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....

 

[sri_cc]

I have recently bought a brezza. I have negotioated hard on the price & some accessories. So at the end when I mentioned, I'd pay via CC, they didn't even agree at first. Then they said flat 2% irrespective of card.
Then they said
- 1.4% Rupay
- 1.6% Visa/MC
- 1.8% Amex
So first I wanted to test the MCC, but my Amex wasn't getting accepted there. So dropped the idea of paying whole amount using cards.

Then asked them for just 1L, they said that they can do that without any charges, so used SBI CB to pay for 1L (useful for negating next year fees), got 1K CB in the next statement.
Small win.

 

[Tejas]

Purchased a car back in last November. Dealer charged 1% fee overall. Used the following cards for the payment.

Axis Atlas - 17.25 Lacs (35,000 + 10,000 + 5000 Edgemiles)
HDFC Infinia - 3 Lacs (10,000 Points)
IDFC Vistara - 1.67 Lacs (1 Prem. Eco Voucher + ~5000 CV Points)

Overall, ~9% Blended reward rate on the car purchase against a fee of 1% 😎

 

[RAHUL GOYAL]

I have recently bought a brezza. I have negotioated hard on the price & some accessories. So at the end when I mentioned, I'd pay via CC, they didn't even agree at first. Then they said flat 2% irrespective of card.
Then they said
- 1.4% Rupay
- 1.6% Visa/MC
- 1.8% Amex
So first I wanted to test the MCC, but my Amex wasn't getting accepted there. So dropped the idea of paying whole amount using cards.

Then asked them for just 1L, they said that they can do that without any charges, so used SBI CB to pay for 1L (useful for negating next year fees), got 1K CB in the next statement.
Small win.

can we pay vai rupay cc upi without any charges

 

[Saral]

can we pay vai rupay cc upi without any charges

Yes if there QR accepts payment via CC..i have paid 5 lakhs(1lakhs for 5days) as there is upi limit of 1 lakh.No extra charge for us but rewards are also negligible for ot