HDFC Credit Cards - FD Based.

[BVCBVC is verified member.]

Dear Community,

I had some issues in the past with HDFC Credit cards in 2015. They issued me credit card in 2013 and it got renewed in 2016, But I didn't collect the credit card as I moved out of Chennai to Bangalore. But they are saying that some payments are pending and kept it as delinquent account due to missed payments within due time which didn't happen actually with my knowledge. With that reason they are rejecting my Credit Card applications (2 rejected till now with same reason). I do hold preferred account with them with good account balance and transactions, but they are not offering credit card.

Now they are offering FD based credit card (3.5L - Regalia, 13L - Infinia). After 6-9 months of good usage they are telling they will provide Floater Credit card which will be different from the existing credit card, then you can close your FD credit card (For Ex, If we take Infinia now with 13 L FD, they wont give Infinia they may give Regalia, But if we take Regalia now they may give Diners Privilege or Diners Black depends on the usage and getting Infinia in that way will be around 3 years from now).

My Credit Card Portfolio:

ICICI Emeralde, Axis Magnus, Axis Vistara Infinite, Axis Privilege, SBI Prime, Citi Premier Miles, ICICI Coral, ICICI Amazon Pay, One Card, RBL Play Card


Can someone suggest me how to proceed from here. @TechnoFino Sumanta Hope you will be helpful on this issue.

 

[RewardsAlert]

So what it the probability of getting credit card after surrendering FD based card after usage of 9-12 months?? Do I need to continue on FD based in future also or can we upgrade the FD based card to un secured card after 9-12 months of time frame??

Probability cannot be specified by anyone, it varies greatly.
FD Card to Unsecured Card is absolutely possible by mailing their grievance teams, but that too would be entirely subjective, and there is no fixed time frame of 9 or 12 months.

One good instance that I have heard here is that, you can convince your BM to not mark the FD as lien for the issuing card.
There is a control with the BM for issuing a secured card this way. He can basically take your FD, issue a secured card, but not mark the FD as lien.
This way you can close your FD after maturity and card stays active!

 

[BVCBVC is verified member.]

Probability cannot be specified by anyone, it varies greatly.
FD Card to Unsecured Card is absolutely possible by mailing their grievance teams, but that too would be entirely subjective, and there is no fixed time frame of 9 or 12 months.

One good instance that I have heard here is that, you can convince your BM to not mark the FD as lien for the issuing card.
There is a control with the BM for issuing a secured card this way. He can basically take your FD, issue a secured card, but not mark the FD as lien.
This way you can close your FD after maturity and card stays active!

Wow that’s a great hack, let me check whether that works in my case. But all these are done by RM’s in Tier 1 cities, as I am from Tier -2 Credit Card business is not their cup of tea and need to be educated by us only. I have around 14 cards but HDFC is creating a lot of hurdles in issuing me a card without my mistake.

 

[PavanPavan is verified member.]

Probability cannot be specified by anyone, it varies greatly.
FD Card to Unsecured Card is absolutely possible by mailing their grievance teams, but that too would be entirely subjective, and there is no fixed time frame of 9 or 12 months.

One good instance that I have heard here is that, you can convince your BM to not mark the FD as lien for the issuing card.
There is a control with the BM for issuing a secured card this way. He can basically take your FD, issue a secured card, but not mark the FD as lien.
This way you can close your FD after maturity and card stays active!

This seems difficult now we need give FD LIEN form mandatory and should be sent to CC team
BM has no control
I was trying for infenia they asked for 5 lakh deposit

 

[RewardsAlert]

This seems difficult now we need give FD LIEN form mandatory and should be sent to CC team
BM has no control
I was trying for infenia they asked for 5 lakh deposit

I agree that the form is mandatory for issuance.
But I have also seen a case where BM was able to remove the FD Lien from the card.
Either it can be done post issuance or might require approvals pre issuance, but it is possible.
It's definitely not a piece of cake, and would need quite some efforts.

