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Strange HDFC RM Making Cards LTF for Free

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BrokenBoot

BrokenBoot

TF Premier
A Strange HDFC Imperia RM (Found on Reddit)Helping Customers Upgrading, Making Cards LTF .

He Converted my 2 Month Old Paid Millennia to LTF 💀💀
I Was literally Shocked When i Called CC today to check.

DONT DM Please !!🙏
RM is dead
 
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sidp

sidp

TF Ace
Sriim said:
I told i won't be able to do it. So he came up with final offer of 1.8L/year for 5 years to get Infinia metal FYF
Click to expand...
With 1.7Lpm salary you are eligible of dcb metal. Many people have done with 1.5L also.
If your spend is >4L in last 6m, you can ask for upgrade directly. If not wait till next salary increase, you will be very close to criteria.

Most likely The additional rewards won't recover the loss from ulip. See he dropped from 5L to directly at 1.8L. 🤣. They also know how ridiculous the proposal is. Unless you spend Some 15-20L on this card alone(which you wont) or avail 30 lounge visits, you won't recover it.
 
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S

Sriim

TF Premier
sidp said:
With 1.7Lpm salary you are eligible of dcb metal. Many people have done with 1.5L also.
If your spend is >4L in last 6m, you can ask for upgrade directly. If not wait till next salary increase, you will be very close to criteria.

Most likely The additional rewards won't recover the loss from ulip. See he dropped from 5L to directly at 1.8L. 🤣. They also know how ridiculous the proposal is. Unless you spend Some 15-20L on this card alone(which you wont) or avail 30 lounge visits, you won't recover it.
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My net salary is 1.5L and spent more than 4L in 6 months, 8L in 12 months. But my DCB upgrade request was rejected by all levels. I can spend 10L on the card. Infinia suits me more than DCB as i don't travel much and Tanishq as redemption option is much more valuable for me
 
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sidp

sidp

TF Ace
Sriim said:
My net salary is 1.5L and spent more than 4L in 6 months, 8L in 12 months. But my DCB upgrade request was rejected by all levels. I can spend 10L on the card. Infinia suits me more than DCB as i don't travel much and Tanishq as redemption option is much more valuable for me
Click to expand...
True but you also have to look at what you are losing by taking this investment.
Now I see you have edited your post. Its not ulip, it's endowment policy. These are much worse than ulip.

These policies have high lock in and low interest. Most of these will get you 5%. If your calculation tells you anything more than 5.5%, please check tnc properly.( they have pitched me enough "investment" plan.)Even in worst case scenario in mf for this long investment window you will get 15-16%. Not to mention access to your funds in case of emergency or better investment opportunity.
The difference in investment value will get you small car. Can you save that much extra through infinnia? Even in traditional way it might take you an year to get dcb. If you use that heavily like you say you can, in 2-3 years you might get infinnia.

Also know that reward structure can change anytime. What if they devalue it in next 2 years? Or 6m? Or even 2m? Then how will you recover the loss?

How much rewards you will lose for putting it lower rewards cards? In worst case, 40k in regalia gold , may be half that in dcb. Plus this is only for next few years. Each year loss in endowment policy will be higher than this , and the loss will be for next 15 years.
 
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techt

techt

TF Legend
sidp said:
True but you also have to look at what you are losing by taking this investment.
Now I see you have edited your post. Its not ulip, it's endowment policy. These are much worse than ulip.

These policies have high lock in and low interest. Most of these will get you 5%. If your calculation tells you anything more than 5.5%, please check tnc properly.( they have pitched me enough "investment" plan.)Even in worst case scenario in mf for this long investment window you will get 15-16%. Not to mention access to your funds in case of emergency or better investment opportunity.
The difference in investment value will get you small car. Can you save that much extra through infinnia? Even in traditional way it might take you an year to get dcb. If you use that heavily like you say you can, in 2-3 years you might get infinnia.

Also know that reward structure can change anytime. What if they devalue it in next 2 years? Or 6m? Or even 2m? Then how will you recover the loss?

How much rewards you will lose for putting it lower rewards cards? In worst case, 40k in regalia gold , may be half that in dcb. Plus this is only for next few years. Each year loss in endowment policy will be higher than this , and the loss will be for next 15 years.
Click to expand...
Excellent explanation. (y)
Happy Season 4 GIF by The Simpsons
 
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pranjal1984

pranjal1984

TF Select
That is the reason I conveyed the RM about my modest requirement of making my RG LTF instead of targeting Infinia. He was telling my limit is too less. Still he can try for DCB FYF. I knew somewhere down the line, he will ask for extra investment so never bothered about upgrade or Limit increase. He also told me that there are separate teams in HDFC for card upgrade and limit increase.
 
