By any chance we miss this accelerated rewards? Or it will be definitely credited once you use magnus/reserve card for purchase ?
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Hidden way to buy gold at 55% valueback
RewardsAlert
TF Legend
No chance of missing bonus reward.
Gyftr is auto tracked and 100% accurate.
Only grabdeals portal is not reliable.
You can definitely purchase any voucher from Gyftr and rest assured for your points
How to sell these coins? Will any jewellery shop give cash? They usually ask you to buy some other gold ornament
People who are looking to buy GIVA gold coins, do this research before buying them:
1. Does the GIVA gift vouchers work on gold coins on their website. In TnC they have written: "1.Applicable on all jewellery at GIVA Jewellery's website". The most important word here is "all jewellery" and gold coins aren't considered jewellery by all major brands.
2. Does GIVA buyback its own gold coins? There are brands (eg. Mellora) who don't buyback their own gold coin even if it is 24k. If GIVA doesn't buyback their own gold coins, then you would have to sell it to another retailer and the charges would be higher. Second, even if they do buybacks, get the exact price on how do they calculate the buyback amount if buyback is need in cash mode vs exchange.
I had done research on Kalyan, Mellora, Senco and Bangalore Refinery last weekend. Would try to do for GIVA the coming weekend by visiting the store. If any one else already knows about the above, kindly share.
1. Does the GIVA gift vouchers work on gold coins on their website. In TnC they have written: "1.Applicable on all jewellery at GIVA Jewellery's website". The most important word here is "all jewellery" and gold coins aren't considered jewellery by all major brands.
2. Does GIVA buyback its own gold coins? There are brands (eg. Mellora) who don't buyback their own gold coin even if it is 24k. If GIVA doesn't buyback their own gold coins, then you would have to sell it to another retailer and the charges would be higher. Second, even if they do buybacks, get the exact price on how do they calculate the buyback amount if buyback is need in cash mode vs exchange.
I had done research on Kalyan, Mellora, Senco and Bangalore Refinery last weekend. Would try to do for GIVA the coming weekend by visiting the store. If any one else already knows about the above, kindly share.
Can you please share the details and buyback rates of the brands you explored?
I am planning to sell or exchange coins for jewellery at Kalyan.
The coins I have are BRPL and Kalyan Candere
Which one you found to have best resale value? @James2307mr
Try to buy the gold coins of the brand which have a buyback program. Gold shops don't have any incentive in buying the gold coin until and unless you know the owner and do your regular gold shopping from there.
Following are my obeservations on various brands present on Myntra:
1. Kalyan: They have a 0% charge if buyback is in the form of exchange of jewellery and 2% charge if buyback is in the form of cash if the gold coin is from Kalyan itself. For gold coin of other brands, the charges are higher.
2. Mellora: Doesn't do coin buybacks even if it from Mellora. Don't buy this gold coin at any cost.
3. Senco: They have a 0% charge if buyback is in the form of exchange of jewellery and 3-4% charge if buyback is in the form of cash if the gold coin is from Senco itself. For gold coin of other brands, the charges are higher.
4. Bangalore Refinery: Now this is the most unqiue one as it doesn't have its own stores for buyback. I visited 4-5 jewellers that are listed on Bangalore Refinery website and each one of them were only keen on exchange of jewellery. Although they do coin buybacks in form of cash but no one gave me a price for this. These jewellers buy all brand coins.
If anyone can add to this, kindly do.
From my analysis, Kalyan is the best brand for hassle free transactions. The only issue with them is very long delivery time (upto a month) and during that period, the gold coin price might fluctuate leading to two scenarios:
1. Profit: Then I have to do taxes which is tiresome.
2. Loss: Loss is always bad.
1 month delivery is a big concern. As per others, they might cancel the order after few weeks. For monthly magnus purchases, seller cancellations are riskier.
Thinking of buying kalyan vouchers with 5x instead and directly buying coins from kalyan jewellers physical stores.
Those Kalyan vouchers don't work on gold coins. It has been specifically mentioned in terms and conditions.
Those terms are mentioned in Amazon Quicksilver vouchers but are not listed on the Gyftr website.
Will confirm with the store before buying.
RewardsAlert
TF Legend
How will cancellation affect your milestone?
How will cancellation affect your bonus rewards?
You are buying Myntra GV from Gyftr, you have already bought it and added it to Myntra for purchasing.
It can't be reversed to your card as refund, it will stay in Myntra wallet and your milestone will stay unimpacted
RewardsAlert
TF Legend
If cancellation happened in worst case, the refund money in Myntra wallet can again be used to place new order for another gold coin.
Thanks
It wont affect current milestone but it will affect the purchase for next month.
I need to sell/exchange coins for next month bill payment.
Without guaranteed delivery I will keep on adding myntra vouchers, I will end up with a huge myntra credit. At any point myntra can stop wallet redemption for coin purchases. TataCliq did the same(we can bypass it).
Having 1-2L myntra wallet balance without coin redemption option is riskier.
I am ordering coins in batches. After one batch is shipped, I order next
In this context 1 month delivery is a hassle(With chances of cancellation)
Thanks for the effort and research @James2307mr. So far the whole strategy seems to have decent downsides.
One can peacefully execute it if they are fine with buy and hold of physical gold.
One can peacefully execute it if they are fine with buy and hold of physical gold.
RewardsAlert
TF Legend
This explanation seems logical and well versed.
So, the whole point is, it differs from person to person.
In my case, I can afford to have the physical gold as an investment with me even if prices decreased to prevent selling with loss.
I have sufficient cash to pay the card's bill even if it gets cancelled.
The problem for me in particular will be your point 2, if in case Myntra chooses to change t&c for using wallet balance.
In that case, I guess no one can afford to hold such a huge amount in Myntra wallet which is non transferrable. So, to conclude your approach is 100% correct.
One should order only from trusted brands like BRPL and next batch only after first is delivered.
Thanks for stating your opinion. Appreciate it.
5:4.
The whole plan is to fund my Japan trip 😅. If everything goes well, roundtrip flight ticket to Japan will cost me only 15-20k(if I sell coins instantly).
Normal up and down revenue ticket costs 80k+.
For 2 months gold purchase ~2.3L coin purchase.
If this goes for another 2 months, 7-8 days marriot bonvoy stay will also be covered 😉
