SBI Cashback Credit Card – 5% Cashback on Tax Payments!

[ccdc]

Are you suggesting that using phonepe UPI way, one can pay tax on Income tax portal?

wallet upi is not allowed

 

[panu24]

wallet upi is not allowed

Thanks. Then I don't understand logic of @s73uresh about maximize.money GC purchase in his post.....

 

[desiviru]

No one can beat HDFC Biz cards. Using BizPower for advance tax payments. 46875 every statement.

6.67% return. Have used SBI cashback and yes it is givng but who knows SBI takes it back in future and we know SBI can go to what extent.

 

[6ix9ine]

No one can beat HDFC Biz cards. Using BizPower for advance tax payments. 46875 every statement.

6.67% return. Have used SBI cashback and yes it is givng but who knows SBI takes it back in future and we know SBI can go to what extent.

Very true, 2 saal baad file open hogi phir deductions honge dabake back date mai 🤣

 

[desiviru]

Very true, 2 saal baad file open hogi phir deductions honge dabake back date mai 🤣

That's why did only one test txn of Rs.1000 and only 50+8.496 at stake.

If tax payment is the need then going with HDFC Biz cards even lowest level is good.

 

[NikhilG]

Don't pay via sbi cashback, they will for sure reverse all government txns later.

 

[s73uresh]

Thanks. Then I don't understand logic of @s73uresh about maximize.money GC purchase in his post.....

maximize.money is a web url where one can purchase gift voucher from many merchants. As mentioned in my earlier post, for phonepe UPI we hardly get benefit, but whenadd the phonepe voucher(purchased from max money portal) we get 3% (5%sbi cb minus 2% convenience charges)on UPI transactions. When we buy AGV, we get 2% in this portal and use it for credit card bill payments where we usually dont get any cb, except we pay using autopay linked to HDFC easypay platinum card or pay using Fi UPI to get 2% cb in the form of Reward points(we can convert this RPs to AGV and again use it for cc bill payments). So in net we get 3% on phonepe UPI payments, 3% on cc bill payments

 

[panu24]

maximize.money is a web url where one can purchase gift voucher from many merchants. As mentioned in my earlier post, for phonepe UPI we hardly get benefit, but whenadd the phonepe voucher(purchased from max money portal) we get 3% (5%sbi cb minus 2% convenience charges)on UPI transactions. When we buy AGV, we get 2% in this portal and use it for credit card bill payments where we usually dont get any cb, except we pay using autopay linked to HDFC easypay platinum card or pay using Fi UPI to get 2% cb in the form of Reward points(we can convert this RPs to AGV and again use it for cc bill payments). So in net we get 3% on phonepe UPI payments, 3% on cc bill payments

How is this relevant in this incometax topic??

 

[nh124001]

maximize.money is a web url where one can purchase gift voucher from many merchants. As mentioned in my earlier post, for phonepe UPI we hardly get benefit, but whenadd the phonepe voucher(purchased from max money portal) we get 3% (5%sbi cb minus 2% convenience charges)on UPI transactions. When we buy AGV, we get 2% in this portal and use it for credit card bill payments where we usually dont get any cb, except we pay using autopay linked to HDFC easypay platinum card or pay using Fi UPI to get 2% cb in the form of Reward points(we can convert this RPs to AGV and again use it for cc bill payments). So in net we get 3% on phonepe UPI payments, 3% on cc bill payments

bhai!! yeh agv se cc bill payment kaise kar rahe hoo??

 

[nikhilv0303]

maximize.money is a web url where one can purchase gift voucher from many merchants. As mentioned in my earlier post, for phonepe UPI we hardly get benefit, but whenadd the phonepe voucher(purchased from max money portal) we get 3% (5%sbi cb minus 2% convenience charges)on UPI transactions. When we buy AGV, we get 2% in this portal and use it for credit card bill payments where we usually dont get any cb, except we pay using autopay linked to HDFC easypay platinum card or pay using Fi UPI to get 2% cb in the form of Reward points(we can convert this RPs to AGV and again use it for cc bill payments). So in net we get 3% on phonepe UPI payments, 3% on cc bill payments

Are you saying AGV can be used for CC payment?
Pls help in sharing how?

