Snapay (Credit card to Bank/Credit card Transfer) Guide

There are plenty of threads with credit card to bank transfer. And the best one is Snapay (just check it's reviews on play store and iOS) and compare with other apps. It is best option with very low failure rates (u get option to provide some other account details in case of failure).

People keep asking me in chat. So here I am writing one detailed post on this. I have been using it since over an year and many people are using for more than that without any issues.

Prerequisites - 

1. Complete Full KYC with Aadhar and PAN.

2. Register with Twid pay with reward programmes and understand their benefits. Top 3 reward programs are intermiles, zillion and supercoin.

3. Intermiles can be used to get discount on Amazon vouchers (25 discount on 500 using 61 intermiles, i mostly go with this), Purchase Amazon vouchers directly (500 voucher for 2900 intermiles) and Flight tickets (u need to keep checking regularly to get good value). It can also be used on Twid pay to pay partially at 0.25 per points (u won't get points when redeeming). There are additional vouchers when u cross intermiles tiers, which give a good boost as well  In general, I rate it at 0.22rs per intermiles as a conservative estimate.

4. Payback/Zillion is similar to intermiles. U can buy Amazon vouchers at 0.25 per point from payback Gyftr (most used by me). Or It can also be used on Twid pay to pay partially at 0.25 per points (u won't get points when redeeming). In general, I rate it at 0.22rs per payback point as a conservative estimate.

5. Supercoins - Best value u get is on cleartrip (1 point is 1 rupee). It has very low capping, so it is good for small transaction of 1500-2000. Though I avoid accumulating too much now a days, as cleartrip is changing SuperCoin usage continuosly.

6. Add your bank account or credit card , in which u want payment as beneficiary under utility payments category. For credit card, account number is same as credit card number and IFSC code can be obtained from google (say search sbi credit card neft payment for sbi IFSC code). Mobile number can be anything other than urs, it doesn't send anything on that number.

Now that you understand these prerequisites, here is the payment method.

1. Go to utility payments, select beneficiary, select any purpose (general payments or credit card payment or anything else), select sender for better returns, T+1 as transaction method and Pay with rewards as payment method.

2. Ensure that u see 2.5% charges. Usually they take 3.5% charges, but often run offers with 2.5% charges. Do transaction only during offer period.

3. Login to PWR account and select Intermiles/Zillion as payment method depending on which is giving better returns. It keeps changing from 3-10% depending on offers. Divide that by 4 to calculate the value u will get.

4. Check the cashback amount also. This varies from 0.5-1.5% depending on offers.

5. In general sum of intermiles/zillion divide by 4 and cashback amount easily exceed 2%. So, effective charge will be less than 0.5%. Don't transact if it doesn't exceed that and wait for better offers.

6. Sometimes it gives pretty good offers like 0.2% net charge or even 0%, though that is a bit rare. 0.5% net charge is pretty easy to get.

7. Now use any visa/mastercard/rupay card for payment. Diners and Amex doesn't work. Some of rupay cards also don't work. You will get reward points based on utility category (4900 MCC). Any card with more than 0.5% reward rate on utility category will make it net positive return.

8. Now to use the cashback, u got in previous transaction, u need to do another transaction of minimum 1500. Repeat same process as above. SuperCoins earn option is better for this small value transaction. Don't use supercoins redeem option, that gives terrible return.

9. You may also use cashback on magicpin twidpay to buy small value vouchers without any minimum transaction criterion.

Bonus benefits -

1. You can pay credit card bill using UPI under credit card payment tab and get 1% cb (minimum amount should be 2000) in snapay wallets.

2. This can be used for 50% of convinience fee when using utility payments for same day category.

3. Same day charges are 3% and T+1 charge is 2.5%. So, in net , u r saving 1% (u need to pay 1.5% instead of 2.5%) using 1.5% from snapay wallet. So basically u r getting 0.67% return on credit card payments via UPI . Of course, this is only when u intend to use utility payments.

Transaction limits -

1. 20K per transaction, 5 transaction per day for T+1

2. 15K per transaction, 1 transaction per day for same day

In general, Snapay won't ban you for any transfer under above limits. It is literally written in their description as official method for credit card to bank transfer. They just want to be sure that transactions are genuine and there won't be any chargeback. So don't use any card which is not in ur name to avoid any payment stuck issues.

But credit card company may see it as misuse. Utility category mcc has very low mdr. In general, I feel if ur usage don't exceed 30% of credit limit, it's all fine.

I have tried to cover everything in this detailed post. Please don't PM me. Everything I know is listed already and u need to re-read, if u r not seeing something. The whole purpose of this post is to avoid those DMs😅.

If still have queries, u can ask in this post and fellow dimers will respond.