Card suggestion for 3 lakh monthly Insurance spend

[Virgo]

Hi all, I have monthly insurance spends of 3 lakh (3 policies with 1 lakh premium) besides my other household expenses. I hold Axis Magnus, Amex Plat Charge, SC Ultimate and Diners Black (besides others). Previously, I used to buy Amazon Pay GV from multiple places (Amazon itself, Amex Rewards Multiplier, Axis Grab Deals, SBI Yono Gyftr etc) to pay for my insurance premiums spread across various cardsI hold.

However, over a period of time, most of the avenues to buy Amazon Pay GVs have stopped or imposed restrictions. Last couple of months, i am loading payzapp via SC Ultimate and paying my premiums. Unfortunately, the voucher redemption options for Ultimate have deteriorated over the last 3-4 months (no Big basket or MMT or Croma vouchers available now).

Hence my request for suggestions for a new credit card which allows points for insurance spends. I know Magnus allows points for insurance spends of 1 lakh. But where to put my spends after 1 lakh of Magnus? Does Axis Atlas or Reserve make sense for insurance spends? Any restrictions on these cards for insurance?

Thanks in advance.

 

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Any suggestions guys

After 1lac on Magnus card try use reserve card the fee u can get rewards easily if u r having this much expense in an year

 

[Virgo]

You know that ULIP are money making policy for agents not you. Never buy Ulips

I agree if your investment horizon is short say 5-10 years. I had a long one of 15 years. With that in mind, ULIPs will perform better than MFs

 

[Virgo]

Also amazon has stopped accepting credit card for insurances premium, you might have to pay directly. Hdfc millennia gives 1%

I didn’t know that. Had paid premium through Amazon using credit card couple of months. Though I did notice at that time that MCC had changed to Amazon Insurance. Did not realise that they have now stopped accepting credit card for insurance payments. I will also check and confirm.

 

[Virgo]

@Virgo Is it possible to split your transactions in 1L components? Also in that case do you have magnus. I saw the following image shared in another forum. Check if it helps you.

Thanks. Both facts are true for me, I think I mentioned those in my initial query also. I do hold Magnus and my insurance premiums are 1 lakh each for 3 policies.

But Magnus will be rewarding till spend of 1 lakh only. Which card to use after that? I have putting the spends on SC Ultimate but as I mentioned it is not very good in terms of redemptions.

I was wanting to check about Reserve or Atlas or any other card. Do both of those also give points on insurance and is there a capping? Like Magnus has a capping of 6000 points.

 

[saucy]

++ can also think about getting more magnus cards on family member names -- in case the travel etc benefits are your cup of tea.

 

[Virgo]

After 1lac on Magnus card try use reserve card the fee u can get rewards easily if u r having this much expense in an year

Thanks. This is what I was wanting to confirm. So there is no monthly capping currently on insurance spends via Reserve? Though another community member did mention earlier there is no capping and he has that in writing but just wanting to be doubly sure.

 

[Copycat]

Thanks. Both facts are true for me, I think I mentioned those in my initial query also. I do hold Magnus and my insurance premiums are 1 lakh each for 3 policies.

But Magnus will be rewarding till spend of 1 lakh only. Which card to use after that? I have putting the spends on SC Ultimate but as I mentioned it is not very good in terms of redemptions.

I was wanting to check about Reserve or Atlas or any other card. Do both of those also give points on insurance and is there a capping? Like Magnus has a capping of 6000 points.

The capping is per transaction for Magnus not per month. You will still get regular ER. I would suggest multiple Magnus cards so you also get the milestone benefit on each.

You can also get a Reserve card

Thanks. This is what I was wanting to confirm. So there is no monthly capping currently on insurance spends via Reserve? Though another community member did mention earlier there is no capping and he has that in writing but just wanting to be doubly sure.

No capping

 

[churn]

Thanks. Both facts are true for me, I think I mentioned those in my initial query also. I do hold Magnus and my insurance premiums are 1 lakh each for 3 policies.

But Magnus will be rewarding till spend of 1 lakh only. Which card to use after that? I have putting the spends on SC Ultimate but as I mentioned it is not very good in terms of redemptions.

