ah you are in closing spree ah
CLOSED CREDIT CARD
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I have closed 5 credit cards for several reasons. Banks are doing devaluation looking at other banks. I have got a replacement card with almost similar benefits.
Indian Banks acting like Monkey see Monkey do. RBI should take steps on this devaluation issue. What's your opinion?
- HDFC Money Back Plus - My first credit card had a limit of 34k. It has little benefit like 3.3 % cashback on Amazon Flipkart. I asked HDFC to make LTF. They refused and I closed it.
- Axis Flipkart - I had a limit of 30k. Axis devalued this card a lot. What hurts is 50k quarterly spending for just 1 lounge access. I asked Axis to make it LTF. They refused and I closed it.
- Axis My Zone - I had a limit of 33k. Axis devalued this card also. I took it for Swiggy's benefit. Similarly, lounge access spending conditions also hurt me. So, closed it.
- IDFC Select - I had a limit of 1.88 Lakh. I took this card in February and IDFC Moron Bank devalue the card in April. I was hurt a lot by the BOGO movie and lounge access devaluation. I closed it on the day of the devaluation announcement. IDFC has killed this card.
- Federal Scapia - I had a limit of 1.34 Lakh and Federal reduced the limit to 40k. What hurts the most is the devaluation of lounge access benefits. Unlimited lounge access at just 5k monthly spend was the best in the industry. Federal however is desperate to kill this card. Similarly, I closed it on the day of the devaluation announcement.
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I closed axis flipkrt in morning... now thinking about the myntra 900 trans. I did last week... what about the 5% cashback? Wasted or they will ask for bank details to credit?
Once card is closed or cancelled everything is forfeited see TnC
Bhai tu to personal ho raha hai.
What I suggest it, to keep LTF card and close other cards if you can't justify cashback with the annual charges.
We need to get out of the Indian mentality of having everything for free. What is the point of keeping garbage product even if its free? I have better credit cards now.
Pls add another 'c' to ur dd name, kunal credit card closure (kunal ccc) 🏻
Credit card is a free interest loan provided by banks to customers. You should not get too personal with the benefits. It's better not to close LTF cards like idfc.
IDFC is donkey bank or monkey bank, I don't understand. Where in India you will get movie ticket at Rs. 125? IDFC thinks customers are stupid to spend 20k monthly for lounge access. Nobody is fool to spend even 10k for lounge access like what Federal Scapia thinks.
There are still good LTF cards with good benefits. If any card becomes garbage after devaluation, it is not worth keeping it.
Devaluation is not an issue, it's a natural result of credit card penetration. Banks are getting people to sign up for cards with benefits, then paring them down when they can't sustain them. It's mostly abuse of a card, like what happened with magnus, or just unsustainability once the card is in many peoples hands and it is not making enough money for the banks, in case of cheap/ltf cards. That's why it's mostly these categories of cards that get their tncs rearranged.
I honestly feel like reduced card abuse of card benefits would be a huge step in the direction to stop this. Also, while I have a lot of ltf cards, it's these cards that don't make the banks money and cause the frequent reevaluations. It's rare to see actually premium cards get devalued, and even then it's usually quite reasonable.
Yes, Indian people are Jugaru minded. If any flaw in product is discovered, it will be misused.
By the way, third party apps also showing greed by allowing rent, education payment via credit card. These funds are routed via escrow a/c
Reserve bank should have banned it before the destruction of credit cards
I think if you want ltf option working in your favor you need to have higher limits and spends. At 30k limit it's difficult for banks to justify making an exception for you. Also, always good to close unnecessary cards!
Thanks everyone for the discussion!
You should consider adding ICICI CC to your portfolio and basis that get APay ICICI.
I already have Amazon pay cc and now I am getting MMT signature pre approved
Which all CCs are you left with now? If you can tell.
HDFC moneyback plus and Flipkart is replaced by SBI cashback card. Axis my zone and IDFC select replaced by Swiggy HDFC card and Indusind legend for BOGO movie. Currently I have 8 lounge access free for the year without spend condition. Scapia unlimited lounge devalue hurting more than ex
There is a quote - One man's garbage is another man's treasure.
I agree on that - credit card depends on individual needs.
However some credit cards are actually garbage for entire human population. We need to get rid of those card asap.
Going to close axis magnus before renewal in January. The card was heavily devalued few months back and 12500 annual fee with no renewal benefits (rp/gv) is unjustified.
You should have kept LTF idfc card , it could be useful in some flipkart /amazon sales..
If you have noticed this -
To get 10% instant discount on the Amazon / Flipkart sale, you must spend a minimum of Rs. 5000.
Secondly, I have cards from major banks. Which website gives offers on which card depends on the luck.
Thirdly, IDFC Bank has hurt me a lot. I took the card in February with lot of expectations, and IDFC made this card, LTF garbage in April. Even Ex girlfriend doesn't hurt so bad
I will travel once every month via flight from next month
I closed hdfc regalia gold they didn't even offer any counter and happily closed it
HDFC has 1 crore cardholder, they don't care about customer retention
I think if you want ltf option working in your favor you need to have higher limits and spends. At 30k limit it's difficult for banks to justify making an exception for you. Also, always good to close unnecessary cards!