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S

Sriim

TF Premier
I tried to do some calculations based on my spends to find out what I'll be gaining by getting Infinia

Here's how i arrived at the values
1. I made the total spends to 6L, which is sort of the sweet spot for Regalia Gold with 4*1500 vouchers on 1.5L quarterly spends (1%) and 10000 Rps on 5L annual spends (0.8%)
2. AGV via Regalia Gold - 5x RPs = 5*1.3% = 6.5%
Milestone bonuses = 1.8%
Processing fees = 2.95%
Net rate = 6.5+1.8-2.95 = 5.35%
3. Other spends via Regalia Gold = 1.3+1.8 = 3.1%
4. AGV via Infinia - 5x RPS = 5*3.3% = 16.5%
Processing fees = 2.95%
Net = 13.55%

I understand that Infinia can get devalued anytime and it could become a poor investment, but if the additonal reward rates earned on infinia alone can give a rate of 11+% over the investment amount, without including the actual interest on the investment amount, doesn't it look like a good investment? Or am i missing something?

This is on top of the non spend benefits (ITC buffet, Dineout, Airport lounges) and the advantage of not having to be particular about achieving the quarterly milestone of 1.5 L

And the more i spend over 6L, more will be the difference between the benefits as Regalia Gold benefits starts to fall after 8L milestone



SpendsExpensesRegalia Gold and Airtel AxisInfinia
--PlatformRateValuePlatformRate
EB and LPG27966Airtel10%2796.6Amazon13.55%3789.393
Vodafone3000Amazon5.35%160.5Amazon13.55%406.5
Insurance265000Amazon5.35%14177.5Amazon13.55%35907.5
Others304034Offline3.10%9425.054Offline3.30%10033.122
Card fees---0---2250
26559.65447886.515
Extra benefits on Infinia21326.861Premium paid180000
Rate of extra benefits over premium = 21326/180000*100=11.8%
 
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sidp

sidp

TF Ace
Sriim said:
I tried to do some calculations based on my spends to find out what I'll be gaining by getting Infinia

Click to expand...
Like I have mentioned earlier if your spend is high infinnia even with investment will make sense. But that would require much higher spend on card. (More than your income actually. So wouldn'tbe plausible. ).

Again, if you really want infinnia (Even just for aspirational reason/bragging rights/ connection making etc) then it's all good. These are intangible benefits very hard to put a price on it. Only you can. What we can help is evaluation in strict financial terms.

There it doesn't make sense.
1st Issue here is window under consideration is different. Even in worst case scenario you would get dcb in 2years. For infinnia you can't be sure as it is marketed as "invited only". Dcb has some acceptability issue, some exception but there is workaround with that also. But lock in period here is 15 years. So the extra savings is only for couple of years. You spread that over 15years. Then you will get real difference in yearly rewards in both possibilities.

2. Even in your own calculation you have made the same mistake. That 1.8L is per year. You have also forgotten 4.5% gst. So for 1st yr 1.881L, 2nd yr it's 1.881×1.1(10% foregone return of better investment options)+1.881( premium of 2nd yr) =3.95L. You can calculate for the rest. See how fast that 11.8% (extra rewards calculated by you) drops to 1.18%. This is after assuming 11.8% difference in rewards ( in real life it will be lower) and there is no devaluation in foreseeable future. We have not even discussed about high returns in market in recent years. What will happen if central govt gets re elected. All the factors may come into effect due to not having access to your own capital in lock in period: emergency requirement, missing better investment opportunity/good deal in a dream home, in future if you want to start a new business, perceived loss due to delayed consumption. And so many different factors.
 
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Zacobite

Zacobite

TF Ace
VIP Lounge
sidp said:
Like I have mentioned earlier if your spend is high infinnia even with investment will make sense. But that would require much higher spend on card. (More than your income actually).

Again, if you really want infinnia (Even just for aspirational reason/bragging rights/ connection making etc) then it's all good. These are intangible benefits very hard to put a price on it. Only you can. What we can help is evaluation in strict financial terms.

There it doesn't make sense.
1st Issue here is window under consideration is different. Even in worst case scenario you would get dcb in 2years. For infinnia you can't be sure as it is marketed as "invited only". Dcb has some acceptability issue, some exception but there is workaround with that also. But lock in period here is 15 years. So the extra savings is only for couple of years. You spread that over 15years. Then you will get real difference in yearly rewards in both possibilities.

2. Even in your own calculation you have made the same mistake. That 1.8L is per year. You have also forgotten 4.5% gst. So for 1st yr 1.881L, 2nd yr it's 1.881×1.1(10% foregone return of better investment options)+1.881( premium of 2nd yr) =3.95L. You can calculate for the rest. See how fast that 11.8% (extra rewards calculated by you) drops to 1.18%. This is after assuming 11.8% difference in rewards ( in real life it will be lower) and there is no devaluation in foreseeable future. We have not even discussed about high returns in market in recent years. What will happen if central govt gets re elected. All the factors may come into effect due to not having access to your own capital in lock in period: emergency requirement, missing better investment opportunity/good deal in a dream home, in future if you want to start a new business, perceived loss due to delayed consumption. And so many different factors.
Click to expand...
basic reward 3.3%, full points for fee paid ( excl gst) ; you will remain +ve even with basic spend even if you don't use smartbuy.. i am taking worse case with full fee and maybe 2-3 L spend in the yr.. you won't lose money.. in isolation.. Endowment plan will give u 5-6% tax free equal to a 9 % fd.. nett.. only thing is that it shd be considered your debt portfolio investment as part of the overall plan.. only downside is that you have to commit to paying it for the term.. early exit means you will lose lots of money
 
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