Suggest good ways to spend 25000 on Magnus

[jitesh129_]

Hi,

I have already spent 75k on magnus in this month and 25k is still remaining to be spent for 1 lac total and getting 25k bonus points. Please suggest which are the ways / good vouchers i can add now to use it later like within 6 months.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Hi,

I have already spent 75k on magnus in this month and 25k is still remaining to be spent for 1 lac total and getting 25k bonus points. Please suggest which are the ways / good vouchers i can add now to use it later like within 6 months.

Ideally you shouldn't do overspend just for the sake of monthly milestone, 25k is big amount. but still if you want to , I would suggest to buy 10K amazon pay voucher you can use that for household spend like Electricty , Gas, broadband for next couple of months, and you can buy few Domionos voucher say 2k to 4k depending on your usage, that will give you 10x on gyftr . You can buy view Swiggy Voucher, and rest flipkart or myntra vouchers.

If you dont intend to you use those vouchers , you can sell them on zingjoy if you are ok to lose some value over them.

Also if you have not used grabdeals 10k, then you can buy 4200 Rs worth of Marks and Spencer Clothing for your family ( it has a terrible men clothing but you could find very good clothing for kids and women , plus you can also get addition 1000 off using some coupon code if its your first purchase) through grab deals portal

 

[SiddharthR]

Also consider if you haven't spend that 25k and keep in bank account you can get 3% atleast each month until you need them actually.

How to get 3% each month? 🤔
If you say 3% p.a. then it would be negligible (₹60/month)

 

[jitesh129_]

Whatever we suggest, it will be unnecessary spends for you.

You can try purchase 'Amazon Shopping Voucher' or Tata Cliq or Chroma, if you expecting some spends in next 6 months.

Also consider if you haven't spend that 25k and keep in bank account you can get 3% atleast each month until you need them actually.

Found this in twitter, do pay attention once.

View attachment 9710

Thanks bro... but as my brother's marriage is coming, i have lots of expenses to pay with. like 40to 50k per month for next 6 month... thats why asked for suggestions bro

 

[jitesh129_]

Ideally you shouldn't do overspend just for the sake of monthly milestone, 25k is big amount. but still if you want to , I would suggest to buy 10K amazon pay voucher you can use that for household spend like Electricty , Gas, broadband for next couple of months, and you can buy few Domionos voucher say 2k to 4k depending on your usage, that will give you 10x on gyftr . You can buy view Swiggy Voucher, and rest flipkart or myntra vouchers.

If you dont intend to you use those vouchers , you can sell them on zingjoy if you are ok to lose some value over them.

Also if you have not used grabdeals 10k, then you can buy 4200 Rs worth of Marks and Spencer Clothing for your family ( it has a terrible men clothing but you could find very good clothing for kids and women , plus you can also get addition 1000 off using some coupon code if its your first purchase) through grab deals portal

Honestly bro, i wont spend 25k just for getting bonus points. I have expenses planned, thats why asked for suggestion. and thanks for your valuable feedback. I really appreciate it.

 

[gurbina]

How's this even a thread?

If you had expenses planned then why are you asking here? Since you had them planned surely you know what you could use or need!

Just look through the list of available vouchers and pick the ones that work for you! This is incredibly personal, everyone has different needs, tastes and spending patterns.
It is not like Gyftr has hundreds of pages, probably not even a dozen.... Oh... and what's that?! They're categorized! You don't even have to go dilly-dallying around!

How about some vouchers for financial literacy online classes? They were like 30x-40x!

Or if you don't feel like it, then donate it to a "cause & charity close to your heart". Might be a better choice since you wanna you just wanna spend money:

Up to 1.5% off - Points for Good Instant Offers - Redeem Points for Good Gift Voucher | Axis Bank

Redeem Points for Good Gift Voucher - Exclusive for Axis Bank Customers. Earn up to 1.5% GyFTR Coins & get Extra Discount with Points for Good E-Gift Cards. Easy Checkout with real time delivery via E-Mail & SMS.

www.gyftr.com

It's like people post for the sake of posting. Somehow it reminds of when I go around and I see ads of flats for rent pasted in bus/metro stops with NO contact details or anything else. It is litter, basically.

 

[jitesh129_]

How's this even a thread?

If you had expenses planned then why are you asking here? Since you had them planned surely you know what you could use or need!

Just look through the list of available vouchers and pick the ones that work for you! This is incredibly personal, everyone has different needs, tastes and spending patterns.
It is not like Gyftr has hundreds of pages, probably not even a dozen.... Oh... and what's that?! They're categorized! You don't even have to go dilly-dallying around!

How about some vouchers for financial literacy online classes? They were like 30x-40x!

