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.

 

[kkk]

No problem

Any chance if maybe we can have a separate section for gold maybe in Investments for those who are interested in buying?

+1

 

[kkk]

Amazon is running 10% off upto 750 with ICICI if you want you can buy this also

Bangalore Refinery 24k (999.9) 1 gm Yellow Gold Bar : Amazon.in: Fashion

Bangalore Refinery 24k (999.9) 1 gm Yellow Gold Bar : Amazon.in: Fashion

www.amazon.in

Bought this one as well. thanks bro 🙂

 

[kkk]

I just spoke with axis and enquired abt Magnus card and when I asked if it is giving reward for jewellery or gold purchase he said no and will it be counted for milestone he said no. Am confused

Axis customer care is junk. There is no as such exception for gold.

 

[onlyhg]

Buying gold coin using tata nue gives you 5percent. Cash back

 

[kkk]

Buying gold coin using tata nue gives you 5percent. Cash back

Are you sure about it? I have bought twice but not received any cashback.

 

[onlyhg]

U need to buy on tata nue app..

 

[kkk]

U need to buy on tata nue app..

I bought through tata neu app but I used Tata cliq cash to buy. So may be because of that I didn't get neu coins.

 

[onlyhg]

I used during ipl so also got additional 1500 bonus on completing 15k in 9 orders.

 

[ALOAK]

Bought this one as well. thanks bro 🙂

A

Are you sure about it? I have bought twice but not received any cashback.

It is showing on tatacliq.5%cashback and through cred it is upto 500 cashaback SCREENSHOT ATTACHED.

 

[saucy]

Do not order any gold from Myntra anymore. No deliveries even after 2months. After multiple escalations orders are cancelled

Amazon is running 10% off upto 750 with ICICI if you want you can buy this also

Bangalore Refinery 24k (999.9) 1 gm Yellow Gold Bar : Amazon.in: Fashion

Bangalore Refinery 24k (999.9) 1 gm Yellow Gold Bar : Amazon.in: Fashion

www.amazon.in

Hi have you guys tried selling these in the market?
What are the acceptability rates
How much do you recover?
Do they ask for a gold coin from their own making? I.e Bangalore refinery won't get as much money back?

Also, if you don't sell, where do you store all this gold?

 

[ALOAK]

I think

Hi have you guys tried selling these in the market?
What are the acceptability rates
How much do you recover?
Do they ask for a gold coin from their own making? I.e Bangalore refinery won't get as much money back?

Also, if you don't sell, where do you store all this gold?

I think no one would tell where they would store the gold. But am also curious if the brought gold could be sold in market. When I checked the gold price to buying gold on tatacliq it has difference. Yesterday gold closing was 58440 per 10gms the same 10gm is showing on tatacliq 63000 per 10gm

 

[federer.reddevil]

I think

I think no one would tell where they would store the gold. But am also curious if the brought gold could be sold in market. When I checked the gold price to buying gold on tatacliq it has difference. Yesterday gold closing was 58440 per 10gms the same 10gm is showing on tatacliq 63000 per 10gm

Hi have you guys tried selling these in the market?
What are the acceptability rates
How much do you recover?
Do they ask for a gold coin from their own making? I.e Bangalore refinery won't get as much money back?

Also, if you don't sell, where do you store all this gold?

I think in market it is 22k Gold rate they would put because I asked in Kalyan if I exchange gold what rate they would give for 24k 999 gold coin they said 6020 this is last month so amount would have changed now

But at that time 22k gold was around 5800 dont remember the correct amount. No use buying it in bulk like 10g the best is buying it 1g/2g when they give 10% discount for the same so you get per gram less than 6000rs

Edit: Regarding Bangalore refinery I asked at Kalyan Jewellers and they said that they only look at purity so as long as it is 999 or 999.9 purity there will not be a difference in rate.

 

[Deleted member 9785]

Is gold melted for purity?

Gold coins can be deposited with the government to get 2.5% interest p.a. + no LTCG - https://sbi.co.in/web/personal-bank...ld-banking/revamped-gold-deposit-scheme-r-gds

The only trouble is finding a nearby gold testing center

 

[federer.reddevil]

Is gold melted for purity?

Gold coins can be deposited with the government to get 2.5% interest p.a. + no LTCG - https://sbi.co.in/web/personal-bank...ld-banking/revamped-gold-deposit-scheme-r-gds

The only trouble is finding a nearby gold testing center

You can test gold for free at Kalyan Jewellers thats how I tested our family's old gold

 

[sheru]

Hi have you guys tried selling these in the market?
What are the acceptability rates
How much do you recover?
Do they ask for a gold coin from their own making? I.e Bangalore refinery won't get as much money back?

Also, if you don't sell, where do you store all this gold?

When i asked in my city, these are the points that i noticed -
1. Offline purchse rate for coin is atleast 5% less than online for same purity same kt.
2. Jeweller's buyback rate is 3% lower than selling rate in case of their own coin, 5% in case of outside make. This is for cash. If we exchange for jewellery they give full rate as a discount in bill.
3. So basically, unless you get 10% or more discount for an online coin, you'll make nothing if you sell that coin offline.

 

[kkk]

A

It is showing on tatacliq.5%cashback and through cred it is upto 500 cashaback SCREENSHOT ATTACHED.

That is if you use HDFC tata neu card? Is that correct?

 

[onlyhg]

There are two cashback.. One is gir using tata nue app irrespective of any card used. Which varies from brand to brand..
And if u use hdfc tata nue card on tata nue app you get additional 5percent. Irrespective of any brand on tata nue. Keeping fair usage policy.

 

[onlyhg]

Here is the fair usage policy... I found on hdfc website

 

[kkk]

Currently, I am happy with 10% instant discount with other cards. When this gets stopped then I will switch to Tata Neu.

 

[CC-Muncher]

Currently, I am happy with 10% instant discount with other cards. When this gets stopped then I will switch to Tata Neu.

Not to forget, that 10% cashback is at elevated Gold prices on websites/apps