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Only Premium & Super Premium Cards Discussion

Cheapest way to Transfer to bank via Amex cards( most probably) and earn regular rewards too.

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NikTravelEnthusiast

NikTravelEnthusiast

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This might be know, but I am sharing the best known way(to me) of transfering money to a bank account via Amex cards.

1.Wallet loading gives regular rewards points for Amex cards. But many wallets doesn't support or incur high charges.
2. For paytm I was charged more than 4.5%.Transfering to bank is free, but they will flag the account.
3. Mobikwik wallet loading is free, but transfer to bank account ranges from 3.5 % to 4.5%.
3.Papyzapp doesn't support Amex.
4. I never tried Phonpe, but there also charges are high, I guess.


So, IMO following way we can transfer lowest rate of 2.5%

A.Load mobikwik wallet by Amex. No charges. Limit is 20,000 per transactions.
B.Use Snapay app. Here in T 1+ option you will find an option to pay by wallet( refer screenshot).
C.Once you proceed, select mobikwik option.OTP authentication is required. And your money will be transferred .Charges 2.5%


Advanatages
a. Regular rewards points
b. Counted for milestone
c.Low charges. 2.5%.

P.S. - I am not in a favor of such transcations. Since this might me counted as a fraudelent activity.

Others can suggest better alternatives.

Thank you.
 

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Last edited:
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NikhilTravelLover said:
This might be know, but I am sharing the best known way(to me) of transfering money to a bank account via Amex cards.

1.Wallet loading gives regular rewards points for Amex cards. But many wallets doesn't support or incur high charges.
2. For paytm I was charged more than 4.5%.Transfering to bank is free, but they will flag the account.
3. Mobikwik wallet loading is free, but transfer to bank account ranges from 3.5 % to 4.5%.
3.Papyzapp doesn't support Amex.
4. I never tried Phonpe, but there also charges are high, I guess.


So, IMO following way we can transfer lowest rate of 2.5%

A.Load mobikwik wallet by Amex. No charges. Limit is 20,000 per transactions.
B.Use Snapay app. Here in T 1+ option you will find an option to pay by wallet( refer screenshot).
C.Once you proceed, select mobikwik option.OTP authentication is required. And your money will be transferred .Charges 2.5%


Advanatages
a. Regular rewards points
b. Counted for milestone
c.Low charges. 2.5%.

P.S. - I am not in a favor of such transcations. Since this might me counted as a fraudelent activity.

Others can suggest better alternatives.

Thank you.
Click to expand...
If you have Bajaj UPI wallet, you can transfer Mobikwik amount(after loading from Amex) to any UPI.
You can also load Mobikwik amount in payzapp and transfer to bank(ofcourse 2.5% charge).
 
kkk said:
If you have Bajaj UPI wallet, you can transfer Mobikwik amount(after loading from Amex) to any UPI.
You can also load Mobikwik amount in payzapp and transfer to bank(ofcourse 2.5% charge).
Click to expand...
Thanks for letting me know.I never tried both methods. But looks like Payzapp method will have same impact.No idea about charges of Bajaj UPI wallet.
 
NikhilTravelLover said:
Thanks for letting me know.I never tried both methods. But looks like Payzapp method will have same impact.No idea about charges of Bajaj UPI wallet.
Click to expand...
There is no charges on Bajaj UPI wallet as of now. But you need to have iPhone otherwise 2% charge for loading money in Bajaj Wallet UPI through credit card.

Payzapp method should not have impact as it's same as transferring CC to wallet to Bank.
 
kkk said:
There is no charges on Bajaj UPI wallet as of now. But you need to have iPhone otherwise 2% charge for loading money in Bajaj Wallet UPI through credit card.

Payzapp method should not have impact as it's same as transferring CC to wallet to Bank.
Click to expand...
Need to have ifone?!??!
 
NikhilTravelLover said:
This might be know, but I am sharing the best known way(to me) of transfering money to a bank account via Amex cards.

