Best Way to pay Credit Card Bill

[kushal]

Guys I am redacting this post as I have been asked by the bank for non disclosure as mentioned in TnCs else my account would be suspended. They had asked me to remove this as this violates the TnC related to not getting reward points for CC payments.

 

[jack333]

I

I meant the cashback thing works but redemption for things against points on that moments website doesn't, shows the card as invalid etc.

I have the visa infinite pioneer debit card. Just 0.5% reward rate with it.

For pioneer debit card 1 point is equivalent to 1 rupee whereas for exclusive debit card 1 point is equivalent to 0.35 rs. I think Reward rate is same for both.
@Wealth is my birth right! Can you please also check

 

[Wealth is my birth right!]

For pioneer debit card 1 point is equivalent to 1 rupee whereas for exclusive debit card 1 point is equivalent to 0.35 rs. I think Reward rate is same for both.
@Wealth is my birth right! Can you please also check

But to get pioneer dc charges free one have to maintain pioneer balance without any mab waivers

 

[jack333]

HDFC:
Most of us know that the best way to pay Bills for the Credit Card is the HDFC Bill Pay Portal, it allows us 1% reward rate for max 750 per month.
A person has to use the HDFC Bill pay portal via Netbanking/Mobile Banking for the same. (Using Easyshop Platinum Debit Card)

IndusInd:
The second best way is premium Indusind Debit Cards, i.e., Select/Exclusive Debit Card, it offers upto 0.93% reward rate and could be beneficial for those who frequently exhaust the HDFC limit,
Note: Paytm does not accept the mastercard variant of these cards, so in my experience Mobikwik does and gives the reward. For Visa Variant, paytm would work.
Unlike HDFC, Indusind offers incremental rewards for Credit Card payment, the rewards you get are (Brackets for total monthly spend):

Spend 5k - 0.35% - Rs 17
Spend 10k - 0.43% - Rs 43
Spend 20k - 0.56% - Rs 112
Spend 30k - 0.67% - Rs 201
Spend 40k - 0.72% - Rs 288
Spend 50k - 0.78% - Rs 390
Spend 60k - 0.83% - Rs 500
Spend 80k - 0.88% - Rs 704
Spend 100k - 0.92% - Rs 920
Spend 112.5k (Max) - 0.93% - Rs 1050
Here the max limit for Cashback is Rs 1050 a month as a person can get max 3000 reward points (1 RP= Rs 0.35)

As one rp is equal to 0.35 rs. So this 0.94% cashback is in terms of reward points or rupees?

 

[jack333]

HDFC:
Most of us know that the best way to pay Bills for the Credit Card is the HDFC Bill Pay Portal, it allows us 1% reward rate for max 750 per month.
A person has to use the HDFC Bill pay portal via Netbanking/Mobile Banking for the same. (Using Easyshop Platinum Debit Card)

IndusInd:
The second best way is premium Indusind Debit Cards, i.e., Select/Exclusive Debit Card, it offers upto 0.93% reward rate and could be beneficial for those who frequently exhaust the HDFC limit,
Note: Paytm does not accept the mastercard variant of these cards, so in my experience Mobikwik does and gives the reward. For Visa Variant, paytm would work.
Unlike HDFC, Indusind offers incremental rewards for Credit Card payment, the rewards you get are (Brackets for total monthly spend):

Spend 5k - 0.35% - Rs 17
Spend 10k - 0.43% - Rs 43
Spend 20k - 0.56% - Rs 112
Spend 30k - 0.67% - Rs 201
Spend 40k - 0.72% - Rs 288
Spend 50k - 0.78% - Rs 390
Spend 60k - 0.83% - Rs 500
Spend 80k - 0.88% - Rs 704
Spend 100k - 0.92% - Rs 920
Spend 112.5k (Max) - 0.93% - Rs 1050
Here the max limit for Cashback is Rs 1050 a month as a person can get max 3000 reward points (1 RP= Rs 0.35)

