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)?
“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.
romilq wrote:Thanks for reminding me , i also didn't get cashback yet“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.
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.
avgn wrote:I used to keep 20 k in Amazon wallet, 20k in phonepe, 20k in Paytm (which can atleast be used to pay credit card, i don't like crediting it back to bank). Then i realised 50 to 60k in all wallets is a losing game, so I slowed down.
6 months is too soon to start preparing You are losing 0.3% interest every month (assuming savings interest rate of 4%)
avgn wrote:
6 months is too soon to start preparing You are losing 0.3% interest every month (assuming savings interest rate of 4%)
If smartbuy Amazon vouchers are used , there's limit of 5k/card/account, right? So 5kx6=30k
But question is which cards to use and what are the effective savings rates (confirmed)... calculation
decideaim wrote:
I used to keep 20 k in Amazon wallet, 20k in phonepe, 20k in Paytm (which can atleast be used to pay credit card, i don't like crediting it back to bank). Then i realised 50 to 60k in all wallets is a losing game, so I slowed down.
When you earn cb or such which is already higher than yearly savings account rate/returns, I think one can keep it loaded for a purpose.
Agnivo007 wrote:Yes you can buy with millennia DC for effective 7% benefit (10 -3% charge)If smartbuy Amazon vouchers are used , there's limit of 5k/card/account, right? So 5kx6=30k
But question is which cards to use and what are the effective savings rates (confirmed)... calculation
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%
Agnivo007 wrote: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?
Agnivo007 wrote:@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.
guest_999 wrote: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.
Tanmayyy wrote:
Last year onecard used to run 10% valueback offers on amazon. Used to be nice to get 40k amazon gvs for insurance premiums.
Yeah remember those but were gv orders counted for?
Tanmayyy wrote:
Yes , gvs orders were counted under electronics category and given 10% back.
Miss those valueback or target based offers for the last few months. Wonder if they have burnt up all startup funding already... they have been quiet for sometime. Did you get any credit limit increase yet?
Agnivo007 wrote:Haven't recieved a LE offer yet , expecting one soon though. Last month my card completed 6 months.Miss those valueback or target based offers for the last few months. Wonder if they have burnt up all startup funding already... they have been quiet for sometime. Did you get any credit limit increase yet?
Tanmayyy wrote:
Last year onecard used to run 10% valueback offers on amazon. Used to be nice to get 40k amazon gvs for insurance premiums.
Last year it was pouring in amazon gvs, more than what we could take. Onecard gave 2-3 months truck loads of AGV @ 11% . Even Amex’s 10% seemed of little importance. Hdfc infinia / dcb was giving 33%.
We will miss 2021. Even 3% seems good nowadays 😢
guest_999 wrote: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.
@agnivo007 do what he said. Maybe if you are in luck some good offers might come your way for the insurance spends at that time.
Also amazon had in the past removed LIC for quite sometime, so it’s better not to invest in amazon gv for the sole purpose of insurance payment via amazon.
Seinfeld wrote:@agnivo007 do what he said. Maybe if you are in luck some good offers might come your way for the insurance spends at that time.
Also amazon had in the past removed LIC for quite sometime, so it’s better not to invest in amazon gv for the sole purpose of insurance payment via amazon.
I see, did they remove during March rush days when most people have premium due?😀
I remember having got the targeted OneCard offer for 10% insurance valueback, but apparently they kept on declining the high amount transaction.
Agnivo007 wrote:OneCard sucks. They don't even allow genuine transactions of big amount. Mere se zyada un ko tension hai mere card ki...I see, did they remove during March rush days when most people have premium due?😀
I remember having got the targeted OneCard offer for 10% insurance valueback, but apparently they kept on declining the high amount transaction.
Agnivo007 wrote:Would be interested in it if you don't mindNot a bad counter plan but technically could argue, but will not.
tappukepapa wrote:
1. Best is to buy Amazon GVs from Amazon upi offers like 100 on 3000 or 100 on 1000 (if these are available for you). Collect from other family accounts as well.
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.
Thunder766 wrote:Might be temporary issue, arised earlier as well. No LIC payment pending otherwise will try to check and confirm. Thanks for informing.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.
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.