Buying GOLD/Jewellery from Credit Card

[codenerd]

Hi all,
Some of you may not have an idea about buying gold/jewellery via credit cards. I myself didnt have much idea until I purchased myself.

So recently I purchased jewellery from a big retail jeweller and swiped my cards at their POS machine. Following are the cards I used:
AMEX Smart Earn CC - Got 1 MR point/50rs without capping
AMEX Gold Charge Card - Got 1 MR point/50rs without capping
Indusind Visa Signature Debit Card - Got 125 points on spending 10K
Amazon ICICI Apay CC - Straight 1% cashback to amazon pay wallet

The point of this post is that there are many cards which dont give any reward points on buying gold/silver or any jewellery or atleast they mention that way in their T&C. I used the above cards at their physical store (not online purchase) and got all the due rewards without any issue.

Bonus Tip: Then added the above equivalent amount to Mobikwik Xtra and earned 12% p. a until my bill payment date. That way I kind of earned more money/value out of this transaction/strategy.

Another Bonus Tip: Paid all credit card dues a week before the due date (enjoyed 12%interest p.a until then without any issue!!!) via CRED via DEBIT CARD.
Since I used IndusInd Visa Signature Debit Card (Indus Partner Account. Neither Select, nor Exclusive), I got 3K points which is equivalent to around 1050rs cash redemption.
Basically if you pay your CC bill using Cred by your IndusInd Visa Signature Debit Card, you kind of get 1050rs per 1 lakh bill payment roughly per month per card.

 

[federer.reddevil]

I always buy using Amazon Pay Credit Card which gives 1% cashback

 

[codenerd]

I always buy using Amazon Pay Credit Card which gives 1% cashback

I think Axis Ace card gives 2% flat offline spend cashback but gold and jewellery is not included in that. Correct me if I am wrong.

 

[federer.reddevil]

Since Axis Ace is paid I dont have it so not sure about that but Flipkart Axis I saw has Jewellery in excluded list

 

[pprakash11]

I think Axis Ace card gives 2% flat offline spend cashback but gold and jewellery is not included in that. Correct me if I am wrong.

Right. Gold excluded.

 

[rkg]

I think Axis Ace card gives 2% flat offline spend cashback but gold and jewellery is not included in that. Correct me if I am wrong.

Axis ace 2% cashback on jewellery was discontinued from October 22. I have got it prior to that.

HDFC does not exclude jewellery from reward points. I have got the regular reward points on my infinia in the month of February 23. No capping. Used it offline.

Even standard chartered also has no caps on jewellery purchases AFAIK

 

[R!ppEr]

Saw bangalor refinery platinum bars on Amazon and wondering if one should buy those for long term perspective using the Amazon shopping vouchers. Will platinum be a good investment though? 🤔

 

[Gabbar]

I want to buy jewellery in next week. Which card can be use in combination for high value transaction.
A pay card
ICICI platinum
Axis Flipkart
Sbi SimplyClick
Hdfc moneyback+

 

[CC-Muncher]

I use infinia which gives 3.3% reward rate

 

[federer.reddevil]

I want to buy jewellery in next week. Which card can be use in combination for high value transaction.
A pay card
ICICI platinum
Axis Flipkart
Sbi SimplyClick
Hdfc moneyback+

Amazon Pay gives 1% cashback I used it dont know whether Flipkart gives 1.5% for gold jewellery

 

[a_tease]

Saw bangalor refinery platinum bars on Amazon and wondering if one should buy those for long term perspective using the Amazon shopping vouchers. Will platinum be a good investment though? 🤔

I had the same question, like buying and keeping 2-4gms of gold each month via credit card. Will there be any challenges while selling ?

 

[pprakash11]

I want to buy jewellery in next week. Which card can be use in combination for high value transaction.
A pay card
ICICI platinum
Axis Flipkart
Sbi SimplyClick
Hdfc moneyback+

Use Amazon Pay ICICI Card

Amazon Pay gives 1% cashback I used it dont know whether Flipkart gives 1.5% for gold jewellery

Flipkart Axis excluded from 1.5% on gold

 

[purush]

who said its not a right idea. Most of the online gold coin buying happened thruough credit card and getting the discounts.

 

[CC-Muncher]

Online coins are costlier than offline ones. Eventually you have to sell it offline and that will hit your profit margins

who said its not a right idea. Most of the online gold coin buying happened thruough credit card and getting the discounts.

 

[purush]

Online coins are costlier than offline ones. Eventually you have to sell it offline and that will hit your profit margins

most of the time buying when they give 10% discount offer.

 

[chenrichy]

I got points in Tata Neu Infinity Card by swiping in POS machine

 

[codenerd]

Amazon Pay gives 1% cashback I used it dont know whether Flipkart gives 1.5% for gold jewellery

I agree. I myself used it and got flat 1% CB. Then transferred that same amount to Mobikwik Xtra to get 12% p.a, until the bill date and earned interest. Then paid the bill via Indusind Debit card and got around 0.93% cashback of around Rs.1100!
I also used AMEX cards and earned points for jewellery purchase!

 

[iAmPm]

So we have 2 cards so far other than super premium category:
Apay and Tata neu

 

[codenerd]

So we have 2 cards so far other than super premium category:
Apay and Tata neu

Use Indusind Legend also. On weekend it will give you 1.5% cashback as per calculation.

 

[chenrichy]

Use Indusind Legend also. On weekend it will give you 1.5% cashback as per calculation.

Is Legend giving rewards for Gold Transactions?