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Old 18th December 2022, 16:33   #6061
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Re: The Credit Card Thread

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Originally Posted by haridsv View Post
Any suggestions on what card to use for making ULIP payments? I have 4 cards (all life time free): 1) Amex MRCC 2) HDFC Regalia 3) Standard Chartered Infinite, 4) Standard Chartered Super Value Titanium. Amex clearly says no points for insurance payments, but Regalia says "including insurance" and I couldn't find any wording on the other 2 cards, so need to call them up. I am willing to apply for another card even if it is not life time free as ULIP payments alone should cover the min yearly payments to make it free.
To find an answer to my above question, I did some research today and came across two cards that might be suitable for insurance payments in general:
  • SBI Cashback card. This gives 5% cashback for online txns and 1% for rest. I didn't see anything that excludes insurance spends, but it is not clear whether it will be considered online or offline.
  • BOB Eterna card. This gives 5x reward rate for online (15 points per Rs.100 with Rs.0.25/point for cashback). I couldn't find T&C for this card, but I have seen some user references to this card as being the best for insurance, so probably 5x is applicable. However, they have a cap of 5000 per month for 5x, so if the payment is more than about Rs.33k, then it will exceed the limit and probably result in 1x rate for the rest.

Has anyone used either of the above cards for insurance payments and can share experience?
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Old 18th December 2022, 17:25   #6062
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Re: The Credit Card Thread

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Has anyone used either of the above cards for insurance payments and can share experience?
I have used Amazon Pay ICICI CC and SBI Cashback CC for Insurance payments. First one gives 2% CB for Prime users and the second card gives 1% CB.
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Old 18th December 2022, 17:52   #6063
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Re: The Credit Card Thread

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Originally Posted by haridsv View Post
To find an answer to my above question, I did some research today and came across two cards that might be suitable for insurance payments in general:
From personal experience, HDFC Regalia and DCB card gives reward points for insurance transactions. Now a days I read most people are buying Amazon pay vouchers with accelerated rewards and pay for insurance.
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Old 18th December 2022, 18:12   #6064
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Re: The Credit Card Thread

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I have used Amazon Pay ICICI CC
+1 to this. Even I used this to pay all insurances, internet/phone/DTH recharges on amazon-pay app. 2% CB in form of amazonpay balance is not bad. And this card is free(No Annual Fees).
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Old 18th December 2022, 18:39   #6065
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Re: The Credit Card Thread

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Originally Posted by kavensri View Post
I have used Amazon Pay ICICI CC and SBI Cashback CC for Insurance payments. First one gives 2% CB for Prime users
IIRC the 1% & 2% cashback slabs apply to all Amazon Pay ICICI CC uniformly.

It's only the highest slab that is differentiated @ 3% for non-Prime and 5% for Prime.
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Old 19th December 2022, 12:31   #6066
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Re: The Credit Card Thread

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Originally Posted by kavensri View Post
I have used Amazon Pay ICICI CC and SBI Cashback CC for Insurance payments. First one gives 2% CB for Prime users and the second card gives 1% CB.
Thank you for pointing the option of Amazon Pay ICICI. Is the 2% CB applicable specifically when paying through Amazon Pay or even on the insurer's website? I have multiple payment options such as single or half yearly manual payments (I should be able to pay directly or via payment sites like Amazon Pay) or a monthly automatic debit. If there are no caps, then I may as well just make a single payment.
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Old 19th December 2022, 13:39   #6067
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Re: The Credit Card Thread

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Originally Posted by haridsv View Post
Thank you for pointing the option of Amazon Pay ICICI. Is the 2% CB applicable specifically when paying through Amazon Pay or even on the insurer's website? I have multiple payment options such as single or half yearly manual payments (I should be able to pay directly or via payment sites like Amazon Pay) or a monthly automatic debit. If there are no caps, then I may as well just make a single payment.
2% is when you pay through Amazon Pay option on Amazon app. Any transactions outside Amazon app would get you 1% cash back instead of 2%.

