Father retiring next year (Central gov). Last try for SBI LTF CC?

[Batman]

I'm once again asking for your support in fetching me an SBI LTF CC. What I can offer -
Father -

1. Father (central gov employee) is retiring next year, He'll get a lump sum amount. We'll invest it in a bunch of MF and FD. I can use that money as a leverage to get CC.
2. His gross salary is ~18LPA. Salary account at SBI. I've asked for an LTF CC, it was denied.

Me -

1. Private salaried employee. Salary satisfies LTF for DCB, Sapphiro and Eterna (I have all three LTF). But none of this works for SBI, C2C application denied.
2. I am an IIT alumni. Unfortunately, no offers at my college SBI branch. I do have a normal savings account though.

Please help on tips and tricks.

 

[Batman]

Backup option - get a basic paid CC, spend 50k-1L in an year and try to get it converted by threat of closure.

I'm hoping for a premium card though. It hurts to see some cases (IIM A and IITM people) getting LTF Aurum/Elite respectively. That offer should ideally be more widespread based on income and CL.

 

[gabu]

But why you need sbi ltf only?

 

[shivamk]

1. Private salaried employee. Salary satisfies LTF for DCB, Sapphiro and Eterna (I have all three LTF). But none of this works for SBI, C2C application denied

How did you get Eterna LTF?

 

[s1t2y3a3m6]

I'm once again asking for your support in fetching me an SBI LTF CC. What I can offer -
Father -

1. Father (central gov employee) is retiring next year, He'll get a lump sum amount. We'll invest it in a bunch of MF and FD. I can use that money as a leverage to get CC.
2. His gross salary is ~18LPA. Salary account at SBI. I've asked for an LTF CC, it was denied.

Me -

1. Private salaried employee. Salary satisfies LTF for DCB, Sapphiro and Eterna (I have all three LTF). But none of this works for SBI, C2C application denied.
2. I am an IIT alumni. Unfortunately, no offers at my college SBI branch. I do have a normal savings account though.

Please help on tips and tricks.

SBI never issue a card LTF but you can make a SBI card LTF after a period of time.

Again they make your card LTF only if same offer option visible to retention team and it's all come under their internal policy

 

[palen]

I don't think SBI cashback is offered as LTF to anyone.

 

[Batman]

I don't think SBI cashback is offered as LTF to anyone.

Not expecting Cashback to be LTF. I'd have taken a paid Cashback, but my current pincode is not serviceable.

Any decent SBI LTF works, elite/prime/others.

 

[Batman]

SBI ne

SBI never issue a card LTF but you can make a SBI card LTF after a period of time.

Again they make your card LTF only if same offer option visible to retention team and it's all come under their internal policy

I understand. I have seen a few premier institution offers, so I thought to make a post and ask.

Retention LTF is my backup option.

 

[Batman]

But why you need sbi ltf only?

I would be happy to get a paid Cashback CC. But my pincode is not serviceable.

As for LTF, if there's any opportunity for me to get an SBI LTF, it is now (for my father I guess).

If I don't get an SBI LTF, I'll consider getting a paid card and try latee for retention offers.

 

[Batman]

How did you get Eterna LTF?

BoB ran an offer last year for LTF cards based on salary.

For your reference, there should be some threads on this forum.

 

[s1t2y3a3m6]

I understand. I have seen a few premier institution offers, so I thought to make a post and ask.

Retention LTF is my backup option.

Yes, SBI offers LTF at IITs, IIMs for a specific period of time but issue is difficult to know when they offer, they never advertise it like ICICI sapphiro LTF.

 

[bigbyte]

Take any SBI card FYF and later get it converted to LTF.

For your father apply SBI card through offline agent at branch. You might not get it LTF but after his retirement he might not get any card.

 

[shivamk]

BoB ran an offer last year for LTF cards based on salary.

For your reference, there should be some threads on this forum.

Oh nice .

 

[vaibhav111]

I'm once again asking for your support in fetching me an SBI LTF CC. What I can offer -
Father -

1. Father (central gov employee) is retiring next year, He'll get a lump sum amount. We'll invest it in a bunch of MF and FD. I can use that money as a leverage to get CC.
2. His gross salary is ~18LPA. Salary account at SBI. I've asked for an LTF CC, it was denied.

Me -

1. Private salaried employee. Salary satisfies LTF for DCB, Sapphiro and Eterna (I have all three LTF). But none of this works for SBI, C2C application denied.
2. I am an IIT alumni. Unfortunately, no offers at my college SBI branch. I do have a normal savings account though.

Please help on tips and tricks.

See I don't know why you want basis sbi cc has ltf? It will serve no purpose in term of reward. I could understand if you wanted sbi prime/elite or even it super premium cc. Get sbi cb.

 

[SamPtnk]

Get a SBI card with low reversal like BPCL

No need for LTF considering you will easily surpass the spend criteria

After 1-2 years pressure them into making it to LTF

Also why no SCSS?

 

[RAMESH BABU N]

I don't think SBI cashback is offered as LTF to anyone.

Yes. Not even to staff (now ex-staff) members like me (a Senior AGM-Systems). Only option - reach the milestone.

 

[Batman]

WAIT WHAT? ? You want to invest your fathers retirement money for getting a sbi ltf cc even though you are an IIT alumni.
Wow! What kind of a magic have these sbi cc guys have done on you

If you have something constructive to add, please do.

I've mentioned that I'll be using the money to invest in MF and FD.

In case you didn't know, FD can be leveraged to get some CC (though secured) at different banks. I don't know if it is possible at SBI, hence the question.

 

[Batman]

Get a SBI card with low reversal like BPCL

No need for LTF considering you will easily surpass the spend criteria

After 1-2 years pressure them into making it to LTF

Also why no SCSS?

Yes, a large chunk of that cash shall go to SCSS. Other than that, it'll be a mix of MF and FD in father/mother name. Based on the estimated settlement, there should be a considerable sum to be invested in MF/FD.

Father (and mother) will have a pension, and I'm financially independent. So I am exploring other possibilities with slightly higher risk.

I'm also in talks with my CA friends. I'm considering speaking to a fee only financial advisor.

Thanks for your inputs.

 

[RAMESH BABU N]

If you have something constructive to add, please do.

I've mentioned that I'll be using the money to invest in MF and FD.

In case you didn't know, FD can be leveraged to get some CC (though secured) at different banks. I don't know if it is possible at SBI, hence the question.

Yes, it's possible. SBI has special PBB Branches is big cities n towns. They are better equipped for customers like your dad.

 

[Batman]

Yes. Not even to staff (now ex-staff) members like me (a Senior AGM-Systems). Only option - reach the milestone.

Thank you for your comment, Sir.

I received a call yesterday from Aurum CC team. Their response was in line with your comment.

They mentioned that LTF is currently issued to Senior Vice President and above of MNCs. And that too is issued only by an approval from the CEO's desk.