Please suggest on how to maximize reward points - Buying a car with Credit Cards

[gurubhai]

If the billing is towards month end, dealer may agree for better rates since they have to close the books and show the sale.

This works almost all the time
So timing matters in purchasing vehicles.

 

[bugmenot]

Axis Magnus

Just a wild thought. Do an arrangement with dealer to pay 1L/month along with 2% MDR. Keep something as collateral if agrees to do such kind of EMI without a financial intermediary.

 

[luckymurari]

Just a wild thought. Do an arrangement with dealer to pay 1L/month along with 2% MDR. Keep something as collateral if agrees to do such kind of EMI without a financial intermediary.

That's probably too much effort for a limited value !! collateral is a risky game

 

[luckymurari]

Thank you everyone on suggestions. We finally went ahead and purchased the car mostly on CC (10 LAC on CC and 2.5lac on Bank transfer)


I did the following with the payments:

Things done:

• Took an insurance other than the one provided by Car dealer (Acko-17K vs 36K by dealer. Paid via AU Zetta card) - 20K upfront profit
• Paid 5lac using DCB by giving 2% to the dealer - (10K expense)
• Paid 5lac using Magnus via BharatNxt - (7375 expense )

Things to do:

• Pay the 10lac CC bill using Cheq - 10K Amz Voucher
• Pay to Cheq using ICICI Debit card - 1250 (0.25p per 200)
• Reward points from Diners - 17K points worth INR 17K
• Edge Reward points from Magnus - 30432+25000 = 55432 worth INR 11086 in vouchers or 44K Miles worth 35K INR (Assuming 1Mile = 0.8Rs)

Total Profit = INR 2,625 (Realized) + INR 63,250 (To be realized)

Spent = ~10.34 lac

 

[thedator]

Great. Congrats on the car!
Have fun driving.

 

[luckymurari]

Great. Congrats on the car!
Have fun driving.

Thank you. The car is my dad's. I can still have fun with it though

 

[bugmenot]

Paid 5lac using DCB by giving 2% to the dealer - (10K expense)

Why did you not use bharatnxt for DCB also? Is it not accepting DCB?

 

[anirbanm]

did you have rupay card. ask dealer rupay is free no service charge

Only upto 2000

 

[ujjawal]

Why did you not use bharatnxt for DCB also? Is it not accepting DCB?

Only Visa and Mastercard are accepted as of now.

 

[lhgeek]

Thank you everyone on suggestions. We finally went ahead and purchased the car mostly on CC (10 LAC on CC and 2.5lac on Bank transfer)


I did the following with the payments:

Things done:

• Took an insurance other than the one provided by Car dealer (Acko-17K vs 36K by dealer. Paid via AU Zetta card) - 20K upfront profit
• Paid 5lac using DCB by giving 2% to the dealer - (10K expense)
• Paid 5lac using Magnus via BharatNxt - (7375 expense )

Things to do:

• Pay the 10lac CC bill using Cheq - 10K Amz Voucher
• Pay to Cheq using ICICI Debit card - 1250 (0.25p per 200)
• Reward points from Diners - 17K points worth INR 17K
• Edge Reward points from Magnus - 30432+25000 = 55432 worth INR 11086 in vouchers or 44K Miles worth 35K INR (Assuming 1Mile = 0.8Rs)

Why au zetta for insurance?

 

[luckymurari]

Why did you not use bharatnxt for DCB also? Is it not accepting DCB?

Yes, BharatNxt doesn't accept AMEX or Diners.

 

[luckymurari]

Why au zetta for insurance?

