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.

 

[ALOAK]

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

View attachment 57017

It is given in the tnc that u have posted.self explainatory

 

[bigbyte]

It is given in the tnc that u have posted.self explainatory

I wanted to ask that whether it was there since beginning and still we got the CB or it is a new addition in Tnc because We didn't receive any communication regarding update.

 

[navdeep22]

no cap .

Wealth credit card now offer 1 reward point for ₹150 spend. To effective reward rate will be 1.66% for 10X

 

[Alex292929]

I wanted to ask that whether it was there since beginning and still we got the CB or it is a new addition in Tnc because We didn't receive any communication regarding update.

I remember when I bought gold using AP ICICI, It was mentioned in the TnC that no cashback on gold, but I did receive it.
It was back in Oct 23

 

[bigbyte]

I remember when I bought gold using AP ICICI, It was mentioned in the TnC that no cashback on gold, but I did receive it.
It was back in Oct 23

That's what I wanted to know. Somethings continue to work despite mentioned as exclusion. BoB card for e.g.

 

[Pack_of_Cards]

Will platinum be a good investment though? 🤔

Keep the investment to Gold or silver itself keeping in mind the Indian context, don't go with platinum unless you get a very lucrative deal, why I am saying this is because 2 of my friends are in Jewelry business and once I casually asked them why is sales in Platinum Jewelry very less and he told me that Most people except the GenZ (youngsters now a days are purchasing plat. but numbers are still low) prefer gold because of 2 reasons:

1. Platinum Jewelry looks like silver from a distance and that is why people(mostly ladies) do not prefer to wear it becoz you're spending a premium amount on platinum and still end up looking like you wore silver Jewelry.
2. You will have hard time cashing/selling Platinum Jewelry again same reason there are less and very specific people who prefer plat. jewelry and it is more difficult than gold to ensure authenticity and purity of Platinum.

That is the same reason people won't buy white gold despite being costlier than normal gold is that it looks like silver, hard to determine purity/authenticity and it is difficult to resell/encash, but if you are an NRI there is a good market for Platinum as well as White Gold outside India and then you can purchase Platinum if you intent to sell it outside India.

 

[navdeep22]

That's what I wanted to know. Somethings continue to work despite mentioned as exclusion. BoB card for e.g.

Can u elaborate what do you mean by BOB example. What is restricted from bob in document but not in real?

 

[bigbyte]

Can u elaborate what do you mean by BOB example. What is restricted from bob in document but not in real?

Wallet Load for instance.

 

[ALOAK]

I wanted to ask that whether it was there since beginning and still we got the CB or it is a new addition in Tnc because We didn't receive any communication regarding update.

It was not there before

 

[dadofjohnwick]

I used indusind pinnacle cc recently to make payment for GRT monthly payment scheme online.
I got 2.5 RPs per ₹100 spent.

Depending on redemption option, you can extract a good % saving using this card.

Even with cash redemption, we get ₹0.75 per 1 RP; so that's like 1.875% cash saving on jewellery purchase which ain't bad at all.

 

[rasool]

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.

cb will be credited per month or statement cycle (ex ; 16 jan to 16 feb.)

 

[Sai Ganesh]

cb will be credited per month or statement cycle (ex ; 16 jan to 16 feb.)

per month is what they have informed bro in website

Get 2%* cashback on your Online* spends, up to a maximum of Rs 1000 per month.

 

[Deleted member 26954]

Out of 100 Rs, Jeweler will take 17% to 25% extra under various charges and here we are doing Phd on how to save 1 Rs 😀

 

[MrMonkey]

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

View attachment 57017

It still gives 1% unlimited. Did an offline gold purchase on 27 July 2024 and received 1% cashback

 

[bigbyte]

It still gives 1% unlimited. Did an offline gold purchase on 27 July 2024 and received 1% cashback

Very good info.

 

[Alex292929]

It still gives 1% unlimited. Did an offline gold purchase on 27 July 2024 and received 1% cashback

This is what I mentioned above. It was always excluded in the TnC but we still receive it.

I remember when I bought gold using AP ICICI, It was mentioned in the TnC that no cashback on gold, but I did receive it.
It was back in Oct 23

 

[Scool54]

Last month there was monsoon offer on AU credit cards almost 4% back as amazon GV. Used it, waiting for GV.

 

[Hemang]

I only have shitty regalia gold

Uska bhi 0.93% to hoga bhai return offline use me.

 

[suryakamalog]

Hi all, I've been planning to buy gold jewellery for a wedding. Total would be 5 lakh+
I have following cards, apart from ICICI Apay, I guess other cards are not of help here.

1. ICICI Apay - 1% cashback.
2. Axis Flipkart
3. IDFC Select
4. HSBC Platinum
5. ICICI Coral Rupay
6. AU Ixigo

Also, I am planning to get Amex cards. Below are my doubts:

• Which one or ones should I get?
• Would going for trifecta makes sense?
• Does using Amex cards directly in store makes sense (i mean not getting the gyftr vouchers as I'm afarid if the shops would accept it)?

 

[nikhilk21]

Hi all, I've been planning to buy gold jewellery for a wedding. Total would be 5 lakh+

Icici Apay is the best from what you have. Go for Amex 1) after confirming with the shop if they accept Amex cards because most stores don't or they charge excess 1-2% and 2) if you can wait at least 2-3 months to purchase the gold because Amex has this weird rule that you can't purchase gold immediately after getting the card. Some say they had to wait 6 months, some say 3 months. I myself purchased jewellery recently using Amex from my 3 month old card and it went through. So, not sure about the rule.

If both the above points are okay for you, you can apply, Plat Travel would be best as you will get base points + milestone points for 4L spends. DM me for referral if needed.