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Secured Infinia to Unsecured Upgrade

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Akshays

Akshays

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I currently have Millenia LTF and Tata Neu Infinity (mainly got it for 1.5% UPI Cashback) from HDFC. My Salary doesn't meet Infinia's criteria nor do i have any hopes of it increasing to a point so that I become eligible for it in next 6 months, but I do have spare Funds in FDs in some other banks which I can use to create a 13L FD and Get Infinia as a secured card. I don't mind it being paid version either since we get equivalent amount of points anyways so the GST amount is the only loss. I have travel on mind in next 1-1.5 years and Want to make most of my expenses that i would be doing in next 6 months anyways. That's the main intention behind going after Infinia so much. With my Salary, HDFC branch RM told me I can get DCB FYF offer, but then he also told me it has to be done offline via branch and warned that since I am not using my Millenia all that much, chance of upgrade request being rejected are there. Hence trying via FD route.

My question is 2 fold:

1. If I go with this option for Infinia, Will HDFC cancel my Millenia?
2. Assuming I use Infinia well by that I mean, keeping credit limit usage below 30% and spend more than 8-9 Lakhs in next 9-10 months, what are my chances converting it to unsecured card? My income won't meet their currently described criteria in next year also so the written eligibility criteria is out of question.

The highest credit limit I got on any of my cards is 5.5 Lakhs (Magnus). Considering I got it only couple of months back, reaching a 10L limit is difficult especially since there are rumors that Axis will devalue it into oblivion. They already devalued Gift Edge and Grab Deals, if they kill transfer ratio by changing it to 5:1, there is no way I am spending money through Magnus hence chance of getting limit enhancement are even less likely. So Card to Card method for Infinia is getting bleaker by the day.
 
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In what ever condditon infinia is best card. If you get good limit... You can maximise your reward return by using infinia in ulility pay also.. that my be cosy 2% but get reward of 3.33% that is 1.3% net benifit. and more use will increase chance of getting more limit in unsecured card(not sure you get or not)....
 
One more ques if someone can clarify -

Do they close infinia once fd is matured in case of secured card?

I am also trying to get infinia unsecured but may get secured for fd.. but not sure what happens after 3 years once fd is matured. I have dcb ltf currently and if infinia would get closed once fd matures then I not prefer to go with secured route.
 
Akshays said:
I currently have Millenia LTF and Tata Neu Infinity (mainly got it for 1.5% UPI Cashback) from HDFC. My Salary doesn't meet Infinia's criteria nor do i have any hopes of it increasing to a point so that I become eligible for it in next 6 months, but I do have spare Funds in FDs in some other banks which I can use to create a 13L FD and Get Infinia as a secured card. I don't mind it being paid version either since we get equivalent amount of points anyways so the GST amount is the only loss. I have travel on mind in next 1-1.5 years and Want to make most of my expenses that i would be doing in next 6 months anyways. That's the main intention behind going after Infinia so much. With my Salary, HDFC branch RM told me I can get DCB FYF offer, but then he also told me it has to be done offline via branch and warned that since I am not using my Millenia all that much, chance of upgrade request being rejected are there. Hence trying via FD route.

My question is 2 fold:

1. If I go with this option for Infinia, Will HDFC cancel my Millenia?
2. Assuming I use Infinia well by that I mean, keeping credit limit usage below 30% and spend more than 8-9 Lakhs in next 9-10 months, what are my chances converting it to unsecured card? My income won't meet their currently described criteria in next year also so the written eligibility criteria is out of question.

The highest credit limit I got on any of my cards is 5.5 Lakhs (Magnus). Considering I got it only couple of months back, reaching a 10L limit is difficult especially since there are rumors that Axis will devalue it into oblivion. They already devalued Gift Edge and Grab Deals, if they kill transfer ratio by changing it to 5:1, there is no way I am spending money through Magnus hence chance of getting limit enhancement are even less likely. So Card to Card method for Infinia is getting bleaker by the day.
Click to expand...
Based on the information provided, let's address your questions:

  1. If you choose the option to secure an Infinia card by creating a 13L FD, it is unlikely that HDFC will cancel your Millenia card. Typically, banks don't cancel credit cards automatically unless there is a specific reason, such as non-payment or violation of terms and conditions. However, it's always best to confirm this directly with HDFC to get accurate information about their specific policies. - cause that a Unsecure CC And New Infinia of your would be Secure CC, every bank allow one Secure CC and 1-2 Core Unsecure CC/Co-branded CC. so ask your RM before Moving ahead.

    2. If you use your Infinia card responsibly, such as keeping your credit utilization below 30% and spending a significant amount over the next 9-10 months, you may have a better chance of converting it to an unsecured card maybe after 1 year of completing FD. While your income may not meet their current eligibility criteria, your spending behavior and payment history can positively influence their decision. It's important to maintain a good credit history and demonstrate responsible credit usage. Keep in mind that approval for such conversions is ultimately at the discretion of the bank, and there may not be any guarantees

    3. for magnus it not yet Devalue so use the card and on 11th month if 15 lakhs for fees reversal is not completed, threat to close the card and try to keep the card alive and may be in 6 month of completing 6 months of magnus, axis could give you LE it might of 4.5 lakhs or less who know. if offered some point that worth keep magnus alive until it 10 lakhs. now all this might chance if magnus is devalue.
 
pgarg24 said:
One more ques if someone can clarify -

Do they close infinia once fd is matured in case of secured card?

