⚠️Misleading DCB LTF offer by HDFC Bank.

[ltf4ever]

hi friends,

i got a preapproved DCB LIFETIME FREE* offer that i saw after logging in to my hdfc portal.
i submitted my application, but then in fine print, i saw that the bank has mentioned that the card fees will be reversed subject to minimum spend in the previous year. i think this LTF along with * is intentional misleading from the bank, as they are deviating from industry-wide definition of LTF. If you follow their logic, then almost every cc is lifetime free, as high spends lead to fees reversal for almost all cards from any bank!!! i contacted the rm over email and instead of replying over email, he has scheduled a call to explain. as usual, HDFC folks always avoid putting things on paper.

my question now:
1) how can i withdraw my application, without my credit score getting affected?
2) if the card gets processed and delivered, can i close it instantly and avoid paying any joining fees? will closing this card affect my credit score?

 

[akshayhs]

Okay. So here's my take on your questions.

1. Based on my experience, a hard enquiry on your report if the issuing banking is triggering it after a long time hardly affects your score I believe. Based on two examples, this is what I think. On 02/01/22 I applied for ICICI APay card. The second trigger was after 7 months. My score didn't change at all. The same has happened with RBL bank as well. Two enquiries with a gap of 4 months. That too didn't change my score. It's been constant for about 2 months now (780). But I am not going to guarantee yours won't change either. All I feel is there's probably not much impact if they haven't added an enquiry very frequently.

2. If I read the RBI rules for newly issued cards after 01/07, unless you activate your card within 30 days, the card is essentially dead. I.e. they will have to close it for lack of response from your side. If the card hasn't been activated by you, then I don't think it will reflect in your report at all.

These are just my observations based on my experience

 

[pranavcool]

so ltf = spend based now lol

 

[ltf4ever]

so ltf = spend based now lol

yup, seems like that. "lifetime free, but only if you spend a few lakhs every year, for your life"!

 

[ltf4ever]

Okay. So here's my take on your questions.

1. Based on my experience, a hard enquiry on your report if the issuing banking is triggering it after a long time hardly affects your score I believe. Based on two examples, this is what I think. On 02/01/22 I applied for ICICI APay card. The second trigger was after 7 months. My score didn't change at all. The same has happened with RBL bank as well. Two enquiries with a gap of 4 months. That too didn't change my score. It's been constant for about 2 months now (780). But I am not going to guarantee yours won't change either. All I feel is there's probably not much impact if they haven't added an enquiry very frequently.

2. If I read the RBI rules for newly issued cards after 01/07, unless you activate your card within 30 days, the card is essentially dead. I.e. they will have to close it for lack of response from your side. If the card hasn't been activated by you, then I don't think it will reflect in your report at all.

These are just my observations based on my experience

thanks a lot for point 2, i will remember not to activate it till i gets the terms clarified.
on another note, what does it mean to 'activate'.
does setting up card pin in the app treated as activation? or is it considered activated only after 1st payment transaction?

on point 1, rather than emailing them to withdraw the application, would you suggest that i let the card get delivered and then not activate it, in the worst case? i just hope that withdrawal doesn't amount to 'rejected' status as far as score is concerned, which would affect more compared to a normal enquiry.

 

[pranavcool]

hdfc is getting mad day by day

 

[sahil624]

I hope this is not the case for me, my DCB (supposedly LTF) is in transit 😅

 

[CardBu5ter]

I hope this is not the case for me, my DCB (supposedly LTF) is in transit 😅

How did you get it LTF?

 

[sahil624]

How did you get it LTF?

I applied through email.

 

[aakash]

I applied through email.

which email id you sent the mail ? asking because recently i got paid one. they deny LTF to me after having preferred A/C & good CTC.

 

[sahil624]

First I mailed to escalations and then to grievanceredressal.

 

[M2222]

This kind of offers are not misleading. It's just you didn't read well their conditions while applying.
I guess people don't put a little attention while applying the pre approved offer.


Like here if I go through the 1st option then it's a 50k spend based LTF but if I go through 2nd option then it's no conditions apply LTF card.

 

[venkirom]

First I mailed to escalations and then to grievanceredressal.

Can you pls share the email

 

[sahil624]

Can you pls share the email

Here it is.

 

[venkirom]

Here it is.

Did you get ltf dcb now?

 

[sahil624]

Did you get ltf dcb now?

Yes I got it!

 

[RevEng]

This kind of offers are not misleading. It's just you didn't read well their conditions while applying.
I guess people don't put a little attention while applying the pre approved offer.


Like here if I go through the 1st option then it's a 50k spend based LTF but if I go through 2nd option then it's no conditions apply LTF card.

But even for the 2nd option, there is no clarity on whether it is really unconditional LTF. https://www.technofino.in/community/threads/hdfc-pre-approved-unconditional-ltf-confusion.3038/