Or if you don't feel like it, then donate it to a "cause & charity close to your heart". Might be a better choice since you wanna you just wanna spend money:

Up to 1.5% off - Points for Good Instant Offers - Redeem Points for Good Gift Voucher | Axis Bank

Redeem Points for Good Gift Voucher - Exclusive for Axis Bank Customers. Earn up to 1.5% GyFTR Coins & get Extra Discount with Points for Good E-Gift Cards. Easy Checkout with real time delivery via E-Mail & SMS.

www.gyftr.com

It's like people post for the sake of posting. Somehow it reminds of when I go around and I see ads of flats for rent pasted in bus/metro stops with NO contact details or anything else. It is litter, basically.

Don't try to take it out of context. U did not even tried to understand the question.. what can i say to u bro. If u dont like it, its ok...

All of us are here for some good suggestions only and have received some good suggestions here.. I am really thankful to those people.

 

[sagar_keshri]

is the spends done on last day of the month counted under milestone benefits?

 

[SiddharthR]

Ok, corrected. But the point here is unnecessary spends at least banks give 3% p.a what would amazon pay shopping vouchers provide in those 6 months?

View attachment 9713

imo, Nothing bad in spending that ₹25000 now which will be used after 6 months, only if those spends are planned, necessary and completes milestone (which will be lapsed if not spent)
If you don't spend that 25k now, he can lose 5000+300 in cash (or 20000+1200 in Airmiles)
Loss will be ~20% (only milestone cb considered 5000₹ {25k spend})
which will be way more than 1.5% profit in 6 months


Overall it only depends on one's spends hence it's 'Personal' finance.

 

[jitesh129_]

is the spends done on last day of the month counted under milestone benefits?

Yes

 

[BMR]

It’s sad to see so many people getting Magnus not knowing how and where they will spend to reach 1 lac milestone. I got one too, completely knowing that I will not manufacture spends but use it sensibly to maximise regular rp using gyftr and other promos.

If you ask a community , everyone will have their own choices of where they want to spend. Asking “how to spend 25k” makes no sense in my opinion. Go on a small vacation , buy gold , buy gadgets .,., do whatever you want to.

 

[SiddharthR]

“how to spend 25k” makes no sense in my opinion. Go on a small vacation , buy gold , buy gadgets .,., do whatever you want to.

He or anyone else isn't asking for where should I spend...
Anyone/he mean to say that where should they park that cc money for sometime and use it later like in Zingoy GC, Gift vouchers or other brand vouchers, etc

Yours opinion is also somewhat true as he/anyone don't mention where are their monthly spends, where do they want to spend in future or what are planned spends for future, etc

 

[anirban.choudhuryanirban.choudhury is verified member.]

It’s sad to see so many people getting Magnus not knowing how and where they will spend to reach 1 lac milestone. I got one too, completely knowing that I will not manufacture spends but use it sensibly to maximise regular rp using gyftr and other promos.

If you ask a community , everyone will have their own choices of where they want to spend. Asking “how to spend 25k” makes no sense in my opinion. Go on a small vacation , buy gold , buy gadgets .,., do whatever you want to.

I think everyone who has taken magnus, is going to stretch their spends a bit sooner or later, and that is why banks introduce this monthly/spend based milestone. And I think its beneficial both ways, if someone knows that he is going to spend couple of lacs in airfares/hotels in a year, and if he is able to get those planned miles may be by manufacturing around 50 to 60k or even a lakh for a year, then there is still a potential saving of 50%. so no harm in doing that , but yes if there is someone who doesn't spend that much in travel every year, and he is just planning a trip to utilize the earned milestone which he has earned by manufacturing spends then that is what we can call a financial mistake.

But Then there is a small group who have genuine 1 lakh spend every month on credit cards, for those this is a absolute no brainer , but I really wonder 1 lakh spend every month consistently on a credit card is a very very rare group at least in India unless its not commercial usage

 

[jitesh129_]

He or anyone else isn't asking for where should I spend...
Anyone/he mean to say that where should they park that cc money for sometime and use it later like in Zingoy GC, Gift vouchers or other brand vouchers, etc

Yours opinion is also somewhat true as he/anyone don't mention where are their monthly spends, where do they want to spend in future or what are planned spends

Thanks bro and I Have already mentioned .. its for Brother's marriage exp.

 

[jitesh129_]

I think everyone who has taken magnus, is going to stretch their spends a bit sooner or later, and that is why banks introduce this monthly/spend based milestone. And I think its beneficial both ways, if someone knows that he is going to spend couple of lacs in airfares/hotels in a year, and if he is able to get those planned miles may be by manufacturing around 50 to 60k or even a lakh for a year, then there is still a potential saving of 50%. so no harm in doing that , but yes if there is someone who doesn't spend that much in travel every year, and he is just planning a trip to utilize the earned milestone which he has earned by manufacturing spends then that is what we can call a financial mistake.