I was wanting to check about Reserve or Atlas or any other card. Do both of those also give points on insurance and is there a capping? Like Magnus has a capping of 6000 points.

Magnus capping is per transaction. Not per month as mentioned above. Kindly recheck that once more. In that case, you can split payments. Also if you are having Forex spends, Reserve is a good idea. If not, you can look at Atlas and meet the milestones.

 

[gabu]

I agree if your investment horizon is short say 5-10 years. I had a long one of 15 years. With that in mind, ULIPs will perform better than MFs

Not true. Even in long term mf are more beneficial. You pay high per year managing fees with ulip each time you pay the amount. Agent commission + fund charges are dedcuted each time. In mutual fund only fund charges are there.
Also one can switch mf based on performance while with ulip only exit is possible that too with fees.

 

[arko]

Not true. Even in long term mf are more beneficial. You pay high per year managing fees with ulip each time you pay the amount. Agent commission + fund charges are dedcuted each time. In mutual fund only fund charges are there.
Also one can switch mf based on performance while with ulip only exit is possible that too with fees.

@Virgo In ulip you can change for free after some years but ulip are like regular mf schemes.
some axis bank guys wanted to sell me ulips and they miss-sell by saying they are tax free return which is not. So better invest in nifty 50 index and plain term insurance of 1-5 cr. I saw the calculation table of ulip they take 30 % from the first premium and give to agent. So 30000 for 1 lakh policy is already in minus. how can you beat the index if you are down first year by 30%.

Long-term capital gains (LTCG) tax will be applicable on ULIPs like the tax on all equity-oriented investments. Also, tax shall be paid (in the case of long-term capital gains (LTCG) at 10%

 

[sheru]

I agree if your investment horizon is short say 5-10 years. I had a long one of 15 years. With that in mind, ULIPs will perform better than MFs

Being a financial planner myself, i can say that ULIP won't beat returns of mutual fund even in long term like 15-20-25yrs.

Not true. Even in long term mf are more beneficial. You pay high per year managing fees with ulip each time you pay the amount. Agent commission + fund charges are dedcuted each time. In mutual fund only fund charges are there.
Also one can switch mf based on performance while with ulip only exit is possible that too with fees.

You're right.
Insurance investment products have lot more managing fees + agent commission.


Term Plan + Health Insurance + MF is the best combo in long term for anyone.

 

[Virgo]

Thanks all for the insights on ULIPs. ULIPs have now been taxed but were tax free prior to 2021 which is when I entered. Considering I am in highest tax bracket (including surcharge applicability), the returns looked attractive for me.

In any case I am already committed as I have subscribed to these ULIPs and will see it through

 

[rogerthat]

Also amazon has stopped accepting credit card for insurances premium, you might have to pay directly. Hdfc millennia gives 1%

You can't pay insurance premiums on Amazon Pay using credit cards? Even ICICI APay card is not accepted? That's surprising! There was no communication to that effect! I can't check myself as I do not have any premiums coming up.

Can this be officially confirmed? If true this is a devastating devaluation, probably the biggest ever.

 

[Copycat]

You can't pay insurance premiums on Amazon Pay using credit cards? Even ICICI APay card is not accepted? That's surprising! There was no communication to that effect! I can't check myself as I do not have any premiums coming up.

Can this be officially confirmed? If true this is a devastating devaluation, probably the biggest ever.

Insurance Premium Payments - Amazon Customer Service

Frequently asked questions about Insurance Premium Payments through Amazon. To view the below information in your preferred regional language, click the link: English, हिन्दी (Hindi), தமிழ் (Tamil), తెలుగు (Telugu), ಕನ್ನಡ (Kannada), മലയാളം (Malayalam), मराठी (Marathi), বাংলা (Bengali).

www.amazon.in

"Due to internal guidelines, credit cards cannot be used to pay the insurance premium bills"

I notice they said "internal guidelines" not RBI guidelines which makes it seem like an attempt by someone who wants to sabotage their own business. Personally, I think it's an idiotic decision.

