After arguing with ICICI Branch Manager with the threat of closing multiple Salary Accounts at once (we were 5 guys who went to the bank) as we were not getting offered any LTF Credit Cards even after being eligible for them, he asked our RM to tell the "actual" (there is a BIG IF) reason..
According to them, they have separate list of companies for:
1. Salary Account
2. Personal/Home Loans
3. Credit Cards
4. Investment, others
ICICI Internal Department:
They have a Company Relationship department which takes care of company (and their employee) accounts who have tie-ups with ICICI for any salary related queries and adjustments. Each company, when tie-ups with ICICI gets a PPA code (which many may know) and they assign a PPO for any queries/issues related to that company.
The Company RM:
That guy is responsible for adding your company in the given set of lists as per the companies liability, profits etc. As CC is requested by generally every salary holder, they scrutinize the list and keep only "vintage" companies in it. The name seems odd but according to them, company which have higher profits and have longer relationship with ICICI with a good number of salary account holders are added in that list. If you company is in that list, they can give LTF cards without blinking.
Difference in list:
Out of us 5, 2 of us were in same company while others were from a different one. When we checked (in front of him), we got to know that we two were being bombarded with only Loan offers while the other 3 only had Investment offers (not even Loans). He then explained that the PPO had added our company in Salary and Loan list while the other company was added only in Salary and Investment list which is they were not being offered any kind of pre-approved loans (and not CC offers for all 5 of us).
Any Possibility?:
He told us that the only way is to ask your employer to get in touch with the PPO and ask him to add the company to Credit Card list. But there are terms and conditions which your finance teams may or may not agree but other than that, you can not get LTF card directly even if you try to raise this to Grievance Level 3 (which we already did)
How non-Salary Holders get it?
When we asked how people get LTF cards without even having salary accounts, he said "when they submit documents, we check internally whether the company is in the CC vintage list, if its there we approve LTF as we know that the possibility of him being defaulter will be less as he is working in that firm" (I didn't argue that he might leave the company and get into defaulter list 😛 )
No LTF then?:
He further said "you will be eligible for paid upgrades and you can get that, use it for a year or 2 and then ask for LTF but that's totally based on the conditions and instructions given to the cc team at that point of time". You may get LTF approved or may have to close the CC.
You may get it if ICICI runs some limited period offer on LTF cards for everyone which has some set of rules to be done (just like other banks) in order to get that card converted to LTF
After hearing all this, it atleast made some sense as to why we weren't getting any offers even after having salary account for 4+ years with ICICI.
Hope this helps anyone who is in the same boat as me 🥲
Disclaimer: I just shared my experience, I am not sure what actually happens and how true this is, but this was told by an employee... so that's that 🤷♂️
According to them, they have separate list of companies for:
1. Salary Account
2. Personal/Home Loans
3. Credit Cards
4. Investment, others
ICICI Internal Department:
They have a Company Relationship department which takes care of company (and their employee) accounts who have tie-ups with ICICI for any salary related queries and adjustments. Each company, when tie-ups with ICICI gets a PPA code (which many may know) and they assign a PPO for any queries/issues related to that company.
The Company RM:
That guy is responsible for adding your company in the given set of lists as per the companies liability, profits etc. As CC is requested by generally every salary holder, they scrutinize the list and keep only "vintage" companies in it. The name seems odd but according to them, company which have higher profits and have longer relationship with ICICI with a good number of salary account holders are added in that list. If you company is in that list, they can give LTF cards without blinking.
Difference in list:
Out of us 5, 2 of us were in same company while others were from a different one. When we checked (in front of him), we got to know that we two were being bombarded with only Loan offers while the other 3 only had Investment offers (not even Loans). He then explained that the PPO had added our company in Salary and Loan list while the other company was added only in Salary and Investment list which is they were not being offered any kind of pre-approved loans (and not CC offers for all 5 of us).
Any Possibility?:
He told us that the only way is to ask your employer to get in touch with the PPO and ask him to add the company to Credit Card list. But there are terms and conditions which your finance teams may or may not agree but other than that, you can not get LTF card directly even if you try to raise this to Grievance Level 3 (which we already did)
How non-Salary Holders get it?
When we asked how people get LTF cards without even having salary accounts, he said "when they submit documents, we check internally whether the company is in the CC vintage list, if its there we approve LTF as we know that the possibility of him being defaulter will be less as he is working in that firm" (I didn't argue that he might leave the company and get into defaulter list 😛 )
No LTF then?:
He further said "you will be eligible for paid upgrades and you can get that, use it for a year or 2 and then ask for LTF but that's totally based on the conditions and instructions given to the cc team at that point of time". You may get LTF approved or may have to close the CC.
You may get it if ICICI runs some limited period offer on LTF cards for everyone which has some set of rules to be done (just like other banks) in order to get that card converted to LTF
After hearing all this, it atleast made some sense as to why we weren't getting any offers even after having salary account for 4+ years with ICICI.
Hope this helps anyone who is in the same boat as me 🥲
Disclaimer: I just shared my experience, I am not sure what actually happens and how true this is, but this was told by an employee... so that's that 🤷♂️
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