[Income Tax Payment] Card which provide benefit on Tax Payment

[dealsense]

Hi,

Can anyone please share credit cards which provide rewards on Income tax payment?

HDFC Infinia, SBI Cashback, AMEX MRCC, Axis Magnus, Yes first Exclusive == I have these cards but none of them provide anything in this category.

Thanks,
anant

 

[KGSIPO]

Agree 👍. It was not clear from your earlier post.

The cumulative is always less than 2.5%. But again there are no cards that reward taxes and on top of that most of us can hit the 50k easily by paying any cc bill

Difficult to make helloworld to understand.and he wants to defend somehow.In this forum, members giving the very useful information and it's upto the other members to use it or not Definitely no arguments.FULL STOP

 

[helloworld]

Difficult to make helloworld to understand.and he wants to defend somehow.In this forum, members giving the very useful information and it's upto the other members to use it or not Definitely no arguments.FULL STOP

I completely agree your point that this card offer 2.5% after 50k. My intention is to consider the overall value and calculate the final return percentage rather than using on-paper return % that might not be realistic for everyone.

Even if we spend the first 50k elsewhere (as @IKFLRT suggested) or use it for paying a credit card bill (as @HumorSimpson mentioned), that portion of spending also needs to include in our overall calculation. This gives a more accurate picture of the actual return we're getting, whether we spend 1L, 3L, or even 4L, the overall return percentage will not magically match the 2.5% headline number (we started that discussion for that).

That’s all I’m trying to convey here, taking the full picture into account makes the evaluation more practical and reliable. 😊

Post in thread '[Income Tax Payment] Card which provide benefit on Tax Payment'

Dec 19, 2024

bro debit card gives 2.5% post 50K spends.

I don't get it Why does people always say IDFC provides 2.5% "after the first 50k/30k"... like that, but whose gonna spend first 50k.

If we actually include the whole spend:

• For 80k, its only 1.35% overall.
• For 1L, its only 1.58%.

We never get mythical 2.5% 🧙‍♂️ It’s a fairy tale.

• helloworld

• 

# This came to my mind after seeing similar discussions earlier about 2.5% returns on Select and Wealth credit cards (way before these debit cards launched, way before they reduced benefits as per card), even though the actual return was much less when calculated overall. Even now, if you check posts, you’ll see people talking about spends after 30k. For me, that 30k matters, it’s part of the month’s total spending, and for many, it’s significant enough to influence their overall return percentage (consider their monthly budget) 😊

 

[350modena]

Debit card gives 2.5% for 50K above spends and 0 PG charges.

Credit card gives flat 3Rps(0.75% ) and with PG charges of ~1% it doesn't make sense as we end up paying 0.25% extra.

Maybe the wrong thread and while I will search the forum as well; what's the criteria for an idfc wealth account to get this DC?

 

[HumorSimpson]

Maybe the wrong thread and while I will search the forum as well; what's the criteria for an idfc wealth account to get this DC?

search @Anindya98 's threads.

 

[drsel]

I completely agree your point that this card offer 2.5% after 50k. My intention is to consider the overall value and calculate the final return percentage rather than using on-paper return % that might not be realistic for everyone.

Even if we spend the first 50k elsewhere (as @IKFLRT suggested) or use it for paying a credit card bill (as @HumorSimpson mentioned), that portion of spending also needs to include in our overall calculation. This gives a more accurate picture of the actual return we're getting, whether we spend 1L, 3L, or even 4L, the overall return percentage will not magically match the 2.5% headline number (we started that discussion for that).

That’s all I’m trying to convey here, taking the full picture into account makes the evaluation more practical and reliable. 😊

Post in thread '[Income Tax Payment] Card which provide benefit on Tax Payment'

Dec 19, 2024

bro debit card gives 2.5% post 50K spends.

I don't get it Why does people always say IDFC provides 2.5% "after the first 50k/30k"... like that, but whose gonna spend first 50k.

If we actually include the whole spend:

• For 80k, its only 1.35% overall.
• For 1L, its only 1.58%.

We never get mythical 2.5% 🧙‍♂️ It’s a fairy tale.

• helloworld

• 

# This came to my mind after seeing similar discussions earlier about 2.5% returns on Select and Wealth credit cards (way before these debit cards launched, way before they reduced benefits as per card), even though the actual return was much less when calculated overall. Even now, if you check posts, you’ll see people talking about spends after 30k. For me, that 30k matters, it’s part of the month’s total spending, and for many, it’s significant enough to influence their overall return percentage (consider their monthly budget) 😊

Correct. If there is no capping, then the returns are --
1 lac 1.58%
2 lacs 2.04%
4 lacs 2.27%
8 lacs 2.39%
16 lacs 2.45%
Absolutely amazing for any debit card!
Is this real cashback?

 

[HumorSimpson]

Correct. If there is no capping, then the returns are --
1 lac 1.58%
2 lacs 2.04%
4 lacs 2.27%
8 lacs 2.39%
16 lacs 2.45%
Absolutely amazing for any debit card!
Is this real cashback?

There are cappings ..read few posts past, I have given my analysis.

CB in terms of agvs ...

 

[Anindya98]

It's 2.5% read here

Post in thread 'IDFC Select Vs Wealth Vs Private requirements'

Sep 12, 2024

I can maintain the NRV, but unable to find any useful perk over and above IDFC Wealth program and DC to take the plunge.

