Only Premium & Super Premium Cards Discussion

[RewardsAlert]

This is just my personal opinion about Axis Reserve.
Consider this as a fun/extra topic.

People who go crazy over Reserve card especially with 50k fees are typically luxury benefit seekers.

But reward seekers like me, know that Magnus will suffice more than enough for domestic usage.

Statement 1



Statement 2





Both are statements of this month of different cards.
As you can see this month, I had a cumulative spends of more than 7L with only Axis Magnus.

It's not like that I can't take Reserve, but it doesn't make sense to pay a hefty fee for only some premium membership like ITC, Accor.

Main benefit in Reserve is only 2x on international spends, which are negligible for me.

Later on, I will definitely showcase a case analysis as to how, I was able to accumulate more rewards than Reserve for same spends.
So, my suggestion is, if anyone has upto 2L spends per month, please continue Magnus, don't run after reserve because of FOMO.

After 2/3L only consider Reserve and that too for luxury lifestyle.

If anyone has any queries please feel free to ask.
Thanks

 

[shubhamosy]

impressive, 7L expense per month.
are you rotating money?

 

[RewardsAlert]

impressive, 7L expense per month.
are you rotating money?

No, we can't term it rotation.
And it's not per month.
This month was high due to some unplanned expenses.


But I do use my cards for travel/shopping spends for my family and friends which are generally high value Txns.

Other than that I also use Magnus for my investment goals.

 

[Makkar]

No, we can't term it rotation.
But I do use my cards for travel/shopping spends for my family and friends which are generally high value Txns.

Other than that I also use Magnus for my investments, even for platforms which don't accept cards.

Can you put some light on

using Magnus for my investments

I am just using Magnus for NPS tier-1

 

[CMGCMG is verified member.]

After the reserve RP reversal, discussions about the reserve are less frequent than they used to be. They should bring in more club memberships to the reserve. Infinia Reserve, which is rumored to be coming soon, is getting Taj Epicure.

I wish for there to be another EdgeMiles card at around 20k with better rewards than Atlas and a lower forex charge.

 

[NikTravelEnthusiast]

It's correct. Not only credit cards, but many others things in life should be taken only if needed. Stay away from FOMO.
Great piece if advice by you Sir, @RewardsAlert.

 

[RewardsAlert]

Can you put some light on

I am just using Magnus for NPS tier-1

Regarding investments.

Mainly these categories:

1. Gold for long term from Myntra/Amazon using Gyftr 10x/5x
2. NPS investments
3. Stocks and MF's (Equity)
4. Advance Tax (Not an investment but just for your Info)

 

[FinGuru]

Regarding investments.

Mainly these categories:

1. Gold for long term from Myntra/Amazon using Gyftr 10x/5x
2. NPS investments
3. Stocks and MF's (Equity)
4. Advance Tax (Not an investment but just for your Info)

Hi, How do you invest in stocks and MFs using card?

 

[Theo]

I do think that if the annual spends are more than 40 lacs then Reserve definitely makes sense. The fees of both cards get waived. If this includes international spends 3-4 lacs then becomes more compelling. Also for all accelerated spends Reserve is always a better option. After all these is the added benefits/memberships that come along with it. But if you can get a Magnus card in the name if your better half/close relatives then it could be a better option.

 

[Ankur dhanda]

Hi, How do you invest in stocks and MFs using card?

+1
Yes please do share regarding MF and Stocks using Magnus

 

[FinGuru]

+1
Yes please do share regarding MF and Stocks using Magnus

Direct investment is not possible as SEBI mandates that funds only come from the bank account of the person making investments. Now, funds in the bank account can be arranged by using credit cards. I want to see if RA uses the same trick.

 

[It_is_Naruto]

Regarding investments.

Mainly these categories:

1. Gold for long term from Myntra/Amazon using Gyftr 10x/5x
2. NPS investments
3. Stocks and MF's (Equity)
4. Advance Tax (Not an investment but just for your Info)

Gold from Myntra? How and what?

 

[It_is_Naruto]

Regarding investments.

Mainly these categories:

1. Gold for long term from Myntra/Amazon using Gyftr 10x/5x
2. NPS investments
3. Stocks and MF's (Equity)
4. Advance Tax (Not an investment but just for your Info)

and no 3.... such insights are always welcome 🙂

 

[FinGuru]

Gold from Myntra? How and what?

Buy gift vouchers on Gyftr and redeem them for Gold coins and jewellery available on Myntra.

 

[RewardsAlert]

Hi, How do you invest in stocks and MFs using card?

+1
Yes please do share regarding MF and Stocks using Magnus

Actually, I use some customised setup specifically designed for this use case.

It is a complex process hence would be too lengthy to explain because it requires some elements which everyone might not have.

But, for a general scenario, I have a plan in mind, that can act as a simplified way for everyone.
Note: Payment gateway charges of around 1.5 - 1.8% will always be there.

Good things take time and so, request you to allow me some time.
Will post an easy to follow procedure for everyone if it works successfully as per my expectations.

 

[It_is_Naruto]

Buy gift vouchers on Gyftr and redeem them for Gold coins and jewellery available on Myntra.

thanks.. didn't think about Myntra like this... It way better than buying coins from Amazon.

 

[RewardsAlert]

Direct investment is not possible as SEBI mandates that funds only come from the bank account of the person making investments. Now, funds in the bank account can be arranged by using credit cards. I want to see if RA uses the same trick.

Yes you are absolutely right about SEBI rule.

No one can override it, and I too have derived that formula keeping this limitation in mind.

It's kind of similar as to what you have stated.
But not entirely same.

 

[RewardsAlert]

thanks.. didn't think about Myntra like this... It way better than buying coins from Amazon.

Yes, but only limitation is that Myntra inflated the prices usually.

So, you have to keep a continuous check on gold prices.
Even popular brands like BRPL and Kalyan become out of stock.

 

[RewardsAlert]

I do think that if the annual spends are more than 40 lacs then Reserve definitely makes sense. The fees of both cards get waived. If this includes international spends 3-4 lacs then becomes more compelling. Also for all accelerated spends Reserve is always a better option. After all these is the added benefits/memberships that come along with it. But if you can get a Magnus card in the name if your better half/close relatives then it could be a better option.

Yes absolutely agreed with you @Theo

Around 40L spend make sense for reserve.
That's why in conclusion of my post I have written only monthly spender of 2+ lacs must think about it.

I am also using 2 Magnus for distributed spends and able to achieve few waiver on both. For minor spends above that, I have added Atlas this month, which might be good enough till 15L.

But your point is valid for someone who can't arrange 2nd Magnus,
In that case Reserve makes sense with sizeable international spends

 

[RewardsAlert]

@RewardsAlert Do you ensure that you do not spend more than 10L on a card to avoid the notice from IT dept or do you file for ITR more than the amount you spend on credit cards?

My primary ITR for 1st Magnus is way above it's eligibility.
So here it's not an issue.

For 2nd Magnus, I perform all my investments in this PAN, which incurs a Capital Gains tax at the end of year and by booking the profit in stocks, I am able to justify the ITR.
Selling is not forcefully to show ITR but only as per market conditions.