FI Money Infinite account | 2% in UPI/Debit Card spends

[iamankit]

Does anyone upgraded to Infinite account variant by maintaining 50k? Share your practical experience on benefits like 2% cashback and their acceptable merchant transactions for those cashbacks.

Account Plans & Benefits | Fi Money

Fi Money offers 4 plans - Salary, Infinite, Plus, and Standard. Each has its own benefits, choose your plan and enjoy using Fi

fi.money

 

[rj_arora]

Let's calculate on ₹50,000 principal with 7% FD rate and 3% Savings rate.

After 1 year difference would be of 4% i.e. you're losing ₹2000 if this money kept in Fi Savings account.

Whereas with this offer you're getting ₹500pm cashback on UPI & DC spends. After 1 year, you're getting ₹6000 Cashback.

Overall gain: ₹4000

And this is when I'm not considering 20% & 10% Fi coins on DC & UPI spends respectively.

Kuch cut krke iska half (2000) bhi aaye to b gain hi hai

Got it, makes sense! I misunderstood this. Is this valid on rent payment too? Or any way to manufacture these spends?

 

[rj_arora]

500 cb x 12 = 6000rs
7% x 50k = 3500rs
Atleast 12% FD is needed to match this

Got it, makes sense! I misunderstood this. Is this valid on rent payment too? Or any way to manufacture these spends?

 

[Chaitanya-a]

Got it, makes sense! I misunderstood this. Is this valid on rent payment too? Or any way to manufacture these spends?

As of now there's no clear T&C where restrictions are written. We can try this month and calculate Cashback on month's end when it gets credited.

If T&Cs gets severe, I myself would leave this program and shift the funds to better place.

 

[rj_arora]

As of now there's no clear T&C where restrictions are written. We can try this month and calculate Cashback on month's end when it gets credited.

If T&Cs gets severe, I myself would leave this program and shift the funds to better place.

And is it easy to close the account later on? And what if we maintain zero balance later on?

 

[Chaitanya-a]

Found out that just like there's capping of 2000 Fi coins in one txn via Debit card, there's capping of 600 Fi coins in one txn via UPI.
DC gives 20% Fi coins
UPI gives 10% Fi coins

Also, these coins & Cashback will only be credited if done on merchant accounts. Txn to personal accounts aren't getting coins and I don't think it'll get cashback as well.

 

[Chaitanya-a]

And is it easy to close the account later on? And what if we maintain zero balance later on?

We can take our money out without any problem as the account is zero balance only. There is no non maintenance charge.

Its just that you'll be downgraded to either Plus (if maintain 10k) or Standard variant (if zero or less than 10k).

For closing you can give request to their Customer care team. Don't know much about it.

 

[hellobois]

We can take our money out without any problem as the account is zero balance only. There is no non maintenance charge.

Its just that you'll be downgraded to either Plus (if maintain 10k) or Standard variant (if zero or less than 10k).

For closing you can give request to their Customer care team. Don't know much about it.

The only issue is when you have their debit card. It will be charged as soon as you withdraw the amount.

 

[Chaitanya-a]

The only issue is when you have their debit card. It will be charged as soon as you withdraw the amount.

Yeah it is suggested not to order physical Debit card if your plan is to take the money out (for new users only).

 

[rj_arora]

Yeah it is suggested not to order physical Debit card if your plan is to take the money out (for new users only).

So if we use only virtual DC, then also this 2% CB is applicable, right?

 

[Chaitanya-a]

So if we use only virtual DC, then also this 2% CB is applicable, right?

Yes. If you don't have use of physical fi card then don't order it.

 

[rj_arora]

Found out that just like there's capping of 2000 Fi coins in one txn via Debit card, there's capping of 600 Fi coins in one txn via UPI.
DC gives 20% Fi coins
UPI gives 10% Fi coins

Also, these coins & Cashback will only be credited if done on merchant accounts. Txn to personal accounts aren't getting coins and I don't think it'll get cashback as well.

So is it possible to scan a shop's QR, send money, get 500 CB and get that money back from the Shopkeeper? There's no way FI people can track this rotation, right?

 

[rj_arora]

Yes. If you don't have use of physical fi card then don't order it.

So is it possible to scan a shop's QR, send money, get 500 CB and get that money back from the Shopkeeper? There's no way FI people can track this rotation, right?

 

[Chaitanya-a]

So is it possible to scan a shop's QR, send money, get 500 CB and get that money back from the Shopkeeper? There's no way FI people can track this rotation, right?

No they can't. After you complete a txn with shopkeeper, its the matter between you & shopkeeper.

However 500cb in one txn isn't possible. They have capping of ₹50 cb per txn.

 

[rj_arora]

No they can't. After you complete a txn with shopkeeper, its the matter between you & shopkeeper.

However 500cb in one txn isn't possible. They have capping of ₹50 cb per txn.

Only 50? WTH!!! Where did you find this t&c?
So, Can I send 2500 to the shopkeeper daily? Will it flag their system?
Or, Can I pay rent of 2500 via CRED daily? Will it flag their system?

 

[Chaitanya-a]

Only 50? WTH!!! Where did you find this t&c?
So, Can I send 2500 to the shopkeeper daily? Will it flag their system?
Or, Can I pay rent of 2500 via CRED daily? Will it flag their system?

Why would they flag? Its our own money. Don't think much about it. Its not CC txn.
Moreover we're keeping 50k on their sh*tty savings account. If they restrict anything, just remove those funds from there.

 

[rj_arora]

Why would they flag? Its our own money. Don't think much about it. Its not CC txn.
Moreover we're keeping 50k on their sh*tty savings account. If they restrict anything, just remove those funds from there.

And RentPay via CRED will be a valid merchant transaction, right?

 

[Chaitanya-a]

And RentPay via CRED will be a valid merchant transaction, right?

Yeah its valid txn

 

[rj_arora]

Yeah its valid txn

Can you plz share the link of that 50cb per transaction info? Or maybe the link of all tc

 

[Chaitanya-a]

Called their customer care and it was like regular user experience. Had to cut the call because of longer wait time. They boasted about priority support with Infinite plan. These neo banks can't solve this issue 😂

 

[rj_arora]

Called their customer care and it was like regular user experience. Had to cut the call because of longer wait time. They boasted about priority support with Infinite plan. These neo banks can't solve this issue 😂

I paid 2.5K rent via CRED UPI and got coins. How to use Debit card/How to pay rent via Debit card though?