the_spectator
TF Buzz
I have the cashback sbi card available with me. I have to pay an yearly insurance premium of nearly 80k in one go. Plz help me to avail the maximum benefit from the card as cashback.
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Help regarding SBI Cashback Card Utilisation
- Thread starter the_spectator
- Start date
Buy Amazon GV and add to ur wallet and pay from there as utility bill but some limit there in a month pls ensure to check
the_spectator
TF Buzz
I have no idea about Amazon GVs. And can I buy 8 * 10000 Gvs in a month? My first time of trying to pay premium through Credit Card. Any first hand experience will be much appreciated.
Noooo u cant buy that big GV in a month with single card.
BTW which all cards you've
Focus on using ACE heard in some forum here that it will yield good till some spend limit; pls search here.
Any ACE users pls provide ur inputs
the_spectator
TF Buzz
But Ace doesn't provided any cb on premium payment. Sbi cashback card provides 1% cb on direct payment BUT I want to utilise the credit cards to the max. Being a newcomer, expert advice is required.
You can buy a maximum of Rs. 15000/- Amazon GV from Yono Gyftr portal at the discount of 1.5%.
So effectively you will pay 14775/- for 15000/- GV.
Considering that you are using SBI CB card, paying 14775/- will give a 5% CB of 738/-
So total benefit would be 225 + 738 = 963/- on 15000/- GV.
Now as per T&C of SBI CB CC, insurance payments are not excluded explicitly from the cashback.
So considering that you pay remaining amount of 65000/- using SBI CB CC, you would get a benefit of 3250/- (5% of 65000).
Amazon does allow insurance premium payment using GV and CC combination.
So in total paying an insurance premium payment of 80K would give you a cumulative saving of 4213/- which would translate to a cumulative reward rate of 5.26%
Hope this helps. Cheers!
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the_spectator
TF Buzz
Thanks a ton for sharing step by step guide for availing/maximizing cb.
Being a newbie regarding payment through credit card, and that also a heavy amount is making me a bit jittery!
Are you sure about 5% CB if premium is paid directly through the card? What I've gathered through various other sources is that cb is 1%.
Because if I get 5% direct cb, I will pay directly from the credit card which anyways will give an effective cb of 4000.
Being a newbie regarding payment through credit card, and that also a heavy amount is making me a bit jittery!
Are you sure about 5% CB if premium is paid directly through the card? What I've gathered through various other sources is that cb is 1%.
Because if I get 5% direct cb, I will pay directly from the credit card which anyways will give an effective cb of 4000.
I am a newbie myself. Learning through fine folks present in the community.
I did an insurance premium payment last month using combination of SBI Cashback Credit Card and Amazon GVs.
I did get 5% CB on the payment of 934/-
Payment description in card statement reads "Amazon India Pvt Ltd Bangalore IN"
Ensure the same is shown in merchant name while putting in the OTP.
FinoGuy
TF Legend
Insurance payment comes under mcc 6300 which is categorised as utilities by sbi. So only 1%, if by chance one gets lucky with different mcc then only hope for 5%(high probability on Amazon)
the_spectator
TF Buzz
Thanks for confirming about the 1% cb on direct payment.
As long as PG shows AMAZON IN sbi CB gives 5% somewhere blind spot either in SBI or Amazon MCC...enjoy till it gets fixed 😎
Fine print of T&C does include MCC 6300 in the utilities category.
What would be the MCC for online payment using Amazon Pay? Does it has a separate MCC which is considered as an online transaction enable the transaction for 5% CB?
Thanks for highlighting this. I got lucky. 😅
Lets wish no amazon backend guy watch this MCC details lol
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