andygiesing
TF Neo
Hello to the good people of technofino!
I need your expert opinion and recommendation on choosing the best rewarding set of credit cards for my spends please.
I have a self-employed person with credit score 805 as per Cred and total credit age is about 12-13 years with a gap of 6-7 years gap in the middle with no active cards/transactions.
I currently hold Flipkart Axis card, SCB Rewards and Amex MRCC. I think I would prefer cards/spends that generate >3% net +returns only. Anything less, I would perhaps just pay via UPI/bank transfer.
I have the following yearly spends:
1. Insurance payments: About 1.1 L
2. NPS: 1.5 L (12.5k per months)
3. Fuel: About 1L
4. Advance Tax Payment: About 1.8 L (spread over 4 quarters)
5. Medicines: About 80k - 1 Lac
6. Grocery, daily expenses, utilities etc.: About 60k-70k
7. Offline spends: About 30k -50k
8. In the next 1.5 years I will spend a bit on appliances, furniture etc. as we will be moving to a new place, and also a bit on hotel booking (costing perhaps <2k per night) via online hotel aggregators. Hence was thinking of having a cashback card like SBI Cashback/HDFC Swiggy and also an SBI Card for offers (SBI Octane for me).
My plan:
1. Use MRCC APay vouchers for Insurance payments. Rest perhaps I can pay NPS to reach milestones as and when needed. Plan to avail 18/24k redemption for APay/Flipkart vouchers.
2. Change SC Rewards card to SC Smart card for tax payments for ~1% net +returns and fee waiver. Since my advance tax payments are spread over 4 quarters I didn't take AU Lit into consideration. I know this does not meet my minimum returns criteria, but my first card was a card from them and hence would like a keep a card from them if possible.
3. I will apply for SBI Octane card for fuel spends. And planning to use Netmeds 10% off vouchers from SBI Gyftr to spend on medicines and reach annual spend criteria for fee waiver. I prefer Netmeds/Medplus for medicine spends as I get minimum 20% discount there. I got my first SBI Card perhaps 12 years ago but closed the card when I moved away. Hoping I will get the SBI Octane approved via Sprint.
4. I use Flipkart Axis for grocery presently with Flipkart VIP. I have been satified with that. Thinking about getting SBI Cashback card after 3 months of SBI Octane approval (if at all approved) to replace Flipkart Axis. If I do not get SBI Cashback card then I will have to consider HDFC Swiggy or Millenia or something else. Or should I just try for HDFC Swiggy first? I am hoping after spending for grocery, fastag with Park+, other online spends etc, I can reach the fee waiver criteria as well.
Even if I follow my above-mentioned plan, I will still have some more miscellaneous txns, and about 1.1 L NPS txns that I *can* pay via credit card. (Currently I pay via UPI every month).
I am looking for recommedations for the other cards I should consider or changes to my spending plan for better returns please.
I need your expert opinion and recommendation on choosing the best rewarding set of credit cards for my spends please.
I have a self-employed person with credit score 805 as per Cred and total credit age is about 12-13 years with a gap of 6-7 years gap in the middle with no active cards/transactions.
I currently hold Flipkart Axis card, SCB Rewards and Amex MRCC. I think I would prefer cards/spends that generate >3% net +returns only. Anything less, I would perhaps just pay via UPI/bank transfer.
I have the following yearly spends:
1. Insurance payments: About 1.1 L
2. NPS: 1.5 L (12.5k per months)
3. Fuel: About 1L
4. Advance Tax Payment: About 1.8 L (spread over 4 quarters)
5. Medicines: About 80k - 1 Lac
6. Grocery, daily expenses, utilities etc.: About 60k-70k
7. Offline spends: About 30k -50k
8. In the next 1.5 years I will spend a bit on appliances, furniture etc. as we will be moving to a new place, and also a bit on hotel booking (costing perhaps <2k per night) via online hotel aggregators. Hence was thinking of having a cashback card like SBI Cashback/HDFC Swiggy and also an SBI Card for offers (SBI Octane for me).
My plan:
1. Use MRCC APay vouchers for Insurance payments. Rest perhaps I can pay NPS to reach milestones as and when needed. Plan to avail 18/24k redemption for APay/Flipkart vouchers.
2. Change SC Rewards card to SC Smart card for tax payments for ~1% net +returns and fee waiver. Since my advance tax payments are spread over 4 quarters I didn't take AU Lit into consideration. I know this does not meet my minimum returns criteria, but my first card was a card from them and hence would like a keep a card from them if possible.
3. I will apply for SBI Octane card for fuel spends. And planning to use Netmeds 10% off vouchers from SBI Gyftr to spend on medicines and reach annual spend criteria for fee waiver. I prefer Netmeds/Medplus for medicine spends as I get minimum 20% discount there. I got my first SBI Card perhaps 12 years ago but closed the card when I moved away. Hoping I will get the SBI Octane approved via Sprint.
4. I use Flipkart Axis for grocery presently with Flipkart VIP. I have been satified with that. Thinking about getting SBI Cashback card after 3 months of SBI Octane approval (if at all approved) to replace Flipkart Axis. If I do not get SBI Cashback card then I will have to consider HDFC Swiggy or Millenia or something else. Or should I just try for HDFC Swiggy first? I am hoping after spending for grocery, fastag with Park+, other online spends etc, I can reach the fee waiver criteria as well.
Even if I follow my above-mentioned plan, I will still have some more miscellaneous txns, and about 1.1 L NPS txns that I *can* pay via credit card. (Currently I pay via UPI every month).
I am looking for recommedations for the other cards I should consider or changes to my spending plan for better returns please.
