Infinia against FD

[Akshays]

Do we have someone from HDFC CC side here on forum who can confirm if HDFC has stopped issuing Infinia against FD?

I was told by my RM that recently there is some internal communication regarding a stop to giving Infinia against FD. Need to verify if it's some made up nonsense or incomplete knowledge or a fact.

I am not sure on user ID of anyone from HDFC if there is one on this forum, so please help me out here by tagging relevant folks.

 

[credit_debit]

Whether HDFC bank gives it or not, please consider whether it's worth putting an FD of 10 lakh to get a credit card. There are many better ways of using that amount and generating much better returns than what CC will give.

 

[sm9811911]

Whether HDFC bank gives it or not, please consider whether it's worth putting an FD of 10 lakh to get a credit card. There are many better ways of using that amount and generating much better returns than what CC will give.

Agree completely.

 

[Dk123]

I was also told the same and confirmed it from another source also that they have been asked to stop taking FD backed Infinia requests around a Week ago.

 

[Akshays]

Whether HDFC bank gives it or not, please consider whether it's worth putting an FD of 10 lakh to get a credit card. There are many better ways of using that amount and generating much better returns than what CC will give.

Not looking at credit cards as source of income, I have an existing FD of more than that in another bank, I intend to keep that money in FD as source of emergency funds. the worst thing that could happen moving that FD against Infinia is having to wait for 4-5 days to close CC and remove lien on FD to access the funds instead of instant liquidation.

Anyways, seems for now at least, they have stopped taking request for FD backed Infinia, as confirmed by @Dk123, so whether to take Infinia against FD is a moot point now.

 

[CARDBITRAGE]

Not looking at credit cards as source of income, I have an existing FD of more than that in another bank, I intend to keep that money in FD as source of emergency funds. the worst thing that could happen moving that FD against Infinia is having to wait for 4-5 days to close CC and remove lien on FD to access the funds instead of instant liquidation.

Anyways, seems for now at least, they have stopped taking request for FD backed Infinia, as confirmed by @Dk123, so whether to take Infinia against FD is a moot point now.

Having a lien/hold on it would hamper the liquidity of an emergency fund. I suggest you reconsider if possible or use other funds you are investing as FD elsewhere anyway if you really aspire to hold an Infinia.

 

[Riya Sharma]

Not looking at credit cards as source of income, I have an existing FD of more than that in another bank, I intend to keep that money in FD as source of emergency funds. the worst thing that could happen moving that FD against Infinia is having to wait for 4-5 days to close CC and remove lien on FD to access the funds instead of instant liquidation.

Anyways, seems for now at least, they have stopped taking request for FD backed Infinia, as confirmed by @Dk123, so whether to take Infinia against FD is a moot point now.

You should use that 10 lakhs to margin trade on Binance with 5x debt

 

[simplegarv]

Do we have someone from HDFC CC side here on forum who can confirm if HDFC has stopped issuing Infinia against FD?

I was told by my RM that recently there is some internal communication regarding a stop to giving Infinia against FD. Need to verify if it's some made up nonsense or incomplete knowledge or a fact.

I am not sure on user ID of anyone from HDFC if there is one on this forum, so please help me out here by tagging relevant folks.

you can get HDFC Infinia with 10L FD, you just have to pressurise your bank staff to give you if you need the card but i would advise you to reconsider your decision of getting card on FD.

one more advice if you have any senior citizen in your house then book the fd in their name you'll be getting 7.75% in 5-10 year FD and then take addon for whole of your family.

 

[Akshays]

Having a lien/hold on it would hamper the liquidity of an emergency fund. I suggest you reconsider if possible or use other funds you are investing as FD elsewhere anyway if you really aspire to hold an Infinia.

Thanks, noted. Right now, the point is moot since it appears that HDFC stopped taking such requests for Infinia.

In case they resume in future, I would like to know how much time does it ideally take to liquidate an FD marked as lien, assuming I request closure of the CC linked to it right away when i have necessity of the funds.

 

[Akshays]

You should use that 10 lakhs to margin trade on Binance with 5x debt

Once burnt twice shy applies in this case to me. Not gonna start trading again anytime soon.

 

[Riya Sharma]

Once burnt twice shy applies in this case to me. Not gonna start trading again anytime soon.

Good to hear. But that was a joke lol

 

[Akshays]

you can get HDFC Infinia with 10L FD, you just have to pressurise your bank staff to give you if you need the card but i would advise you to reconsider your decision of getting card on FD.

one more advice if you have any senior citizen in your house then book the fd in their name you'll be getting 7.75% in 5-10 year FD and then take addon for whole of your family.

1. This stopping of issuing infinia against FD seems to be rather recent phenomenon (last 10 days or so), otherwise I didn't need to pressurize my RM into anything, he was happy to take my FD and initiate process for Infinia, I just waited for maturity of my previous FD as i didn't want penalty on interest and this circular internally came in meanwhile(as per my RM's claim).

2. Will keep this advice in mind for future, not possible to get Infinia against FD for now it seems.

 

[simplegarv]

1. This stopping of issuing infinia against FD seems to be rather recent phenomenon (last 10 days or so), otherwise I didn't need to pressurize my RM into anything, he was happy to take my FD and initiate process for Infinia, I just waited for maturity of my previous FD as i didn't want penalty on interest and this circular internally came in meanwhile(as per my RM's claim).

2. Will keep this advice in mind for future, not possible to get Infinia against FD for now it seems.

this issue is because many people are getting aware about credit cards these days through various channels so, people are clubbing their FD's and getting Super Premium CC's for their FD's.

 

[CardsHoarder]

I was also told the same and confirmed it from another source also that they have been asked to stop taking FD backed Infinia requests around a Week ago.

Then what is the path forward? Have enough spends past 6 months and have sufficient credit limit 8L on existing cc and then ask for upgrade to Infinia?

 

[D C]

Any update regarding Infinia against FD? Possible to get LTF Infinia also?

 

[aayusharyan]

You should use that 10 lakhs to margin trade on Binance with 5x debt

Bro... 5X? that's nothing. Start with 125X. /s

 

[coolguy1]

With Infinia out of picture, you can look at Axis Magnus Burgundy.

Will require a little than 10L FD but the rewards could be enticing if you're an avid spender.

 

[aayusharyan]

Is there a way to convert these Secured Cards into unsecured without closing and taking a hit on CIBIL?

 

[Akshays]

With Infinia out of picture, you can look at Axis Magnus Burgundy.

Will require a little than 10L FD but the rewards could be enticing if you're an avid spender.

For FDs, isn't the requirement 30L? Sure as hell not gonna park 10L in savings just to get better conversion ratio.

 

[Karan04]

I dont mind opening an FD of 30L.. even 50L.. Will HDFC give Infinia on that? Any experience? Whom do I speak to? call my RM? go to the branch and speak to the Credit card devision? send an email? Branch manager?

and I know its not the best use of 50L, but I dont want to invest that in the medium-long term.. I'm fine with 7-7.5% return on that for the foreseeable future..