Using Credit Cards to Purchase a Car – A Smart Way to Save More (Detailed Guide)

[ccdc]

Indian MR points -> US MR Points conversation (1 Indian MR = approx 0.6 US MR)
22,00,000 Indian MR = 13,20,000 US MR
Now, Charles Schwab Amex Platinum Card holders can convert their MR points to real cash in their Charles Schwab brokerage account at the rate of 1 MR = 1.1 cent
So,
13,20,000 MR = 13,20,000 X 1.1 cent = 14,52,000 cent / 100 US dollar = $14,520
Now,
as per 2023 exchange rate, 1 USD was approx 83 INR
so 14520 USD = 12,05,160 INR


But I haven't done this 😈

if this is true...then i bet very very few ppl can do this since it involves us card and us brokerage account.....but few ppl can try this thanks to me..😛


plus i think any1 trf money from us to india in any way...it'll also involve tax aspect...

 

[TechnoFinoTechnoFino is verified member.]

if this is true...then i bet very very few ppl can do this since it involves us card and us brokerage account.....but few ppl can try this thanks to me..😛

This is 100% true man 😁






1 Million MR points can be converted at 10,000 MR = $110, then its will changed to 10,000 MR = $80

 

[TechnoFinoTechnoFino is verified member.]

plus i think any1 trf money from us to india in any way...it'll also involve tax aspect...

Indian government tax you on your global income, so all tax paid money.

 

[ccdc]

Indian government tax you on your global income, so all tax paid money.

yes so 12L what you got ....we have to reduce atleast avg tax of 20%-25%...since that individual will have other incomes as well...so 12L - 25% = 9L

 

[TechnoFinoTechnoFino is verified member.]

yes so 12L what you got ....we have to reduce atleast avg tax of 20%-25%...since that individual will have other incomes as well...so 12L - 25% = 9L

I can't comment on this part 😐

 

[abhiaj_geek]

Indian MR points -> US MR Points conversation (1 Indian MR = approx 0.6 US MR)
22,00,000 Indian MR = 13,20,000 US MR
Now, Charles Schwab Amex Platinum Card holders can convert their MR points to real cash in their Charles Schwab brokerage account at the rate of 1 MR = 1.1 cent
So,
13,20,000 MR = 13,20,000 X 1.1 cent = 14,52,000 cent / 100 US dollar = $14,520
Now,
as per 2023 exchange rate, 1 USD was approx 83 INR
so 14520 USD = 12,05,160 INR


But I haven't done this 😈

So this is what Godhood looks like.

Meanwhile us mortals are stuck on infinia vs epm.

This is crazy. I think some of us can actually arrange this setup.

 

[abhiaj_geek]

if this is true...then i bet very very few ppl can do this since it involves us card and us brokerage account.....but few ppl can try this thanks to me..😛


plus i think any1 trf money from us to india in any way...it'll also involve tax aspect...

Not really.

Easy to have a US bank account with hsbc.
Easy to have a US broker account. I have 2.
I think for the US cc one may need a US address, but can be arranged.
Edit: My bad, I have no idea how difficult it is to get this cc. So this is probably the bottleneck step.

What a hack. Makes me wanna shift every spend to Amex ecosystem

 

[rounakbhowmik]

 

[tssrao04]

Try to negotiate the fee down to 0.5%, and absolutely avoid paying more than 1%.

When we bought a car back in 2023, we negotiated and made the convenience fee down to zero.

 

[tssrao04]

This helps you maximize rewards across your portfolio.

If I remember correctly, we made payment using 5+ credit cards.

 

[ccdc]

Not really.

Easy to have a US bank account with hsbc.
Easy to have a US broker account. I have 2.
I think for the US cc one may need a US address, but can be arranged.
Edit: My bad, I have no idea how difficult it is to get this cc. So this is probably the bottleneck step.

What a hack. Makes me wanna shift every spend to Amex ecosystem

dont worry...trump is coming out with a nw rule that will ban this setup....