[UD17]

Originally Posted by Kelly66

Don't forget the interest you saved on the credit period.

True.

I bought Hycross ZX(O) at 40 Lakhs all cash in March 2024. I could have used credit card option but then i just have one card with 10Lakh limit and that too an ICICI emerald card, which had very bad reward system.

[mack.mehul]

Originally Posted by UD17

True.

I bought Hycross ZX(O) at 40 Lakhs all cash in March 2024. I could have used credit card option but then i just have one card with 10Lakh limit and that too an ICICI emerald card, which had very bad reward system.

Benefits of shopping with credit card having good reward points system. I believe the only other advantage of doing high value transaction with credit card is the credit period of 30-45 days depending on the date of transaction.

However in your case the car is costing almost 40 lacs, so it is better you did a transfer to the bank.

[sid18]

Originally Posted by tejas08

Why isn't is relevant here?

It was a full Down-Payment Purchase. So utilized my Credit Card Prowess to gain a good benefit.

I believe it affects your future credit rating, especially if you look for a home loan later. A 0.5% increase in the interest offered can cost you an extra 4K a month on 1 Cr.

[UD17]

Originally Posted by sid18

I believe it affects your future credit rating

I want to understand what is the background info you have for this statement.

I guess if OP pays the outstanding on time, its going to only improve his credit rating.

[itsbaman]

Originally Posted by tejas08

It was a full Down-Payment Purchase. So utilized my Credit Card Prowess to gain a good benefit.

In a similar situation, just purchased a Skoda Slavia 1.0 Prestige MT. Used credit card for payment of INR 9.0 lacs. Here are my rewards
1. HDFC Regalia Gold : 10666 RP, 10000 worth flight vouchers on milestone achievement + few shopping vouchers worth 1500.
2. ICICI Rubix : 10000 RP

I am still figuring out how to use these points to maximize their value.

[libranof1987]

Originally Posted by sid18

I believe it affects your future credit rating, especially if you look for a home loan later.

Originally Posted by UD17

I want to understand what is the background info you have for this statement.

I guess if OP pays the outstanding on time, its going to only improve his credit rating.

One of the factors that affect the credit score, albeit one of the lower impact ones, is credit usage, which is essentially outstanding / credit limit (this is calculated across all your credit cards). Higher usage % docks the credit score by a few points.

But if you pay the outstanding off before the statement gets generated, it makes no difference since only the statement amount is reported. If not, the impact will be there but temporary since this would be an outlier usage %.

[invidious]

Originally Posted by tejas08

...

It was a full Down-Payment Purchase. So utilized my Credit Card Prowess to gain a good benefit...

...Total - ₹1.96 Lacs Worth Rewards on a spend of ₹18.4

Dealer Charged 1% Extra - ₹21,700

A good 9+% Reward Rate on Car Purchase...

I did this about 8 -9 years ago to get the I20 Elite - I think just about 9 lakhs otr. Got a lot of miles. It’s a good idea.

[samitjain]

I have also used credit card to buy car, but not the full amount. 5 lacs in case of Audi and 3 lacs incase of Octavia about 2-3 years back. I restricted the usage. Swipe of axis Magnus burgundy would have given 14% return

One reason to avoid excessive usage of credit card is any usage above 10 lacs is the details are mentioned in the AIF income tax and the income tax people might call you for the excessive usage if it doesn’t correlate well with the income of the person.

[deovrat]

Originally Posted by samitjain

One reason to avoid excessive usage of credit card is any usage above 10 lacs is the details are mentioned in the AIF income tax and the income tax people might call you for the excessive usage if it doesn’t correlate well with the income of the person.

If you have an ITR enough to qualify for Magnus Burgundy, then income tax won't be calling you for a 10L or even 20L spend, since your income on their books will be much much more.

[krishnakarthik1]

Originally Posted by sid18

I believe it affects your future credit rating

Originally Posted by UD17

I want to understand what is the background info you have for this statement.

Originally Posted by samitjain

The income tax people might call you for the excessive usage

Nothing will happen to your credit score, your interest rates will not increase and no one from IT will call you.

