Applied for Wealth But Got Select Instead

[jyothisthaliath]

I was using IDFC Select for past 6 months. Initial limit was only 1.2 Lacs. From the beginning I have been trying to get it upgraded to Wealth CC as I already got other CC having 5 Lacs limit. They told me to wait for 3 statements atleast and then request for upgrade.

Seeing many posts in the forum, I thought I would try my luck for Wealth CC through C2C process. I closed by Select card and confirmed the closure by email. Then next day I applied for Wealth CC by showing C2C with my ICICI Rubyx card having limit of 5 Lacs. I provided monthly income as 2 Lacs whereas in reality it is just 1.5 Lacs. After providing details, I was happy to see Wealth card with 7.5 Lacs limit showing there. I applied for same and completed the VKYC process.

But I got mail that they approved First Select card itself to me, with an improved limit of 3 Lacs. I escalated to PNO saying that I had applied for Wealth CC, then why they provided Select. They said it is Bank discretion to issue whatever card is suitable. I am not planning to activate this card, as it doesn't provide any benefit to me.

I want to know what went wrong here:
1. May be I should've given a higher fake income figure during application?
2. ICICI Rubyx was a bad choice for C2C? Other card I have is from HSBC for 4.2 Lakhs. I think less than 5 Lacs it won't count as eligible for C2C to Wealth CC?

 

[Dragon_slayer]

If you have IDFC Wealth account, you can get Wealth CC directly. ( If you maintain good balance )

 

[Anindya98]

1. May be I should've given a higher fake income figure during application?

Not Recommended

2. ICICI Rubyx was a bad choice for C2C? Other card I have is from HSBC for 4.2 Lakhs. I think less than 5 Lacs it won't count as eligible for C2C to Wealth CC?

I also used my ICICI card 4.2L and got Millenia with 1.38L then within 4 months upgraded to Select with just spending rs 130 throughout the 4 months.

After Devaluation, all offer the same rewards rate Select/Wealth doesn't matter, else you are looking for some special benefits.

 

[Anindya98]

If you have IDFC Wealth account, you can get Wealth CC directly. ( If you maintain good balance )

Using the same process I got Select waiting for 3 months to complete to upgrade my account to Wealth And ask for the Wealth CC

 

[sudoabhi]

After Devaluation, all offer the same rewards rate Select/Wealth doesn't matter, else you are looking for some special benefits

Thats true ..

 

[jyothisthaliath]

If you have IDFC Wealth account, you can get Wealth CC directly. ( If you maintain good balance )

I have IDFC savings account. I think Wealth account needs 10 L initial funding, right? Can't afford that much now 🙁

 

[jetesh]

I have IDFC savings account. I think Wealth account needs 10 L initial funding, right? Can't afford that much now 🙁

Ask your BM, he will help you for sure.

 

[Anindya98]

I have IDFC savings account. I think Wealth account needs 10 L initial funding, right? Can't afford that much now 🙁

Depends on the negotiating skills I got Select with 1L IF. And Wealth I have talked into 3L MAB but have to wait for 3 months for 2nd upgrade request.
Also, you can change the branch if your RM/BM is not negotiating.

 

[sadhunath]

Depends on the negotiating skills I got Select with 1L IF. And Wealth I have talked into 3L MAB but have to wait for 3 months for 2nd upgrade request.
Also, you can change the branch if your RM/BM is not negotiating.

What were your negotiating levers apart from changing branch?

 

[IKFLRT]

If you have IDFC Wealth account, you can get Wealth CC directly. ( If you maintain good balance )

I had a word with a CC agent, she outright denied for any such rule.

You sure it can happen as of today?

 

[Dragon_slayer]

I had a word with a CC agent, she outright denied for any such rule.

You sure it can happen as of today?

Yes, it is still possible, but you wont get CC immediately you will need to wait 2 months after opening your account.

 

[jyothisthaliath]

Depends on the negotiating skills I got Select with 1L IF. And Wealth I have talked into 3L MAB but have to wait for 3 months for 2nd upgrade request.
Also, you can change the branch if your RM/BM is not negotiating.

This man right here motivated me to take action 🙂

I called up IDFC and asked to send their guy down to open Wealth account. First person told that no way I can open Wealth below 10 Lacs. Second person, an ambitious sales guy, he came to my place and put down his word that he cannot give Wealth straightaway, but open a new account get approvals for converting it to Wealth with just 5 Lac IF. We have given the cheque for opening a new account in my wife's name (as I already have account and it won't be NTB). After wife's account becomes Wealth, they will add me also through family banking

 

[jyothisthaliath]

Yes, it is still possible, but you wont get CC immediately you will need to wait 2 months after opening your account.

I'm already having Select CC and I'm in process of getting my normal savings account into Wealth Banking. Once that is completed, should I cancel my existing Select CC and apply fresh for Wealth CC?

