Infinia Infinia Against ULIP?

[sonuyos]

I got an offer from HDFC RM, saying I can get Infinia (I have no shot at getting it directly without waiting for like years. As it took them 8yrs to upgrade my Moneyback to Millennia card.)

If I go thru FD backed route it will be - 7.20% interest rate on 10lk fd. I straight up lose 5-7% on 10lk = 60k roughly every year.

They said to pay 2.1lk to get the card and of which I can surrender the Policy if I want after 1yr, and get back roungly 103-108k back.

In return they will give me Infinia Metal with a guaranteed upgrade (giving me in writing over email) to Infinia Reserve once the card launches.

Plus the card would be 3 yrs free.

Should I go for it?

Edit : Did not go with it. As many pointed out, the cost doesn't justify the card, especially after the 2:1 accor devaluation.

 

[V360]

Honestly, this sounds all made up at this point.

Best way to summarize this thread - thanks

 

[j_s]

If he was stuck at money-back & got millennia after 1 year of battle with imperia banking

You think threatening hdfc have impact

For someone who is running a business and able to afford this lifestyle, what are the odds that any bank for that matter is not lining up for his business? Bank couldn't care less unless you ask them what you want. Who do you think is responsible for being stuck with moneyback and millenia? Any random RM will get him upgrades.

 

[sonuyos]

For someone who is running a business and able to afford this lifestyle, what are the odds that any bank for that matter is not lining up for his business? Bank couldn't care less unless you ask them what you want. Who do you think is responsible for being stuck with moneyback and millenia? Any random RM will get him upgrades.

I never said that other banks are doing the same, If anything I literally said how Axis is treating me. Where they came to my house to get done even smallest of things...

They gave me MB, no questions asked.

Again, you should read the whole post, instead of assumptions based on nothing.

I even submitted proof of my status with HDFC & their reply to my accusations.

 

[Vasuki]

Any random RM will get him upgrades.

🌚
Ofcourse we don't have fact checks
Have to take OP word at face value

For money-back problem it's hazardous

 

[sonuyos]

For someone who is running a business and able to afford this lifestyle, what are the odds that any bank for that matter is not lining up for his business? Bank couldn't care less unless you ask them what you want. Who do you think is responsible for being stuck with moneyback and millenia? Any random RM will get him upgrades.

If your RM can get it done without having to sell me the ULIP, give me their number, I will talk and get it done. If it is so easy then for past 1yrs, I am being taken on a ride.

 

[SamPtnk]

Account detail .
Link

Here you go

SBI- Customer Segmentation

 

[vinrey287]

If you are okay to wait.. Close your Millennia
Wait for cooling period and reapply for Regalia Gold to get higher limit and spend on this card for 6mths and you should get upgrade option. By that time Infinia might be devalued further and u can decide accordingly.

 

[Rahul92]

2.1lk for 5yrs (though they saying i can surrender next yr and still continue the card).

Amex Plat is useless for me, I don't stay in Marriott. I stay exclusively in Accor.

What if , you keep that ulip of 2.1 invested for 5 years / maturity term.( like usual investments ). ? Then it doesn't feel like a bad idea ?

 

[techt]

What if , you keep that ulip of 2.1 invested for 5 years / maturity term.( like usual investments ). ? Then it doesn't feel like a bad idea ?

Ulip returns are about 4%, no matter what the banks promise.

 

[sidp]

Yeh kya h .vro
Thoda prakash daliye

If you have a large sum of money then upgrade your HDFC Imperia account to HDFC Infiniti account. It has pre-approved HDFC Infinia Metal LTF credit card.

Infiniti is invitation based only. There is no specific criteria. Mostly for private banking customers

 

[sonuyos]

If you are okay to wait.. Close your Millennia
Wait for cooling period and reapply for Regalia Gold to get higher limit and spend on this card for 6mths and you should get upgrade option. By that time Infinia might be devalued further and u can decide accordingly.

I have 3 hdfc cards now.

1 swiggy
1 millenia
1 tataneu

 

[lightwaves]

I got an offer from HDFC RM, saying I can get Infinia (I have no shot at getting it directly without waiting for like years. As it took them 8yrs to upgrade my Moneyback to Millennia card.)

Just to give you some background, my ITR flys around 10-15lk as I am business man, and There is no shot in getting card otherwise.

If I go thru FD backed route it will be - 7.20% interest rate on 10lk fd. I straight up lose 5-7% on 10lk = 60k roughly every year.

They said to pay 2.1lk to get the card and of which I can surrender the Policy if I want after 1yr, and get back roungly 103-108k back.

In return they will give me Infinia Metal with a guaranteed upgrade (giving me in writing over email) to Infinia Reserve once the card launches.

Plus the card would be 3 yrs free.

Should I go for it?

One should never go for a CC backed by any kind of insurance products. It's just a gimmick by the RM / BM to meet their targets.

 

[sidp]

For someone who is running a business and able to afford this lifestyle, what are the odds that any bank for that matter is not lining up for his business? Bank couldn't care less unless you ask them what you want. Who do you think is responsible for being stuck with moneyback and millenia? Any random RM will get him upgrades.

I have 3 hdfc cards now.

I dont want to offend you but How old are you? Either you are very young, or may be they think you aren't the decision maker.
Or may be they feel that money means nothing to you. ( I am not saying that you are like that. It's all about their perception. )

That's only plausible explanation.
My advice is close the account and all cc and send an "appreciation mail" to MD desk.

Let them know that you would close all other relationship like loan/insurance also. only way you would ever consider hdfc for any relationship if they give you infinnia and formal letter of apology for mishandling of situation.

Because what they have done is very insulting. And your bm/cluster head is 100% to blame.