I am also trying to get infinia unsecured but may get secured for fd.. but not sure what happens after 3 years once fd is matured. I have dcb ltf currently and if infinia would get closed once fd matures then I not prefer to go with secured route.
Click to expand...
They mark a lien on FD, it does not mature after 3 years. You will not be able to access the money in FD as long as your card is active
 
Akshays said:
I currently have Millenia LTF and Tata Neu Infinity (mainly got it for 1.5% UPI Cashback) from HDFC. My Salary doesn't meet Infinia's criteria nor do i have any hopes of it increasing to a point so that I become eligible for it in next 6 months, but I do have spare Funds in FDs in some other banks which I can use to create a 13L FD and Get Infinia as a secured card. I don't mind it being paid version either since we get equivalent amount of points anyways so the GST amount is the only loss. I have travel on mind in next 1-1.5 years and Want to make most of my expenses that i would be doing in next 6 months anyways. That's the main intention behind going after Infinia so much. With my Salary, HDFC branch RM told me I can get DCB FYF offer, but then he also told me it has to be done offline via branch and warned that since I am not using my Millenia all that much, chance of upgrade request being rejected are there. Hence trying via FD route.

My question is 2 fold:

1. If I go with this option for Infinia, Will HDFC cancel my Millenia?
2. Assuming I use Infinia well by that I mean, keeping credit limit usage below 30% and spend more than 8-9 Lakhs in next 9-10 months, what are my chances converting it to unsecured card? My income won't meet their currently described criteria in next year also so the written eligibility criteria is out of question.

The highest credit limit I got on any of my cards is 5.5 Lakhs (Magnus). Considering I got it only couple of months back, reaching a 10L limit is difficult especially since there are rumors that Axis will devalue it into oblivion. They already devalued Gift Edge and Grab Deals, if they kill transfer ratio by changing it to 5:1, there is no way I am spending money through Magnus hence chance of getting limit enhancement are even less likely. So Card to Card method for Infinia is getting bleaker by the day.
Click to expand...
They will never convert it to unsecured until your income is within eligibility. One of my friend faced this. It takes 5 days to remove lien and close the card. But don't expect unsecured after good spend and track. They won't
 
Tarun239 said:
If a person has 2 hdfc cards already, can he get hdfc infinia as secured card based on fd as 3rd card?
Click to expand...
Good question! I'm also curious to know the answer. My guess is that they will approve the 3rd card based on a FD, considering you are bringing them business. I don't see any reason for them to reject it, but please note that this is just my opinion. I would love to hear some expert comments.
 
Based on answers so far, I guess if I were to opt for Secured Card then I'll have to decide this assuming the conversion won't happen. This is much more difficult choice. Infina is nice but whole dilemma is based on hedging my bets in scenario where Axis will kill Magnus joyride.... Guess I'll wait for official communication on Magnus before deciding anything on Secured Infinia front.
 
Magnus is great no doubt, but every month 1 lakh spend is not possible, atleast for me, in that scenario, i believe infinia gives very good returns,although getting infinia itself is very difficult task.
 
Akashgore10 said:
They mark a lien on FD, it does not mature after 3 years. You will not be able to access the money in FD as long as your card is active
Click to expand...

Technical correction: The FD does indeed mature on the originally contracted date, -- but you are right, it can't be encashed until the lien is removed. However, it can be renewed or reinvested at the new applicable rate. Or, provided the lien is removed, it can be immediately redeemed at the originally contracted maturity value.
 
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Akshays said:
I currently have Millenia LTF and Tata Neu Infinity (mainly got it for 1.5% UPI Cashback) from HDFC. My Salary doesn't meet Infinia's criteria nor do i have any hopes of it increasing to a point so that I become eligible for it in next 6 months, but I do have spare Funds in FDs in some other banks which I can use to create a 13L FD and Get Infinia as a secured card. I don't mind it being paid version either since we get equivalent amount of points anyways so the GST amount is the only loss. I have travel on mind in next 1-1.5 years and Want to make most of my expenses that i would be doing in next 6 months anyways. That's the main intention behind going after Infinia so much. With my Salary, HDFC branch RM told me I can get DCB FYF offer, but then he also told me it has to be done offline via branch and warned that since I am not using my Millenia all that much, chance of upgrade request being rejected are there. Hence trying via FD route.

My question is 2 fold:

1. If I go with this option for Infinia, Will HDFC cancel my Millenia?
2. Assuming I use Infinia well by that I mean, keeping credit limit usage below 30% and spend more than 8-9 Lakhs in next 9-10 months, what are my chances converting it to unsecured card? My income won't meet their currently described criteria in next year also so the written eligibility criteria is out of question.

The highest credit limit I got on any of my cards is 5.5 Lakhs (Magnus). Considering I got it only couple of months back, reaching a 10L limit is difficult especially since there are rumors that Axis will devalue it into oblivion. They already devalued Gift Edge and Grab Deals, if they kill transfer ratio by changing it to 5:1, there is no way I am spending money through Magnus hence chance of getting limit enhancement are even less likely. So Card to Card method for Infinia is getting bleaker by the day.
Click to expand...
Did you opt for secured infinia ?
 
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