Only Premium & Super Premium Cards Discussion

[TheMentalist]

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.

Did you try Pay with Rewards (Twid) option on Snapay?? They offer some CB and Intermiles/Supercoins etc. also for making payments

 

[NikTravelEnthusiast]

Did you try Pay with Rewards (Twid) option on Snapay?? They offer some CB and Intermiles/Supercoins etc. also for making payments

I will check it out. Thans for the info.

 

[S.S.]

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

Can we pay for mf through Amazon pay?

 

[Salvo08]

e kn

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.

Good informative post Nikhil. Which app are you using to do these transactions?

 

[NikTravelEnthusiast]

Good informative post Nikhil. Which app are you using to do these transactions?

Thank you for the compliment.

I am using Mobikwik and Snapay apps.
Mobikwik to load money by Amex card.
And Snapay to transfer it to bank account.
Total 2.5% Charges.

Mobikwik also has an option to transfer to bank. But charges range from 3.5 to 4.5 %.

 

[manishtaneja90]

Thank you for the compliment.

I am using Mobikwik and Snapay apps.
Mobikwik to load money by Amex card.
And Snapay to transfer it to bank account.
Total 2.5% Charges.

Mobikwik also has an option to transfer to bank. But charges range from 3.5 to 4.5 %.

Better use Paytm Fasttag. AMEX--> OLA Money-->Paytm Fastag Recharge-->Paytm Wallet to Bank (Upto 4K each OLA money account)
AMEX--> Mobikwik-->PaytmFastag Recharge-->Paytm Wallet to Bank (Upto 2K each mobikwik Account)

 

[NikTravelEnthusiast]

Better use Paytm Fasttag. AMEX--> OLA Money-->Paytm Fastag Recharge-->Paytm Wallet to Bank (Upto 4K each OLA money account)
AMEX--> Mobikwik-->PaytmFastag Recharge-->Paytm Wallet to Bank (Upto 2K each mobikwik Account)

Thanks for sharing.
So you mentioned that limit is 4 K/ 2K per transaction?

 

[sheru]

Thanks for sharing.
So you mentioned that limit is 4 K/ 2K per transaction?

Limit is 2k per transaction.
But 10k is limit/month for olamoney to PayTM Fasttag.

 

[manishtaneja90]

P

Thanks for sharing.
So you mentioned that limit is 4 K/ 2K per transaction?

Per OLA and MK account. Overall in a month you can recharge Paytm 10K. Take multiple Fastag. Even you can take for two wheelers as well.

 

[S.S.]

Snapay is getting highlighted too much. People who are using it. Please make sure that you can provide proof of transaction if and when axis blocks your er's. Right now the question is not if but when.

 

[D7162]

Snapay is getting highlighted too much. People who are using it. Please make sure that you can provide proof of transaction if and when axis blocks your er's. Right now the question is not if but when.

I started using snapay but only with those cards who either I dont mind if blocked or banks dont mind due to their useless rewards

 

[sourpai]

Better use Paytm Fasttag. AMEX--> OLA Money-->Paytm Fastag Recharge-->Paytm Wallet to Bank (Upto 4K each OLA money account)
AMEX--> Mobikwik-->PaytmFastag Recharge-->Paytm Wallet to Bank (Upto 2K each mobikwik Account)

Are there any additional charges / convenience fees etc. in this flow? Up until adding money to Paytm Fastag?

 

[manishtaneja90]

Are there any additional charges / convenience fees etc. in this flow? Up until adding money to Paytm Fastag?

no

 

[TheMentalist]

Better use Paytm Fasttag. AMEX--> OLA Money-->Paytm Fastag Recharge-->Paytm Wallet to Bank (Upto 4K each OLA money account)
AMEX--> Mobikwik-->PaytmFastag Recharge-->Paytm Wallet to Bank (Upto 2K each mobikwik Account)

Why the 4k limit per Ola money account? Isn't it 10k per month for Ola money mini kyc account?

 

[manishtaneja90]

Why the 4k limit per Ola money account? Isn't it 10k per month for Ola money mini kyc account?

you can do 2 transaction of 2k per ola account for a single Fastag. Same fasttag you can recharge with another ola account with 4K.

 

[D7162]

you can do 2 transaction of 2k per ola account for a single Fastag. Same fasttag you can recharge with another ola account with 4K.

Amex possible ??

 

[NikTravelEnthusiast]

Amex possible ??

Yes

 

[TheMentalist]

you can do 2 transaction of 2k per ola account for a single Fastag. Same fasttag you can recharge with another ola account with 4K.

Is this 2x 2k a monthly limit? specifically for Paytm fastag only?

 

[sheru]

you can do 2 transaction of 2k per ola account for a single Fastag. Same fasttag you can recharge with another ola account with 4K.

I don't think there's such a limit.
I am able to do 5 x 2k transactions for same fastag from same ola money account since 3/4 months.

 

[manishtaneja90]

I don't think there's such a limit.
I am able to do 5 x 2k transactions for same fastag from same ola money account since 3/4 months.

full KYC account?