HDFC:
Most of us know that the best way to pay Bills for the Credit Card is the HDFC Bill Pay Portal, it allows us 1% reward rate for max 750 per month.
A person has to use the HDFC Bill pay portal via Netbanking/Mobile Banking for the same. (Using Easyshop Platinum Debit Card)

IndusInd:
The second best way is premium Indusind Debit Cards, i.e., Select/Exclusive Debit Card, it offers upto 0.93% reward rate and could be beneficial for those who frequently exhaust the HDFC limit,
Note: Paytm does not accept the mastercard variant of these cards, so in my experience Mobikwik does and gives the reward. For Visa Variant, paytm would work.
Unlike HDFC, Indusind offers incremental rewards for Credit Card payment, the rewards you get are (Brackets for total monthly spend):

Spend 5k - 0.35% - Rs 17
Spend 10k - 0.43% - Rs 43
Spend 20k - 0.56% - Rs 112
Spend 30k - 0.67% - Rs 201
Spend 40k - 0.72% - Rs 288
Spend 50k - 0.78% - Rs 390
Spend 60k - 0.83% - Rs 500
Spend 80k - 0.88% - Rs 704
Spend 100k - 0.92% - Rs 920
Spend 112.5k (Max) - 0.93% - Rs 1050
Here the max limit for Cashback is Rs 1050 a month as a person can get max 3000 reward points (1 RP= Rs 0.35)

It is incremental slab based rewards or on total monthly spends you get rewards for that slab directly?

 

[Sanskar]

For pioneer debit card 1 point is equivalent to 1 rupee whereas for exclusive debit card 1 point is equivalent to 0.35 rs. I think Reward rate is same for both.
@Wealth is my birth right! Can you please also check

Till 112000 exclusive have 0.93% Reward rate, Pioneer have 1 reward on 200rs

 

[Sanskar]

But to get pioneer dc charges free one have to maintain pioneer balance without any mab waivers

You can get Pioneer DC Card after paying fee

https://www.indusind.com/content/dam/indusind-corporate/schedule-of-charges/savings-account/SOB-SA-Indus-Exclusive.pdf

 

[jack333]

Till 112000 exclusive have 0.93% Reward rate, Pioneer have 1 reward on 200rs

So exclusive is better than pioneer.
Is it incremental slab based rewards like interest on saving account or on total monthly spends you get rewards for that slab directly?

 

[Sanskar]

So exclusive is better than pioneer.
Is it incremental slab based rewards like interest on saving account or on total monthly spends you get rewards for that slab directly?

On exclusives dc incremental, Pioneer DC flat 1 do on ₹200

 

[jack333]

So in exclusive debit card if we do 50k transaction we will get incremental in all the slabs below it rather than dire tly in the 50k slab. So its like interest is calculated in a savings account. So it gets to around 0.5% only till 50k

 

[Sanskar]

So in exclusive debit card if we do 50k transaction we will get incremental in all the slabs below it rather than dire tly in the 50k slab. So its like interest is calculated in a savings account. So it gets to around 0.5% only till 50k

 

[jack333]

Still not getting it. Is it incremental in all the slabs below the amount like bank interest calculation or directly in the slab of the amount. Someone who has got it can only clarify

 

[Copycat]

Still not getting it. Is it incremental in all the slabs below the amount like bank interest calculation or directly in the slab of the amount. Someone who has got it can only clarify

It is like the income tax calculation
See this tab (Points usage tab) for the different slabs: https://www.indusind.com/in/en/personal/cards/indus-rewards.html
kushal has just simplified the calculation in the first post in this thread (i.e. he has converted from points to rupees to help everyone)
For Pioneer DC, it is a flat rate: whether you spend Rs 100 or Rs 1000000, the reward in terms of rupees is 0.5% of the spend total

In case it makes more sense for you, think of it this way: When you do your Nth spend of the month, IndusInd calculates how much you have spent in that month already and then calculates the reward points for the Nth spend using the cumulative spends for the month (after subtracting the rewards already given out in that month)

 

[jack333]

What if we do a single spend of 50k. Is it directly in that slab or all slabs below it incremental wise?

