Infinia secured cc

[Firewing224]

Hdfc is giving me option to opt for a secured cc. After that, can I close the card and perhaps get the same card variant when I meet it's eligibility?

 

[amitr29]

Hdfc is giving me option to opt for a secured cc. After that, can I close the card and perhaps get the same card variant when I meet it's eligibility?

Never go for it, your secured card will never become unsecured

 

[Firewing224]

Never go for it, your secured card will never become unsecured

no issues about it becoming unsecured. What about card upgrades?

Basically I quote HDFC's mail :

We have already reviewed the request for upgrade and shared the above clarification to you. However, as an alternate option, in the event of the accepting for FD (Fixed Deposit) lien placement then we shall review for limit enhancement and then for upgrade as mentioned above. The additional credit limit shall be reviewed upto 80% of the FD amount. We have herewith enclosing the fixed deposit lien declaration form for your ready reference. In the event you are willing to opt for FD based limit enhancement, we request you to provide us the duly filled and signed FD lien declaration form post FD created vide return e-mail to enable us to review for credit limit enhancement. The same is also subject to bank’s internal review and credit bureau checks. Upon limit enhancement only, we shall be able to review for card upgrade as per Bank’s review at that time.

The FD is not against the card but higher limit? So if I surrender the FD, can I keep the card? subject to income criteria being met on the floor limit?

 

[Vasuki]

no issues about it becoming unsecured. What about card upgrades?

Basically I quote HDFC's mail :



The FD is not against the card but higher limit? So if I surrender the FD, can I keep the card? subject to income criteria being met on the floor limit?

Which cc r u gonna get & what amount of fd lien

 

[Firewing224]

Which cc r u gonna get & what amount of fd lien

I'll dm you.

 

[sxchzy]

avoid going for it

 

[Firewing224]

avoid going for it

But why? please give reasons so I can understand the implications.

 

[Vasuki]

But why? please give reasons so I can understand the implications.

Since u r tf buzz & hdfc Secured cc for newbie isn't recommended from hdfc .
Put Infinia in title .
Recommendations will chnge

 

[Firewing224]

Since u r tf buzz & hdfc Secured cc for newbie isn't recommended from hdfc .
Put Infinia in title .
Recommendations will chnge

well, honestly I dont know yet. They havent been clear and its hdfc. even after doing everything, they can say "oh we cant give. Keep using our card"

 

[Hyper4404]

I'll dm you.

Dm me too bro

 

[Firewing224]

Dm me too bro

I already got infinia as FYF upgrade from LTF DCB for a 5L FD.

 

[not_a_random_person]

I already got infinia as FYF upgrade from LTF DCB for a 5L FD.

can you please explain, how you got it upgraded ? if possible, with timeline ? Was your DCB issued against FD ?

 

[Firewing224]

can you please explain, how you got it upgraded ? if possible, with timeline ? Was your DCB issued against FD ?

Infinia can be gotten through below 3 requirements.
1) Spends of more than 8L in last 6 months AND
2) CL of more than 8L on existing card
OR
1) ITR of 48L / Salary equivalent.

I had 10L spends on DCB (LTF under Alumni - No FD) so I met criteria no.1. Existing CL was of 5L only. I also had foreign spends and raised acceptability issues with HDFC. + I had 1 single purchase of more than 5L for which also I had raised problems of CL. However since DCB was issued to me in November, they couldnt upgrade / increase CL through traditional route (Less than 6 months have passed). I again raised request after 10L spends to upgrade to PNO. This time they said since I fulfill criteria no.1, they also need 8l or more in CL on existing card. So I can increase my CL by placing a FD lien of Rs. 4L (90% of 4L = +3.6L) which will make my CL 5L+3.6L = 8.6L, making me eligible for infinia. I very clearly told them that I will place FD on lien ONLY if I get infinia, hence I mailed FD lien form and upgrade form together in the same mail. They processed both together and dispatch infinia within 3-5 days.

I also got confirmation that IF I decide to break the lien, for whatever reason (you never know with devaluations these days), I can go back to DCB LTF and wont have to close the relationship as this is only a CL increase against FD. not the actual card. Also, if I get CLE against Salary later, I can remove the lien on the FD if I can hit the base 8L CL + 3.6L FD lien. (Infinia needs 8L floor CL).