 

[Dragon_slayer]

This man right here motivated me to take action 🙂

I called up IDFC and asked to send their guy down to open Wealth account. First person told that no way I can open Wealth below 10 Lacs. Second person, an ambitious sales guy, he came to my place and put down his word that he cannot give Wealth straightaway, but open a new account get approvals for converting it to Wealth with just 5 Lac IF. We have given the cheque for opening a new account in my wife's name (as I already have account and it won't be NTB). After wife's account becomes Wealth, they will add me also through family banking

Now you will remain struck in loop of asking them to upgrade to Wealth and they will keep telling you to add more balance.

The best way to handle this is to go to bank, and ask the sales guy that you want to open Wealth account but you want to talk to Bank Manager first. Negotiate with BM directly.

 

[Dragon_slayer]

If you hold any other HNI account, make sure to keep that other cheque book with you. That will help in negotiation definitely as the bank just want to be sure that you can afford that 10L balance.

 

[jyothisthaliath]

Now you will remain struck in loop of asking them to upgrade to Wealth and they will keep telling you to add more balance.

I know that risk. We have discussed this upfront and told him that if they can't keep the commitment, we will m close the account. He promised that he has done the same for many people and it has never failed 😌

I'm giving him a chance to prove his word. He knows that the branch is close, and I can come down any time 😂

 

[Anindya98]

This man right here motivated me to take action 🙂

I called up IDFC and asked to send their guy down to open Wealth account. First person told that no way I can open Wealth below 10 Lacs. Second person, an ambitious sales guy, he came to my place and put down his word that he cannot give Wealth straightaway, but open a new account get approvals for converting it to Wealth with just 5 Lac IF. We have given the cheque for opening a new account in my wife's name (as I already have account and it won't be NTB). After wife's account becomes Wealth, they will add me also through family banking

Congrats.
The account will take around 1 month to get upgraded to Wealth.
Kit by next week first 25K kit then After Wealth Upgrade Wealth Kit
Also, do the Rs1000+ transactions on both DCs Normal and Wealth DC for 2000+8000 RPs = 2500GV -116.82 Redemption Fees Net Profit 2383.18

 

[Anindya98]

I know that risk. We have discussed this upfront and told him that if they can't keep the commitment, we will m close the account. He promised that he has done the same for many people and it has never failed 😌

I'm giving him a chance to prove his word. He knows that the branch is close, and I can come down any time 😂

Please don't ask for the CC right now let the account get upgraded to Wealth then while linking your account to the family group your customer ID will also, get upgraded to Wealth Status Like in my case after that ask for the wealth cc.

Read this 2 threads for more information

Thread 'IDFC First Select Banking Program Upgrade Journey'

Jun 16, 2024

My Journey of Upgrading to IDFC Select banking​

I got upgraded to IDFC Select Banking on the 13th of June 2024. The process was seamless after giving the consent on 10th June. Virtual DC was generated after few hours. The physical card has not been received yet, I am using the virtual one with no issues. It is showing in the app from the next day IDFC First Select.

Let me share the whole journey.

I started my journey with IDFC last year in May with WOW CC. After that, I opened a joint account(25K MAB) with my father(as Primary Holder) in July End. Been using that...

• Anindya98
• debit card idfc idfc bank idfc first bank select debit card idfc first select banking program idfc select idfc wealth
• Replies: 73
• Forum: Bank Account

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Thread 'IDFC Family Banking for First Select/Wealth/Private Customers'

Jul 19, 2024

I am sharing my history with IDFC: (WOW Card) May 2023 only this was available -> SB Account 25KMAB Joint July 2023 (Secondary Holder) -> SB Account 25KMAB Joint October 2023 (Primary) -> Applied Via CashKaro got IDFC Millenia/Classic without docs via C2C (Selected Millenia 1.38L)-> SB Account 25KMAB May 2024 -> First Select Account Conversion on 14th June 2024 -> Called the CC asked for Select Card as I was pre-qualified instantly request taken card generated within few hours
I only spend Rs130 using my Millenia Card before the upgrade.
Also, got a new single account for my mother...

• Anindya98
• debit card family banking idfc idfc bank idfc bank select idfc bank wealth idfc first bank credit card idfc first select banking program
• Replies: 84
• Forum: Bank Account

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[Anindya98]

I know that risk. We have discussed this upfront and told him that if they can't keep the commitment, we will m close the account. He promised that he has done the same for many people and it has never failed 😌

I'm giving him a chance to prove his word. He knows that the branch is close, and I can come down any time 😂

Not to worry he will do it.
In my case, they did Select for 1L IF now agreed to do Wealth for 3L MAB but it takes time around 3 to 4 weeks for the whole process to get completed.

 

[jyothisthaliath]

Please don't ask for the CC right now let the account get upgraded to Wealth then while linking your account to the family group your customer ID will also, get upgraded to Wealth Status Like in my case after that ask for the wealth cc.

But I have Select CC right now. What to do with it? Shall I close it then?