I use mine to buy at least 15 lakhs worth of stock for my supermarkets every month. My cards give us cash back in form of money which get credited to the wallet. Very useful savings which pay the salary of a couple of team members.

I clear the bills on time and have never paid 1rs interest. So go ahead and use your cards happily.

[alok9345]

Originally Posted by thanixravindran

https://offers.smartbuy.hdfcbank.com/v1/diners

Please check the above link and login with your diners card number and mobile number.

I did - unsure where to look for the vouchers?


Also, got rejection for the HDFC infinia, and after pushing them, they shared the following criteria, which I meet all, however, I believe they won't give it to me unless I increase my relationship value with HDFC (loan/demat/savings/salary accounts etc.).

1) Credit limit on the existing card should be greater than Rs.8,00,000.00.
2) Spends on the existing card should be more than Rs.9,00,000.00 lakhs in the last 6 months.
3) Vintage on the existing card should be more than 6 months.

I hold a card with them since 2012, upgraded currently to Diners black and hold this for around 3 yrs now with a 9L+ limit. I do have tata neu infinity under shared limit and combined spend for both cards in last 6 months are above 9L.

[feluda86]

Originally Posted by s4ch

I am looking to book a reward ticket to Japan and have a decent bunch of miles available in both Axis Atlas and Amex. These are the options I have found so far (all Economy, per person, one way):

JAL - 17500 miles + 12k taxes
Emirates - 26000 miles + 3.5k taxes
United - 35000 miles + 2k taxes
Air Canada - 40000 miles + 4k taxes
Singapore - 43000 miles + 2k taxes


Thanks for bearing with me on this and thanks in advance for any help

Out of curiosity, why are you not looking to book hotels using your points (Marriot/AMEX and Accor/Atlas)? I personally feel the following:

1. Hotels give you better value for points due to higher conversion rates
2. Redemption on flights give better value when you are upgrading from Economy/ Premium Economy.

[s4ch]

Originally Posted by feluda86

Out of curiosity, why are you not looking to book hotels using your points (Marriot/AMEX and Accor/Atlas)? I personally feel the following:

1. Hotels give you better value for points due to higher conversion rates
2. Redemption on flights give better value when you are upgrading from Economy/ Premium Economy.

Good questions.

1. I have Atlas points that I will convert to Accor, plus will be earning more points till the day of travel that I can keep converting to Accor. Should cover accommodation for a good chunk of the trip.

Marriott hotels in Japan are quite expensive in terms of points, easily looking at 40-50k++ points per night when cash price is very often only 10-15kish INR. Not as good value as in India where you can get 25k INR hotel nights for 25k points or sometimes even way less. So would rather use the Amex points for flights, see no.2.

2. I am easily getting more than 1rs per airmile in redemption, as Economy tickets on full fat airlines are 60k+ INR per person for my dates of travel. Value is good especially with the super low taxes on United and Emirates, and I believe 1rs+ per airmile is pretty good value.

I could book economy on a budget airline for 36k INR cash and use my points more for hotels, but budget airlines are not my preferred means of travel.

If I am able to earn more points before I travel then for sure will look at upgrading the reward ticket further if possible.

[govigov]

Originally Posted by tejas08

- HDFC Infinia - 10,000 Reward Points (Worth ₹10,000 in Flights / Hotels minimum)

I am planning to do something similar with Infinia, Is there a monthly max bonus point limit with Infinia? Planning to do a swipe of around 22-23 Lakhs.
My current limit is 12L, so planning to do the first swipe, clear outstanding and go for a second swipe on the same day. Would this work?

[DK_accord]

Originally Posted by govigov

My current limit is 12L, so planning to do the first swipe, clear outstanding and go for a second swipe on the same day. Would this work?

Instead of this method, may I suggest you to please use NPSL(No Pre-set Spending Limit) feature, in which Bank will temporarily increase the limit if you inform them prior about your spends. From what I've read it is only available on Infinia in HDFC. You can reach out to your RM or priority support banking to activate this.