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Which card to use for payment for 20 Lacs?

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I need to make a payment of appox 20 Lacs. Payment can be made using different options. I want to get maximum benefit while making payment. Please note that this will be just one single transaction. However, I need to check with merchant if multiple transaction is allowed or not.

Below options are available to me:

1. Net banking - In this case, there are no charges. But, as far as I know, there is no reward point in any bank for netbanking payment.
2. Debit card - There are charges of 1000 rupees in total, But which debit card should I use to get maximum benefit? Also no debit card provide such a higher limit for one single transaction.
3. Credit card - I will have to pay 20,000 rupees in charges. Also this transaction will be reported to Income Tax via AIR (Annual Information Return) by bank which I want to avoid. I have a credit card of IDFC first with limit of 4.9 lacs. Getting 20 Lac limit is another challenge.

Since it will be just one time transaction, if I open any new account or get any new card, I will discontinue it after availing offer.
 
I need to make a payment of appox 20 Lacs. Payment can be made using different options. I want to get maximum benefit while making payment. Please note that this will be just one single transaction. However, I need to check with merchant if multiple transaction is allowed or not.

Below options are available to me:

1. Net banking - In this case, there are no charges. But, as far as I know, there is no reward point in any bank for netbanking payment.
2. Debit card - There are charges of 1000 rupees in total, But which debit card should I use to get maximum benefit? Also no debit card provide such a higher limit for one single transaction.
3. Credit card - I will have to pay 20,000 rupees in charges. Also this transaction will be reported to Income Tax via AIR (Annual Information Return) by bank which I want to avoid. I have a credit card of IDFC first with limit of 4.9 lacs. Getting 20 Lac limit is another challenge.

Since it will be just one time transaction, if I open any new account or get any new card, I will discontinue it after availing offer.
Brother - you have already answered your questions.

Above options will not allow a single transaction of 20 Lacs to go through.

So next best option is to issue a cheque and make the payment.
 
I need to make a payment of appox 20 Lacs. Payment can be made using different options. I want to get maximum benefit while making payment. Please note that this will be just one single transaction. However, I need to check with merchant if multiple transaction is allowed or not.

Below options are available to me:

1. Net banking - In this case, there are no charges. But, as far as I know, there is no reward point in any bank for netbanking payment.
2. Debit card - There are charges of 1000 rupees in total, But which debit card should I use to get maximum benefit? Also no debit card provide such a higher limit for one single transaction.
3. Credit card - I will have to pay 20,000 rupees in charges. Also this transaction will be reported to Income Tax via AIR (Annual Information Return) by bank which I want to avoid. I have a credit card of IDFC first with limit of 4.9 lacs. Getting 20 Lac limit is another challenge.

Since it will be just one time transaction, if I open any new account or get any new card, I will discontinue it after availing offer.
looks like a car purchase to me. bro if you have a cc that can overweight your charges and if you can do partial payments then pay upto 9 lakhs via card and remaining via cheque or cash. Btw whatever you do if you will use 20 lakhs via bank account then it will be reported to income tax department. Don't hide big purchases from IT department, you will get in alot of trouble.

If you want to ignore all the hassle just simply pay in cash.
 
Thanks guys for replying. It is very genuine transaction in white money. But I do not want my name to get highlight in Income tax. Therefore, I think credit card option is not feasible.
But other two options are available.
Is there any bank which provide reward points on netbanking or debit transaction? That too without upper cap.
Is it possible for bank to increase per transaction single day debit card limit? Is there any RBI rule which puts restriction on this limit?
 
Thanks guys for replying. It is very genuine transaction in white money. But I do not want my name to get highlight in Income tax. Therefore, I think credit card option is not feasible.
But other two options are available.
Is there any bank which provide reward points on netbanking or debit transaction? That too without upper cap.
Is it possible for bank to increase per transaction single day debit card limit? Is there any RBI rule which puts restriction on this limit?
Short answer: No bank will give you any reward point on netbanking transaction. You may get some point on debit card transaction.

Long answer:
Banks give you rewards based on the amount of money they earn from you which happens if you make a credit card (~1%-2.5% of transaction value depending on card type) or a debit card (Up to ~1% of transaction value) transaction. A netbanking transaction is an electronic version of cash / cheque transaction. Banks do not make any money there and subsequently do not pay any reward.

I will not be much concerned with coming to IT department's notice if there is a paper trail of the 20 lakhs that you have mentioned. At the worst, you will receive a notice when you file your IT return that you have to declare that you made that transaction and the money was legally owned. I have received and paid more than that amount several times but never received any IT audit beyond a clarification.

Banks have a soft limit on the daily third-party transaction but you can manually change it. The debit card daily max is hard coded and banks will not change it. Banks want to control the maximum benefit they will end up paying you.

Trying to pay 20 lakhs across credit cards may not be very useful. If you are trying to make payment for a car / house / any other types of goods - many seller will try to avoid that processing fee (Up to 2.5% as mentioned earlier) and will try to pass that on to you. You may end up paying up to Rs.50,000/- extra. That will not be worth the reward points you will get.
 
My suggestion would be to use Pioneer or Burgundy debit card or both.
Pioneer Debit Card offers 0.5% reward points, so if you pay 20L using it you will get 10000 RPs minus 1000 charges equals 9000 rupees profit.
Requesting someone else to do calculations for burgundy card as I don’t have much clarity with that.
Also note per transaction limit for pioneer is 10L per transaction and for Burgundy 7.5L. There might be some reward capping but I will have to check.
 
Since it's single transaction, it's bit difficult to get a card which has such high daily and single transaction limit.

You may want to explore HNI banking of well known banks and figure out the debit card which gives reward points as well as limit.

For Axis Burgundy, you get 2 points/₹200 and Axis Burgundy Private, you get 3 points/₹200. Convert those points to airmiles for better value, which has 5:4 ratio.

20L payment using Burgundy private can give you 30,000 points. If transferred to vistara you get 24,000 cv points.

You may also explore gold/platinum charge card from amex which doesn't have any fixed limit. It may allow you to do such high value single transaction.
 
If the single transaction can be broken into multiple transactions then you could probably use a mix of different modes (Net banking/credit card/debit card), depending upon the credit limits.

My suggestions for the cards would be-
1. Axis Magnus - 25k bonus points on spending the first 1L and ~4.8% reward rate on the remaining amount.
2. SC Ultimate - 3.3% flat reward rate.

Further, for making the credit card payment you can use either the Indusind Pioneer Debit Card or the Axis Burgundy Debit Card.
 
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