Infinia Infinia Against ULIP?

[sonuyos]

I got an offer from HDFC RM, saying I can get Infinia (I have no shot at getting it directly without waiting for like years. As it took them 8yrs to upgrade my Moneyback to Millennia card.)

If I go thru FD backed route it will be - 7.20% interest rate on 10lk fd. I straight up lose 5-7% on 10lk = 60k roughly every year.

They said to pay 2.1lk to get the card and of which I can surrender the Policy if I want after 1yr, and get back roungly 103-108k back.

In return they will give me Infinia Metal with a guaranteed upgrade (giving me in writing over email) to Infinia Reserve once the card launches.

Plus the card would be 3 yrs free.

Should I go for it?

Edit : Did not go with it. As many pointed out, the cost doesn't justify the card, especially after the 2:1 accor devaluation.

 

[HumorSimpson]

LOL.. you need to go to some temple

With lounge access

 

[SSV]

1) explain your current cc profile
50-80lk yr a spend, major in Insurance of myself and my family only + Traveling abroad so forex spends.

2) your relationship with hdfc, details
Imperia Account + PMS, Had moneyback received in 2017, last week only got upgraded to Millennia after mailing and threatening them for past 1yr.

3) your past and projected spends
Same as mentioned on 1st point

4) a few more details about ULIP.
Tata AIA Life Insurance Smart Sampoorna Raksha - 2.1lk for 5yrs (thought they say that I can cancel after 1yr and get back 103-108k depending on ULIP performance).

143k goes towards the investment before mortality charges and FMC. They give double return after 10yrs i.e. 7.2% Return for Mortality charges and fmc.

They asked to put Tata Multi cap & Tata Top 200.


5) had you not invested in ULIP what would you do with that money and how much would you get on that??
Yes, did not enjoy as much, as I could fetch better returns other places. So withdrew and invested in other places

There two ways to look into this..
1) if you really really want infinia and infinia only..
Then
If you can withdraw from the policy after one year with a cost of 60k , then you can take the policy and infinia..
Because in the long run you will gain more than 60k using infinia…
It’s a one off cost

Second way , look for alternative card(s)

So you need mainly a card for
1) insurance payments
2) forex spends
3) lounge access

Right??
Then
First have a look at Yes marquee card here, mainly for lounge access and some insurance payments

Thread 'Yes Bank MARQUEE Credit Card launched - Features & Benefits | Full Details'
https://www.technofino.in/community...aunched-features-benefits-full-details.22261/

For zero markup fee international spends there are quite a few options there.

 

[Vasuki]

BRUTAL Devaluation of INFINIA is ON the WAY like Axis CC's....Think twice

No hdfc is not fool like axis
U should follow millennia cc devulation u will understand hdfc hopeless game

 

[Alex292929]

Believe it or not Infinia has some crazy fan base 😂

 

[nrj1007]

I hope you know Accor point transfer was devalued to 2:1 ratio.

 

[Deleted member 27665]

I stopped maintaining after i got reply from them ki close the account, I am like, why bother if they don't care.

If you have a large sum of money then upgrade your HDFC Imperia account to HDFC Infiniti account. It has pre-approved HDFC Infinia Metal LTF credit card.

 

[nrj1007]

And what's the credit limit of your Millenia card?

 

[sonuyos]

There two ways to look into this..
1) if you really really want infinia and infinia only..
Then
If you can withdraw from the policy after one year with a cost of 60k , then you can take the policy and infinia..
Because in the long run you will gain more than 60k using infinia…
It’s a one off cost

Second way , look for alternative card(s)

So you need mainly a card for
1) insurance payments
2) forex spends
3) lounge access

Right??
Then
First have a look at Yes marquee card here, mainly for lounge access and some insurance payments

Thread 'Yes Bank MARQUEE Credit Card launched - Features & Benefits | Full Details'
https://www.technofino.in/community...aunched-features-benefits-full-details.22261/

For zero markup fee international spends there are quite a few options there.

1 - If it was 60k only, then i would have done it. But I realized that if the 3yrs is free, that means I wont get 12.5k points every year. That means I lose 22500 in Accor Value every year. Essentially it is costing me 106k.

As for Marquee, I thought of it, but people say that Yes bank is very inconsistent with their rewards and devaluations, plus they don't even have Accor as a transfer partner or any good airlines.

 

[sonuyos]

Believe it or not Infinia has some crazy fan base 😂

So does Amex Plat. 70k worth of paper weight.

 

[Vasuki]

If you have a large sum of money then upgrade your HDFC Imperia account to HDFC Infiniti account. It has pre-approved HDFC Infinia Metal LTF credit card.

Yeh kya h .vro
Thoda prakash daliye

 

[Alex292929]

50-80 = 5-6lk a month. Of which half is just insurance, that's the main reason, lmao. I have so many insurance that if I don't think Term plan, I will still be good. Especially now that MB stopped giving Insurance points.

Just wondering how you going to justify these spends to IT Dept with an ITR of 10-15 Lacs

 

[Deleted member 27665]

Yeh kya h .vro
Thoda prakash daliye

Refer this link bro

Infiniti Banking - Customised Wealth Management Solutions | HDFC Bank

Infiniti is an exclusive Invite Only Programme for High Networth individual customers. Infiniti Premier Banking offers customised Wealth Management Solutions.

www.hdfcbank.com

 

[HumorSimpson]

No hdfc is not fool like axis
U should follow millennia cc devulation u will understand hdfc hopeless game

Even infinia has been regularly devalued.

 

[SSV]

- If it was 60k only, then i would have done it. But I realized that if the 3yrs is free, that means I wont get 12.5k points every year. That means I lose 22500 in Accor Value every year. Essentially it is costing me 106k

Then ask them to give paid card

 

[Vasuki]

Just wondering how you going to justify these spends to IT Dept with an ITR of 10-15 Lacs

🌚 Business spends 😉

 

[sonuyos]

I hope you know Accor point transfer was devalued to 2:1 ratio.

For Infinia kya?

 

[Vasuki]

Even infinia has been regularly devalued.

Slice by slice..

 

[sonuyos]

Then ask them to give paid card

Yea i thought of that too, but at 106k cost? Dont think its worth it.

It would be cheaper and easier to get another Magnus Burgundy on my wife name.

 

[nrj1007]

For Infinia kya?

yes . https://www.technofino.in/community...-hotel-partners-transfer-ratio-reduced.20732/

 

[SSV]

Even infinia has been regularly devalued.

Our life itself is getting devalued every year…per se