Gold Purchase Using Credit Cards

[skpa]

Hi, Is gold purchase using credit card a good option? Any additional charges we need to pay?

Please suggest best credit card which provide rewards/cashback for gold purchase from below list.

• HDFC Diners Club Black Credit Card
• American Express Smart Earn Credit Card
• IDFC Select Credit Card
• ICICI Coral Credit Card
• Amazon Pay ICICI Bank Credit Card
• Flipkart Axis Bank Credit Card
• Axis Bank Neo Credit Card
• SBI SimplyCLICK Credit Card
• Yes Bank Prosperity Rewards Plus Credit Card
• RBL Paisa On Demand Credit Card
• One Card
• Induslnd Bank Legend Credit Card
• Bank of Baroda Premier Credit Card

 

[spatone]

Hi, Is gold purchase using credit card a good option? Any additional charges we need to pay?

Please suggest best credit card which provide rewards/cashback for gold purchase from below list.

• HDFC Diners Club Black Credit Card
• American Express Smart Earn Credit Card
• IDFC Select Credit Card
• ICICI Coral Credit Card
• Amazon Pay ICICI Bank Credit Card
• Flipkart Axis Bank Credit Card
• Axis Bank Neo Credit Card
• SBI SimplyCLICK Credit Card
• Yes Bank Prosperity Rewards Plus Credit Card
• RBL Paisa On Demand Credit Card
• One Card
• Induslnd Bank Legend Credit Card
• Bank of Baroda Premier Credit Card

Its a good option only when there are 10% discounts going on and you can sell the coins at a profit. To check that use the Malabar App to see the rate at which they are accepting the gold coins and add 3% GST to it. The CC rewards should only be compensation for the hassle you undertake for this exercise. Until and unless you're making a profit on the arbitrage with the 10% discounts, it will never work-out profitable just with the rewards.

 

[BankExpertIndia]

Its a good option only when there are 10% discounts going on and you can sell the coins at a profit. To check that use the Malabar App to see the rate at which they are accepting the gold coins and add 3% GST to it. The CC rewards should only be compensation for the hassle you undertake for this exercise. Until and unless you're making a profit on the arbitrage with the 10% discounts, it will never work-out profitable just with the rewards.

By This Trick... We Are Able To Buy Gold At Gold Rate / Less Than Gold Rate...

 

[Gautham]

Hi, Is gold purchase using credit card a good option? Any additional charges we need to pay?

Please suggest best credit card which provide rewards/cashback for gold purchase from below list.

• HDFC Diners Club Black Credit Card
• American Express Smart Earn Credit Card
• IDFC Select Credit Card
• ICICI Coral Credit Card
• Amazon Pay ICICI Bank Credit Card
• Flipkart Axis Bank Credit Card
• Axis Bank Neo Credit Card
• SBI SimplyCLICK Credit Card
• Yes Bank Prosperity Rewards Plus Credit Card
• RBL Paisa On Demand Credit Card
• One Card
• Induslnd Bank Legend Credit Card
• Bank of Baroda Premier Credit Card

you mean Jewelry purchase in gold shops?

 

[skpa]

you mean Jewelry purchase in gold shops?

Yes, includes that too

 

[Dr. Drake]

Yes, includes that too

For most offline shops they have a SIP type plan where you pay monthly x amount for 11 months & they will top up that x amount in 12month and you can redeem it in 13th month. 80% gold shop charge somewhere between 1.25-2% depending on the location for credit card swipes. You need to find to a jeweller you won't charge you for cc swipe (you mostly have to look for a local one or mostly connect with one where your family is purchasing gold from).

Most of the cc do not provide cashback/reward for jewellery transaction. Ex. -Axis mostly(flipkart, Neo). SBI, one card, legend provides but the reward is less than 1% but still better than zero

 

[Gautham]

For most offline shops they have a SIP type plan where you pay monthly x amount for 11 months & they will top up that x amount in 12month and you can redeem it in 13th month. 80% gold shop charge somewhere between 1.25-2% depending on the location for credit card swipes. You need to find to a jeweller you won't charge you for cc swipe (you mostly have to look for a local one or mostly connect with one where your family is purchasing gold from).

Most of the cc do not provide cashback/reward for jewellery transaction. Ex. -Axis mostly(flipkart, Neo). SBI, one card, legend provides but the reward is less than 1% but still better than zero

I purchased Gold Jewelry for 30,000 with Ace in Tanishq last month. They did not charge any fee for CC swipe. Plus I got 600Rs cashback as per June statement. It should get deposited in my credit card today.

 

[ashwinkashwink is verified member.]

As per RBI guidelines, any merchants are not supposed to pass on card swipe charges to the customer, but many maliciously do.

Yes it's for all types of merchants.

 

[WandereR]

Jewellery purchase using DCB vs Axis Magnus. Thinking of using Magnus for last milestone. Do both give RP? I checked out tnc and doesn't seem to be excluded for either. Can anyone confirm?

 

[thanix]

Jewellery purchase using DCB vs Axis Magnus. Thinking of using Magnus for last milestone. Do both give RP? I checked out tnc and doesn't seem to be excluded for either. Can anyone confirm?

Yes both of them give regular reward points.