Quote:
Originally Posted by whitewing Agree on the travel part.
Thanks, I already have an amex memberships rewards card. I've been doing the 1*1000 rather diligently.
But for Amazon purchases, what would your recommendation be - Amazon pay cc versus Membership rewards? |
Top-Up Amazon Pay or PayTM via 4 x 1000 transaction on Amex MRCC for utility bill payments. You earn 12960 Points for spending Rs. 48,000. If you have this card as Life-Time Free, then that is a lowest reward rate of 6.75% on this card (4 Reward Points = 1 Re). Any other option and the reward rate only increases. There is a slight issue when the card is not free. You have to spend 1.5 Lacs to ensure fee waiver. Even with that, the lowest reward rate is 2.5%.
ICICI Amazon Pay does not give 5% rewards for loading Amazon Pay. Hence, using ICICI Amazon Pay card for any kind of bill payments or recharges is 1-2%.
For me, Amex MRCC makes sense as I have it as Life-Time Free & I recently took a paid Amex Gold Charge Card (First Year Free). This is now ensuring 2200 Points monthly for a spend of 10 x 1000 Rs. transactions (Most of which are loading PayTM or Amazon Pay). Also, I look at options like Taj Vouchers (@ 18K & 24K milestones) or Reward Point Conversion to Marriott Bonvoy Points. This pushes the reward rate cumulatively on both these cards in the region of 12-14% easily. For Example - Rs. 14,000 worth Taj Vouchers at 24,000 Points which is achieved in 11 Months on a total spends of 1.1 Lac Rs.
Hope I have tried to explain every little detail over here.
Quote:
Originally Posted by F150 Hi @Tejas08,
Need your advice on my current credit card holdings. 1. HDFC Regalia
- Good reward points earning rate with 10X rewards points option at that time. Now it is reduced to 5X. Life time free due to my savings account with HDFC bank. 2. Amazon Pay
- 5 % cashback on amazon is unmatched. 3. Citi Rewards
- Planning to close this card, except for the occasional 10 % cashback offers on Amazon. But I also read an advice, not to close your oldest credit card as it helps in credit history. Please advise. 4. Citi Indian Oil Credit Card
- This is exclusively used for my fuel purchases. 5. New addition - Standard Chartered Ultimate.
5K per year but I will get 5K reward points back and 1 reward point = 1 Rs. Welcome offer has 10K cashback on the first transaction on MMT. 5 reward points for every 150 rs spent.
Please advise how to plan my spends and which cards to retain and which cards to close. |
Here is how I would keep the cards from the 5 that you have listed:
1. HDFC Regalia
2. ICICI Amazon Pay
3. SCB Ultimate
Citi Indian Oil is your call. Personally, despite being deep into credit cards and automobiles, I have never used any fuel card. Just dont see the benefit of trickle bonuses on certain cards. The best way to maximise credit card rewards is to maximise on only 1-2 cards. More the number of cards, more broken down the rewards are. You cannot combine the rewards in a bigger goal.
Citi Rewards - Close it down
I just closed by Citi Premier Miles credit card last week. Absolutely did not make sense in my wallet.
Now how to go about the spending on the cards that I mentioned:
ICICI Amazon Pay - Any purchases on Amazon (Not for Bill Payments, Recharges etc.) via this card - 5% unlimited reward rate
HDFC Regalia - Amazon vouchers via Smartbuy - 5% Cashback. Use Amazon Vouchers to load Amazon Pay and pay bills via Amazon Pay. So all utility bills will have 5% discount as long as total is less than 5000. If you are into Flipkart, you can buy the Flipkart Vouchers too with 5% Cashback.
SCB Ultimate is a good card with a flat reward rate of 3.3%. You can use this for physical usage, investments like NPS (Where credit cards are accepted). The card fees are effectively 900 Rs. for which the break even spending is Rs. 27,000 in a year which is not bad at all.
The only downside currently is
1. The Rs. 10,000 Cashback on MMT could be tricky to use right now
2. Reward Points redemption options have been very very bad for the past 6-8 months. However, just 3-4 days back a message of Rewards Page being rewamped has popped up, so hopefully, they should bring in some exciting new rewards.
Quote:
Originally Posted by Aroy As Amazon Pay card gives 5% unconditionally, it is a good card for Amazon purchases. At times Amazon has 10% and 15% schemes for ICICI or HDFC cards, so if you have them it is a bonus. My Amazon card is ICICI so I hope to reap discounts on both occations. |
Unconditionally only on purchases and not on loading Amazon Pay for bill payments, recharges etc. Personally, I feel we wont be ordering major items every month from Amazon, however, we will surely need to pay all kinds of bills every month. So better to keep a card which will provide a good reward rate in Bill Payments too.