Key takeaways

  • Most standard credit cards exclude jewellery transactions (MCC 5094 / 5944) and gold coin purchases from earning base reward points.
  • Tata Neu Infinity HDFC Credit Card earns 5% to 10% NeuCoins on Tanishq, Mia, and CaratLane jewellery purchases.
  • Amazon Pay ICICI Credit Card awards 2% to 5% cashback on 24K digital gold and physical gold coins sold on Amazon.
  • Always confirm merchant card surcharges: reputable jewellers charge 0% extra on credit card swipes, but smaller local goldsmiths may levy 1% to 2% card fees.

Buying physical gold coins, silver bars, and jewellery during Dhanteras and Diwali is one of India's most cherished cultural and financial traditions. With gold prices at historic highs, even modest festive jewellery purchases easily run into ₹50,000 to ₹2,00,000.

However, paying for gold with a credit card requires extreme care: over the past two years, many Indian banks have quietly excluded jewellery store purchases (MCC 5094 and 5944) from earning reward points or introduced strict monthly reward caps. Choosing the wrong card means earning ₹0 in rewards while potentially incurring merchant card surcharges.

Which Credit Cards Still Reward Gold & Jewellery Purchases?

1. Tata Neu Infinity HDFC Credit Card (The Gold Standard for Tanishq & CaratLane)

Tata Neu Infinity HDFC Bank

₹1,499 + GST · Waived on ₹3,00,000 yearly spend · Forex 2%

  • 5% back as NeuCoins on Tata Neu and partner brands
  • 1.5% back on all other spends, including UPI on the RuPay variant
  • Domestic and international lounge access

Watch out: NeuCoins are only useful inside the Tata ecosystem

For buying gold jewellery, diamond sets, or 24K gold coins at Tanishq, Mia by Tanishq, and CaratLane, the Tata Neu Infinity HDFC Bank is completely unmatched in India:

  • 5% NeuCoins via Tata Neu: When paying with the card on the Tata Neu app or presenting your card at Tanishq stores, you earn 5% NeuCoins (1 NeuCoin = ₹1).
  • NeuPass Extra Multiplier: Tata Neu app promotions during Dhanteras frequently add an extra 2% to 5% NeuCoins, boosting your total return to 7% to 10%.
  • On a ₹1,00,000 Tanishq Dhanteras jewellery purchase, you earn ₹5,000 to ₹10,000 worth of NeuCoins, which can be redeemed 1:1 for groceries on BigBasket, flights on Air India, or future jewellery purchases.

2. Amazon Pay ICICI Credit Card (For 24K Gold Coins & Bars)

Amazon Pay ICICI Bank

Lifetime free · No fee to waive · Forex 1.99%

  • Lifetime free, with no joining or annual fee
  • 5% back on Amazon for Prime members
  • 2% back on bill payments through Amazon Pay

Watch out: Only 3% on Amazon without Prime

If you prefer buying hallmarked 24K (999 purity) gold coins or silver bars on Amazon during the Great Indian Festival, Amazon Pay ICICI Bank provides 2% to 5% cashback (subject to Amazon's category-specific promotional terms for precious metals) directly credited into your Amazon Pay wallet.

3. HDFC Infinia Metal (Via Tanishq & Kalyan Gift Vouchers)

HDFC Bank Infinia Metal

₹12,500 + GST · Waived on ₹10,00,000 yearly spend · Forex 2%

  • 3.33% value back on regular spends
  • Up to 10X points through HDFC SmartBuy
  • Unlimited lounge access worldwide

Watch out: Largely invite-only, with a very high income requirement

While direct swipes at jewellery stores earn standard base points (approx. 3.3%), purchasing Tanishq, Kalyan Jewellers, or Malabar Gold Vouchers through HDFC SmartBuy earns accelerated reward points (up to 5X multipliers within monthly voucher caps).

Rewards Comparison on a ₹1,00,000 Gold Jewellery Purchase

Credit CardMerchant / StoreReward / Cashback RateNet Value Earned
Regular Bank Credit Card (Devalued)Local Goldsmith0% (Excluded Category)₹0
Standard Rewards Card (Base Rate)Any Jeweller0.5% – 1.0%₹500 – ₹1,000
Amazon Pay ICICI BankAmazon Gold Coins2% – 5%₹2,000 – ₹5,000
Tata Neu Infinity HDFC BankTanishq / CaratLane5% – 10% NeuCoins₹5,000 – ₹10,000

Important Rules When Buying Gold with a Credit Card

  1. Watch Out for Merchant Surcharges (1% to 2%): Reputable national retail chains (Tanishq, Malabar Gold, Kalyan, Joyalukkas, GRT) do not charge extra swipe fees on credit card payments. However, smaller standalone jewellery shops may attempt to pass on a 1% to 2% Merchant Discount Rate (MDR) surcharge. Under RBI rules, passing MDR onto customers is prohibited—refuse the surcharge or switch to UPI.
  2. Government PAN Mandate on High-Value Gold: Under Indian tax regulations, submitting a copy of your PAN Card is legally mandatory for all precious jewellery and bullion purchases exceeding ₹2,00,000 in a single transaction (whether paid by cash, card, or digital transfer).
  3. 3% GST on Gold: All gold purchases in India attract 3% GST on the metal value plus 5% GST on making charges. Card rewards help offset this tax.

Explore more shopping reward strategies in our best shopping credit cards guide.

FAQs

Do credit cards charge extra for buying gold coins online?

Official e-commerce platforms like Amazon and Tata Neu do not charge extra fees for buying hallmarked gold coins using credit cards. You pay the exact displayed price.

Can I convert a gold jewellery purchase into EMI?

Yes, most major jewellers partner with banks to offer 3 to 12-month EMIs at point of sale. However, gold EMI schemes generally charge interest and processing fees, and forfeit reward points.

Are NeuCoins earned on Tanishq purchases valid forever?

NeuCoins are valid for 365 days from the date of credit. You can redeem them across the Tata ecosystem on BigBasket, Croma, Air India, Taj Hotels, and 1mg.

Sources

About the author

Deepak

Founder & Editor, CardPicker

Deepak founded CardPicker and writes and fact-checks its credit card guides, comparisons and news.

✓ Fact-checked 28 September 2026Prices, dates and card terms in this article were checked against issuer websites, official pages and news reports listed under Sources. Card figures come from our database, which is re-verified regularly. Offers change often, so confirm on the issuer's site before you buy or apply. Spotted an error? Tell us.