 

[CARDBITRAGE]

You could probably wait a bit and see if they will issue you the infinia reserve on fd lien.

 

[PavanPavan is verified member.]

I agree that the form is mandatory for issuance.
But I have also seen a case where BM was able to remove the FD Lien from the card.
Either it can be done post issuance or might require approvals pre issuance, but it is possible.
It's definitely not a piece of cake, and would need quite some efforts.

Oh that's nice let em check with him 🙁

 

[BVCBVC is verified member.]

Got this FD amounts for credit card. Let’s hope Infinia reserve also joins soon.

 

[CARDBITRAGE]

Got this FD amounts for credit card. Let’s hope Infinia reserve also joins soon.

Oh. So you can't attain diners cards with an FD.

 

[PavanPavan is verified member.]

Oh. So you can't attain diners cards with an FD.

As far as i know you can get all the cards in FD.


He got inifnia in 11 LAKH FD

 

[CARDBITRAGE]

As far as i know you can get all the cards in FD.


He got inifnia in 11 LAKH FD

I know. Many people have got Infinia with FD. That's a total win situation for the bank. XD
@bvc19296 sent an attachment wherein it was mentioned that Diners & co-branded cards were not eligible for FD-based approval.

 

[PavanPavan is verified member.]

I know. Many people have got Infinia with FD. That's a total win situation for the bank. XD
@bvc19296 sent an attachment wherein it was mentioned that Diners & co-branded cards were not eligible for FD-based approval.

Even am surprised but for my friend they said give 5.75 FD and take DCB..he didn;t had any relationship with HDFC

 

[BVCBVC is verified member.]

I know. Many people have got Infinia with FD. That's a total win situation for the bank. XD
@bvc19296 sent an attachment wherein it was mentioned that Diners & co-branded cards were not eligible for FD-based approval.

Yes, Siddharth Bhimani I do follow him on Youtube. I saw that video last year, but wanted to know the exact issue why they are holding my application and need to solve it. I feel like if issue is not solved and we might end up facing the same in future.

Once we are habituated using these high end cards like Magnus, Infinia and suddenly we cannot use them it will be tough.

 

[BVCBVC is verified member.]

Even am surprised but for my friend they said give 5.75 FD and take DCB..he didn;t had any relationship with HDFC

In that case that's good @Pavan. Because getting card like DCB for 5.75L is a very good considering 13L for Infinia.

 

[PavanPavan is verified member.]

In that case that's good @Pavan. Because getting card like DCB for 5.75L is a very good considering 13L for Infinia.

Yes but i feel FD backed card of huge amount might be risky ..Not sure how it works

 

[CARDBITRAGE]

Yes but i feel FD backed card of huge amount might be risky ..Not sure how it works

Not risky. But if you ever feel the need to liquidate that FD, your card will get closed.

 

[BVCBVC is verified member.]

Not risky. But if you ever feel the need to liquidate that FD, your card will get closed.

Yes, that happens. Once FD is surrendered your card will get closed. They will even block the amount used on card for FD release. Once you make a payment they will release balance FD amount also.

 

[PavanPavan is verified member.]

Not risky. But if you ever feel the need to liquidate that FD, your card will get closed.

Oh is it automatic ?

 

[BVCBVC is verified member.]

Oh is it automatic ?

Yes, as @RewardsAlert mentioned credit card is linked in lien with FD.

 

[CARDBITRAGE]

Oh is it automatic ?

No. Since the Fd would be on lien, you can't just drop your closure request and expect your full fd amount back. You would need to settle the full amount, then the card gets closed. Subsequently, the lien gets released and then your money is credited to your account.

 

[PavanPavan is verified member.]

No. Since the Fd would be on lien, you can't just drop your closure request and expect your full fd amount back. You would need to settle the full amount, then the card gets closed. Subsequently, the lien gets released and then your money is credited to your account.

Gotit now 🙂