need suggestions to make credit card portfolio

[devitsy]

Hi,

I have 2 credit cards
1.) Citibank Shoppers Stop - using since 10-15 years. Monthly average bill Rs. 60k to 90k
2.) HSBC Platinum CC- this is a backup card. I dont use it much.

Expense pattern monthly -

Online
--------
Amazon Business Account - Rs. 20,000
Forex Transactions of servers, etc - Rs. 30,000
Google Workspace - Rs. 8,000
UBER Business account - Rs. 2,000
Zomato - Rs. 1,000
Bookmyshow - Rs. 1,000
Adani Electricity - Rs. 15,000
Mahanagar gas - Rs. 800
Insurance - Rs. 5,000
First Cry - Rs. 2,000
Dmart Ready - Rs. 10,000

Offline -
--------
Petrol - Rs. 5,000
Restaurants - Rs. 4,000
Shopping - Rs. 5,000
Dmart - Rs. 8,000

Government spends -
------------------------
GST - Rs. 50k to 100k
Income Tax

Lots of above expense i do directly from my bank or upi.

Please suggest me how to make my credit card portfolio so that i can save maximum money. (from youtube videos i feel i could have saved 5 lakhs in last 10-15 years !!!.)

Thanks,

Dev

 

[TaxWiser]

Hi,

I have 2 credit cards
1.) Citibank Shoppers Stop - using since 10-15 years. Monthly average bill Rs. 60k to 90k
2.) HSBC Platinum CC- this is a backup card. I dont use it much.

Expense pattern monthly -

Online
--------
Amazon Business Account - Rs. 20,000
Forex Transactions of servers, etc - Rs. 30,000
Google Workspace - Rs. 8,000
UBER Business account - Rs. 2,000
Zomato - Rs. 1,000
Bookmyshow - Rs. 1,000
Adani Electricity - Rs. 15,000
Mahanagar gas - Rs. 800
Insurance - Rs. 5,000
First Cry - Rs. 2,000
Dmart Ready - Rs. 10,000

Offline -
--------
Petrol - Rs. 5,000
Restaurants - Rs. 4,000
Shopping - Rs. 5,000
Dmart - Rs. 8,000

Government spends -
------------------------
GST - Rs. 50k to 100k
Income Tax

Lots of above expense i do directly from my bank or upi.

Please suggest me how to make my credit card portfolio so that i can save maximum money. (from youtube videos i feel i could have saved 5 lakhs in last 10-15 years !!!.)

Thanks,

Dev

Hi Dev,

Based on your spending pattern, your current credit cards doesn't offer much So here are some suggestions to optimize your credit card portfolio for maximum savings:

Category-Specific Cards

• Online Shopping: Look for cards that offer higher cashback or rewards for online purchases. Cards like the Amazon Pay ICICI Bank Credit Card offer great cashback on Amazon purchases.
• Forex Transactions: Consider a card with low or no foreign transaction fees. The SBI Card Elite or HDFC Regalia are good options for international spending.
• Utilities and Bills: Cards like the Airtel Axis Credit Card offer cashback on utility bill payments and other online transactions.
• Fuel: The IndianOil/BPCL/HPCL CoBranded Credit Card offers fuel surcharge waivers and rewards on fuel purchases.
• Dining and Entertainment: Cards like the HDFC Diners Club or the SBI Card PRIME offer excellent rewards on dining and entertainment expenses.
• Business Expenses: Since you have significant business-related expenses, consider a business credit card that offers rewards or cashback on business spends. Cards like the HDFC Business MoneyBack or the American Express Business Platinum Card can be beneficial.
• Government Spends: For GST and other government-related payments, ensure you are using a card that offers rewards or cashback on these transactions. Some cards may have specific benefits for government spends like HDFC MoneyBack+

General Tips

• Annual Fees: Evaluate the annual fees of your cards versus the benefits you receive. Sometimes, a card with a higher annual fee can offer better rewards that outweigh the cost.
• Welcome Bonuses: Take advantage of welcome bonuses when applying for new cards. These can provide significant value in the first year.
• Regular Review: Periodically review your credit card portfolio to ensure it aligns with your spending habits and financial goals.

By strategically using different cards for different spending categories, you can maximize your rewards and savings.

Hope this helps

(Source: Conversation with Gemini AI)

 

[guptaharsh940]

Hi,

I have 2 credit cards
1.) Citibank Shoppers Stop - using since 10-15 years. Monthly average bill Rs. 60k to 90k
2.) HSBC Platinum CC- this is a backup card. I dont use it much.

Expense pattern monthly -

Online
--------
Amazon Business Account - Rs. 20,000
Forex Transactions of servers, etc - Rs. 30,000
Google Workspace - Rs. 8,000
UBER Business account - Rs. 2,000
Zomato - Rs. 1,000
Bookmyshow - Rs. 1,000
Adani Electricity - Rs. 15,000
Mahanagar gas - Rs. 800
Insurance - Rs. 5,000
First Cry - Rs. 2,000
Dmart Ready - Rs. 10,000

Offline -
--------
Petrol - Rs. 5,000
Restaurants - Rs. 4,000
Shopping - Rs. 5,000
Dmart - Rs. 8,000

Government spends -
------------------------
GST - Rs. 50k to 100k
Income Tax

Lots of above expense i do directly from my bank or upi.

Please suggest me how to make my credit card portfolio so that i can save maximum money. (from youtube videos i feel i could have saved 5 lakhs in last 10-15 years !!!.)

Thanks,

Dev

Let me make you a decent cc portfolio


Grocery on Dmart Ready or other goes to HSBC Live+ as it gives 10% upto 1000/month.
Try to get a Business CC like HDFC Bizblack if possible as it needs 21 Lakhs ITR. You get great benefits on Income Tax/GST and your business spends like Amazon Server and even insurance. You need to spend 50k/month to get the benefits. (read the detailed t&c here)

Get IDFC Power+ CC for Fuel Spends and get upto 5.32% (using HP Pay) and Grocery Spends upto 2k gets you 5%.

Try to get some super premium cards like HDFC DCB or Amex Platium Travel to transfer all your spends to them. Amex Platinum Travel has great benefits if you spend 4lk/annum on it. Go via referral for amex for fyf.

HDFC DCB would be great as you can use it to get 3.33% on all spends including utilities and also make gvs for sites like Zomato and get 10% on them as well.

Else if you dont get DCB as if you dont have existing relation with HDFC you can try for Regalia Gold or in the worst case do all other spends on HSBC Live+ and get 1.5% except for your utilities.

Do utilities with cards like Axis Ace and get 5% for paying utilities upto 10k using Gpay app.


Verdict:

If you are getting HDFC DCB then do your Utilities & Fuel (using icici fastag) using Amazon Pay GVs via smartbuy and get 7%.

If you get Amex Platinum Travel then do 4lk annual spends on it calculate it yourself and do utilities using Amazon Pay GV. You can get Amex MRCC as well to earn more points on completing its 1.5*4 & 20k per month milestone to get 2k RPs. Get Amex only if you spend your points on travel.

You should get HSBC Live+ as you have decent grocery spends. Get it via CashKaro as its a bonus.

You can get IDFC Power + if you are spending more than 4lk in Amex Platinum Travel or you are not getting it.

Get Axis Ace for utilities upto 10k only and apart from them do by making Amazon Pay GVs or get Amazon ICICI to get 2%.