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.

 

[CC-Muncher]

most of the time buying when they give 10% discount offer.

Seriously! When they give discount isn't the mrp increased and then given off?

If not then you are lucky and making the bucks

 

[thegame]

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.

just to confirm -- have you received the rewards as 1% Amazon Pay Balance as part of your monthly statement i.e. added to Amazon Pay balance? as there is no cashback on Gold purchase which was confirmed by customer care and as well my personal experience some 4-5 months.. also the same is in their T&C

https://www.amazon.in/cbcc/marketpage?utm_source=icicibank&utm_medium=website&utm_campaign=CCAmazonpayICICI

 

[federer.reddevil]

just to confirm -- have you received the rewards as 1% Amazon Pay Balance as part of your monthly statement i.e. added to Amazon Pay balance? as there is no cashback on Gold purchase which was confirmed by customer care and as well my personal experience some 4-5 months.. also the same is in their T&C
View attachment 16766

https://www.amazon.in/cbcc/marketpage?utm_source=icicibank&utm_medium=website&utm_campaign=CCAmazonpayICICI

Yup I got when I bought from Kalyan Jewellers

 

[codenerd]

just to confirm -- have you received the rewards as 1% Amazon Pay Balance as part of your monthly statement i.e. added to Amazon Pay balance? as there is no cashback on Gold purchase which was confirmed by customer care and as well my personal experience some 4-5 months.. also the same is in their T&C
View attachment 16766

https://www.amazon.in/cbcc/marketpage?utm_source=icicibank&utm_medium=website&utm_campaign=CCAmazonpayICICI

Yes i got it when i used at showroom of Joyallukkas as regular amazon pay balance

 

[hks789]

I want to buy jewellery in next week. Which card can be use in combination for high value transaction.
A pay card
ICICI platinum
Axis Flipkart
Sbi SimplyClick
Hdfc moneyback+

No cashback for Axis cards on Jewellery purchases

 

[phagocyte536]

Used Infinia to buy lot of gold during my wedding last year. Sweet 3.33% flat.

 

[CC-Muncher]

Used Infinia to buy lot of gold during my wedding last year. Sweet 3.33% flat.

This akshaytritiya got flat 3k off on 50k and above gold purchase (for any hdfc card) + 3.3% (for infinia)

 

[ronakshah]

I read it somewhere that Tata neu infinity card gives 5% cashback on jewellery purchase from Tanishq both online and offline. I haven't tried it yet.

 

[CC-Muncher]

I read it somewhere that Tata neu infinity card gives 5% cashback on jewellery purchase from Tanishq both online and offline. I haven't tried it yet.

even if it gives 5%, offline Tanishq charges making charges even for coins (around 4%) and if you want to sell it back they will cut GST + 3% extra.

complete loss.

 

[wolfdalalstreet]

I purchased jewelery worth 1 Lakh rupees at Tanishq just a few days before Akshay Tritiya. I paid using Tata Neu Infinity. I received a flat 5000 rupees cashback in Tata Neucoins when the statement got generated. 5% on jewelry is a great deal imo.

 

[phagocyte536]

I purchased jewelery worth 1 Lakh rupees at Tanishq just a few days before Akshay Tritiya. I paid using Tata Neu Infinity. I received a flat 5000 rupees cashback in Tata Neucoins when the statement got generated. 5% on jewelry is a great deal imo.

I think this is the most rewarding, unless you have Magnus of course

 

[ccrnc]

I think this is the most rewarding, unless you have Magnus of course

Does Magnus give regular 12pts/200 on offline jewelry? Or do you mean just for the monthly milestone?

 

[kkk]

Does Magnus give regular 12pts/200 on offline jewelry? Or do you mean just for the monthly milestone?

It gives regular 12 pts / 200 and it's eligible for monthly milestone as well.

 

[phagocyte536]

Does Magnus give regular 12pts/200 on offline jewelry? Or do you mean just for the monthly milestone?

Both the benefits are on. If you can plan well, you can get 5X rewards too through GV

 

[avi_devdhar]

I used Axis magnus 1L for milestone and rest on Diners club black for gold purchase, 3.3% flat.

 

[G M]

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.

hello, Are u referring to the below card?

IndusInd Bank Visa Signature Debit Card with Rewards & Lots More

Apply for anIndusInd Bank Visa Signature Debit Card and experience benefits with every transaction. Get complimentary lounge access, INR 5,000 in XtraSmiles Points, and robust insurance benefits.

www.indusind.com

i can see that the fee is 5000 as joining and annual fee 1500. are these non negotiable?

 

[Dr. Drake]

Seriously! When they give discount isn't the mrp increased and then given off?

If not then you are lucky and making the bucks

I have bought more than 80-100gms gold from online sites from Jul 22, so I think i put some weight here. Even with inflated rates you can make atleast 70-260rs/gm profit after cc discounts.

You can now sell this for cash or exchange it for jewellery. I have a family jeweller where I offloaded most of my jewellery for cash, and Malabar is our go-to jeweler for anything fancy. There exchange rates correspond to bullion rates.

Just to put things in perspective, I will give you an example I bought 2gm BRPL bar last week costed me 5823/gm after discount. If I exchange for cash I can get 6020/gm & if I exchange for jewellery rate is 6121/gm for same (rate for last wednesday)

PS - To anyone who have big purchase lined up try accumulating gold coins/bars each month & exchange those while buying jewellery you will make the best of both

 

[Ashish Jha]

I got 5% via Tata Neu Infinity CC

 

[federer.reddevil]

I have bought more than 80-100gms gold from online sites from Jul 22, so I think i put some weight here. Even with inflated rates you can make atleast 70-260rs/gm profit after cc discounts.

You can now sell this for cash or exchange it for jewellery. I have a family jeweller where I offloaded most of my jewellery for cash, and Malabar is our go-to jeweler for anything fancy. There exchange rates correspond to bullion rates.

Just to put things in perspective, I will give you an example I bought 2gm BRPL bar last week costed me 5823/gm after discount. If I exchange for cash I can get 6020/gm & if I exchange for jewellery rate is 6121/gm for same (rate for last wednesday)

PS - To anyone who have big purchase lined up try accumulating gold coins/bars each month & exchange those while buying jewellery you will make the best of both

From where you got gold for 5823/gm can you tell the process

 

[G M]

hello, Are u referring to the below card?

IndusInd Bank Visa Signature Debit Card with Rewards & Lots More

Apply for anIndusInd Bank Visa Signature Debit Card and experience benefits with every transaction. Get complimentary lounge access, INR 5,000 in XtraSmiles Points, and robust insurance benefits.

www.indusind.com

i can see that the fee is 5000 as joining and annual fee 1500. are these non negotiable?

Can anyone confirm?