Zetta has some insurance offer running currently and gives better return than others (Others do not even give points on insurance)

 

[Bodhi]

Thank you everyone on suggestions. We finally went ahead and purchased the car mostly on CC (10 LAC on CC and 2.5lac on Bank transfer)


I did the following with the payments:

Things done:

• Took an insurance other than the one provided by Car dealer (Acko-17K vs 36K by dealer. Paid via AU Zetta card) - 20K upfront profit
• Paid 5lac using DCB by giving 2% to the dealer - (10K expense)
• Paid 5lac using Magnus via BharatNxt - (7375 expense )

Things to do:

• Pay the 10lac CC bill using Cheq - 10K Amz Voucher
• Pay to Cheq using ICICI Debit card - 1250 (0.25p per 200)
• Reward points from Diners - 17K points worth INR 17K
• Edge Reward points from Magnus - 30432+25000 = 55432 worth INR 11086 in vouchers or 44K Miles worth 35K INR (Assuming 1Mile = 0.8Rs)

@luckymurari Well done!

And, thank you for sharing all the details.

 

[ak93]

Thank you everyone on suggestions. We finally went ahead and purchased the car mostly on CC (10 LAC on CC and 2.5lac on Bank transfer)


I did the following with the payments:

Things done:

• Took an insurance other than the one provided by Car dealer (Acko-17K vs 36K by dealer. Paid via AU Zetta card) - 20K upfront profit
• Paid 5lac using DCB by giving 2% to the dealer - (10K expense)
• Paid 5lac using Magnus via BharatNxt - (7375 expense )

Things to do:

• Pay the 10lac CC bill using Cheq - 10K Amz Voucher
• Pay to Cheq using ICICI Debit card - 1250 (0.25p per 200)
• Reward points from Diners - 17K points worth INR 17K
• Edge Reward points from Magnus - 30432+25000 = 55432 worth INR 11086 in vouchers or 44K Miles worth 35K INR (Assuming 1Mile = 0.8Rs)

Congrats on getting the car!

I am planning to buy a car as well using credit card and I have the same cards as you!

Any reason for not paying the whole amount with Magnus instead of paying 5L with DCB? Considering a lower reward rate and higher fees?

Also, did you pay 5L at one go using BharatNxt? I read somewhere that there was a cap of 6k points per transaction. Not sure if it was just for insurance or other transactions as well.

 

[CMGCMG is verified member.]

Congrats on getting the car!

I am planning to buy a car as well using credit card and I have the same cards as you!

Any reason for not paying the whole amount with Magnus instead of paying 5L with DCB? Considering a lower reward rate and higher fees?

Also, did you pay 5L at one go using BharatNxt? I read somewhere that there was a cap of 6k points per transaction. Not sure if it was just for insurance or other transactions as well.

cap of 6k points per transaction is for insurance

 

[luckymurari]

Congrats on getting the car!

I am planning to buy a car as well using credit card and I have the same cards as you!

Any reason for not paying the whole amount with Magnus instead of paying 5L with DCB? Considering a lower reward rate and higher fees?

Also, did you pay 5L at one go using BharatNxt? I read somewhere that there was a cap of 6k points per transaction. Not sure if it was just for insurance or other transactions as well.

I did it to split my CC usage. No particular logic behind it.

In BharatNxt I paid it as 2+2+1lac transactions

 

[ak93]

I did it to split my CC usage. No particular logic behind it.

In BharatNxt I paid it as 2+2+1lac transactions

Did you get the RPs immediately?

 

[Deleted member 9785]

I bought car using ACKODRIVE. saved me more then 30k vs retail dealers.

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[NeerajNegi]

I bought car using ACKODRIVE. saved me more then 30k vs retail dealers.

ACKO Drive: Everything Auto! All the news, reviews, prices of your favourite cars and bikes

ACKO Drive is your go-to platform for the latest automobile news, car and bike reviews. Compare prices, check variants, read expert analysis, before buying a new car or bike.

ackodrive.com

Tell me more about the process please i GOT A QUOTE of 14.60L for Skoda ambition 1.0 and accko selling at 14L after all discount

 

[Deleted member 9785]

Tell me more about the process please i GOT A QUOTE of 14.60L for Skoda ambition 1.0 and accko selling at 14L after all discount

go for it