HDFC Moneyback+ LTF to Millennia LTF Pre-approved offer after closing.

[shivtej]

Hello Bekifaayati community,
I need some suggestion if anyone has tried this.
I have recently started doing job(10 months ago) and had opened my salary account in HDFC bank and I maintain at least 35k in my account. After few months I started to get Moneyback+ offered as LTF. For first few months I waited as I was interested in getting Millennia as LTF. But 2 months ago I got Moneyback+ LTF(50k limit) as I was not sure whether I could get any other bank cards because my credit score was not generated as I do not have any loans or emis on my name. And after asking some of my friends working in my company(same salary as well), some of them were offered this Moneyback+ LTF and others have Millennia LTF. Who were offered Millennia did not even maintain even half the balance I did.

And have also read that HDFC is notorious about this Moneyback+ and people are getting stuck on it for many years with no upgrade option.

So I wanted to know if I close my Moneyback+, will I started getting pre-approved offers from HDFC again and if yes after how much time and is it recommended to close this one as I have got it LTF. I have Axis Neo and ICICI platinum and coral Rupay all LTF.

Any help and thoughts would be appreciated.

 

[Skylar]

Hello Bekifaayati community,
I need some suggestion if anyone has tried this.
I have recently started doing job(10 months ago) and had opened my salary account in HDFC bank and I maintain at least 35k in my account. After few months I started to get Moneyback+ offered as LTF. For first few months I waited as I was interested in getting Millennia as LTF. But 2 months ago I got Moneyback+ LTF(50k limit) as I was not sure whether I could get any other bank cards because my credit score was not generated as I do not have any loans or emis on my name. And after asking some of my friends working in my company(same salary as well), some of them were offered this Moneyback+ LTF and others have Millennia LTF. Who were offered Millennia did not even maintain even half the balance I did.

And have also read that HDFC is notorious about this Moneyback+ and people are getting stuck on it for many years with no upgrade option.

So I wanted to know if I close my Moneyback+, will I started getting pre-approved offers from HDFC again and if yes after how much time and is it recommended to close this one as I have got it LTF. I have Axis Neo and ICICI platinum and coral Rupay all LTF.

Any help and thoughts would be appreciated.

If you decide to close your card, there will be a cooling-down period of 3 to 6 months after that you may receive preapproved loan offers rather than credit card offers. HDFC Bank does not aggressively promote its cards. I recommend checking if you qualify for the HDFC Swiggy Card LTF in swiggy, which is quite similar to the HDFC Millennia Card.

While the MoneyBack+ Trap is a real concern, it doesn’t apply universally; some fortunate individuals manage to get out of it. My suggestion is to retain the card rather than close it.

Additionally, you currently hold the top four bank credit cards, with only SBI missing. I recommend sticking to these four cards, consistently using them, and aiming for upgrades to premium cards within these banks rather than pursuing cards from other banks.

 

[shivtej]

If you decide to close your card, there will be a cooling-down period of 3 to 6 months after that you may receive preapproved loan offers rather than credit card offers. HDFC Bank does not aggressively promote its cards. I recommend checking if you qualify for the HDFC Swiggy Card LTF in swiggy, which is quite similar to the HDFC Millennia Card.

While the MoneyBack+ Trap is a real concern, it doesn’t apply universally; some fortunate individuals manage to get out of it. My suggestion is to retain the card rather than close it.

Additionally, you currently hold the top four bank credit cards, with only SBI missing. I recommend sticking to these four cards, consistently using them, and aiming for upgrades to premium cards within these banks rather than pursuing cards from other banks.

I don't plan to close it immediately... I'll use it for few months and wait for upgrade offers and I'm also fine with cool-down period as I will be applying for ICICI Apay card before closing my Moneyback+. About Swiggy card, I didn't have Swiggy account but created it specifically to get LTF offer and as cashback will be in statement credit, but no luck I don't have the LTF offer.

Yes I'm only looking at LTF cards as I don't spend much so will most probably not meet the fee waiver criteria, expect the Axis Airtel which I'll get as the returns are way higher than the fee.

 

[Skylar]

I don't plan to close it immediately... I'll use it for few months and wait for upgrade offers and I'm also fine with cool-down period as I will be applying for ICICI Apay card before closing my Moneyback+. About Swiggy card, I didn't have Swiggy account but created it specifically to get LTF offer and as cashback will be in statement credit, but no luck I don't have the LTF offer.

Yes I'm only looking at LTF cards as I don't spend much so will most probably not meet the fee waiver criteria, expect the Axis Airtel which I'll get as the returns are way higher than the fee.

Yes, Airtel is good. If you’re already considering Airtel, why would you need Amazon Pay as well? Amazon Pay offers the same 1% reward rate.

Regarding the 5% cashback on Amazon, it’s tied to the Amazon Prime membership. Without the Prime membership, you’ll receive only 3% cashback. If the shopping edition (499/-) is not offered on your account, you’d need to pay 1499/- for it to get 5% cashback.

However, an alternative option is to consider the Amazonpay ICICI Bank credit card. With this card, you can get 5% cashback on Amazon, Myntra, and Flipkart. It’s a good choice if you frequently shop on these platforms.