But Then there is a small group who have genuine 1 lakh spend every month on credit cards, for those this is a absolute no brainer , but I really wonder 1 lakh spend every month consistently on a credit card is a very very rare group at least in India unless its not commercial usage

Aptly said bro... only if we can use credit card in sensible manner, it will be helpful other wise a financial mistake which will be very harmful..

 

[SiddharthR]

Thanks bro and I Have already mentioned .. its for Brother's marriage exp.

But You had not mentioned that in your first post, that's why

 

[jitesh129_]

ok bro

 

[gurbina]

I think everyone who has taken magnus, is going to stretch their spends a bit sooner or later, and that is why banks introduce this monthly/spend based milestone. And I think its beneficial both ways, if someone knows that he is going to spend couple of lacs in airfares/hotels in a year, and if he is able to get those planned miles may be by manufacturing around 50 to 60k or even a lakh for a year, then there is still a potential saving of 50%. so no harm in doing that , but yes if there is someone who doesn't spend that much in travel every year, and he is just planning a trip to utilize the earned milestone which he has earned by manufacturing spends then that is what we can call a financial mistake.

But Then there is a small group who have genuine 1 lakh spend every month on credit cards, for those this is a absolute no brainer , but I really wonder 1 lakh spend every month consistently on a credit card is a very very rare group at least in India unless its not commercial usage

Living in a T1 city exarcebates this. To be fair it is a global inflation and it has been pretty rough for a lot of countries, but somehow I find the situation in our country to be pretty bad despite all the news stating India has done well, we will not get into a recession, yada yada.

Rent is out of control, predatory interest rates, import fees sky high for commonly used or even needed items and materials. (How do you even make money without those items?!)
Taxes, taxes, taxes everywhere. India has one of the most complicated tax systems in the world without any doubt, and needless to say we are overly taxed now. Maybe this is more specific to "middle class" but I reckon many of us fall onto this bucket.
Define middle class? As per news articles everywhere it is households with income of Rs 5 lakh and Rs 30 lakh per annum (silly, such a big range. 5L to 30L it's a HUGE difference).

And don't get me started on how money is being misused by the government everywhere.

In context of credit cards while it's hard to find and analyze the data for credit card interest rates by country (in specific), I used ChatGPT to do it:

• United States: 14.96%
• United Kingdom: 18.9%
• Canada: 19.99%
• Australia: 17.99%
• Japan: 14.6%
• Germany: 12.5%
• France: 14.5%
• Brazil: 7.5%
• China: 18%

Sadly it will not give a larger list and you'd need to start doing it by country.

Here's the answer for India:

The average credit card interest rate in India is around 36-42%.

Hard to find the same data for similar countries but for most of SEA it never went above 30% with many in the 18%-24%. Even Nepal (24-28), Sri Lanka (26-30), Pakistan (28-32) fared much better. For the rest of Asia it tends to be much lower.

I found the same to be true for most loan related products like home, cars, personal loans, etc.

Magnus has a whopping 53% interest rate per year.

You can make your own deductions, at least to me that explains the reward rates.

You could say the rewards are the bank's money but it's probably someone else's debt.

Do not get indebted or spend beyond your means. Those rates are among the highest worldwide.

 

[SiddharthR]

Living in a T1 city exarcebates this. To be fair it is a global inflation and it has been pretty rough for a lot of countries, but somehow I find the situation in our country to be pretty bad despite all the news stating India has done well, we will not get into a recession, yada yada.

Rent is out of control, predatory interest rates, import fees sky high for commonly used or even needed items and materials. (How do you even make money without those items?!)
Taxes, taxes, taxes everywhere. India has one of the most complicated tax systems in the world without any doubt, and needless to say we are overly taxed now. Maybe this is more specific to "middle class" but I reckon many of us fall onto this bucket.
Define middle class? As per news articles everywhere it is households with income of Rs 5 lakh and Rs 30 lakh per annum (silly, such a big range. 5L to 30L it's a HUGE difference).

And don't get me started on how money is being misused by the government everywhere.

In context of credit cards while it's hard to find and analyze the data for credit card interest rates by country (in specific), I used ChatGPT to do it:

Sadly it will not give a larger list and you'd need to start doing it by country.

Here's the answer for India:

Hard to find the same data for similar countries but for most of SEA it never went above 30% with many in the 18%-24%. Even Nepal (24-28), Sri Lanka (26-30), Pakistan (28-32) fared much better. For the rest of Asia it tends to be much lower.

