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.

 

[SamPtnk]

🌚

Depression me Kyu jyega India vai 🌚

Ek banda hai pm ho gaya to internal depression la dega

Jokes aside global kuch garbar hua to India par bhi effect ayega bhai.

The way stock markets across the globe are rising every tom dick and harry is making money

When everyone starts to make money thats when shit hits

 

[Vasuki]

Ek banda hai pm ho gaya to internal depression la dega

Jokes aside global kuch garbar hua to India par bhi effect ayega bhai.

The way stock markets across the globe are rising every tom dick and harry is making money

When everyone starts to make money thats when shit hits

True but unless xi xoping goes bonkers we aren't having major war
& No matter how chomu our babus are in tech .. we have maintain good relationship with each world power
For market ..yes there is always a bubble but as market grows .. sometimes tanking makes some stronger & weaker fails
Like in 2000 internet bubble crisis.
Everyone collapsed goggle and fb rose from ashes ..so was Apple & Amazon.

 

[sonuyos]

Itr is important. But for most business man spend>>itr. Though here the difference is very high. There could be (most likely) ITd notice but that is a different issue.
He has a credit history. With hard enquiry they can clearly see if he is able to repay the debt or not.
He has imperia relationship. So he is maintaining relationship. It is the job of rm/bm and even ch to get required approval for him.
@sonuyos have you tried for regalia gold(3.35L) or dcb(5.6L) against fd lien. The dates of ltf cc against fd is extended. It will still be better than millenia. But that is if you really want a hdfc card.

If I put a 3.35l fd or 5.6l I will get Regalia Gold or DCB?

I am not sure what you are referring to, csn you link me?

 

[sidp]

If I put a 3.35l fd or 5.6l I will get Regalia Gold or DCB?

Yes that's the min fd amount as base cl for regalia gold and dcb is 3L & 5L respectively. Offer was till 31st but it has been extended. Till when Idk.
Regalia gold is straight forward. For dcb/biz black they would need approval from higher ups, which will be tough in your case.

Do note that changing secured card to unsecured isn't easy. But it would be still better than getting stuck with Millennia or mb+ for next 8 years.

Also your spend is way too much for declared itr and seems like these are personal spending, which is evem harder to explain. If not today few years later you'll get a itd notice. Many people get notice after 6-7 years. Better to spread your expenses across Multiple issuers so that it stay below 10L mark in each issuer.

 

[Vasuki]

Do note that changing secured card to unsecured isn't easy. But it would be still better than getting stuck with Millennia or mb+ for next 8 years

Got excited then read this ..
Energy went down

 

[sidp]

Got excited then read this ..
Energy went down

It is definitely possible. But depends on bank. easy in icici. Not so much in hdfc or axis. It might need 2-3 years of good usage.

Thing is many people are stuck at mb+ or millenia for no reason. For them this is a great opportunity. Normally in hdfc fd cards are paid. But right now it's ltf.

So if your rm/bm can get approval 5.6L fd for dcb isn't such a bad deal. With that fd under family banking all accounts will be 0 bal. With bill pay using esp and smartbuy of dcb you can easily recoup the loss from fd.

 

[Vasuki]

It is definitely possible. But depends on bank. easy in icici. Not so much in hdfc or axis. It might need 2-3 years of good usage.

Thing is many people are stuck at mb+ or millenia for no reason. For them this is a great opportunity. Normally in hdfc fd cards are paid. But right now it's ltf.

So if your rm/bm can get approval 5.6L fd for dcb isn't such a bad deal. With that fd under family banking all accounts will be 0 bal. With bill pay using esp and smartbuy of dcb you can easily recoup the loss from fd.

I did in icici ..few month of wait

 

[sidp]

I did in icici ..few month of wait

In icici you cam get another card , and then cancel the fd card.
But not possible in hdfc. They need to convert the original card to unsecured.

 

[sidp]

i have been using ifb for 8 yrs now.. and have seen the best service and v gd product for Indian conditions.. no fancy stuff but gd cooling and balance economy.. i usually go to an ifb point, show him online price and they give me same price.. try it.. u can also get upto 4 yr warranty at bare minimum price

Wrong thread. 🤣

 

[Vasuki]

In icici you cam get another card , and then cancel the fd card.
But not possible in hdfc. They need to convert the original card to unsecured.