You can pay with APay instead by using your credit card to buy an APay voucher. Even that is not suitable for larger premiums due to the cap on using a CC to buy APay vouchers: https://www.technofino.in/community...e-does-it-depends-on-account.8529/post-134623 & https://www.amazon.in/gp/help/customer/display.html?nodeId=GMEPD5NLAENJEC9H

Maybe we should all write to jeff@amazon.com to complain

 

[rogerthat]

Insurance Premium Payments - Amazon Customer Service

Frequently asked questions about Insurance Premium Payments through Amazon. To view the below information in your preferred regional language, click the link: English, हिन्दी (Hindi), தமிழ் (Tamil), తెలుగు (Telugu), ಕನ್ನಡ (Kannada), മലയാളം (Malayalam), मराठी (Marathi), বাংলা (Bengali).

www.amazon.in

"Due to internal guidelines, credit cards cannot be used to pay the insurance premium bills"

I notice they said "internal guidelines" not RBI guidelines which makes it seem like an attempt by someone who wants to sabotage their own business. Personally, I think it's an idiotic decision.

Maybe we should all write to jeff@amazon.com to complain

Damn. A great attraction of the APay card was the flat 2% return on insurance premiums. These guys are shooting themselves in the foot. Moving over to Magnus anyway from the next premium.

 

[srikant]

I too want a high-limit card. I have one annual premium of 4.2 lakhs that unfortunately I need to pay all at once. I have a PNB Platinum, a HDFC Moneyback, a BoB Easy, an IDFC Millenia. I've applied ICICI Platinum. Max limit so far is 1.5L.

I've currently begun accounts with Equitas -- and I'm considering applying for IDBI's Royale too.

Bank Bazaar seems to be willing to get me an RBL Savemax or a YES FinBooster with 5L limit -- but often what we actually end up getting is lower, right? And the cards otherwise seem unattractive, though at least LTF.

 

[federer.reddevil]

I too want a high-limit card. I have one annual premium of 4.2 lakhs that unfortunately I need to pay all at once. I have a PNB Platinum, a HDFC Moneyback, a BoB Easy, an IDFC Millenia. I've applied ICICI Platinum. Max limit so far is 1.5L.

I've currently begun accounts with Equitas -- and I'm considering applying for IDBI's Royale too.

Bank Bazaar seems to be willing to get me an RBL Savemax or a YES FinBooster with 5L limit -- but often what we actually end up getting is lower, right? And the cards otherwise seem unattractive, though at least LTF.

Try Kotak they are giving CC with good limit and LE every 6 months

 

[srikant]

Try Kotak they are giving CC with good limit and LE every 6 months

Thanks - in that case, I'd perhaps like to consider the LTF 811 or the Indian Oil RuPay credit card (has a manageable spend of 50k, and can be used with UPI to easily meet the minimum spend). The thing is, unless the limit actually exceeds at least 4 L, the minimum spend will be difficult to meet. My policy permits a before-due payment of 25k a month, but the whole point is to delay payment to earn interest 🙂

 

[srikant]

Try Kotak they are giving CC with good limit and LE every 6 months

I applied for the Urbane Gold card. The 811 DreamDifferent card is against FD, so I didn't opt for it. Urbane has a 15k minimum spend, which is quite manageable (indeed, once in a while, the fee of 199 plus taxes too isn't that big a deal) also seems to be available in RuPay -- and Kotak seems to have UPI tie-up too.

I saw a youtube 'unboxing' showing 3L limit for Urbane, so high limits seem possible for it, despite otherwise being entry-level. I'm generally not much of a reward freak (now don't expel me!).

 

[federer.reddevil]

I applied for the Urbane Gold card. The 811 DreamDifferent card is against FD, so I didn't opt for it. Urbane has a 15k minimum spend, which is quite manageable (indeed, once in a while, the fee of 199 plus taxes too isn't that big a deal) also seems to be available in RuPay -- and Kotak seems to have UPI tie-up too.

I saw a youtube 'unboxing' showing 3L limit for Urbane, so high limits seem possible for it, despite otherwise being entry-level. I'm generally not much of a reward freak (now don't expel me!).

The good news about Kotak is they give good LE on a consistent basis