Options to achieve credit card spend.

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Deal Cadet
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What are the options available to make a large payment (5L) from credit card to bank account?
Need to achieve a spending target to make card LTF. I don’t mind 1-2% fees.
Is PayMatrix trustable?

34 Comments  |  
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Buy Amazon gv and trade it in dd section for 2% discount

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ddstar wrote:

Buy Amazon gv and trade it in dd section for 2% discount

i find it bit risky… but legal.
other options could be reload the wallet and wallet to bank. both transaction should be under 5%.

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ddstar wrote:

Buy Amazon gv and trade it in dd section for 2% discount

5L amazon gv flushed
muje pata nahi op ka card kya hai, card block ho jayegaa…

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I am guessing it is one of those “infinia/dcb” upgrades given recently by hdfc. I am not sure if T&C allows such wallet transactions as HDFC is known to deny many offers based on their interpretation of T&C not to mention they recently start cracking down on misuse of their cards. Better to just pay insurance premium of all friends/relatives or contact some shopkeeper/factory owner in city to offer bill payment at same discount of 1-2%.
@caks2006407

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ddstar wrote:

Buy Amazon gv and trade it in dd section for 2% discount

The card may get blocked.
The only sensible option I have is a LIC policy. But that has its downsides too.

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I dont know why people take credits cards if they cannot achieve benefits upto the annual cost or take LTF cards.

5L for target doesn’t make sense.

Better close the card for good. Ask the CC cant pay and close. They might give concession.

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Whenever I get a call from CC company, My first Question is it LTF.

Else, Tata Bye Bye Khatam

Even I asked once the same to loan guy will I get 0% interest loan smile smile smile laughing laughing

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guest_999 wrote:

I am guessing it is one of those “infinia/dcb” upgrades given recently by hdfc. I am not sure if T&C allows such wallet transactions as HDFC is known to deny many offers based on their interpretation of T&C not to mention they recently start cracking down on misuse of their cards. Better to just pay insurance premium of all friends/relatives or contact some shopkeeper/factory owner in city to offer bill payment at same discount of 1-2%.
@caks2006407

Yes
Makes sense. I don’t know anybody in the offline world who would help in such a way though.

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InvestPotato wrote:

I dont know why people take credits cards if they cannot achieve benefits upto the annual cost or take LTF cards.

5L for target doesn’t make sense.

Better close the card for good. Ask the CC cant pay and close. They might give concession.

I don’t think you understand the context of the situation,
But your points make sense for an average cardholder. Thanks for your inputs.

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solarisx21 wrote:

Yes
Makes sense. I don’t know anybody in the offline world who would help in such a way though.

Why call it help, you are offering 1-2% discount on 1-2 lakh bills & people have paid for far less discount. Just go out or ask in your circle about some locality shopkeeper/factory owner/businessman with electricity bill to pay & offer 1-2% discount. Worst case scenario, just buy some gold jewellery & sell it afterwards when price rises.

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solarisx21 wrote:

Yes
Makes sense. I don’t know anybody in the offline world who would help in such a way though.

How much time you have for these spends?

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Ramta_Jogi wrote:

Buy a first class return ticket to the USA for March 2022. Cancel it in July 2021. You would have achieved your spends & the refund would cost you around 300 odd bucks as cancellation charge. Should cost around 5.06L for booking.

So a ticket to USA can be booked without mentioning Visa details?

And if it can be booked, the card issuer may exempt refund transactions and can charge whatever is waived.

Say, if the charge is still waived, how will the refund be taken to bank?

And on top of all, the user need to keep separate the same amount to make the card payment and stay with stuck funds in the card later.

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To the op, based on your location, there are some merchants who swipe and give you cash. In short, rotate money using their POS. They do take 2-3% based on the card type. You may explore such options.

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andromeda wrote:

So a ticket to USA can be booked without mentioning Visa details?

And if it can be booked, the card issuer may exempt refund transactions and can charge whatever is waived.

Say, if the charge is still waived, how will the refund be taken to bank?

And on top of all, the user need to keep separate the same amount to make the card payment and stay with stuck funds in the card later.

Sorry, i missed the part where he wants to get all money to his account. I misread he just wants to achieve Infinia LTF milestone with minimal loss

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After reading this kind of post, my Credit card limit to me laughing

81242239

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InvestPotato wrote:

Whenever I get a call from CC company, My first Question is it LTF.

Else, Tata Bye Bye Khatam

Even I asked once the same to loan guy will I get 0% interest loan smile smile smile laughing laughing

You invest in potato! smiling_imp joy joy

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andromeda wrote:

To the op, based on your location, there are some merchants who swipe and give you cash. In short, rotate money using their POS. They do take 2-3% based on the card type. You may explore such options.

At the least they will take MDR and then plus some thing to provide the service. This can be upto 5% for high MDR cards.

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andromeda wrote:

To the op, based on your location, there are some merchants who swipe and give you cash. In short, rotate money using their POS. They do take 2-3% based on the card type. You may explore such options.

Thanks. I will ask around. I live in a Tier 1 city, so there should be some shop open to this.
Any suggestions or pointers on whom I can approach?

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Ramta_Jogi wrote:

Sorry, i missed the part where he wants to get all money to his account. I misread he just wants to achieve Infinia LTF milestone with minimal loss

I don’t want the amount back in my account, I just don’t want to buy stuff I don’t need or do something too tedious. If there are purchases I can make for myself or others without too much loss in value, I am open to it.

The fee for the card is 10K, I would rather give that as a discount to somebody else than as a fee to the bank.

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Invest in NPS tier 2. Credit card charge is 0.9%

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aDesiBaba wrote:

Invest in NPS tier 2. Credit card charge is 0.9%

You get his card banned.

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solarisx21 wrote:

The fee for the card is 10K, I would rather give that as a discount to somebody else than as a fee to the bank.

Matter of perspective; considering what a beauty this card is.

Buy gold.

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solarisx21 wrote:

Thanks. I will ask around. I live in a Tier 1 city, so there should be some shop open to this.
Any suggestions or pointers on whom I can approach?

You are not willing to ask around to pay bills of legitimate businesses in your locality but would rather let your card be used at some shop doing obvious tax evasion for money rotation? It is better to give that 10k to fee as bank rather than to those making black money.

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solarisx21 wrote:

Thanks. I will ask around. I live in a Tier 1 city, so there should be some shop open to this.
Any suggestions or pointers on whom I can approach?

many cyber cafe and money transfer shops are doing this nowadays they are charging 3-5% for credit card money pos transaction…

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guest_999 wrote:

You are not willing to ask around to pay bills of legitimate businesses in your locality but would rather let your card be used at some shop doing obvious tax evasion for money rotation? It is better to give that 10k to fee as bank rather than to those making black money.

Why are you making assumptions friend?
I never said I am not willing to pay bills of a legitimate business, just that I didn’t know anybody who has such large bills.

Missing