Only Premium & Super Premium Cards Discussion

[yashbhavnani]

Hi,

Few of the things that I have been using to reach Axis Magnus milestone, BoB Eterna monthly rewards and RuPay card to bank.

1) Axis Milestone, BoB Eterna and Amex(spend based offers). I use a platform named Falcon Invoices(It's mainly for invoice discounting). Here we gets Invoice discounting deals ranging from 30-180 days which gives return from 10% to 21%. Please note this is a risky platform. I have being using this platform since more than a year. It accepts credit card for investment without any fees. I typically buy a deal of 45 days just after bill generate and pay the bill once the deal is paid out. So, far I have invested > 30lakhs on this platform and so far not faced any issue(This is not investment advice). BoB Eterna card gives 3.75% rewards. And Axis gives normal 12 points / 200 plus it is considered for monthly milestone. Category comes under Miscellaneous.

Axis Magnus statement-

View attachment 16911

BoB Eterna statement -

View attachment 16912

My investment on Falcon -

View attachment 16913

View attachment 16914



2. Rupay CC to bank
While there are many tricks to use Rupay credit card to pay credit card bills. I can give two ways through which we can transfer Rupay credit card amount to Bank
i) There is an app named TradeCred(which is also for Invoice discounting). In this you can add money using UPI. So chose BHIM and add money in their wallet. Once Tradecred wallet is loaded, just transfer it to bank. The whole process takes 2-3 hours as they use NEFT to transfer money from their wallet to bank.
ii) Most of you might be using FI app. You can also add money using UPI in FI. Once you chose UPI then chose BHIM and proceed.

This might not be useful to many. The reason I follow above is I get some reward on paying using Cheq/Paytm etc as well. Rupay CC gives points. Then I use my debit card to pay credit card bill using CHEQ/Paytm. So, I get three rewards -
1) Rupay CC
2) Debit card rewards(like Indus debit card, RBL Signature+, HDFC millenia debit card etc)
3) CHEQ/Paytm/Postpe etc rewards.

FI add money -
View attachment 16918

TradeCred Add money -
View attachment 16919 View attachment 16920


My ITR is >35L, so I have not received any IT notice yet.

Please do let me know your thoughts. Thanks.

This is an amazing find. I think it’s safe to say that this group is going to be a treasure trove of such innovative methods in a very short time.

 

[kkk]

So you are using whole 1 lakh of magnus. No problem from axis side like card blockage due to commercial usage?

So far no notice from them. It's not always 1 lakh. Few times it's 1lkah, 80k, 90k etc.
If they ask for explanation, I have valid reasoning stating it's for investment purpose not commercial usage. NPS doesn't come under commercial usage then why this? Invoice discounting is not a business transaction, it's an investment instrument. If they say it comes under commercial transaction then of course I will have to stop this.

 

[jack333]

What's the average returns you get every month bro?

 

[kkk]

What's the average returns you get every month bro?

So, I normally take 45-50 days deal. Getting 30 day deal is very rare. So on normal months, this is what I get -

Axis Magnus -
Spent - Rs. 1,00,000
Receive - Rs. 1,01,879
Profit - Rs. 1879(pre tax)
Points received
31k edge points

BoB Eterna -
Spent - Rs. 50,000
Receive - Rs. 50,647
Profit - Rs. 647(pre tax)

Points received - 6500 (Equivalent to Rs. 1625)

Total profit - Rs. 4151 + 31k edge reward points(worst redemption will give 6k Amazon voucher but I always use for airlines - Turkish miles and smiles and Krisflyer)

Now on payment on above credit card -
Debit card - RBL Signature+ - Rs. 1000 Amazon voucher.
Debit card - Millenia - Rs. 400 using Mobikwik.
Mobikwik - Rs. 100 as Fullpay promocode
Cheq - 1000 CHEQ Points (Rs. 500 Amazon voucher)

So overall on spend of Rs. 1,50,000 I get
1) Rs. 4151 as cash
2) 31k edge reward points
3) Rs. 1500 Amazon voucher
4) Rs. 100 in mobikwik wallet

Some months to achieve Amex spend based rewards, I transact more as well.

