Limit Enhancement Offer From HDFC Bank - Dec 2023 | Year End Offer

[TechnoFinoTechnoFino is verified member.]

HDFC Bank offering limit enhancement to their existing credit card customers.
Check your Offer just by clicking on this link-

https://applyonline.hdfcbank.com/credit-cards/credit-card-limit-enhancement-form.html?icid=website_organic:ccservices#nbb

Credit Card Upgrade Offer Link: https://applyonline.hdfcbank.com/cr...=HNET&utm_term=ug-ug-pure_upgrade-mycards#nbb

 

[V360V360 is verified member.]

Here is a nice article elaborating the problems with ULIP:

https://www.valueresearchonline.com/stories/32988/say-no-to-endowment-policies-and-ulips/

Not convincing - you got this article coz you wanted to highlight the negatives of ULIP.

I got below article coz I want to understand good things about ULIP:

https://www.livemint.com/brand-stories/benefits-of-investing-in-ulip-in-2023-11684508769258.html

Lets not Google and share our views - please type and share what is your understanding about ULIP and how is it a trap?

 

[Lobogris]

Nope! Doesn't apply to me. Got my card as self-employed, and never had to submit any income proof, ever. Still have been receiving regular LEs automatically over the years, with only low-to-moderate usage!

It varies from person to person and banks to bank. For example, despite sharing ITR and maintaining high balances with a lot of incoming income, HDFC has repeatedly refused to increase my Moneback limit of 62k and has refused to upgrade it (apart from an upgrade to Moneyback + recently). On the other hand, I have never shared any documents with Axis, SBI, ICICI, One Card, RBL, IDFC etc and all have provided cards and limit increases. My IDFC Wealth is at 22 lakhs as an example. One Card started with 50k and is now at 5 lakhs in less than 18 months. However, HDFC is different for me for some reason.

 

[drmsiva]

Not convincing - you got this article coz you wanted to highlight the negatives of ULIP.

I got below article coz I want to understand good things about ULIP:

https://www.livemint.com/brand-stories/benefits-of-investing-in-ulip-in-2023-11684508769258.html

Lets not Google and share our views - please type and share what is your understanding about ULIP and how is it a trap?

I am not sure whether you noticed - the article has a disclaimer at the bottom that it is a paid publication and does not have journalistic / editorial involvement - they don't say who paid for it!

 

[V360V360 is verified member.]

Ok. I will tell you the problems with it. There are high fees charged for mortality (life insurance coverage), especially if a person is older. In addition, there are fund allocation charges, other fees and GST. All this leads to the value actually going down for the first few years even if the markets do well. If you hold it for the long run, you get back some of these charges but your fund grows less as the initial value is lower due to these excessive charges. Sort of someone investing say 1.5 lakhs per month for 10 years vs another person investing 2.25 lakhs. After 10 years, even if the first person gets a bulk top up of 7.5 lakhs and has now invested the same amount, his total corpus would be lower as that money couldn’t grow all those years. However, ULIPs do provide tax bene and that makes up for this to some extent.

Brother - again you are generalizing - I have ULIP which does not have any fund allocation charges . My return is equivalent to almost what MFs are giving in my other portfolio. And yes there is tax deduction too with no tax on capital gains during withdrawal.

So, still confused, how is this a trap.

Do let me know if you need me to share screenshots to show proof of zero fund allocation charges on my portfolio.

 

[V360V360 is verified member.]

I am not sure whether you noticed - the article has a disclaimer at the bottom that it is a paid publication and does not have journalistic / editorial involvement - they don't say who paid for it!

Google has 1000s of articles which shows benefits of ULIP coz I wanted to see the benefits of ULIP.

Lets not trust any article. Share your understanding please.

 

[Lobogris]

Brother - again you are generalizing - I have ULIP which does not have any fund allocation charges . My return is equivalent to almost what MFs are giving in my other portfolio. And yes there is tax deduction too with no tax on capital gains during withdrawal.

So, still confused, how is this a trap.

Do let me know if you need me to share screenshots to show proof of zero fund allocation charges on my portfolio.

Please do share it, if possible.

 

[Shin-Chan]

ULIP discussion can itself be a topic from a CFP. It depends on need of specific person and other circumstances. One solution fit all will not be possible here.

 

[panu24]

Brother - again you are generalizing - I have ULIP which does not have any fund allocation charges . My return is equivalent to almost what MFs are giving in my other portfolio. And yes there is tax deduction too with no tax on capital gains during withdrawal.

So, still confused, how is this a trap.

Do let me know if you need me to share screenshots to show proof of zero fund allocation charges on my portfolio.

So now a days there are no various charges getting deducted from invested money in ULIP premiums?

 

[V360V360 is verified member.]

Please do share it, if possible.

Here you go - this is from Bajaj Allianz - check 2.4Lacs and above criteria:

 

[credit_debit]

I'm better off without ULIP.


My RM made it his monthly practice to call and pitch me to use HDFC Demat and get Infinia and blah blah offers, I tell him I will be paying 100x of what I will be saving via Infinia as Brokerage and Glitches.

Same experience. RM met a few days back and asked if you could do PMS or trade more in HDFC securities. I told him that there is a flat fee of Rs. 20 for Zerodha while buying or selling, and HDFC Securities changes huge amounts for large trades in the form of brokerage. He told me people don't trust Zerodha...bla bla even after telling him that Zerodha is the biggest broker in India now. I also told him that if only trust were the case, I could buy from Zerodha and do an off-market transfer to HDFC Securities via DP slip by spending only Rs. 50. Then he went silent. He also said that there is a new platform from HDFC Securities called SKY, which has much fewer charges, and I should try it. If we don't know things, they easily fool us.

