ankush1024
TF Neo
Can someone guide me what are some of the LTF Super premium Credit cards that can be acquired and also how to get them?
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LTF Super Premium Credit Cards
- Thread starter ankush1024
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It is difficult if not impossible to get super premium cards LTF directly .
Cards that you can get LTF easily would be IDFC wealth if you have the required salary or C2C limit
Axis burgundy private card LTF on having axis burgundy private account
IndusInd pioneer heritage metal card may be on having pioneer account
Etc etc
In-officially if you have base or mid level card of any bank and you had substantial spends then you can push for their LTF premium or super premium cards
+1
Also, required salary as in payslips (to other bank), or they need deposits in IDFC account ?
Also, last I heard (TF blog) min C2C limit was 5L for idfc wealth but some said they also checked the list of cards you had which confused me 😵
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Most of the banks offer their super premium cards as LTF if you maintain good NRV with them. My advise would be , to shortlist the card or cards you want to go after, open an account with high funding (in case you dont have an account) or invest through them and then request for the chosen card as LTF
For a perspective on opening account or artificial NRV with a bank to get a card.
Suppose you need 15 lac NRV with a bank to convince them (not unreasonable for premium cards).
For every 1% hit you take my moving investment to a bank from your current FD/investment you lose 1250 / month.
Suppose it takes 2 month for this process to complete and you take 4% hit in interest rate by moving money to HDFC/Axis saving account = 1250 * 4 * 2. = 10,000 loss (pre-tax)
This is higher than yearly fee of most credit cards after adjusting for fee payment benefit like vouchers/reward points. E.g. Infinia and Magnus only costs GST amount. I highly doubt banks will give cards like Axis Reserve / Amax Platinum LTF.
You can argue that you will get benefit of no-fee for long time for one time loss but cards get devalued quite frequently and will mostly be not worth it.
Suppose you need 15 lac NRV with a bank to convince them (not unreasonable for premium cards).
For every 1% hit you take my moving investment to a bank from your current FD/investment you lose 1250 / month.
Suppose it takes 2 month for this process to complete and you take 4% hit in interest rate by moving money to HDFC/Axis saving account = 1250 * 4 * 2. = 10,000 loss (pre-tax)
This is higher than yearly fee of most credit cards after adjusting for fee payment benefit like vouchers/reward points. E.g. Infinia and Magnus only costs GST amount. I highly doubt banks will give cards like Axis Reserve / Amax Platinum LTF.
You can argue that you will get benefit of no-fee for long time for one time loss but cards get devalued quite frequently and will mostly be not worth it.
you can move and convert into FD as well, in any case you will be either investing in FD, MFs, ULIPs etc, so why not do the same through a bank and get some additional perks
Correct. I might be wrong but typically I've seen much higher NRV required if money is in FD compared to savings account. Also while moving money you may have to close FD prematurely, might be subject to STCG and exit load etc. That said it may work out in simple scenarios.
It doesn't make sense for banks to give super premium cards for free to people who don't spend. So if a bank gives a super premium card as LTF it's probably not all that premium or at least not for long.
LTF is given only when you have high NRV with banks but you lose more than you gain. DCB sometimes sends you offers of LTF if you open an HDFC account.. Most Super cards return value so are effectively LTF if you spend even normally. Eg. DCB # 5L p. a not v difficult, AXIS Vistara biz class tkt + vistara gold membership, magnus with voucher or points + meet and greet etc.. So don't think so much
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