• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

A card for high monthly spends like 5/6 Lakh (Online)

Apply For Lifetime Free IDFC First Credit Card
rdargar

rdargar

TF Select
I spend close to 5-6 Lakh online per month (Across 3-4 merchants)
Recently got into the CC game and got Magnus 3 months back and now no value.
Which is the best alternative now ?

Additional Info:
  • None of the spends are on Amz/Fkart or any other popular channel
  • The merchant charges me 1.8% Extra for per transaction
  • Expenses are of personal in nature including Vehicle EMI etc.
  • Have current limit of 08 Lakh per month on cards (3.1 on Axis cards , 8 on ICICI Amz)
  • Amex is not servicable
  • Not looking for CashBack Card
  • Self - Employed

Approximate Breakup:
  • 4 Lakh Vehicle EMI per month on a local used car dealer(for next 24 Months) (two vehicle is for relative and one is for me)(online)(Adhoc of 1.8%)
  • 1 Lakh approx Groccery + Misc. expenses (Across 2-3 merchants all offline/online) (They also charge an ad-hoc of 2% :)
  • 1.5 - 2 Lakh on Construction Material (For new house constuction for foreseeable 1 year)
 
Last edited:
Apply For LTF AU LIT Credit Card
Upvote 0 Downvote
Infinia is the general best card for your use-case 3.33 % minus your charges

If you fly with vistara you can take multiple co-branded Vistara cards. Most Vistara cards give 1 (joining)+ 3 premium economy tickets at 4.5lac spends
 
rdargar said:
I spend close to 5-6 Lakh online per month .
Recently got into the CC game and got Magnus 3 months back and now no value.
Which is the best alternative now ?

Additional Info:
  • None of the spends are on Amz/Fkart or any other popular channel
  • The merchant charges me 1.8% Extra for per transaction
  • Expenses are of personal in nature including Vehicle EMI etc.
  • Have current limit of 08 Lakh per month on cards (3.1 on Axis cards , 8 on ICICI Amz)
  • Amex is not servicable
Click to expand...
To start with,
One single card will not accomodate your monthly spends
 
Mritunjay said:
I think rupay credit cards with upi will save you from extra charge and offer some rewards as well.
Click to expand...
Not sure if rupay CCs will allow such huge transaction via UPI. Also best rupay CC tata nue infinity is supposed to have Max limit of 500 coins
 
rdargar said:
I spend close to 5-6 Lakh online per month .
Recently got into the CC game and got Magnus 3 months back and now no value.
Which is the best alternative now ?

Additional Info:
  • None of the spends are on Amz/Fkart or any other popular channel
  • The merchant charges me 1.8% Extra for per transaction
  • Expenses are of personal in nature including Vehicle EMI etc.
  • Have current limit of 08 Lakh per month on cards (3.1 on Axis cards , 8 on ICICI Amz)
  • Amex is not servicable
Click to expand...
Magnus with burgundy will be best for you as your spends are more than 1.5 lakh
 
Vistara only operate one route from my nearest airport
ANewUser said:
Infinia is the general best card for your use-case 3.33 % minus your charges

If you fly with vistara you can take multiple co-branded Vistara cards. Most Vistara cards give 1 (joining)+ 3 premium economy tickets at 4.5lac spends
Click to expand...
 
rdargar said:
I spend close to 5-6 Lakh online per month .
Recently got into the CC game and got Magnus 3 months back and now no value.
Which is the best alternative now ?

Additional Info:
  • None of the spends are on Amz/Fkart or any other popular channel
  • The merchant charges me 1.8% Extra for per transaction
  • Expenses are of personal in nature including Vehicle EMI etc.
  • Have current limit of 08 Lakh per month on cards (3.1 on Axis cards , 8 on ICICI Amz)
  • Amex is not servicable
Click to expand...
jack333 said:
Magnus with burgundy will be best for you as your spends are more than 1.5 lakh
Click to expand...
Woudn't Magnus flag such high transaction's , as these transaction I will be pooling for my relatives ( Vehicle EMI for my SIL and Cousin , Offline grocery for 2 of our families etc) , so invoices need not be on my name ..Also Magnus does not have such limit
 
Last edited:
rdargar said:
Woudn't Magnus flag such high transaction's , as these transaction I will be pooling for my relatives ( Vehicle EMI for my SIL and Cousin , Offline grocery for 2 of our families etc) , so invoices need not be on my name ..Also Magnus does not have such limit
Click to expand...
Just don't use for business transactions. Using for relatives is not forbidden. Just keep invoices in case they freeze er balance
 
S S V said:
Any particular reason?
Click to expand...
As I am self employed if the cashback amount is not neglibile say >50k , I have to declare it as a Income which is although not a problem but since I will be doing that I have to maintain detailed records of my CC Expense in the accounts accounting for minor transactions also , and the 50k will be taxed at 30% leaving only 35k
 
rdargar said:
As I am self employed if the cashback amount is not neglibile say >50k , I have to declare it as a Income which is although not a problem but since I will be doing that I have to maintain detailed records of my CC Expense in the accounts accounting for minor transactions also , and the 50k will be taxed at 30% leaving only 35k
Click to expand...
Then taking CB inmthe name of one of your relatives is an option to consider
 
rdargar said:
As I am self employed if the cashback amount is not neglibile say >50k , I have to declare it as a Income which is although not a problem but since I will be doing that I have to maintain detailed records of my CC Expense in the accounts accounting for minor transactions also , and the 50k will be taxed at 30% leaving only 35k
Click to expand...
Are you sure, you have consulted your CA about the CB taxability?
 
jack333 said:
Just don't use for business transactions. Using for relatives is not forbidden. Just keep invoices in case they freeze er balance
Click to expand...
Even then consistently doing large spends month in month out will attract the attention from rhe Banker. Magnus is definitely in, we need at least another 2 cards
 
You must log in or register to reply here.
Back
Top