 

[Copycat]

What if we do a single spend of 50k. Is it directly in that slab or all slabs below it incremental wise?

Case 1: 50K is your 2nd, 3rd ....10th, whatever transaction of the month. PrevX is the total of your previous spends in the current month, PrevRPX is the total reward points you have got this month
Case 2: 50K is your first transaction of the month. So PrevX = 0, PrevRPX = 0

In both cases the calculation is the same
Take PrevX+50K
Break it into slabs based on the table
For each slab calculate the reward points (just like you do the income tax calc)
Now you will get the total reward points for PrevX+50K. Call it PrevRPXPlusRPFor50K
From this subtract PrevRPX (previous reward points you got in the current month). After the subtraction what you left with is the reward points for the 50K transaction. This is what IndusInd will post in your reward points account

So to answer your question: it is incremental

 

[jack333]

So for 50k transaction its not 0.78% it comes down to only 0.5%

 

[Copycat]

So for 50k transaction its not 0.75% its only 0.5% only cashback

No. I think you have not understood what I said
Your 50K transaction will fetch you at least 0.78% return (if it is the 1st transaction of the month). It may fetch you more than 0.78% depending on how many prior transactions you have done in the month.

 

[jack333]

So it is directly in that slab and not incremental like saving interest and income tax. You said incremental earlier

 

[Copycat]

So it is directly in that slab and not incremental like saving interest and income tax. You said incremental earlier

Let me explain what I meant with an example. I think we are using the term incremental to refer to different things


Case 1:
You pay your 55K CC bill. It is your 1st transaction of the month. So the calculation is as follows
For the 1st 5K: you get 5000/200*2 = 50 points
Rs. 5001 - 10,000: you get (10000-5000)/200*3 = 75 points
Rs. 10,001 - 20,000: you get (20000-10000)/200*4 = 200 points
Rs. 20,001 - 40,000: you get (40000-20000)/200*5 = 500 points
Above Rs. 40,000: you get (55000-40000)/200*6 = 450 points
Total points for your 1st transaction of 55K = 50 + 75 + 200 + 500 + 450 = 1275 points = (1275*0.35) rupees = 446.25 rupees = 0.81% return


Case 2:
You pay your 55K CC bill. It is your 2nd transaction of the month. Previously you did a transaction of 40K. Total transaction value for the month is 95K. So the calculation is as follows
For the 1st 5K: you get 5000/200*2 = 50 points
Rs. 5001 - 10,000: you get (10000-5000)/200*3 = 75 points
Rs. 10,001 - 20,000: you get (20000-10000)/200*4 = 200 points
Rs. 20,001 - 40,000: you get (40000-20000)/200*5 = 500 points
Above Rs. 40,000: you get (95000-40000)/200*6 = 1650 points
Total points for 95K = 50 + 75 + 200 + 500 + 1650 = 2475 points
Previously you did a transaction of 40 K. For that you got 50+75+200+500 = 825 points
So for your 2nd transaction of 55K you will get 2475-825 = 1650 points = 577.5 rupees = 1.05% return if you consider just the 55K transaction
And if you consider the total transaction value for the month you get 2475 points = 866.25 rupees = 0.91% return

I hope this clarifies what I meant here: https://www.technofino.in/community...d-0-93-and-hdfc-1-debit-card.4373/post-103701

 

[jack333]

Great bro thanks for clarification. So even if we make first transaction of 50k it will be calculated through all slabs below it also just like income tax and bank saving interest.
It's definitely better than reward rate on pioneer debit card

 

[jack333]

But there is capping on maximum in exclusive card while there is no capping on pioneer debit card