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American Express to Bank transfer
- Thread starter RockyBond
- Start date
- Replies 101
- Views 12K
racydex
TF Select
True, Platinum Travel + MRCC is best combination IMHO.
Also MobiKwik 1000₹ Wallet load by AMEX is free each month. I'm using that to do AMEX-MobiKwik-Fastag at Zero cost. Haven't found many options to do Fastag recharge without cost.
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Are you using 6k worth of Fastag money or is it getting transferred to your bank account?
racydex
TF Select
I don't need more than ₹1k Fastag balance a month. If I do then I use other bank cards to get it at around ~1% charge
shutapdiya
TF Legend
racydex
TF Select
Monthly 20k milestone to get 1000 MR points.
RockyBond
TF Premier
Monthly one I am aware. Nothing yearly right?
racydex
TF Select
Nope.
That's in Platinum Travel
Reach spends of 1.9 lac 25000 MR +
Reach spends of 4lac to get another 15000 MR + Taj 10k Voucher
Platinum Reserve also has reach 5 lac to get 10000 Taj Voucher
racydex
TF Select
MRCC Milestone for Renewal Fee offer
Reach Spends of 90k to get 50% waiver
Reach Spends of 1.5 Lac to get 100% waiver
So, Mobikwik allows Amex to bank transfer ?
The charges are high.
If you transfer 5k - 10k, you get 1% instance back using century coupon. So fees is around 1.9% everytime.
For 1st transfer in Mobikwik, you pay even less charges.
You can look at my post for detail- https://www.technofino.in/community/threads/mrcc-to-bank-using-mobikwik.20724/
Thanks for the info, appreciate it.
CreditcardUser_001
TF Buzz
Amex Plat Travel Wallet transfer Scenario -
1. Load 10K on Mobikwik in 40 transactions - Can be spread across period of 12 months
2. Loading of Mobikwik wallet is 2.95% as on today with GST
3. Apply "Century" code get 1% upto 100 as cashback
4. Effective cost of loading wallet - 1.95%
5. Transfer to bank at 0 cost
6. Pay Amex bill through HDFC platinum debit card and get 1% cashback (max upto 750 i.e for payment upto INR 750,000)
7. Effective cost 0.95%
8. Get 48,000 Amex reward for 4L spend and 10K Taj voucher - Reward rate at 14.5% (This may increase further if you transfer to Mariott during offer period where they give additional 30%)
9. Overall effective rate of earning - 14.5-0.95=13.55%
This is as per my understanding, Correct if anything mentioned is incorrect.
Please try at your own risk as this may lead to blocking of card.
1. Load 10K on Mobikwik in 40 transactions - Can be spread across period of 12 months
2. Loading of Mobikwik wallet is 2.95% as on today with GST
3. Apply "Century" code get 1% upto 100 as cashback
4. Effective cost of loading wallet - 1.95%
5. Transfer to bank at 0 cost
6. Pay Amex bill through HDFC platinum debit card and get 1% cashback (max upto 750 i.e for payment upto INR 750,000)
7. Effective cost 0.95%
8. Get 48,000 Amex reward for 4L spend and 10K Taj voucher - Reward rate at 14.5% (This may increase further if you transfer to Mariott during offer period where they give additional 30%)
9. Overall effective rate of earning - 14.5-0.95=13.55%
This is as per my understanding, Correct if anything mentioned is incorrect.
Please try at your own risk as this may lead to blocking of card.
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Couple of things to note
1. Wallet loading Charges are 2.5 + gst = 2.95,%
So effective loading becomes 1%
2. total spend is only 1% which is 4000 since everything else is already in your bank. So effective reward rate is
48k points + 10k Taj on 4000 spends.
So it's way too high.
Only problem is amex might block your card sometime and you may loose all your points.
CreditcardUser_001
TF Buzz
Thanks for the correction and I agree Amex may block. This was a hypothetical and optimum use case. I am sure there will be other spends which can be done to meet 4L spend milestone instead of only wallet load.
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