ICICI offering Sapphiro Credit Card LTF, subject to FD

[Souvik]

This is just an information post, that today I received a call from the nearby ICICI Bank branch where the person on the other side offered Sapphiro CC (https://www.icicibank.com/personal-banking/cards/credit-card/sapphiro-credit-card/key-privileges) LTF, subject to a few terms:

1. Its FD backed card, so credit limit is 90% of FD amount.
2. They are asking for 5L of FD.
3. Your FD of 5L would not be breakable, as it would be tied to the CC, so a lien would be placed.

I tried to push him for Emeralde but that did not work out.

A credit card was an unsecured loan product given by banks earlier, subject to credit score, credit history, joining fees. Now with a FD backing, and a crunch in funds, looks like banks are more willing to offer premium cards as secured cards (secured by FD) but LTF, which were earlier subject to high joining fees and annual fees.

 

[Bodhi]

This is just an information post, that today I received a call from the nearby ICICI Bank branch where the person on the other side offered Sapphiro CC (https://www.icicibank.com/personal-banking/cards/credit-card/sapphiro-credit-card/key-privileges) LTF, subject to a few terms:

1. Its FD backed card, so credit limit is 90% of FD amount.
2. They are asking for 5L of FD.
3. Your FD of 5L would not be breakable, as it would be tied to the CC, so a lien would be placed.

I tried to push him for Emeralde but that did not work out.

A credit card was an unsecured loan product given by banks earlier, subject to credit score, credit history, joining fees. Now with a FD backing, and a crunch in funds, looks like banks are more willing to offer premium cards as secured cards (secured by FD) but LTF, which were earlier subject to high joining fees and annual fees.

Thank you @Souvik for sharing

 

[HazelBlotch]

Thanks for sharing but this does not seem worth it for the consumer

 

[Souvik]

Thanks for sharing but this does not seem worth it for the consumer

Almost true, but for someone who has funds lying idle in ICICI Bank or are looking for an FD in ICICI may opt for this.

 

[rahulsethi]

This is just an information post, that today I received a call from the nearby ICICI Bank branch where the person on the other side offered Sapphiro CC (https://www.icicibank.com/personal-banking/cards/credit-card/sapphiro-credit-card/key-privileges) LTF, subject to a few terms:

1. Its FD backed card, so credit limit is 90% of FD amount.
2. They are asking for 5L of FD.
3. Your FD of 5L would not be breakable, as it would be tied to the CC, so a lien would be placed.

I tried to push him for Emeralde but that did not work out.

A credit card was an unsecured loan product given by banks earlier, subject to credit score, credit history, joining fees. Now with a FD backing, and a crunch in funds, looks like banks are more willing to offer premium cards as secured cards (secured by FD) but LTF, which were earlier subject to high joining fees and annual fees.

Who will get a useless Sapphiro that too against a low paying 5 lakh FD In lien.

 

[Maxwell]

https://campaigns.icicibank.com/credit-card/sapphiroCreditCard/index.html

Please try this link and get it LTF without FD

 

[Testcc]

No point in even thinking about getting any card with FD, unless someone is not getting any card in any other ways. Have heard people stories trying for Infinia by using FD route, but still had to struggle to get it.