By the way, he told me that the new MD had asked RMs to personally meet all old account holders of Imperia, Preferred, and Classic customers, and he is doing the same. He said he can process Infinia, but I said if you are doing it without any investment condition, please go ahead. He said that he would send the request for approval. I have decent NRV with HDFC, but not so much compared to what many have said in the forum. If he processes the request and gets approved, it's fine. It will also mean that devaluation is coming soon. 🙂

HDFC bank has been struggling due to the margin pressure of the HDFC merger and will continue to do so for at least the next 6 months. They are trying to get business. If your RM is decent, he might get your card requests approved. Who knows. 🙂

 

[V360V360 is verified member.]

E

ULIP discussion can itself be a topic from a CFP. It depends on need of specific person and other circumstances. One solution fit all will not be possible here.

Exactly - hence the ask that we should not generalize - it is never one size that fits all.

 

[Lobogris]

Here you go - this is from Bajaj Allianz - check 2.4Lacs and above criteria:

View attachment 38963

Here it’s zero charges from 6th year or if the premium is more than 2.4 lakhs. Otherwise, charges are there.

 

[V360V360 is verified member.]

Here it’s zero charges from 6th year or if the premium is more than 2.4 lakhs. Otherwise, charges are there.

If your investment is less than 2.4 lacs on a yearly basis.

 

[ALOAK]

HDFC Bank offering limit enhancement to their existing credit card customers.
Check your Offer just by clicking on this link-

https://applyonline.hdfcbank.com/credit-cards/credit-card-limit-enhancement-form.html?icid=website_organic:ccservices#nbb

Credit Card Upgrade Offer Link: https://applyonline.hdfcbank.com/cr...=HNET&utm_term=ug-ug-pure_upgrade-mycards#nbb

No LE offer nor Upgrade offer

 

[Shin-Chan]

Same experience. RM met a few days back and asked if you could do PMS or trade more in HDFC securities. I told him that there is a flat fee of Rs. 20 for Zerodha while buying or selling, and HDFC Securities changes huge amounts for large trades in the form of brokerage. He told me people don't trust Zerodha...bla bla even after telling him that Zerodha is the biggest broker in India now. I also told him that if only trust were the case, I could buy from Zerodha and do an off-market transfer to HDFC Securities via DP slip by spending only Rs. 50. Then he went silent. He also said that there is a new platform from HDFC Securities called SKY, which has much fewer charges, and I should try it. If we don't know things, they easily fool us.

By the way, he told me that the new MD had asked RMs to personally meet all old account holders of Imperia, Preferred, and Classic customers, and he is doing the same. He said he can process Infinia, but I said if you are doing it without any investment condition, please go ahead. He said that he would send the request for approval. I have decent NRV with HDFC, but not so much compared to what many have said in the forum. If he processes the request and gets approved, it's fine. It will also mean that devaluation is coming soon. 🙂

HDFC bank has been struggling due to the margin pressure of the HDFC merger and will continue to do so for at least the next 6 months. They are trying to get business. If your RM is decent, he might get your card requests approved. Who knows. 🙂

Very True, only informed Customers can dodge these offers which are against customer wellfare and fully in bank's interest.

 

[card-shard]

@Trust Me you conveniently skipped the only question I asked in my post:
Can you please tell us your annual overall income in the ballpark number, and the max limit you've got on any one card?

Banks, specially your primary bank will know a lot about just using your mobile number. When you talk with your RM/BM in the bank where you have salary account/current account, they will automatically know the inflow/outflow of money, and if you're top of food chain, they will serve every premium cards/LE to you in the platter, without you doing anything.
From the small info you've shared, it seems to me that your income/business revenue is 50L+ per year, or may be over 1Cr+. And thus, your case will be an exception due to your being HNI for the bank.

Waiting to get the answer from you.

 

[SSV]

Same experience. RM met a few days back and asked if you could do PMS or trade more in HDFC securities. I told him that there is a flat fee of Rs. 20 for Zerodha while buying or selling, and HDFC Securities changes huge amounts for large trades in the form of brokerage. He told me people don't trust Zerodha...bla bla even after telling him that Zerodha is the biggest broker in India now. I also told him that if only trust were the case, I could buy from Zerodha and do an off-market transfer to HDFC Securities via DP slip by spending only Rs. 50. Then he went silent. He also said that there is a new platform from HDFC Securities called SKY, which has much fewer charges, and I should try it. If we don't know things, they easily fool us.

By the way, he told me that the new MD had asked RMs to personally meet all old account holders of Imperia, Preferred, and Classic customers, and he is doing the same. He said he can process Infinia, but I said if you are doing it without any investment condition, please go ahead. He said that he would send the request for approval. I have decent NRV with HDFC, but not so much compared to what many have said in the forum. If he processes the request and gets approved, it's fine. It will also mean that devaluation is coming soon. 🙂

HDFC bank has been struggling due to the margin pressure of the HDFC merger and will continue to do so for at least the next 6 months. They are trying to get business. If your RM is decent, he might get your card requests approved. Who knows. 🙂

BTW, How is the HDFC Sky? How does it rate among its peers ?
Any cons?

 

[card-shard]

@V360 & others,plz chk this video:

 

[credit_debit]

BTW, How is the HDFC Sky? How does it rate among its peers ?
Any cons?

It's decent. The interface seems good. Charges are similar to any discount broker. The only issue is, if you want to buy mutual funds, SKY gives you a "Regular" plan, which means the bank will deduct the commission, whereas Zerodha, and Groww provide "Direct" mutual fund plans.

 

[s1t2y3a3m6]

Log idhar imperia status leke moneyback pe atke pade hai aur aap saving max ki baat kar rahe ho

Same status holding by myself