Detailed guide on maximizing rewards while buying jewelry using HDFC cards. Did extensive research before my recent purchase, sharing the optimal strategy.

The Opportunity:

Tanishq periodically runs 15% discount offers with HDFC cards (usually around festivals - Diwali, Akshaya Tritiya, Dhanteras). This stacks beautifully with HDFC SmartBuy vouchers for massive savings on gold/diamond jewelry.

Three-Layer Stacking Method:

Layer 1: SmartBuy Vouchers
• Buy Tanishq e-gift cards through HDFC SmartBuy
• Get 10X rewards (Infinia/DCB) or 5X (Regalia)
• Infinia 10X = 3.3% reward rate on voucher purchase
• No limit on voucher denomination (buy ₹1,00,000+ if needed)

Layer 2: Direct Card Discount
• 15% instant discount on card payment at Tanishq
• Typical caps: ₹5,000-7,500 max discount (varies by offer period)
• Works on final billed amount

Layer 3: Making Charges Waiver
• Many times Tanishq waives making charges (₹300-500/gm on gold)
• This is separate from card offers
• Total additional saving: ₹3,000-15,000 depending on jewelry weight

Real Purchase Example (My Wedding Shopping):

Gold necklace set for ₹1,85,000:
• SmartBuy vouchers: Bought ₹1,85,000 in Tanishq GCs, earned 18,500 reward points = ₹6,105 value (Infinia 33p = ₹1)
• HDFC 15% offer: ₹7,500 discount (capped)
• Making charges waiver: ₹8,500 (₹450/gm × 18.9gm gold)
• Total savings: ₹22,105 (11.9% effective discount)

Important Caveats:

• Offer Timing: 15% discounts are NOT year-round. Plan purchases around:
- Akshaya Tritiya (April/May) - Diwali/Dhanteras (Oct/Nov) - Occasionally during wedding season (Nov-Feb)

• Voucher Validity: Tanishq GCs from SmartBuy valid for 12 months. Don't buy too early.

• Product Exclusions:
- Gold coins often excluded from % discounts (only making charge waiver applies) - Some diamond jewelry collections excluded - Check offer T&Cs carefully

• Store vs Online: Vouchers work both in-store and online but % discounts sometimes vary. In-store usually better deals + can negotiate making charges.

• EMI Options:
- HDFC offers 0% EMI on ₹10,000+ jewelry - No-cost EMI available up to 24 months - SmartBuy vouchers CAN be used in EMI transactions

Gold Coins Strategy (Different Approach):

For gold coins (8gm, 10gm, etc.):
• % discounts usually don't apply
• Focus on making charge waiver (coins have low making charges anyway)
• SmartBuy rewards still work
• Better to accumulate coins during discount periods and redeem vouchers when buying jewelry

Alternative: CaratLane (Tanishq's Subsidiary)

CaratLane often has better online offers:
• Available on SmartBuy too (10X rewards)
• Frequent flat ₹5,000-10,000 off codes
• Lower making charges than Tanishq (₹250-300/gm)
• Better for diamond jewelry under ₹1 lakh

Tax Implications:

Gold purchases ₹2 lakhs+ require PAN card. GST is 3% on gold (already included in price). Keep invoices for selling later (capital gains calculation).

Anyone recently used this strategy? Drop your savings below!