KunjanPSD
-
Posts
7081 -
Joined
-
Last visited
-
Days Won
15
Content Type
Profiles
Forums
Calendar
Everything posted by KunjanPSD
-
How long ago was this? Is Infinia backed by FD? Any FD ballpark number?
-
How did you get LTF Infinia?
-
Just Google Visa/MC interchange/conversion rate and add in your currencies, select date and put any bank/markup fee as 0/Nil. This will be the rate at which your CC txn will be settled at and any forex markup + GST will be applied on the top. Forex card reload rate is always less than cash equivalent. I don't think markup is 2%, they have their card reload rate which is 3-5% higher (inclusive of GST) and each reload comes with 75 Rs fee with GST. I have used HDFC forex cards and the T&C is the same. Doesn't mention 2% only on Regalia Forex page, unless I am missing something. Anyway, same markup is on Infinia but you get the reward points to compensate. Forex cards won't come under TCS because they don't use LRS. You are directly transacting via your account and Bank is providing you equivalent currency. Unless if some banks are charging TCS just as a blanket charge, won't be surprised if HDFC does this. 5% TCS rule after 7L will be replaced with 20% flat rule. I am pretty sure CCs will be exempt because they never made into the 5% TCS rule and they don't use LRS either.
-
I understand this and that's why I said, higher rewards need more work. If you prefer other CCs which are less involved then that is just fine. What works for me might not work for anyone else. @Root
-
Nice. More people should stay away from Axis so that milestone continues to stay for the rest of us
-
I very well know what is going on with Axis. And the game is simple, if you want high rewards, you need to put in a bit of work. Axis might delay points but it never eats them up. If you want ease of use then it is not for you.
-
Because you have a refund window of 2-3 months and even chargeback on most txns. That's why it is necessary to have a longer credit timeframe.
-
@Bird Bird Bird Fi is no longer a 0% forex charge card. Introduced account tiers and added maintenance fees below a threshold. It's the end of this industry with TCS rule already coming in.
-
Adani backs off from the FPO for standing with the investors, lol. What a movie.
-
Bro, I know 25+ people who got 0.8 on economy. 1/1+ is generally pretty doable on biz. If you never want to travel on biz, that's another story. I have seen people getting 2rs out of 1 MR point. Axis has bad tech, agreed. But in the last 2-3 months, except for a few instances, mostly points were transferred in a week or less. What you are describing is a good vs less good bank, not a card. You are forgetting features like Airport Meet & Greet. Highly valuable, especially on International trips.
-
I am talking in terms of airmiles/hotel points only. You can't compare a high point of one card with a low point of another card. That's unfair. And it's not that hard to get 0.8-1 Rs/mile. So even if you get 0.8 on Magnus vs 1 on Infinia (direct booking), the higher RR of Magnus (4.8%) wins over Infinia (3.3%).
-
Actually, no. Base reward is better than Infinia. Only in case of some accelerated txns, Infinia will win. Even then, Infinia has daily/monthly bonus points limits.
-
Exactly. Mint will write a story about this sooner or later. This is not just a way to curb forex outflow but also to squeeze the tax payer. Just think, if you spend 5L on a trip, you pay 6L. The extra 1L will not earn you interest.
-
Should not be an issue. Afaik.
-
CC is still up for confusion. They all will have to give TCS certificate. Fi and Niyo do give these. I am hoping, this really falls on its face. Otherwise, buy forex in cash from India will rule again.
-
Yes. Everything like Vested/Groww etc etc will be affected.
-
Yup, will be clawed back.
-
sh*t budget honestly.
-
Honestly, I think even CCs will be affected by this. Only time will tell.
-
Obviously, a lot of clarifications are needed here. I hope CCs are left alone. Think about reimbursements? You spend on your personal card and ask for reimbursement from corporate. Will they reimburse you that extra 20% or will leave you to wait out for tax adjustment? Fun.
-
Just like they were charging 5% post 7L spend before? Fi used to deduct 5% extra of spent amount on every txn and at the end of the day if your annual remittance was less than 7L, they used to refund it. But then I think they moved to the Niyo model, basically keep a spend count and if spend went above 7L in an year, start charging 5%. Now they will charge 20% at every txn.
-
Sorry, it's TCS and not TDS. You pay tax on your income. You use this post-tax income to remit money abroad. You pay 20% as TCS over and above. You adjust this 20% in ITR.
-
Yes. Not only Fi but any DC.
-
-
Couple of things from this budget apart from the obvious: 1. All foreign remittances, including buying US stocks and spends on cards like NIYO/Fi will attract straight 20% TCS, no threshold spend. Earlier this was 5% post 7L. Credit cards are free of this because the spends are not considered as remittances. 2. MLDs or Market Linked Debentures to be classified as debt and any income to be taxed as STCG as per marginal rates. 3. For Insurances where premium > 5LPA, any proceeds over the premium paid will be taxed as per tax slab. Basically, you get money tax-free only if you die. Valid for policies taken from 1st April'23. 4. New tax regime, the 2023 one, will be the default going forward and one will have to opt for the OLD scheme. 5. One can invest only upto 10CR capital gains in real estate as tax free, anything more will be taxable. Similarly, only 10CR capital gains from real estate can be reinvested tax-free, anything more will be taxable. Will add anything else I find as updates. 6. If you've been claiming interest on housing loan as a deduction every year, and then when selling, you want to include the interest in the cost of acquisition (currently allowed) you can't do both. One or the other.
