Paying Car loan with Credit card?

[zoro]

I have booked a new car and will be getting it in next few weeks or so, I was curious to know if there is any way for me to pay the loan EMI using credit card? If yes, then how I am doing this only for the sake of reward points if there is any kind of fees involved or the reward rate is less than the additional fee charged by the platform then I am going to skip this. Also please let me know which card is best suited for this, my monthly EMI might be between 20k to 25k/month.

 

[zoro]

I have booked a new car and will be getting it in next few weeks or so, I was curious to know if there is any way for me to pay the loan EMI using credit card? If yes, then how I am doing this only for the sake of reward points if there is any kind of fees involved or the reward rate is less than the additional fee charged by the platform then I am going to skip this. Also please let me know which card is best suited for this, my monthly EMI might be between 20k to 25k/month.

@Abhishek012 @Wealth is my birth right! @Subhankar @Chaitanya-a will be happy if you can share some light on this topic.

 

[Wealth is my birth right!]

@Abhishek012 @Wealth is my birth right! @Subhankar @Chaitanya-a will be happy if you can share some light on this topic.

Generally all loan EMIs will have a ecs mandate to debit our salary account
We won’t be given options to click a link to pay every month

 

[zoro]

Generally all loan EMIs will have a ecs mandate to debit our salary account
We won’t be given options to click a link to pay every month

yeah even I thought the same, but in the below thread there was written advance payment for loans so I was curious.

Axis Magnus Master List of Exclusions | Guide | Update Date: 9th June, 2023 - 5:30 AM IST

Update Date: 9th June, 2023 - 05:35 AM IST (Added: Foreign Currency Transaction Fees + GST Exclusion) Not able to update post header. REGULAR ER POINTS Sr. No. Type MCC Limitations Source 1 Direct Wallet Loads 6540 https://edgerewards.axisbank.co.in/lms/terms-conditions SCHEDULE A 2...

www.technofino.in

 

[Wealth is my birth right!]

yeah even I thought the same, but in the below thread there was written advance payment for loans so I was curious.

Axis Magnus Master List of Exclusions | Guide | Update Date: 9th June, 2023 - 5:30 AM IST

Update Date: 9th June, 2023 - 05:35 AM IST (Added: Foreign Currency Transaction Fees + GST Exclusion) Not able to update post header. REGULAR ER POINTS Sr. No. Type MCC Limitations Source 1 Direct Wallet Loads 6540 https://edgerewards.axisbank.co.in/lms/terms-conditions SCHEDULE A 2...

www.technofino.in

That advance is like down payment where we pay 10% in a HL and go 90% loan similarly for car loans too

 

[zoro]

That advance is like down payment where we pay 10% in a HL and go 90% loan similarly for car loans too

Understood thanks.

 

[LabrandoT]

Regarding paying your loan EMI with a credit card, it's something I've considered too. While it can be tempting for the reward points, I personally decided against it. I did some research and found that most platforms charge additional fees that often outweigh the reward rate. So, I opted for a direct debit from my bank account instead. It's hassle-free and avoids any extra costs.