CREDIT CARD -> Best "credit card" for Gold purchase as Physical Gold (not digital gold) in RETAIL SHOPS? eg: 5% cashback rewards possible?
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Anyone know any good credit card for Gold purchase to earn handsome rewards?
Any reward we earn? i mean the most is it will max out milestone rewards on credit cards but other than that anything we earn when using credit cards? is it wise to use credit cards for purchases of gold?
Dont want to get in IT notice (10 Lakh limit) trouble, so asking experienced people who use credit cards for Gold purchases (physical Gold) from RETAIL SHOPS
So in summary would like to know the following
1) So any good CREDIT CARD for this gold purchase?
2) Wont we get in IT notice trouble for doing more than 10lakhs transaction in this way using credit card?
3) Do you dont prefer gold purchases using digital or cards to avoid money trail?
4) which is the good method to buy gold in RETAIL SHOPS? any suggestions?
5) 5% cashback rewards possible? (using some eligible credit cards?)
Lets see how people answers this in interesting way:P eager to view comments on how people avoid money trail by using gold purchases xD
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Most small and middle scale jewellery shops would add MDR charges with customers (2% - 3%) extra.
Big ventures will allow but they don't negotiate much on making and wastage so it's not a loss on allowing transactions on credit cards.
And again don't mess up with business transactions in credit cards.
If it's personal then you can. The max eligibility is 1 - 1.5% with indusind legend and icici Amazon
No way to escape from IT
Why worry about spending 10 lacs on a card, when buying gold worth 2 Lacs or more requires pan card?
Well i am planning to buy less than 2 lakhs amount actually but in multiple days so different tranches, so was wondering how IT and IT notice applies here in this situation in case of less than 2 lakh tranches on gold everytime via credit card
Few gold shops like joylukas , Kalyan jwellers have gift vouchers which you can buy from gyftr or such websites and get 5% cashback.
And then redeem offline at nearby stores.
Do you mean jewellery? Otherwise why do you want to buy just gold?
YES only GOLD JEWELLERY (remove gold coins from it too), What I mean is, Buying Jewlery from retail gold shops:)
(so NOT - SGB or gold coins or some portal for digital gold)
just 91.6% gold jewlery from Retail shops not any other forms of gold I am interested in
Just want to know how retail gold purchases affects when we do it via credit card so created this post to know every good and bad possibilities of it
Instead of getting cb and loosing it on wastage&making charge go for SGB bond. You will earn something for future with SGB.
Yes I agree with you but sadly sentiment of family pushing to buy only physical gold:))
Also personally I am also against SGB , only for ONE REASON -> i hate lock ins (5 year lock in with SGB or 8 year lock in for tax exception)
(btw i know we can sell this SGB before 5 years in stocks market... .buttttt that loses its purpose as SGB as interest and tax exception tool... so SGB before 5 year if you do anything its WORST LOSS FOR YOU, so govt indirectly makes you LOCKED in 5 years even though you can sell it the next day in stock market, but if you do you lose its SGB purpose)
so the opportunity cost for 5 years/8years is too much i dont wanna RISK
So i rather pay making charges and wastage charges NOW at this point of inflation rather than future COST OF selling SGB with no interest exemption if sold in less than 5 years/8years , so i suggest pay making charges and wastage for SAFETY OF FAMILY hehehe, I HATE LOCK IN , LOCK IN IS NOT WISE CHOISE
Even FD lock in 6 months or 1 year for good returns but this SGB its worst... "5 years/8 years" lock in THATS INSANE
What happens if my family got in hospitalization and i want sudden money:) physical gold helps in that situation (i can even give it to my friend as collateral and get money), SGB lien and taking loan is cumbersome and not many banks and NBFC's are good with handling this type of SGB loans, even I CAN'T share SGB to my friend to get money lol:P xD (even if i transfer SGB to my friend via demat, that will make it as sold to the friend that will attract tax WORST, SGB IS LOCK IN TRAP)
Also one important thing (even though govt says SGB is backed up by gold)
SGB in reality is not gold its just investment tool:) Govt never invest that amount in gold they just rotate that amount and pay you in the form of Rupees of the current gold price when returning after that 5 years / 8 years lock in, JUST MAKES LOSE GOLD WORTH AS SAFETY TOOL FOR FAMILY, SGB is just only for investment:)
(i use stock market more than GOLD as investment tool, GOLD is just safety tool for my use case)
Mostly 70% of people uses gold as "safety tool" than investment tool:) - MY PERSONAL OBSERVATION
Even i prefer gold as safety tool rather than investment tool:) since i use Stock market:) i dont really need Gold as INVESTMENT TOOL as many people says:) i kinda know the downward averaging trick with stocks:) which works if you have lot of money to dispose at any point of worst time of stock market:P
so Gold never really is a good investment:) rather i would say Gold is GOD when during hospitalization
So i prefer Gold for safety:) so for which PHYSICAL gold is king:) not SGB
SO DONT FALL FOR LOCK IN TRAP of SGB (worst trap that sucks liquidity power of GOLD)
NOTE - this is my personal opinion not against anyone;) just expressing my view point
hehe so no offense:)
Vu+ for the topic..
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So any good way to buy Gold? using credit cards to get 5% cash back or something similar?