 

[shivtej]

Sure. Will keep that in mind.

And about ICICI Paytm, I think it's discontinued

 

[Skylar]

Sure. Will keep that in mind.

And about ICICI Paytm, I think it's discontinued

ICICI paytm?

 

[Bharatiya Nagrik]

ICICI paytm?

You had mentioned Paytm ICICI card in your comment.

 

[Skylar]

You had mentioned Paytm ICICI card in your comment.

My autocorrect could have made amazon pay to paytm

 

[shivtej]

My autocorrect could have made amazon pay to paytm

But how do you get 5% on Myntra and Flipkart on it. I think it gives 1%.

 

[Bharatiya Nagrik]

My autocorrect could have made amazon pay to paytm

Bade bade deshon me chhote chhote autocorrect mistake hote rehte hai bro.

 

[Skylar]

But how do you get 5% on Myntra and Flipkart on it. I think it gives 1%.

Few catagories of Flipkart and amazon

 

[shivtej]

I thought you were suggesting me Amazon pay...jyada hi auto correct ho raha hain

 

[Skylar]

I thought you were suggesting me Amazon pay...jyada hi auto correct ho raha hain

Haan using Microsoft edge browser this once has so AI features pura grammar and spelling checks meh ek type kartha hu awr eh usko badaldetha hey

 

[anisharya16]

While it's true that you get stuck with Money-back card. Below is my story:
I started job in June 2019, opened HDFC salary account, got hdfc freedom LTF, hardly knew much about credit cards. In all these years, i got FYF upgrade offer to Money-back plus and Millenia plus, after requesting a lot to my RM to get Millenia LTF or regalia LTF, i didn't get it. It's been more than 5 years now. And since it's reward rate is 0.1%, I hardly used freedom card. I felt stuck with freedom. But last week I got Millenia LTF upgrade offer and yesterday i got HDFC UPI rupay LTF offer. And I took both of them. So hdfc might get benefitted and give you LTF upgrade offer, but for me it was 5 years later. Now I cannot say that your will definitely get it after 5 years but let's not lose hope here.

 

[shivtej]

While it's true that you get stuck with Money-back card. Below is my story:
I started job in June 2019, opened HDFC salary account, got hdfc freedom LTF, hardly knew much about credit cards. In all these years, i got FYF upgrade offer to Money-back plus and Millenia plus, after requesting a lot to my RM to get Millenia LTF or regalia LTF, i didn't get it. It's been more than 5 years now. And since it's reward rate is 0.1%, I hardly used freedom card. I felt stuck with freedom. But last week I got Millenia LTF upgrade offer and yesterday i got HDFC UPI rupay LTF offer. And I took both of them. So hdfc might get benefitted and give you LTF upgrade offer, but for me it was 5 years later. Now I cannot say that your will definitely get it after 5 years but let's not lose hope here.

Thanks for the info.
Btw I also got the offer to get HDFC rupay as LTF 2 3 days back. But it's reward rate if too low, and as I already have Coral Rupay, so should I get HDFC rupay or not. One important question is that if I get HDFC rupay (or card upgrade) does it do credit enquiry as I already have a lot in last 6 months.

 

[anisharya16]

ICICI Coral Rupay reward rate is 0.25-0.5%. HDFC Rupay credit card has different rates ranging from 1-3% if transactions are done through Payzap so this would give better reward rate that ICICI Coral. No there won't be any cibil hit done, as it's approved for you.

 

[shivtej]

ICICI Coral Rupay reward rate is 0.25-0.5%. HDFC Rupay credit card has different rates ranging from 1-3% if transactions are done through Payzap so this would give better reward rate that ICICI Coral. No there won't be any cibil hit done, as it's approved for you.

This is where most people get fooled.That is not it's reward rate... That is cash points (1 cash point = .25 rupees

 

[anisharya16]

This is where most people get fooled.That is not it's reward rate... That is cash points (1 cash point = .25 rupees

100rs spent gives 1or 2rp. And 1rp = 25paise. So spending 100rs give you 25paise so 0.25%, if 100rs spent gives 2rp, so 25*2=50paise. 100rs gives you 50paise so reward rate is 0.5%. Correct me if I am wrong. Also do share what will be rewarded rate as per your calculation. Also share your formula for calculating the reward point.

 

[shivtej]

100rs spent gives 1or 2rp. And 1rp = 25paise. So spending 100rs give you 25paise so 0.25%, if 100rs spent gives 2rp, so 25*2=50paise. 100rs gives you 50paise so reward rate is 0.5%. Correct me if I am wrong. Also do share what will be rewarded rate as per your calculation. Also share your formula for calculating the reward point.

Yes the reward rate on coral is 0.5%, I got it as I was getting it as LTF and did not have any other rupay card.

 

[anisharya16]

Yes the reward rate on coral is 0.5%, I got it as I was getting it as LTF and did not have any other rupay card.

You said this is not reward rate and people gets fooled here. Kindly share your formula for reward rate. Correct me where was i wrong