1.Wallet loading gives regular rewards points for Amex cards. But many wallets doesn't support or incur high charges.
2. For paytm I was charged more than 4.5%.Transfering to bank is free, but they will flag the account.
3. Mobikwik wallet loading is free, but transfer to bank account ranges from 3.5 % to 4.5%.
3.Papyzapp doesn't support Amex.
4. I never tried Phonpe, but there also charges are high, I guess.


So, IMO following way we can transfer lowest rate of 2.5%

A.Load mobikwik wallet by Amex. No charges. Limit is 20,000 per transactions.
B.Use Snapay app. Here in T 1+ option you will find an option to pay by wallet( refer screenshot).
C.Once you proceed, select mobikwik option.OTP authentication is required. And your money will be transferred .Charges 2.5%


Advanatages
a. Regular rewards points
b. Counted for milestone
c.Low charges. 2.5%.

P.S. - I am not in a favor of such transcations. Since this might me counted as a fraudelent activity.

Others can suggest better alternatives.

Thank you.
Click to expand...
By the way Snapay app, you can also use RuPay credit cards on Visa/mastercard section.

When snapay offer 0% upto 5k free transfer or 1% transfer offer, you can use your RuPay credit cards too on 0% Visa/mastercard offer section and pay.
 
Abhishek012 said:
By the way Snapay app, you can also use RuPay credit cards on Visa/mastercard section.

When snapay offer 0% upto 5k free transfer or 1% transfer offer, you can use your RuPay credit cards too on 0% Visa/mastercard offer section and pay.
Click to expand...
I am dying to use rupay cards. PNB wale nind se uth hi nahi rahe hai. Apply karke 2 months ho gaya.


By the way, thanks for the information.
 
Abhishek012 said:
Apply 2nd credit cards - HDFC Tata Neu RuPay and BOB Snapdeal RuPay credit card.
Click to expand...
Sure I will do that.

Purpose here for me is too hit the milestone of Amex Platinum Travel.
Every month I tranfer funds into to my family via UPI. So I thought,instead if I can use Amex, that will solve two purpose.

No doubt Rupay is the best for this. Soon I get Rupay, I will follow your guided methods.
 
NikhilTravelLover said:
This might be know, but I am sharing the best known way(to me) of transfering money to a bank account via Amex cards.

1.Wallet loading gives regular rewards points for Amex cards. But many wallets doesn't support or incur high charges.
2. For paytm I was charged more than 4.5%.Transfering to bank is free, but they will flag the account.
3. Mobikwik wallet loading is free, but transfer to bank account ranges from 3.5 % to 4.5%.
3.Papyzapp doesn't support Amex.
4. I never tried Phonpe, but there also charges are high, I guess.


So, IMO following way we can transfer lowest rate of 2.5%

A.Load mobikwik wallet by Amex. No charges. Limit is 20,000 per transactions.
B.Use Snapay app. Here in T 1+ option you will find an option to pay by wallet( refer screenshot).
C.Once you proceed, select mobikwik option.OTP authentication is required. And your money will be transferred .Charges 2.5%


Advanatages
a. Regular rewards points
b. Counted for milestone
c.Low charges. 2.5%.

P.S. - I am not in a favor of such transcations. Since this might me counted as a fraudelent activity.

Others can suggest better alternatives.

Thank you.
Click to expand...
I see convenience fee being levied while trying to load Mobikwik wallet, even for lower amounts. Can you share how to avoid the charges?
 
sheru said:
Why go such lengths and pay charges then?
You can buy 25k amazon pay voucher from rewards multiplayer, earn 3x regular MR + Milestone benefits. You can easily do 3lacs by doing this.
Use Apay vouchers for property tax, bills, insurance etc etc
Click to expand...
Yes, sure. But I am utilizing other cards for that. EG. Infinia, Magnus. This are my primary cards.

Sole purpose is based on the fact that wallet loading gives rewards points and considered for milestone for Amex. So why not use this 20 K(which anyway I am doing monthly by UPI to family members) by this route. So exploring the idea.
 
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