That's the whole reason behind 😉 getting fd in icici .

 

[Zacobite]

That's the whole reason behind 😉 getting fd in icici .

high action thread of the day.. full world tour.. OP really got us going

 

[Vasuki]

high action thread of the day.. full world tour.. OP really got us going

🌚I m waiting for getting lucky of free air ticket ☺️

 

[Lobogris]

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.)

Just to give you some background, my ITR flys around 10-15lk as I am business man, and There is no shot in getting card otherwise.

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.

How did you calculate the 5 ro 7% "loss" on the FD? Which instrument provides a guaranteed return of 12 to 14%?

 

[Lobogris]

Ulip returns are about 4%, no matter what the banks promise.

Not at all correct? What are you basing this on? ULIPs provide exactly the same return as most mutual funds but are tax exempt, leading to higher returns. Any fees, if charged, are fully refunded at the end of the term.

 

[Lobogris]

One should never go for a CC backed by any kind of insurance products. It's just a gimmick by the RM / BM to meet their targets.

Why not? If one is able to make a small investment and one wants the card then it is an excellent option. I have done it and the only regret I have is not having done so earlier. I would do it again anytime and for a much higher amount if required. Infinia is targeted at people earning high amounts and spending at least 15 to 20 lakhs per annum. An investment of 2 lakhs per year is a trivial amount for such a person and any small loss of return from it is immaterial. One single domestic vacation costs more than this for such people and provides zero return.

 

[SamPtnk]

Not at all correct? What are you basing this on? ULIPs provide exactly the same return as most mutual funds but are tax exempt, leading to higher returns. Any fees, if charged, are fully refunded at the end of the term.

ULIPs are such generous that any amount charged by cutting units today will be refunded as the exact same amount after 15 years

 

[sonuyos]

Yes that's the min fd amount as base cl for regalia gold and dcb is 3L & 5L respectively. Offer was till 31st but it has been extended. Till when Idk.
Regalia gold is straight forward. For dcb/biz black they would need approval from higher ups, which will be tough in your case.

Do note that changing secured card to unsecured isn't easy. But it would be still better than getting stuck with Millennia or mb+ for next 8 years.

Also your spend is way too much for declared itr and seems like these are personal spending, which is evem harder to explain. If not today few years later you'll get a itd notice. Many people get notice after 6-7 years. Better to spread your expenses across Multiple issuers so that it stay below 10L mark in each issuer.

I have been filing ITR since I was 18. All my expenses are well justified to them, I obviously cannot reveal all my spends on public forum, but rest assured they are all genuine spends. Or else Axis would have canceled or suspended my rewards account 3 times over by now...lol.

 

[sonuyos]

How did you calculate the 5 ro 7% "loss" on the FD? Which instrument provides a guaranteed return of 12 to 14%?

I didn't say it's guaranteed return.

But long term mai you can get 15% irr even with mutual funds. For me in past 10yrs FD RR never worked out as much as other ventures.

 

[sonuyos]

Why not? If one is able to make a small investment and one wants the card then it is an excellent option. I have done it and the only regret I have is not having done so earlier. I would do it again anytime and for a much higher amount if required. Infinia is targeted at people earning high amounts and spending at least 15 to 20 lakhs per annum. An investment of 2 lakhs per year is a trivial amount for such a person and any small loss of return from it is immaterial. One single domestic vacation costs more than this for such people and provides zero return.

While what you say sounds true and that's one of the reason why I opened it, the future is full of uncertainty. Spending 20lk on the card just to recoup what u paid does not sit well with me. Hence why I didn't go.

 

[sonuyos]

It is definitely possible. But depends on bank. easy in icici. Not so much in hdfc or axis. It might need 2-3 years of good usage.

Thing is many people are stuck at mb+ or millenia for no reason. For them this is a great opportunity. Normally in hdfc fd cards are paid. But right now it's ltf.

So if your rm/bm can get approval 5.6L fd for dcb isn't such a bad deal. With that fd under family banking all accounts will be 0 bal. With bill pay using esp and smartbuy of dcb you can easily recoup the loss from fd.

Mere case mai toh deke convert bhi nahi karege to unsecured, let alone upgrade to infinia :3