Only Premium & Super Premium Cards Discussion

[loveshah]

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.

I deleted my original post as I got the idea from the below reply. But thanks for the break up. Really appreciate your efforts and time you spend on educating us about the hidden benefits of the cards. Can you also share where do you burn the points you accumulate and share an anecdote or two about your redemptions? Would be really beneficial for us beginners.

I am also using 2 Magnus for distributed spends and able to achieve few waiver on both.

 

[rj_arora]

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.

Wow, please tell us, bro How do you buy stocks using Magnus. You can create a secret group and put there too, if that is more suitable.

 

[RewardsAlert]

I deleted my original post as I got the idea from the below reply. But thanks for the break up. Really appreciate your efforts and time you spend on educating us about the hidden benefits of the cards. Can you also share where do you burn the points you accumulate and share an anecdote or two about your redemptions? Would be really beneficial for us beginners.

Actually this answer deserves a separate post in itself which will be very long.
In short, If I have to explain about redemptions.
Primarily, I don't travel internationally owing to time and some personal constraints and you can now relate to it that why I have close to nil forex spends.
In addition to it, I sometimes use my rewards to arrange tickets/bookings for someone else or friends.
Now please don't ask how.
My major redemptions are in Vistara as of now domestic.

I am collecting ER for a bigger purpose, which I will disclose while sharing a hack.
Since 2022, travel has increased a lot for us, but only for work and office purposes.
A well planned family travel is yet to happen and I am planning that by July with 6 digit ERs
Will share a travelogue if it happens, but till now haven't taken a full fledged holiday after 2021.

 

[Ankur dhanda]

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.

Hoping it works for you and then eventually for us 😬
Thank you for taking out the time and effort for everyone that your putting in.

 

[BVCBVC is verified member.]

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

But on Myntra coins will be on higher prices compared to Amazon and deliverable locations are very less.

 

[FinGuru]

But on Myntra coins will be on higher prices compared to Amazon and deliverable locations are very less.

Until last week, the prices were comparable and options were abundant.

 

[BVCBVC is verified member.]

Until last week, the prices were comparable and options were abundant.

They have discontinued (out of stocks mentioned) many brands and only Melorra available.

 

[anirban.choudhuryanirban.choudhury is verified member.]

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

You can’t invest in MF and stocks directly from credit card.
Only way possible is rent/transfer it to bank and then use it to buy MF and stocks .
Which doesn’t seem a good way owing to the taxations and service charges at every entry points.
Physical Gold again is not a good investment products at least as of now , SGB’s are better but again only way possible to invest in them would be via rent route which again won’t make much sense.

 

[anirban.choudhuryanirban.choudhury is verified member.]

I am collecting ER for a bigger purpose, which I will disclose while sharing a hack.
Since 2022, travel has increased a lot for us, but only for work and office purposes.
A well planned family travel is yet to happen and I am planning that by July with 6 digit ERs
Will share a travelogue if it happens, but till now haven't taken a full fledged holiday after 2021.

My suggestions would be bro , don’t accumulate ER for bigger planned redemptions . ER’s are Axis properties they can add/remove transfer partners even alter the transfer rates . May be they devalue the transfer rate so badly that even 1 lakh ER would yield 10k miles.
I would suggest to keep burning ER as you earn , mostly whenever it reached 50-60k plan something or best transfer it to Accor and ITC if nothing is planned .

 

[SMGROW]

My suggestions would be bro , don’t accumulate ER for bigger planned redemptions . ER’s are Axis properties they can add/remove transfer partners even alter the transfer rates . May be they devalue the transfer rate so badly that even 1 lakh ER would yield 10k miles.
I would suggest to keep burning ER as you earn , mostly whenever it reached 50-60k plan something or best transfer it to Accor and ITC if nothing is planned .

Agree - Even airlines and hotels have shifted to dynamic pricing which makes it difficult to set points goal for redemption.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Agree - Even airlines and hotels have shifted to dynamic pricing which makes it difficult to set points goal for redemption.

Yeah that’s why I suggested ITC and Accor
ITC GP valued at 1gp = 1 rs
Accor 2000 points = 40 euros

Pretty straightforward

 

[RewardsAlert]

My suggestions would be bro , don’t accumulate ER for bigger planned redemptions . ER’s are Axis properties they can add/remove transfer partners even alter the transfer rates . May be they devalue the transfer rate so badly that even 1 lakh ER would yield 10k miles.
I would suggest to keep burning ER as you earn , mostly whenever it reached 50-60k plan something or best transfer it to Accor and ITC if nothing is planned .

I also agree with your point.

