Digital gold through CC and 13.33% returns

[phildunphy]

SALT (https://app.salt.one/home) is running 10% reward of 300Rs if you buy digital gold of 3000.
They aren’t actively running advertisements, heard chatter on twitter, hence posting it here.

They are funded by same Venture Capital which CheQ is funded.

Plus only platform where you can buy through Credit card (that’s 1.5-3.33% extra reward)

Blended one can get upto 13.33% returns in single transaction of 3000. Not bad







Good for credit card milestones too since MCC is not Wallet/Rent. It’s digital goods and sometimes Utilities depending on payment gateway.

Edit 1: Just checked with Customer support, apparently its open for everyone only post Saturday but seems like they did not fix it on app, so everyone is getting 300Rs for 3000Rs gold.
Post Saturday everyone will see in-app banner etc. But can buy and get reward today itself.

Edit 2: @Pravnz helped realise 2% for CC transactions.
Not recommended unless there is 10% rewards like next 3 days, or if you have Infinia or Reserve/Magnus

 

[roadrunner]

That does not work anymore. I dont think they give rewards for it. But here you go.

LV8Z6T9B

Used your referral - thank you

 

[phildunphy]

Nowhere banner is being shown to me...😐

Now it shows for me when I closed the app from background refresh and then reopened

 

[phildunphy]

Just checked with Customer support, apparently its open for everyone only post Saturday but seems like they did not fix it, so everyone is getting 300Rs for 3000Rs gold.

 

[brightknight]

Just checked with Customer support, apparently its open for everyone only post Saturday but seems like they did not fix it, so everyone is getting 300Rs for 3000Rs gold.

to me it's still not showing.

 

[prc1990]

Can we take the amount back to bank by selling? Delta between buy and sell price?

 

[phildunphy]

Can we take the amount back to bank by selling? Delta between buy and sell price?

Delta will be there, close to 5-6% like any other selling gold spot price. I usually keep it for a month and once it goes on upward trend, sell it. But here even with delta, spot and GST, 10% rewards pretty much keeps well in positive i guess

 

[beingmohit]

Delta will be there, close to 5-6% like any other selling gold spot price. I usually keep it for a month and once it goes on upward trend, sell it. But here even with delta, spot and GST, 10% rewards pretty much keeps well in positive i guess

Do they ask for full KYC for selling? Do you get the money in your bank account, or their wallet?

 

[prc1990]

Delta will be there, close to 5-6% like any other selling gold spot price. I usually keep it for a month and once it goes on upward trend, sell it. But here even with delta, spot and GST, 10% rewards pretty much keeps well in positive i guess

Don't see the offer banner. Does full KYC require?

 

[phildunphy]

Do they ask for full KYC for selling? Do you get the money in your bank account, or their wallet?

Nope I haven’t done KYC, it goes back to bank account through UPI

 

[phildunphy]

Don't see the offer banner. Does full KYC require?

Yeah the official offer starts on Saturday, but it’s already live without banner.
And no KYC required for gold. Just UPI ID needed for sell and buy

 

[prc1990]

Yeah the official offer starts on Saturday, but it’s already live without banner.
And no KYC required for gold. Just UPI ID needed for sell and buy

Will the cashback show during the purchase?

 

[beingmohit]

Yeah the official offer starts on Saturday, but it’s already live without banner.
And no KYC required for gold. Just UPI ID needed for sell and buy

Any idea what is the MCC for this transaction? I want to know if SBI CC would give 5% cashback

 

[Pravnz]

Please note that there are 2% transaction charges for using credit cards

 

[phildunphy]

Please note that there are 2% transaction charges for using credit cards

I bought 3000, paid 3072 including GST in total. Did not realise this part, thanks for the headsup.
Thankfully the 10% extra made it up.

Will add in Edit in the original post

 

[phildunphy]

Any idea what is the MCC for this transaction? I want to know if SBI CC would give 5% cashback

Have not tried with SBI, tried with infinia and Axis, both gave points

 

[phildunphy]

Will the cashback show during the purchase?

Yeah it was instant. 300Rs digital gold was credited

 

[beingmohit]

Yeah it was instant. 300Rs digital gold was credited

Valid only once per user?

 

[beingmohit]

Okay, so I bought gold worth Rs 3000, got a reward of Rs 302 and sold it immediately. The amount I get back is around Rs 81, which amounts to a return of 2.7%, which is not bad.
Do note that if you choose to transfer to a bank account, it takes 4 days. According to them, this is for customer protection!

 

[Walter White]

I bought 3000, paid 3072 including GST in total. Did not realise this part, thanks for the headsup.
Thankfully the 10% extra made it up.

Will add in Edit in the original post

Paid 3106 on Amex. Received regular MR points.

 

[phildunphy]

Okay, so I bought gold worth Rs 3000, got a reward of Rs 302 and sold it immediately. The amount I get back is around Rs 81, which amounts to a return of 2.7%, which is not bad.
Do note that if you choose to transfer to a bank account, it takes 4 days. According to them, this is for customer protection!

I don't recommend instantly redeeming it, wait for a bit, sell price will cover spot and it makes sense. And they run this offer every 2 weeks.
2000Rs for 200 etc