Even one proper and tangible differentiated benefit can make people go for it. Right now there is none!

Correct !!! The DCs have reward rate difference for the first 50K only, over and above its the same 2.5%.
vis-a-vis of DC reward rate for online (excellent for cc bills and tax payments) on the 50K monthly spend.


IDFC Select - 3X = 0.5% = 250 INR
IDFC Wealth - 4X = 0.67% = 330 INR
IDFC Private - 6X = 1.0% = 500 INR

So we are good with even select as the...

• HumorSimpson

• 
• 

Debit card gives 2.5% for 50K above spends and 0 PG charges.

Credit card gives flat 3Rps(0.75% ) and with PG charges of ~1% it doesn't make sense as we end up paying 0.25% extra.

@drsel
@helloworld you are correct they don't hit the sweet 2.5% without the Private DC
It comes to 1.25% for Normal DC capping at 1.6L/month, Select DC is 2.20% and caps at 3.4L/month, Wealth DC is 2.33% and caps at 536666/month & Private DC is 2.49% and caps at 50.3L.
Only Private DC hit around 2.5% figure but getting is not easy and generally most of them have max Wealth/Select DCs which is more than sufficient. The main difference is between normal and Select rest all are almost the same.
One fun fact recently, the IDFC system has been blocking DCs for users using for utility payments or spending most on 1 single merchant.
After the DC gets blocked you cannot make any Online Payment, it will show active and all but the payment will fail after giving the OTP.
The issue is even if you have authorized the transaction on the call received by IDFC, the system will block the DC. This can be unblocked by calling the cc but the issue will not be resolved it will reoccur again. The only solution is to get a replacement DC. My DC was blocked after doing 60K (20*3) in a single day from Airtel Thanks. And to my surprise, I paid 80K on my 2nd DC as the first one was blocked nothing happened no issues.

 

[anisharya16]

ICICI APay for 1% cb and bill payment by hdfc dc to get 1%cb. Total 2%.

 

[HumorSimpson]

ICICI APay for 1% cb and bill payment by hdfc dc to get 1%cb. Total 2%.

? 1% PG charges nullify it

 

[anisharya16]

? 1% PG charges nullify it

Yes, very minor benefits but you will get to use cc for the payment.

 

[helloworld]

@drsel
@helloworld you are correct they don't hit the sweet 2.5% without the Private DC
It comes to 1.25% for Normal DC capping at 1.6L/month, Select DC is 2.20% and caps at 3.4L/month, Wealth DC is 2.33% and caps at 536666/month & Private DC is 2.49% and caps at 50.3L.
Only Private DC hit around 2.5% figure but getting is not easy and generally most of them have max Wealth/Select DCs which is more than sufficient. The main difference is between normal and Select rest all are almost the same.
One fun fact recently, the IDFC system has been blocking DCs for users using for utility payments or spending most on 1 single merchant.
After the DC gets blocked you cannot make any Online Payment, it will show active and all but the payment will fail after giving the OTP.
The issue is even if you have authorized the transaction on the call received by IDFC, the system will block the DC. This can be unblocked by calling the cc but the issue will not be resolved it will reoccur again. The only solution is to get a replacement DC. My DC was blocked after doing 60K (20*3) in a single day from Airtel Thanks. And to my surprise, I paid 80K on my 2nd DC as the first one was blocked nothing happened no issues.

View attachment 77807

Good to know that its not permanent blocking, otherwise so much trouble.

 

[chiragj]

Hdfc bizblack gives nearly 16% return (highest in my view) for spend around 55k on tax payments and after that it gives 3.33% which is pretty decent even with pg it comes around to 2.33% which is also pretty great

 

[Ash8]

ICICI APay for 1% cb and bill payment by hdfc dc to get 1%cb. Total 2%.

ICICI apay 1% cashback on IT payment stopped long time back.

 

[theXfactor]

Which gateway to use while making IT Adv. tax payment using IDFC Wealth DC to avoid any gateway charges?

 

[anujdit]

You can get info on Payment GW charges at time of payment. Just check on last payment page of income tax website.

 

[theXfactor]

You can get info on Payment GW charges at time of payment. Just check on last payment page of income tax website.

When I select ICICI, it asks me to make payment using ICICI Debit card.

 

[anujdit]

When I select ICICI, it asks me to make payment using ICICI Debit card.

Choose another GW to use credit card. I usually use HDFC GW for YES Marquee CC

 

[KGSIPO]

Which gateway to use while making IT Adv. tax payment using IDFC Wealth DC to avoid any gateway charges?

I first selected Kotak but the payment failed. Then used HDFC and payment was smooth Please note that there is no gateway charges for any debit card . Only credit card only has payment gateway charges

 

[theXfactor]

I first selected Kotak but the payment failed. Then used HDFC and payment was smooth Please note that there is no gateway charges for any debit card . Only credit card only has payment gateway charges

Have already made the payment, we need to first go to the PG and then the bank for the payment. Selection debit card option on the panel won't work as there's no IDFC first DC listed.

 

[KGSIPO]

Have already made the payment, we need to first go to the PG and then the bank for the payment. Selection debit card option on the panel won't work as there's no IDFC first DC listeyou are

Have already made the payment, we need to first go to the PG and then the bank for the payment. Selection debit card option on the panel won't work as there's no IDFC first DC listed.

You are correct