 

[sourpai]

While spends and all are good, ITR plays a very important role in credit worthiness of an Individual. How can you expect bank to lay red carpet for all cards and Infinia if ITR reported is in the range of 10-15L? In my opinion, this is the single biggest reason for such behaviour of the bank.

I would in-fact say that ITR of 15L with yearly expense of 80L is a big red signal for bank. Axis agreed as their policy entirely depends on MAB / AQB criteria and overall they are relaxed in handing out Magnus

 

[sonuyos]

One should never go for a CC backed by any kind of insurance products. It's just a gimmick by the RM / BM to meet their targets.

Yes that why i dropped it.

I dont want to offend you but How old are you? Either you are very young, or may be they think you aren't the decision maker.
Or may be they feel that money means nothing to you. ( I am not saying that you are like that. It's all about their perception. )

That's only plausible explanation.
My advice is close the account and all cc and send an "appreciation mail" to MD desk.

Let them know that you would close all other relationship like loan/insurance also. only way you would ever consider hdfc for any relationship if they give you infinnia and formal letter of apology for mishandling of situation.

Because what they have done is very insulting. And your bm/cluster head is 100% to blame.

I was 27 when I mailed them last yr. Is that too young? I don't think so (I certainly don't feel so either). Especially when Axis is treating me so much better.

Hell even Kotak is, I don't even bother to maintain relation with them. They gave me card with 8.2lk limit.

While spends and all are good, ITR plays a very important role in credit worthiness of an Individual. How can you expect bank to lay red carpet for all cards and Infinia if ITR reported is in the range of 10-15L? In my opinion, this is the single biggest reason for such behaviour of the bank.

I would in-fact say that ITR of 15L with yearly expense of 80L is a big red signal for bank. Axis agreed as their policy entirely depends on MAB / AQB criteria and overall they are relaxed in handing out Magnus

The same way Kotak, Axis, Indusind, RBL did? A business person, would obviously have higher Expense than the ITR. That's the nature of the business.

For a business, ITR is just one aspect for determination of creditworthiness.

Also just to run the point home, I applied for Loan via HDFC, IDFC & Axis. 1.5cr Loan, I applied via RM for both. Axis Branch Manager and Home Loan department head came to my house to get it done and got the loan sanctioned in 3 days flat. Same with IDFC too, they sanctioned the loan in 5 days but I couldn't go with them due to high ROI. The only reason I had to apply via IDFC & Axis was because HDFC person came, took the papers and didn't even bother to login for a whole month. This is after me calling me almost regularly and calling the RM too.

After a month the RM reachs out in conference call with the guy who came to collect paper (By this time my loan was already disbursed by Axis). And was apologizing asking me to cancel the loan with Axis and get sanctioned with HDFC. If they are ok to give 1.5cr loan then you want to tell me I am not eligible for 8-10lk card? Yes the loan is backed by the house, but that's how the treat me.

And I feel the only reason I get treated like this is because of the business, if I was a salaried, I would probably have a much easier time.

 

[sourpai]

For a business, ITR is just one aspect for determination of creditworthiness.

Also just to run the point home, I applied for Loan via HDFC, IDFC & Axis. 1.5cr Loan, I applied via RM for both. Axis Branch Manager and Home Loan department head came to my house to get it done and got the loan sanctioned in 3 days flat. Same with IDFC too, they sanctioned the loan in 5 days but I couldn't go with them due to high ROI.

Two points here:

1. If expenses are more than income, then they would expect you to take business credit card. Personal credit card like Infinia will always be pegged with personal ITR income. If you show ITR of 40L, they will have no issues in giving Infinia to you
2. Home loan is a secured lending product. Loan is given against entire house. It is not comparable to credit card. Lot of banks will line up for home loan

Risk algorithms work very differently for CC product vs other lending products like home loan, business loan etc. Other banks like Axis is giving you because of simple rule of AQB / MAB nothing else

 

[sonuyos]

Two points here:

1. If expenses are more than income, then they would expect you to take business credit card. Personal credit card like Infinia will always be pegged with personal ITR income. If you show ITR of 40L, they will have no issues in giving Infinia to you
2. Home loan is a secured lending product. Loan is given against entire house. It is not comparable to credit card. Lot of banks will line up for home loan

Risk algorithms work very differently for CC product vs other lending products like home loan, business loan etc. Other banks like Axis is giving you because of simple rule of AQB / MAB nothing else

1 - what you are talking is after the fact, not before. If I do business spend or personal, that's for the bank to determine and cancel the card based on, like they do all the time.

2 - As I said I know it is secured loan, I am talking about the way they treat clients, especially business.

 

[sidp]

Two points here:

1. If expenses are more than income, then they would expect you to take business credit card. Personal credit card like Infinia will always be pegged with personal ITR income. If you show ITR of 40L, they will have no issues in giving Infinia to yo

Itr is important. But for most business man spend>>itr. Though here the difference is very high. There could be (most likely) ITd notice but that is a different issue.
He has a credit history. With hard enquiry they can clearly see if he is able to repay the debt or not.
He has imperia relationship. So he is maintaining relationship. It is the job of rm/bm and even ch to get required approval for him.
@sonuyos have you tried for regalia gold(3.35L) or dcb(5.6L) against fd lien. The dates of ltf cc against fd is extended. It will still be better than millenia. But that is if you really want a hdfc card.

 

[SamPtnk]

Ulip returns are about 4%, no matter what the banks promise.

Not true after all charges it can be negative also if we enter a depression

 

[Vasuki]

If you are okay to wait.. Close your Millennia
Wait for cooling period and reapply for Regalia Gold to get higher limit and spend on this card for 6mths and you should get upgrade option. By that time Infinia might be devalued further and u can decide accordingly.

🌚

Not true after all charges it can be negative also if we enter a depression

Depression me Kyu jyega India vai 🌚