 

[xxScriptzxx]

Load to fi does not work anymore. It used to work earlier. Thanks for the great post

 

[kkk]

Load to fi does not work anymore. It used to work earlier. Thanks for the great post

Got it. It worked until last month. Have not tried this month.

 

[FinGuru]

Hi,

Few of the things that I have been using to reach Axis Magnus milestone, BoB Eterna monthly rewards and RuPay card to bank.

1) Axis Milestone, BoB Eterna and Amex(spend based offers). I use a platform named Falcon Invoices(It's mainly for invoice discounting). Here we gets Invoice discounting deals ranging from 30-180 days which gives return from 10% to 21%. Please note this is a risky platform. I have being using this platform since more than a year. It accepts credit card for investment without any fees. I typically buy a deal of 45 days just after bill generate and pay the bill once the deal is paid out. So, far I have invested > 30lakhs on this platform and so far not faced any issue(This is not investment advice). BoB Eterna card gives 3.75% rewards. And Axis gives normal 12 points / 200 plus it is considered for monthly milestone. Category comes under Miscellaneous.

Axis Magnus statement-

View attachment 16911

BoB Eterna statement -

View attachment 16912

My investment on Falcon -

View attachment 16913

View attachment 16914



2. Rupay CC to bank
While there are many tricks to use Rupay credit card to pay credit card bills. I can give two ways through which we can transfer Rupay credit card amount to Bank
i) There is an app named TradeCred(which is also for Invoice discounting). In this you can add money using UPI. So chose BHIM and add money in their wallet. Once Tradecred wallet is loaded, just transfer it to bank. The whole process takes 2-3 hours as they use NEFT to transfer money from their wallet to bank.
ii) Most of you might be using FI app. You can also add money using UPI in FI. Once you chose UPI then chose BHIM and proceed.

This might not be useful to many. The reason I follow above is I get some reward on paying using Cheq/Paytm etc as well. Rupay CC gives points. Then I use my debit card to pay credit card bill using CHEQ/Paytm. So, I get three rewards -
1) Rupay CC
2) Debit card rewards(like Indus debit card, RBL Signature+, HDFC millenia debit card etc)
3) CHEQ/Paytm/Postpe etc rewards.

FI add money -
View attachment 16918

TradeCred Add money -
View attachment 16919 View attachment 16920


My ITR is >35L, so I have not received any IT notice yet.

Please do let me know your thoughts. Thanks.

This is a great find. The platform solves the working capital problem of many vendors. As a financial professional and regular P2P investor, I understand the risks involved. However, these guys never put all your eggs in one basket; they diversify the money one lends to them across 100s of vendors. So over a 45-day period, risks are not very high in terms of drawdown (although present)..Risks can be mitigated but can never be avoided. Great find buddy. Keep it up.

 

[xxScriptzxx]

Got it. It worked until last month. Have not tried this month.

Can you also share the trade cred app link, could not find it

 

[phagocyte536]

Can you also share the trade cred app link, could not find it

TradeCred

www.tradecred.com

 

[kkk]

This is a great find. The platform solves the working capital problem of many vendors. As a financial professional and regular P2P investor, I understand the risks involved. However, these guys never put all your eggs in one basket; they diversify the money one lends to them across 100s of vendors. So over a 45-day period, risks are not very high in terms of drawdown (although present)..Risks can be mitigated but can never be avoided. Great find buddy. Keep it up.

This is not same as P2P. They don't follow same funda as divide your capital and distribute. It will go to one SME.

let me give brief description of Invoice discounting -

Suppose I own a company AB Bottles. Now Coco cola wants to order 1crore bottles(order of Rs. 5 crore amount) for their final production and they choose AB Bottles for that. Now I(AB Bottles) might not have that amount to process the order and typically Coco cola will not pay full payment in advance. Most of the companies will pay full payment after order is delivered. AB Bottles being smaller company, they might not have that capital with them but they don't want to lose this order. In order to fulfill the order they sell their invoice at a discount ranging from 10-20%. Before only HNI and bank were able to buy their invoices but now there are lot of platform(Tradecred, Kredx, Jiraaf, Falcon etc) which buckets amount from various investors and buys their invoices.

Risk - If Coco cola is unsatisfied with the order then they will cancel the order leading to full capital loss. Read about Kredx, there are 2-3 cases where investors money was fully gone. So, this is not like P2P.

