Best option for wallet reload- PayTM vs Mobikwik

[psycho2711]

Hi all, I am looking to load a wallet app from my amex plat travel, and use that balance for bill payments. I searched on the forum, but everyone is giving different answers so got confused.
Paytm charges 2.35%, but then later the charge increases. Mobikwik charges 2.95%, but there are some cashback offers (Century something), not sure about its charges.
Could someone kindly suggest between these , which is the overall cheaper option considering all charges and cash backs, in the long run? Amount is around 30k.
Thank you all in advance.

 

[asimkumar]

You can use Mobikwik. Charges are 2.95%. Use coupon code century and get 1% cashback in wallet. Net charges are now 1.95%.
Pay your Amex bill using HDFC Debit Card through HDFC bill pay to get another 1% back. Net charges 0.95%.
Also you will 2 MR points on your wallet reload. At Re 0.5 value/MR point, your net charges are zero. Enjoy.

 

[psycho2711]

You can use Mobikwik. Charges are 2.95%. Use coupon code century and get 1% cashback in wallet. Net charges are now 1.95%.
Pay your Amex bill using HDFC Debit Card through HDFC bill pay to get another 1% back. Net charges 0.95%.
Also you will 2 MR points on your wallet reload. At Re 0.5 value/MR point, your net charges are zero. Enjoy.

Thanks a lot for this. I do have the HDFC platinum debit card. Are there any transaction limits for adding to the wallet, or paying bills/bank transfer?
Also, will this percentage remain fixed, or keep changing like payTM?

 

[sadhunath]

Thanks a lot for this. I do have the HDFC platinum debit card. Are there any transaction limits for adding to the wallet, or paying bills/bank transfer?
Also, will this percentage remain fixed, or keep changing like payTM?

Keep in mind that HDFC billpay gives 1% CB only upto 750 INR per month. So, you don't get 1% CB for credit card payments north of 75,000 INR.

 

[psycho2711]

Keep in mind that HDFC billpay gives 1% CB only upto 750 INR per month. So, you don't get 1% CB for credit card payments north of 75,000 INR.

Yes sir, so since I have 30,000 worth of bills, it should work, right?

 

[sadhunath]

Yes sir, so since I have 30,000 worth of bills, it should work, right?

Yes, 30k per month via hdfc bill pay is fine.

 

[abhiver]

just avoid doing Wallet to Bank transfer as it will lead to blocking of the card by these platform.

 

[psycho2711]

just avoid doing Wallet to Bank transfer as it will lead to blocking of the card by these platform.

Is it? So if I load my wallet via amex card, and then transfer that amount to my bank account, my card will get blocked? Is there mentioned somewhere in their terms and conditions...

 

[abhiver]

Is it? So if I load my wallet via amex card, and then transfer that amount to my bank account, my card will get blocked? Is there mentioned somewhere in their terms and conditions...

Your card will be blocked only on Mobikwik. I used IDFC card and it got blocked after 4 transactions. The card is okay to use on other platform.
I am waiting for it to unblocked, may be next month it will get unblocked.

 

[abhiver]

And needless to say Paytm will increase their convivence charge to approximately 4.5% from 2.53%. Also they can put their surveillance bot to stop further adding, specially if they have any cashback going on

 

[psycho2711]

Your card will be blocked only on Mobikwik. I used IDFC card and it got blocked after 4 transactions. The card is okay to use on other platform.
I am waiting for it to unblocked, may be next month it will get unblocked.

Yeah on mobikwik itself, so this can't be a regular thing to use? like adding money via credit card and shifting to bank, what even is the use of transfer feature then. I'm already paying fees while charging with CC.

 

[abhiver]

Agree, welcome to the mysterious world of credit card.

Remember in 2020 and 2021, we have seen so many startups offering / encouraging Rent on Credit Card facility to every one. Every agent use to lure customer with Rent on CC, Lounge Access and wallet load offers of Credit card. Now within 2 year that program break the bank so much that not even they stopped the reward points, but they also start charging extra for these services.

In a very short span of time, benefits become burden for these banks.

 

[Virgo]

Agree, welcome to the mysterious world of credit card.

Remember in 2020 and 2021, we have seen so many startups offering / encouraging Rent on Credit Card facility to every one. Every agent use to lure customer with Rent on CC, Lounge Access and wallet load offers of Credit card. Now within 2 year that program break the bank so much that not even they stopped the reward points, but they also start charging extra for these services.

In a very short span of time, benefits become burden for these banks.

Are you able to use mobikwik wallet to pay credit card bills? It is not showing that as an available option in my MobiKwik account

 

[abhiver]

Are you able to use mobikwik wallet to pay credit card bills? It is not showing that as an available option in my MobiKwik account

No , I am not getting this option also. But I usually try to keep my credit card bill under 75000 per month.

 

[SSV]

Agree, welcome to the mysterious world of credit card.

Remember in 2020 and 2021, we have seen so many startups offering / encouraging Rent on Credit Card facility to every one. Every agent use to lure customer with Rent on CC, Lounge Access and wallet load offers of Credit card. Now within 2 year that program break the bank so much that not even they stopped the reward points, but they also start charging extra for these services.

In a very short span of time, benefits become burden for these banks.

Yes, in short it called luring , and getting hooked into their systems for ease of doing transactions for their benefit..
Everything seems normal

 

[ak1423]

Mobikwik is a dummy app with full of bugs

 

[minhazuddin]

You can use Mobikwik. Charges are 2.95%. Use coupon code century and get 1% cashback in wallet. Net charges are now 1.95%.
Pay your Amex bill using HDFC Debit Card through HDFC bill pay to get another 1% back. Net charges 0.95%.
Also you will 2 MR points on your wallet reload. At Re 0.5 value/MR point, your net charges are zero. Enjoy.

Century promo code has upper limit of 100. so any amount more than 10K is not going to translate into net charge of zero.