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

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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:
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rdargar said:
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
Click to expand...
I think with the rupay cc UPI you can avoid the extra charges...

Can look for bob eterna ,

Also you can get milestone befinits the much spent (special with super premium card)..
 
akshayhs said:
Cashback amount will not be credited to your bank account dude. After a statement is generated, cashback earnt in that cycle ia credited to your card account directly for the next bill.
Click to expand...
Irrespective of whether it is credited to your bank or not as per IT regime if you are earning anything in kind/cash via any source at any place it is taxable. Small amounts are often neglected and do not create problem ,not the same with high amount
 
rdargar said:
Irrespective of whether it is credited to your bank or not as per IT regime if you are earning anything in kind/cash via any source at any place it is taxable. Small amounts are often neglected and do not create problem ,not the same with high amount
Click to expand...
Definitely one card doesn't suit you.
You have to deploy horses for courses strategy....
 
rdargar said:
Irrespective of whether it is credited to your bank or not as per IT regime if you are earning anything in kind/cash via any source at any place it is taxable. Small amounts are often neglected and do not create problem ,not the same with high amount
Click to expand...
I know you are a CA, so my question is why Cashback will be treated as Taxable? It's not income, in fact whatever you spend , you have already paid taxes for that, Cashback is kinda discount for that spend isn't it? Want to understand legal aspect of that.
 
rdargar said:
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)
Click to expand...
Magnus is the still the best. You get 12/200 upto 1.50 lac and 35/200 for rest 4.50 lacs. Total points 36000

Open a Burgundy account and get 28,800 miles or Accor points. Nothing can beat it still. Continue till it's further downgraded

All this without any Grabdeals or Gyftr
 
You should consider AU LIT and IDFC wealth or IDFC Vistara credit card.
In AU LIT, maximum rewards is 25K per month. I think there is no limit in IDFC wealth or vistara. Someone please correct me if I am wrong.
 
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Akshays said:
I know you are a CA, so my question is why Cashback will be treated as Taxable? It's not income, in fact whatever you spend , you have already paid taxes for that, Cashback is kinda discount for that spend isn't it? Want to understand legal aspect of that.
Click to expand...
For an properitor any income of his/his firm is of the individual.
Cashback although not being a direct income but it still is offsetting your expenses.
Let say that the car is registered under individual name and is also being reflected in the Firm's BS than you have to mandatorily deduct any concession/kind received in any form from the cost of the asset.
eg Car worth 10L and 50k cashback resulting from this purchase than the car value is INR 9.5L(Other way is to directly recongnise the 50K in profit).
This deduction will further reduce other factors such as dep and henceworth Tax Payable.
So directly or indirectly the Cashback earned is Taxable unless you hide the fact that your received the cashback which will be ok for now but will be worse than savings if any scrutiny comes in the future.
 
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