Preparing to save for payment of LIC premium - Options and discussion
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One of my relatives has to pay LIC premium that's coming up next year >30k. Asked me if there's any offer or savings.
Following cards are available : HDFC Moneyback CC, Millennia DC, Platinum DC
I'm thinking that most saving can be done through Amazon GVs... friends please suggest me a roadmap with savings/CB breakup considering 6 months are still available.
Alternative ways also welcome...provided that won't open accounts anywhere else so easily.
Also, anyone got smartbuy cb (CC/DC) for last month yet (for 4th week)?
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So, anyone deciding to help?
Hi, I have generally done this either via amazon or amex. Amex gives some good offers like 15 RP per 100 for insurance spends during specific period. Amazon is generally adding via rupay platinum 20% off every month or smaller denominations in intermiles, hdfc dc, recent 10% on gv using amazon unlocked offers. But since you mentioned not opening accounts, probably smartbuy amazon gv using millennia dc might be a good options. I am not an expert at this and others can probably give helpful inputs. Sorry if none of the things I mentioned are not helpful for your relative but thought to share in general.
2. Buy at 2 or 3 % discount from Trading section (but that can be risky)
Payment is successful, but LIC premium payment is failing using Amazon Pay balance.
In email it's saying,
'Selected Payment Method is not allowed for this biller'
Be alert guys, it'll show Amazon Pay balance as payment option, but not succeeding.
For millennia DC, how are the 2 components of cashback credited and reflected in bank account ?
Please check the calculation below and correct if necessary:
Say, I buy 5k each month from gyftr-smartbuy,
Total spent = ₹5147.5
2.5% to RP=128.69 points (credited after 3 months?)
5% smartbuy promo = ₹257.38 cash credit to bank account? After how many days?
If done for 6 months,
Total spent = ₹30885, GV value = ₹30000
Total RP = ₹772.14, Cash credit = ₹1544.28
Total savings = ₹2316.42, Effective discount = 7.5%
Both smartbuy and DC cashback is given after 3 months of the transaction month. If transaction done in July, then both cashback will be given in November.
@romilq239 oh, so both 2.5% for online spends +5% smartbuy promo are given as cashpoints capped at ₹400/month under single head, paid within 90days and no direct posting of smartbuy cb like CC?
Is my calculation correct above?
For Millennia DC, both DC cashback and extra Smartbuy cashback is 5%. So total 10%. DC cashback capped at 400pm and Smartbuy cashback capped at 500pm. Like a credit card, cashback is not posted in account. After 3 months of the transaction month, cashback will be credited as points in rewards section of the debit card. You can redeem it.
Official HDFC page shows:
5% CashBack points on shopping via PayZapp and SmartBuy
2.5% CashBack points on all online Spends
1% CashBack points on all offline spends and Wallet reloads
Maximum aggregate CashBack Points per card per month is ₹400
I will suggest you to just forget about all this hassle & instead open a 1 year FD for the policy amt in any bank offering 6%+ interest rate(many small finance banks & indusind are offering it). Just pay the bill using the most rewarding card available at that time & then pay the bill using matured FD amt.
Not a bad counter plan but technically could argue, but will not.
Yeah remember those but were gv orders counted for?
@Thunder766 I think proper time to pay through BBPS for many merchants is during working hours on working days...
“Also, anyone got smartbuy cb (CC/DC) for last month yet (for 4th week)?”
I had to mail customer support then they credited the cashback for my CC.