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Buying GOLD/Jewellery from Credit Card

codenerd

TF Ace
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.
 
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

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
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
 
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.
 
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.
 
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.
 
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