Best rewards option for buying gold offline

[Karthi]

Which is the best payment method for buying gold offline to get reward?

I have TATA Neu Infinity, ICICI Amazon Pay, Axis Ace Credit cards.

Which one should I go with for the purchase

 

[NOOBY]

For Tanishq, Neu Infinity should fetch 5% afaik

Else Neu infinity/Ace has same CB now (1.5%). If you dont use TataNeu much, then go with ACE, else Infinity

Edit: No ACE CB on Jewellery purchase after 20th Apr

 

[Shoxie]

For Tanishq, Neu Infinity should fetch 5% afaik

Else Neu infinity/Ace has same CB now (1.5%). If you dont use TataNeu much, then go with ACE, else Infinity

Well, ace doesn't give CB on gold transactions.

 

[HumorSimpson]

Well, ace doesn't give CB on gold transactions.

Correct. This stopped long back.

 

[raghumahajan]

For Tanishq, Neu Infinity should fetch 5% afaik

Else Neu infinity/Ace has same CB now (1.5%). If you dont use TataNeu much, then go with ACE, else Infinity

But isn't Tanishq has high making charges compared to others?

 

[NOOBY]

But isn't Tanishq has high making charges compared to others?

so ?

There is no info on which type of "buying gold offline" will be done. He would benefit on coins by using Neu Infinity...

else he can always wait for AJIO/Myntra offers for 10% discount upto an amount by using specific cards

 

[V360V360 is verified member.]

But isn't Tanishq has high making charges compared to others?

Can you explain with few examples?

Just to make it easy - Tanishq's competitors would be Reliance Jewels, Bluestone, Candere as they all follow Mumbai rates.

 

[Pollex]

Mai toh Idfc wealth use karta tha. Ab kal se uska dehant ho chuka hai. Now I am unsure.

 

[HumorSimpson]

Mai toh Idfc wealth use karta tha. Ab kal se uska dehant ho chuka hai. Now I am unsure.

Still it effectively gives 1.5 % for spends above 20 k. Gold buying is the only reason I am holding this card.

 

[raghumahajan]

so ?

There is no info on which type of "buying gold offline" will be done. He would benefit on coins by using Neu Infinity...

else he can always wait for AJIO/Myntra offers for 10% discount upto an amount by using specific cards

No body told about buying in Mumbai or online.

If you compare other smaller brands, or even local jeweler they usually have less making charges. So until and unless you want to have Tanishq level designs, in my opinion get hallmarked jewellery from anywhere.

 

[raghumahajan]

No body told about buying in Mumbai or online.

If you compare other smaller brands, or even local jeweler they usually have less making charges. So until and unless you want to have Tanishq level designs, in my opinion get hallmarked jewellery from anywhere.

If you have any info on what is making charge (fixed or percentage) per gram at big brands like tanishq, please share here.

 

[Karthi]

Still it effectively gives 1.5 % for spends above 20 k. Gold buying is the only reason I am holding this card.

Does it have any max cap?

 

[HumorSimpson]

Does it have any max cap?

Nope . But IDFC is notorious for tagging even genuine txns as fraudulent . Nothing happened me till now as my txns are genuine.

 

[gowmara]

Still it effectively gives 1.5 % for spends above 20 k. Gold buying is the only reason I am holding this card.

Hi
After devaluation from today may 1, still IDFC wealth cc is good for gold purchase

 

[HumorSimpson]

Does it have any max cap?

Replying your DM here for the sake of other fintos too.

Hi,

You have replied reg the usage of IDFC wealth fredit card on gold purchase to avail 1.5% reward.

I'm planning to buy gold this month for about 5-6 lakhs. I have few doubts regarding this card.

Do we have to pay anything extra if we use credit card for gold purchase? Also, what will be reward % I'll be getting if I use this card?

This would help me in saving some money. TIA 😊

From May1st 2024, IDFC wealth redefine 1x as per 150 . (Earlier it is per 100). Point value is 0.25rs
Upto 20K it gives 3x reward points and 10x later on.
so, till 20k your cashback % is 100*3*0.25/150 = 0.5%
for spends above 20K cashback % is 100*10*0.25/150 = 1.6%
Lets say you are spending 5.2L, the cb on 20K is negligible and ignore it. On the rest 5L you would be getting 8K as cb.

Some jewelers may charge 2% extra. BUT many branded don't.

 

[Krishna Kumar]

I was extensively using IDFC wealth for gold purchases last year, but not any more. Looking for other options now.

 

[HumorSimpson]

I was extensively using IDFC wealth for gold purchases last year, but not any more. Looking for other options now.

Yeah. IDFC wealth was giving a whopping 2.5% . Now its down to 1.6%

 

[Krishna Kumar]

Any other card suggestions?

 

[aam.aadmi]

Search for 22K gold jewellery with lowest (8% or less) making charges. Buy using TataNeu Infinity card through app or store. Get 6.5% CB
BONUS: Use WELCOME500 coupon for additional ₹500 off, if 1st time purchase

 

[V360V360 is verified member.]

Search for 22K gold jewellery with lowest (8% or less) making charges. Buy using TataNeu Infinity card through app or store. Get 6.5% CB
BONUS: Use WELCOME500 coupon for additional ₹500 off, if 1st time purchase

How 6.5% - was it not 5% cashback?