultimate is an ideal fit as it gives uncapped 3.3% rewards on all spends be it rent or education or utilities. So, less stress on whether a spend will give you rewards or not.