Please read and watch more video regarding Invoice discounting if you are looking this as investment. For credit card rewards, you don't need to understand much. just know that your whole capital can go for a toss.

I started invoice discounting as an investment not for credit card rewards. My first platform was TradeCred which I used. After lot of exploration came to know about Falcon and I switched to this platform as it allows investment through Credit card without any extra charges.

 

[D7162]

So if it's under online shopping, I think IndusInd pinnacle also should fetch 2.5% reward points

Invoice discounting is great concept, i am looking to join as business to get working capital and already signed up with couple of them, waiting for contact from their side. If anyone here already signed up, will need guidance from them

 

[pgarg24]

Nice share about invoice discounting.

I heard about it 2 years ago and found some platforms at the time but in reviews for those platforms would see someone saying that they lost the investment (only one bad review is also enough to scare).. the good thing about falcon I saw was even one/two star reviews on google play were complaining about the app UI but not one negative feedback about investment, so seems like a geniune and better platform atleast.. need to do more research but initial impression was good.

Again, thanks @kkk for sharing info about this platform too.

 

[jack333]

This is not same as P2P. They don't follow same funda as divide your capital and distribute. It will go to one SME.

let me give brief description of Invoice discounting -

Suppose I own a company AB Bottles. Now Coco cola wants to order 1crore bottles(order of Rs. 5 crore amount) for their final production and they choose AB Bottles for that. Now I(AB Bottles) might not have that amount to process the order and typically Coco cola will not pay full payment in advance. Most of the companies will pay full payment after order is delivered. AB Bottles being smaller company, they might not have that capital with them but they don't want to lose this order. In order to fulfill the order they sell their invoice at a discount ranging from 10-20%. Before only HNI and bank were able to buy their invoices but now there are lot of platform(Tradecred, Kredx, Jiraaf, Falcon etc) which buckets amount from various investors and buys their invoices.

Risk - If Coco cola is unsatisfied with the order then they will cancel the order leading to full capital loss. Read about Kredx, there are 2-3 cases where investors money was fully gone. So, this is not like P2P.

Please read and watch more video regarding Invoice discounting if you are looking this as investment. For credit card rewards, you don't need to understand much. just know that your whole capital can go for a toss.

I started invoice discounting as an investment not for credit card rewards. My first platform was TradeCred which I used. After lot of exploration came to know about Falcon and I switched to this platform as it allows investment through Credit card without any extra charges.

If we have to raise a dispute or chargeback with the credit card issuer bank, can it be done after 45-50 days if we don't get our money back?

 

[pgarg24]

If we have to raise a dispute or chargeback with the credit card issuer bank, can it be done after 45-50 days if we don't get our money back?

No, every credit card have 2-3 days during which credit card transaction is under settlement. During this time, you can freeze the transaction with bank by raising a fraud complaint or Cyber crime branch can do so. After 3 days, banks are not responsible.

 

[Deleted member 9785]

i opened an account at Falcon but in current deals it says 0, no deals available

 

[pgarg24]

i opened an account at Falcon but in current deals it says 0, no deals available

I just got a call from Falcon and whatsapp message that new deals are coming at 10:30 AM today.
Deals include ITC,MEIL, Ambuja cements, Jindal Group, Decathlon, Tata 1Mg, Piramal

 

[Deleted member 9785]

I just got a call from Falcon and whatsapp message that new deals are coming at 10:30 AM today.
Deals include ITC,MEIL, Ambuja cements, Jindal Group, Decathlon, Tata 1Mg, Piramal

These are bluechip firms. Will start with small transaction of INR 20-25K

 

[4uziaul]

If we have to raise a dispute or chargeback with the credit card issuer bank, can it be done after 45-50 days if we don't get our money back?

Every bank have their own time frame and it also depends on your card variant. In case of SBI you can dispute any transaction up to 90 days for Visa/Master and Amex for Rupay up to 30 days.

You should check with every bank and also which card you are holding.

 

[kkk]

No, every credit card have 2-3 days during which credit card transaction is under settlement. During this time, you can freeze the transaction with bank by raising a fraud complaint or Cyber crime branch can do so. After 3 days, banks are not responsible.

I have raised dispute after 14 days with Amex against gyftr.

 

[jack333]

Any ideas about axis and bob?