I found the same to be true for most loan related products like home, cars, personal loans, etc.

Magnus has a whopping 53% interest rate per year.

You can make your own deductions, at least to me that explains the reward rates.

You could say the rewards are the bank's money but it's probably someone else's debt.

Do not get indebted or spend beyond your means. Those rates are among the highest worldwide.

Hey @gurbina ,
Below is the data provided by ChatGPT for
Ratio of Interest given on FD and Interest charged for CC?
IN WHICH COUNTRY DO YOU THINK NOW has lowest interest charges on CC? 😅

---

Here is a list of the ratio of interest rates on fixed deposits (FDs) and interest charged on credit cards in some countries as of 2021:

India: FD interest rate - 4-7% p.a., credit card interest rate - 36-48% p.a. (ratio of 1:6 to 1:7)

United States: FD interest rate - 0.05-0.10% p.a., credit card interest rate - 14-24% p.a. (ratio of 1:140 to 1:240)

United Kingdom: FD interest rate - 0.25-1.50% p.a., credit card interest rate - 18-22% p.a. (ratio of 1:72 to 1:88)

Canada: FD interest rate - 0.25-1.75% p.a., credit card interest rate - 19-23% p.a. (ratio of 1:76 to 1:92)

Australia: FD interest rate - 1.25-2.20% p.a., credit card interest rate - 19-24% p.a. (ratio of 1:15 to 1:20)

Japan: FD interest rate - 0.10-0.50% p.a., credit card interest rate - 20-24% p.a. (ratio of 1:200 to 1:240)

Singapore: FD interest rate - 0.30-1.50% p.a., credit card interest rate - 26-28% p.a. (ratio of 1:87 to 1:93)

Hong Kong: FD interest rate - 0.10-0.75% p.a., credit card interest rate - 18-23% p.a. (ratio of 1:180 to 1:230)

Switzerland: FD interest rate - 0.50-1.50% p.a., credit card interest rate - 8-15% p.a. (ratio of 1:16 to 1:30)

New Zealand: FD interest rate - 1.50-2.00% p.a., credit card interest rate - 19-21% p.a. (ratio of 1:13 to 1:14)


Other fellow members,
share your opinions about which can be the most appropriate financial instrument to compare with CC interest ? 😉

 

[gurbina]

Hey @gurbina ,
Below is the data provided by ChatGPT for
Ratio of Interest given on FD and Interest charged for CC?
IN WHICH COUNTRY DO YOU THINK NOW has lowest interest charges on CC? 😅

---

Here is a list of the ratio of interest rates on fixed deposits (FDs) and interest charged on credit cards in some countries as of 2021:

India: FD interest rate - 4-7% p.a., credit card interest rate - 36-48% p.a. (ratio of 1:6 to 1:7)

United States: FD interest rate - 0.05-0.10% p.a., credit card interest rate - 14-24% p.a. (ratio of 1:140 to 1:240)

United Kingdom: FD interest rate - 0.25-1.50% p.a., credit card interest rate - 18-22% p.a. (ratio of 1:72 to 1:88)

Canada: FD interest rate - 0.25-1.75% p.a., credit card interest rate - 19-23% p.a. (ratio of 1:76 to 1:92)

Australia: FD interest rate - 1.25-2.20% p.a., credit card interest rate - 19-24% p.a. (ratio of 1:15 to 1:20)

Japan: FD interest rate - 0.10-0.50% p.a., credit card interest rate - 20-24% p.a. (ratio of 1:200 to 1:240)

Singapore: FD interest rate - 0.30-1.50% p.a., credit card interest rate - 26-28% p.a. (ratio of 1:87 to 1:93)

Hong Kong: FD interest rate - 0.10-0.75% p.a., credit card interest rate - 18-23% p.a. (ratio of 1:180 to 1:230)

Switzerland: FD interest rate - 0.50-1.50% p.a., credit card interest rate - 8-15% p.a. (ratio of 1:16 to 1:30)

New Zealand: FD interest rate - 1.50-2.00% p.a., credit card interest rate - 19-21% p.a. (ratio of 1:13 to 1:14)


Other fellow members,
share your opinions about which can be the most appropriate financial instrument to compare with CC interest ? 😉

Thats an awesome way to see it. I guess it had to be balanced somewhere! I'm still inclined to dislike the interest rates on loans/cards for the average consumer. It is simply predatory! Most loans are the same. Hard to buy a house, car or start a business with those rates and long term you're paying a LOT. I find it really hard to digest the interest rates in home loans but at least it is more on par with other countries.

But if you have the money for FDs it is pretty good! I got talked into it by RM of DBS with some mindblowing returns long term but my skepticism kept me away from it!