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.

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

 

[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