 

[nikhilv0303]

Any other card other than SBI cashback for Tax payments (except HDFC Biz series)?

 

[nh124001]

Any other card other than SBI cashback for Tax payments (except HDFC Biz series)?

my favourite milestone based cards for travel points

amex mrcc/plat travel, hdfc dcbm, hdfc mb

 

[uvaish]

Paid my tax with SBI Cashback via HDFC Gateway. Recieved 5% CB with around 1% surcharge applicable.

 

[nikhilv0303]

my favourite milestone based cards for travel points

amex mrcc/plat travel, hdfc dcbm, hdfc mb

MRCC can be used for 20k max monthly.. Will try to get Plat travel is Amex starts issuance.
DCBM has 4 lakh milestone with 10k points, right?

 

[NikhilG]

I

Paid my tax with SBI Cashback via HDFC Gateway. Recieved 5% CB with around 1% surcharge applicable.

They will reverse the cashback after one month

 

[tachniki]

I

They will reverse the cashback after one month

For my simplyclick, they reversed points after 8 months.

 

[BhaiyaJi]

For my simplyclick, they reversed points after 8 months.

Yeah its like they wait for us to redeem the points so that they can deduct amount from our credit limit

 

[sam1803]

I

They will reverse the cashback after one month

According to MCC exclusion list, they have not included the income tax mcc in the list. But if they change later we have to check with them. This is not a loophole, we are directly paying at the income tax website and even the mcc and merchant name is clearly visible to them, so if they wanted to not give cashback then they would not have given after txn settlement. We will have to wait and see how it goes.

 

[desiviru]

According to MCC exclusion list, they have not included the income tax mcc in the list. But if they change later we have to check with them. This is not a loophole, we are directly paying at the income tax website and even the mcc and merchant name is clearly visible to them, so if they wanted to not give cashback then they would not have given after txn settlement. We will have to wait and see how it goes.

Get your info. right. SBI Cashback TnC clearly exclude 9399. Most think it is 9311 but many a times you don't get it but on IT portal it is confirmed 9311 always. Some people pay via TPA and they use different MCC.

Exclusion List has this line, Check page number 34 of 49.

Utility transactions identified under MCCs 4900, 4814, 4816, 4899, 9399

Tax payments are identified under 9399/9311.


Whole Terms:

Cashback shall not be earned for following spends/transactions on the card,
- Any purchases at petrol pumps/service stations (MCCs: 5172, 5541, 5542, 5983)
- Balance transfers, Balance Transfer on EMIs
- Cash advances
- Financial charges (e.g., late payment fee, dishonored cheque charges, service fee, transaction
charges etc.)
- Disputed transactions
- Encash
- ATM Withdrawals
- E wallet loading transactions identified under MCCs 6540 and 6541
- Payments towards Rent/property management under MCCs 6513 and 7349
- Jewelry transactions identified under MCCs 5051, 5094, 7631, 5944
- School and Educational Services transactions identified under MCCs 5111, 5192, 5942, 5943,
8211, 8220, 8241, 8244, 8249, 8299, 8351
- Utility transactions identified under MCCs 4900, 4814, 4816, 4899, 9399
- Insurance transactions identified under MCCs 5960, 6300, 6381
- Card, Gift, Novelty & Souvenir Shops transactions identified under MCC 5947
- Railways transactions identified under MCCs 4011, 4112


Yes you can fight later by saying 9311 was not in exclusion list. But already many excluded MCC with SBI cashback card are giving 5% cashback like I got on 5051 jewellery. They can take it back always.

 

[NikhilG]

Thing is you will pay additional 1 percent surcharge so could end up in loss if you they reverse the cashback

According to MCC exclusion list, they have not included the income tax mcc in the list. But if they change later we have to check with them. This is not a loophole, we are directly paying at the income tax website and even the mcc and merchant name is clearly visible to them, so if they wanted to not give cashback then they would not have given after txn settlement. We will have to wait and see how it goes.