Buying GOLD/Jewellery from Credit Card

[codenerd]

Hi all,
Some of you may not have an idea about buying gold/jewellery via credit cards. I myself didnt have much idea until I purchased myself.

So recently I purchased jewellery from a big retail jeweller and swiped my cards at their POS machine. Following are the cards I used:
AMEX Smart Earn CC - Got 1 MR point/50rs without capping
AMEX Gold Charge Card - Got 1 MR point/50rs without capping
Indusind Visa Signature Debit Card - Got 125 points on spending 10K
Amazon ICICI Apay CC - Straight 1% cashback to amazon pay wallet

The point of this post is that there are many cards which dont give any reward points on buying gold/silver or any jewellery or atleast they mention that way in their T&C. I used the above cards at their physical store (not online purchase) and got all the due rewards without any issue.

Bonus Tip: Then added the above equivalent amount to Mobikwik Xtra and earned 12% p. a until my bill payment date. That way I kind of earned more money/value out of this transaction/strategy.

Another Bonus Tip: Paid all credit card dues a week before the due date (enjoyed 12%interest p.a until then without any issue!!!) via CRED via DEBIT CARD.
Since I used IndusInd Visa Signature Debit Card (Indus Partner Account. Neither Select, nor Exclusive), I got 3K points which is equivalent to around 1050rs cash redemption.
Basically if you pay your CC bill using Cred by your IndusInd Visa Signature Debit Card, you kind of get 1050rs per 1 lakh bill payment roughly per month per card.

 

[Dexter384]

But when I looking for purchase they charge 3% for credit card and 1.5% for debit card, over and above bill amount for card payment 🤦

 

[Dexter384]

What you go to retail shop for gold purchase with CC?

 

[Random123]

The assured gifts program is again running currently https://www.ajio.com/assured-gifts

And there is 5% discount on all prepaid transactions till midnight today https://www.ajio.com/instant-discount-offer

In case SBI cashback is used, it is coming to 21400 - 1070 = 20330 for 3 gm which is 6777 of 999.9 24 KT gold bars.
ibja rate is ₹ 6627 + 199 = 6826

it is not a big profit but still decent deal for someone interested in long term and using the gifts (thought they are not worth the prices the site mentions)

Hope it helps

 

[Cc_creditguy]

Guyz which bank give rp for jewellery purchase?? Having

One card, ICICI Amazon card , hdfc millinea, yesbank elite , legend, Airtel card, legend,

 

[Rahul Gupta]

Guyz which bank give rp for jewellery purchase?? Having

One card, ICICI Amazon card , hdfc millinea, yesbank elite , legend, Airtel card, legend,

Amazon,millnnia and legend. Don't know about others.

 

[Cc_creditguy]

Amazon,millnnia and legend. Don't know about others.

Which one gives maximum value

 

[Rahul Gupta]

Which one gives maximum value

Millennia till milestone benefit. Otherwise amazon and millnnia are same. Don't use legend its trash.

 

[Daunt]

Which one gives maximum value

1 percent in Amazon (unlimited) & Millenia (upto 1000)

 

[MS R]

Guyz which bank give rp for jewellery purchase?? Having

One card, ICICI Amazon card , hdfc millinea, yesbank elite , legend, Airtel card, legend,

millenia till 1 lakh amazon - no limit , if u want to legend use it on weeked only then 1%

rest not sure

if u had idfc wealth it would have given 2.5% above 30K

 

[Cc_creditguy]

millenia till 1 lakh amazon - no limit , if u want to use ise it on weeked only then 1%

rest not sure

if u had idfc wealth it would have given 2.5% above 30K

My bad not having wealth

 

[Riva]

Hi, so as on today does Amex still give these rewards without capping on gold and gold jewellery?
AMEX Smart Earn CC - Got 1 MR point/50rs without capping
AMEX Gold Charge Card - Got 1 MR point/50rs without capping

If so, how do you buy gold? Swipe the card directly at the shop or have to buy vouchers from RM portal and then use that to pay?

 

[ALOAK]

Hi, so as on today does Amex still give these rewards without capping on gold and gold jewellery?
AMEX Smart Earn CC - Got 1 MR point/50rs without capping
AMEX Gold Charge Card - Got 1 MR point/50rs without capping

If so, how do you buy gold? Swipe the card directly at the shop or have to buy vouchers from RM portal and then use that to pay?

Yes without capping

 

[ALOAK]

Hi, so as on today does Amex still give these rewards without capping on gold and gold jewellery?
AMEX Smart Earn CC - Got 1 MR point/50rs without capping
AMEX Gold Charge Card - Got 1 MR point/50rs without capping

If so, how do you buy gold? Swipe the card directly at the shop or have to buy vouchers from RM portal and then use that to pay?

You can purchase at store or u can also purchase voucher

 

[masumshah59]

Quick question bit urgent -

IDFC Wealth CC would be best for this. Since it is offline purchase.?

10x wala about 20K thing?
Does this have restrictions on rewards capping etc?

Please help

 

[CyberPsych]

1 percent in Amazon (unlimited)

Is this 1% on all other spends category (Millenia)?

 

[MS R]

Quick question bit urgent -

IDFC Wealth CC would be best for this. Since it is offline purchase.?

10x wala about 20K thing?
Does this have restrictions on rewards capping etc?

Please help

no cap .

 

[TheGuy]

DFC Wealth CC would be best for this. Since it is offline purchase.?

its reward rate is abysmal now a days. amex is like 3-6x better than IDFC Wealth.

 

[bigbyte]

Has Amazon Pay ICICI card stopped giving rewards on Gold Purchase transactions?

 

[Sai Ganesh]

Simply to get 2% cashback upto 1000 per month -> Use SC smart cc and pay it online.

The best card for online spends especially where most of the banks excluded categories.

 

[aayusharyan]

I use Amex Plat Travel, it helps in hitting the milestones comparatively easily.