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Pre-approved Wealth Credit Card

Shash

TF Select
VIP Lounge
I have received pre-approved offer from IDFC bank for First Wealth card with 7.95 lakh limit. I filled the details and submitted the application and to my surprise, my application got declined and the reason was due to internal policies we are unable to offer you credit card. What should I do now? @TechnoFino Please help me .
 
Some info for people looking to get a wealth card .I have had an idfc account for the last 2 years and have completly switched to it from axis due to low charges ,higher intrest rate and most important 3in1 fund tranfer to zerodha. avergae miniumum balance maintened for the last 1 year has been more then 25 lakhs.ihave had the idfc select card for the last 1.5 years with a limit if 2.1 lakhs and it has remained the same since the beginning ,i hardly use the card as i have had axis ace and now axis magnus .


There wealth card has nothing to offer except for being LTF with lounge access .Having the card just provides mental peace that if in case magnus reduces there reward rates i can close it and still have all those lounge access.
 
Some info for people looking to get a wealth card .I have had an idfc account for the last 2 years and have completly switched to it from axis due to low charges ,higher intrest rate and most important 3in1 fund tranfer to zerodha. avergae miniumum balance maintened for the last 1 year has been more then 25 lakhs.ihave had the idfc select card for the last 1.5 years with a limit if 2.1 lakhs and it has remained the same since the beginning ,i hardly use the card as i have had axis ace and now axis magnus .


There wealth card has nothing to offer except for being LTF with lounge access .Having the card just provides mental peace that if in case magnus reduces there reward rates i can close it and still have all those lounge acces
True
 
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Some info for people looking to get a wealth card .I have had an idfc account for the last 2 years and have completly switched to it from axis due to low charges ,higher intrest rate and most important 3in1 fund tranfer to zerodha. avergae miniumum balance maintened for the last 1 year has been more then 25 lakhs.ihave had the idfc select card for the last 1.5 years with a limit if 2.1 lakhs and it has remained the same since the beginning ,i hardly use the card as i have had axis ace and now axis magnus .


There wealth card has nothing to offer except for being LTF with lounge access .Having the card just provides mental peace that if in case magnus reduces there reward rates i can close it and still have all those lounge access.
I wanted it because it was shown with 8 lakh limit which can be used to get various other premium credit cards.
 
Not sure what is IDFC criteria for wealth card. Even after giving a C2C application on 6 years old icici card with 24 lakhs limit , they are offering me a select card with limit 2 lakhs 😀
They offered a select , now application status says your classic card will be delivered by 3rd Jan . Can they send a different card from the one they showed in pre-approved ??
 
Some info for people looking to get a wealth card .I have had an idfc account for the last 2 years and have completly switched to it from axis due to low charges ,higher intrest rate and most important 3in1 fund tranfer to zerodha. avergae miniumum balance maintened for the last 1 year has been more then 25 lakhs.ihave had the idfc select card for the last 1.5 years with a limit if 2.1 lakhs and it has remained the same since the beginning ,i hardly use the card as i have had axis ace and now axis magnus .


There wealth card has nothing to offer except for being LTF with lounge access .Having the card just provides mental peace that if in case magnus reduces there reward rates i can close it and still have all those lounge access.
What your view about 3 in 1 account?
I didn't find it much useful. Few days back I opened IDFC Account for the same reason. Now I am planning to close IDFC Account. I already have IDFC CC.
If they had the real 3 in 1 which includes you don't have to transfer money from Bank account to Demat or vice versa, then it would make sense to keep.
I think ICICI and Kotak gives this facility. But I want to use Zerodha only so no option left. This one click transfer seems the worst thing.
in the world of NetBanking and UPI, you can do any amount of transfer instantly.
Any other reasons, why should I keep this account?
 
What your view about 3 in 1 account?
I didn't find it much useful. Few days back I opened IDFC Account for the same reason. Now I am planning to close IDFC Account. I already have IDFC CC.
If they had the real 3 in 1 which includes you don't have to transfer money from Bank account to Demat or vice versa, then it would make sense to keep.
I think ICICI and Kotak gives this facility. But I want to use Zerodha only so no option left. This one click transfer seems the worst thing.
in the world of NetBanking and UPI, you can do any amount of transfer instantly.
Any other reasons, why should I keep this account?
For me i have the account for 4 main reasons

1)high intrest rates my bank balance is ussaly in 7 figures.
2)upi have cap of 2 lakh or 1 lakh per day on market falls like friday i buy of more amount then this .
3)I travel a lot abroad so i just found out that it has no charges on withdrawing nkney from atm and exchange charges are best for comparison it cost 500 rs more to withdraw money from atm in foreign country via axis or hdfc.
4)No sms ,atm or xyz charges
 
For me i have the account for 4 main reasons

1)high intrest rates my bank balance is ussaly in 7 figures.
2)upi have cap of 2 lakh or 1 lakh per day on market falls like friday i buy of more amount then this .
3)I travel a lot abroad so i just found out that it has no charges on withdrawing nkney from atm and exchange charges are best for comparison it cost 500 rs more to withdraw money from atm in foreign country via axis or hdfc.
4)No sms ,atm or xyz charges
1) If you keep balance in seven figures in your saving account then this account is good
2) You don't need UPI, you can transfer unlimited amount through Net Banking ( IMPS/RTGS/NEFT) free of cost in most of the banks of higher maintenance account, in my case it's HDFC. So this point is not important for me.
3) For travelling abroad, I am sure there are better options than IDFC DC.
4) Even this is taken care of in my case by HDFC
5) But yeah if you are dealing with seven digits frequently then it's always better to keep the money in the bank which pays you highest interest as simple as that.
 
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