Should I apply for HDFC Bank Regalia Credit Card?

[mle]

Hello everyone,

I am thinking of applying for the regalia card online. My CIBIL score is 784. I have around 2 years of credit history. All my cards are co-branded with the highest credit limit of 150K. My salary account is with IndusInd.
But, I have the required net salary. My hdfc savings account is around a week old. It's a digisave youth account.
I want to know what are my chances of getting that card now. What should be my strategy? If I apply online and it's rejected can I apply again after 6 months?
Will applying online reduce the chances of a pre-approved offer?

 

[repertoire]

The revised floor limit of HDFC Regalia is 3L. So for card to card application, you need to have at least 3L credit limit on the card you're applying against. The best bet for you is the Millennia as of now.
If you want Regalia, at this moment is to open a Preferred account and maintain 3L+ AMB or 10L+ NRV with them for next 6-7 months for a pre-approved offer with Regalia. This only applies if you're not matching the prescribed income criteria

I really appreciate the insight. Now if you could humor my questions as I'm about to start a bank account with HDFC for the sole purpose of getting Regalia pre-approved.

Would maintaining a larger multiple of that 3L AMB, say, 9L or higher improve the chances of getting Regalia pre-approved sooner? Could it then happen in 3-4 months instead of 6-7? And from the perspective of getting better offers, is there any point in splitting some of that money into FDs as well? It seems most banks value money in savings accounts more than they do the same money in FDs, so I would guess not?

 

[Subhankar]

I really appreciate the insight. Now if you could humor my questions as I'm about to start a bank account with HDFC for the sole purpose of getting Regalia pre-approved.

Would maintaining a larger multiple of that 3L AMB, say, 9L or higher improve the chances of getting Regalia pre-approved sooner? Could it then happen in 3-4 months instead of 6-7? And from the perspective of getting better offers, is there any point in splitting some of that money into FDs as well? It seems most banks value money in savings accounts more than they do the same money in FDs, so I would guess not

A pretty high NRV will definitely increase chance. Offer may come between 3-8 months as observed.

 

[RiddhiDeopura]

The revised floor limit of HDFC Regalia is 3L. So for card to card application, you need to have at least 3L credit limit on the card you're applying against. The best bet for you is the Millennia as of now.
If you want Regalia, at this moment is to open a Preferred account and maintain 3L+ AMB or 10L+ NRV with them for next 6-7 months for a pre-approved offer with Regalia. This only applies if you're not matching the prescribed income criteria

But don't you have to maintain at least 15 lakhs NRV to even be eligible for Preferred Banking? I have a relationship of 14 lakhs with them and still don't have Preferred.

 

[Subhankar]

But don't you have to maintain at least 15 lakhs NRV to even be eligible for Preferred Banking? I have a relationship of 14 lakhs with them and still don't have Preferred.

If you have a liquid fund of 2L, you can ask them for upgrade.

 

[RiddhiDeopura]

If you have a liquid fund of 2L, you can ask them for upgrade.

Please elaborate. Liquid Fund with HDFC/their Debt Fund or any HDFC Fund that was taken on a separate platform?

 

[repertoire]

Please elaborate. Liquid Fund with HDFC/their Debt Fund or any HDFC Fund that was taken on a separate platform?

He just means 2L in the savings account, not any kind of fund.

Refer: https://fintalks.co/t/hdfc-bank-savings-account-tiers-savingsmax-classic-preferred-imperia/30