There are no caps or upper limits. This is one of the best things about this card.
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Old 20th December 2022, 11:54   #6068
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Re: The Credit Card Thread

All, advice needed. I have an HDFC Credit Diners Club Black Card where I have 125,000 points. Looking for best ways to redeem it. As a thumb rule, is it a good idea to redeem it against cash where they offer 37K against it? OR should I look for merchandise or vouchers? Appreciate the help
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Old 20th December 2022, 12:03   #6069
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Re: The Credit Card Thread

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Originally Posted by Randamoozham View Post
As a thumb rule, is it a good idea to redeem it against cash where they offer 37K against it? OR should I look for merchandise or vouchers?
Usually, merchandise or cash is too low a value for CC points. If there are any vouchers like amazon or other shops, you may get a better deal.
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Old 20th December 2022, 12:18   #6070
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Re: The Credit Card Thread

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Originally Posted by Randamoozham View Post
All, advice needed. I have an HDFC Credit Diners Club Black Card where I have 125,000 points. Looking for best ways to redeem it. As a thumb rule, is it a good idea to redeem it against cash where they offer 37K against it? OR should I look for merchandise or vouchers? Appreciate the help
In case you want to convert these points to Amazon/FK gift vouchers, then you will get Rs62500 worth of vouchers.
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Old 20th December 2022, 21:10   #6071
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Re: The Credit Card Thread

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Originally Posted by Randamoozham View Post
All, advice needed. I have an HDFC Credit Diners Club Black Card where I have 125,000 points. Looking for best ways to redeem it. As a thumb rule, is it a good idea to redeem it against cash where they offer 37K against it? OR should I look for merchandise or vouchers? Appreciate the help
If you are into international travel, you can transfer into air miles and book award flights. I think points can be converted to Singapore airlines Krisflyer miles. No personal experience but I read that gives the best redemption. Read posts from Tejas in this thread.

You can use the points to book flights and hotels too if you are into vacation and tourism. I think you can use upto 70% points in Smartbuy using this route. Both the above may give closer to 1 INR value.

Apart from gift vouchers, you can also check the rewards catalogue and opt for any merchandise. Value may be lesser but if you take this route do it soon as there will be monthly capping on points redemption from 1 Jan onwards.
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Old 20th December 2022, 23:07   #6072
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Re: The Credit Card Thread

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Originally Posted by fazayal View Post
2% is when you pay through Amazon Pay option on Amazon app. Any transactions outside Amazon app would get you 1% cash back instead of 2%.

There are no caps or upper limits. This is one of the best things about this card.
I was speaking to a colleague about this option and he said that he encountered a per trx limit of 1L while paying for insurance via Amazon Pay. Did you happen to try greater amounts and if so what was your experience?
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Old 21st December 2022, 04:21   #6073
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Re: The Credit Card Thread

Does anyone have a review on Cred Mint. It's a P2P lending service and the app says average credit score of 790 is the person getting the money on the other side. Returns upto 9%.

DCB bank FD is giving ~8% for a 3 year FD so not sure if this is even worth the risk.
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Old 23rd December 2022, 01:08   #6074
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Re: The Credit Card Thread

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Originally Posted by haridsv View Post
I was speaking to a colleague about this option and he said that he encountered a per trx limit of 1L while paying for insurance via Amazon Pay. Did you happen to try greater amounts and if so what was your experience?
The maximum amount I paid insurance for was around 30k. Not aware of this 1 Lakh limit as I haven't crossed it. Also, if there is a one lakh limit per transaction, one turnaround can be to make the payment in two transactions.
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Old 23rd December 2022, 01:10   #6075
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Re: The Credit Card Thread

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Originally Posted by AZT View Post
Does anyone have a review on Cred Mint. It's a P2P lending service and the app says average credit score of 790 is the person getting the money on the other side. Returns upto 9%.

DCB bank FD is giving ~8% for a 3 year FD so not sure if this is even worth the risk.
I have invested some money there. It works good. Interest is credited every day and you can withdraw any time you want. Better experience than bank FDs for sure.
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