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.

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[Syed Habeeb]

Cheq coins conversion is still there
But i think they kept some capping of min cheq coins
TDY i redeemed 500 coins for 125rs
And I have 79 coins left now which I can't redeem
So there might be some criteria for min cheq coins for cash redemption
May be 500 coins or so

How many cheq coins u have now?

I have 76 coins.

 

[satish0987]

I have 76 coins.

I have 100+ chips now after CC bills
Still can't use them

 

[Vaasu Annan]

Nykaa ₹1000 Voucher for 33,500 fi coins. Is this voucher available for you guys on the rewards section?

 

[satish0987]

Nykaa ₹1000 Voucher for 33,500 fi coins. Is this voucher available for you guys on the rewards section?

Not available for me

 

[pennypincher]

Created an account in Fi after going through this thread. I added 50k and got into Infinite. Now I am at 35k balance but still on Infinite.
How much do I have to maintain as minimum balance to get 2% cashback? Also, will I get the cahsback next month?

 

[satish0987]

Created an account in Fi after going through this thread. I added 50k and got into Infinite. Now I am at 35k balance but still on Infinite.
How much do I have to maintain as minimum balance to get 2% cashback? Also, will I get the cahsback next month?

Keep it 50k and enjoy 2% CB upto 500

 

[pennypincher]

So, if I keep 50k and get a return of 500, It translates into 1% per month return = 12% per annum returns. Additionally Fi will also give me 4% interest on 50k. So I get a total return of 12%+4% = 16% return ?????

 

[raghu.rokda]

So, if I keep 50k and get a return of 500, It translates into 1% per month return = 12% per annum returns. Additionally Fi will also give me 4% interest on 50k. So I get a total return of 12%+4% = 16% return ?????

500 k liye jaane kitne papad belne padenge

 

[satish0987]

So, if I keep 50k and get a return of 500, It translates into 1% per month return = 12% per annum returns. Additionally Fi will also give me 4% interest on 50k. So I get a total return of 12%+4% = 16% return ?????

4% wer did they mention?

 

[pennypincher]

4% wer did they mention?

3-4% Savings account interest rate which all banks offer. Must be on their website. Couldn't find the exact number on the App.

 

[prc1990]

3-4% Savings account interest rate which all banks offer. Must be on their website. Couldn't find the exact number on the App.

3-4 rate bahat sal pehle aata tha sir, ab chamanni ata hain bas toh .

 

[zomato]

Axis liberty account is better then this fi 50k mab variant.

advantages over this?

 

[satish0987]

3-4% Savings account interest rate which all banks offer. Must be on their website. Couldn't find the exact number on the App.

I thought 3% bt shocked to see it's 3.45%
It's highest in industry

 

[pennypincher]

I thought 3% bt shocked to see it's 3.45%
It's highest in industry

With the 2% Cashback, this becomes very interesting then. Challenge is now how to get the full 500. As far as I can see, there is a per transaction cap of 30Rs. which means 17 transactions of 1500 each should get me there. 30 x 17 = 500.
Do they pay on CC bill repayment? If yes, this is easily doable.

 

[satish0987]

With the 2% Cashback, this becomes very interesting then. Challenge is now how to get the full 500. As far as I can see, there is a per transaction cap of 30Rs. which means 17 transactions of 1500 each should get me there. 30 x 17 = 500.
Do they pay on CC bill repayment? If yes, this is easily doable.

Yes
Take ur time and read it from nov 1st in this thread fr full details

 

[Vaasu Annan]

With the 2% Cashback, this becomes very interesting then. Challenge is now how to get the full 500. As far as I can see, there is a per transaction cap of 30Rs. which means 17 transactions of 1500 each should get me there. 30 x 17 = 500.
Do they pay on CC bill repayment? If yes, this is easily doable.

Yes, CC bill payment through Cheq and Cred will give cashback.

 

[atx]

So, if I keep 50k and get a return of 500, It translates into 1% per month return = 12% per annum returns. Additionally Fi will also give me 4% interest on 50k. So I get a total return of 12%+4% = 16% return ?????

bro you're missing some critical conditions here... math too!

You won't get 16% return by keeping 50k! You've to transact for 25k EVERY MONTH to get that 500 monthly cashback. You need to keep 50k other than this 25k.

So you get total 6k cashback on keeping 50k AND spending 3L on upi (scan) only. These two logically cannot be combined as one is on spending & one is on keeping.

 

[simplewarrior]

bro you're missing some critical conditions here... math too!

You won't get 16% return by keeping 50k! You've to transact for 25k EVERY MONTH to get that 500 monthly cashback. You need to keep 50k other than this 25k.

So you get total 6k cashback on keeping 50k AND spending 3L on upi (scan) only. These two logically cannot be combined as one is on spending & one is on keeping.

People here mostly spend on credit card bill payment

 

[pennypincher]

bro you're missing some critical conditions here... math too!

You won't get 16% return by keeping 50k! You've to transact for 25k EVERY MONTH to get that 500 monthly cashback. You need to keep 50k other than this 25k.

So you get total 6k cashback on keeping 50k AND spending 3L on upi (scan) only. These two logically cannot be combined as one is on spending & one is on keeping.

Oh ok. Thanks for clearing the understanding although I think 2% is also applicable on Debit Card spends.
My point is that I am keeping 50k in HDFC which is getting lower interest rate and spending at least 30-40k monthly via HDFC UPI & DC (CC repayment + Fuel + utilities + bills etc). All of that is anyways giving me nothing.

I can shift everything here if this offer continues. Storing 50k and spending 25k per month can theoretically give me 6k returns.

I feel the only challenge is getting to 500 with per transaction caps.

 

[pointhacker]

Oh ok. Thanks for clearing the understanding although I think 2% is also applicable on Debit Card spends.
My point is that I am keeping 50k in HDFC which is getting lower interest rate and spending at least 30-40k monthly via HDFC UPI & DC (CC repayment + Fuel + utilities + bills etc). All of that is anyways giving me nothing.

I can shift everything here if this offer continues. Storing 50k and spending 25k per month can theoretically give me 6k returns.

I feel the only challenge is getting to 500 with per transaction caps.

This is interesting way to think about it. Even for me I am keeping 60k at starting of the month and spending 25.5k from that to maximise on the 500 CB. For us returns are returns no matter as CB or as interest. That is just technical name for it. I would anyway have spent this 25k from my ICICI account so nothing special from my side over there. Fi Money is keeping me on infinity plan

But I am effectively getting 500 for keeping this 50k! This is 1% per month if I calculate correctly so 12% per year

Did not understand 16% logic but 12% is also really good!