There is no reliability of Axis in terms of value per ER.
Currently, I have accumulated a handsome balance in ER. and planning to burn them within 2-3 months only.

The idea that you have suggested regarding backup plan of transferring to partners is what I am also following.

I usually transfer to Vistara which has a good connectivity from my place as well as tranfer to ITC and Accor.
Mariott, I am planning from Amex and remaining by 60k ITC limit.

So, in my opinion, whoever is planning Mariott must utilise this ITC to Mariott route and can keep points in ITC as a safe deposit.

 

[RewardsAlert]

You can’t invest in MF and stocks directly from credit card.
Only way possible is rent/transfer it to bank and then use it to buy MF and stocks .
Which doesn’t seem a good way owing to the taxations and service charges at every entry points.
Physical Gold again is not a good investment products at least as of now , SGB’s are better but again only way possible to invest in them would be via rent route which again won’t make much sense.

"Physical Gold again is not a good investment products"

I accept that it is not a good option
But if we are getting 10x rewards then too is it not a good option?

@CREDITDATA also specified the calculation of 85% value back in his previous post.

As per his calculation, we can get a valueback of at least 80-85% in terms of Accor.

Even if we pay a premium of 10% for buying gold coin, in terms of making charges and tax then also in worst case, we are getting 70% valueback.

I have read your one post where you have mentioned that you don't spend on credit card to reap rewards and get points.

Your philosophy is to get a credit card based on its looks and design.
So, I am assuming due to this reason, you are not keen on using this option.

However most of the users here, are solely using cards for rewards.

A person like me doesn't even need to use 50 days credit to keep in 12% club and get interest. I solely use any card for valueback.

As an investment perspective, SGB is good and I have some investment in this as well.
Getting 2-3% interest is not bad on gold.

However, when we are getting to reap a bigger benefit from cards then why not?

 

[rj_arora]

My suggestions would be bro , don’t accumulate ER for bigger planned redemptions . ER’s are Axis properties they can add/remove transfer partners even alter the transfer rates . May be they devalue the transfer rate so badly that even 1 lakh ER would yield 10k miles.
I would suggest to keep burning ER as you earn , mostly whenever it reached 50-60k plan something or best transfer it to Accor and ITC if nothing is planned .

So basically keep transferring to partners like CV etc? Any better way to transfer to CV than direct ER to CV points?

 

[rj_arora]

"Physical Gold again is not a good investment products"

I accept that it is not a good option
But if we are getting 10x rewards then too is it not a good option?

@CREDITDATA also specified the calculation of 85% value back in his previous post.

As per his calculation, we can get a valueback of at least 80-85% in terms of Accor.

Even if we pay a premium of 10% for buying gold coin, in terms of making charges and tax then also in worst case, we are getting 70% valueback.

I have read your one post where you have mentioned that you don't spend on credit card to reap rewards and get points.

Your philosophy is to get a credit card based on its looks and design.
So, I am assuming due to this reason, you are not keen on using this option.

However most of the users here, are solely using cards for rewards.

A person like me doesn't even need to use 50 days credit to keep in 12% club and get interest. I solely use any card for valueback.

As an investment perspective, SGB is good and I have some investment in this as well.
Getting 2-3% interest is not bad on gold.

However, when we are getting to reap a bigger benefit from cards then why not?

we are getting 70% valueback - You mean 70% of the whole gold amount as valueback?

 

[thedator]

I agree with @RewardsAlert that it makes sense to buy gold coins if the reward points are good.
There is also another philosphy that I think comes into play - we should have some gold / instruments in hand also - not everything digital. But maybe thats just me.

 

[It_is_Naruto]

Gold coins or Digital gold.. both have their own pros and cons.
I used to buy Digital gold through paytm and later through mobikwik... till they have started charging wallet reload by CC. Currently I am looking for other options to buy Digital gold through CC. Any leads...pls share. If I get to know something I will share here 🙂

 

[FinGuru]

Gold coins or Digital gold.. both have their own pros and cons.
I used to buy Digital gold through paytm and later through mobikwik... till they have started charging wallet reload by CC. Currently I am looking for other options to buy Digital gold through CC. Any leads...pls share. If I get to know something I will share here 🙂

Buy directly from Safegold. Apart from CC, you can use amazon wallet and other wallets.

 

[It_is_Naruto]

Buy directly from Safegold. Apart from CC, you can use amazon wallet and other wallets.

Thanks. Will try this 🙂

 

[It_is_Naruto]

Update:
Gold can bought from Tanishq directly too with CC (I just tried it). It is also backed by Safegold. Not only it can be used for Magnus spends but as a partner it might give 5% cashback on TataNeu Infinity card 🙂

Thanks. Will try this 🙂