Closing Credit Card for devaluation

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Deal Cadet
Desidime User

I have closed 7 credit cards due to devaluation over the past three years. Banks are devaluing benefits by observing other banks, like "Monkey see, monkey do." I have obtained replacement cards with almost similar benefits.

Some closed cards may be lifetime free, but it's not worth keeping a worthless product even if it's free. Many people keep garbage cards to get instant discounts during sales, which is another trap because you have to make a minimum purchase to get those discounts. People end up buying unnecessary products to meet this minimum purchase limit.

Customers need to teach banks a lesson. We should close worthless cards and get better cards as replacements. Making your credit card portfolio strong is important. Even if we pay annual fees, we should aim to extract a 5 to 10 times return of annual fees.

  1. HDFC Money Back Plus - My first credit card had a limit of 34k. It offered little benefit, like 3.3% cashback on Amazon and Flipkart. I asked HDFC to make it lifetime free, but they refused, so I closed it.
  2. Axis Flipkart - I had a limit of 30k. Axis devalued this card significantly. A quarterly spend of 50k for just one lounge access hurt. I asked Axis to make it lifetime free. They refused, and I closed it.
  3. Axis My Zone - I had a limit of 33k as lifetime free. Axis devalued this card too. I took it for Swiggy's benefits. Similarly, the lounge access spending conditions also hurt me, so I closed it.
  4. IDFC Select - This card had a limit of 1.88 lakh as lifetime free. I took it in February, and IDFC devalued the card in April. The BOGO movie and lounge access devaluation hurt me a lot. I closed it on the day of the devaluation announcement. IDFC has effectively ruined this card. Instant discount offers are also not good with IDFC.
  5. Federal Scapia - I had a limit of 1.34 lakh, and Federal reduced it to 40k. The most disappointing is the devaluation of lounge access benefits. Unlimited lounge access for just a 5k monthly spend was the best in the industry, but Federal is desperate to kill this card. Thus, I closed it on the day of the devaluation announcement.
  6. ICICI Coral card - I had this Rupay card as lifetime free in September, and in October it was devalued. The capping is extensive, and the reward rate is terrible. Who will pay annual fees for an add-on card when the primary card is lifetime free?
  7. New ICICI MMT card - I hadn't even activated this card. I got it pre-approved as Mastercard and Rupay. After issuance, within an hour, I received a devaluation email. I took this card for lounge access, and now a 75k quarterly spend is required. ICICI management must be smoking bad stuff while taking decisions. I asked customer care to make this card lifetime free, but they ranted about the MMT voucher. ICICI taking my money as annual fees and giving vouchers with validity. It seems ICICI is more interested in fees than retaining customers.

This is the condition of the Indian banking system. My brother-in-law has an Indian Overseas Credit card. I looked for its reward rate online, but couldn't find it. Financial literacy is crucial to avoid being misled by banks and to extract rewards from them we need to be smart.

Disclaimer
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Top Comments
Deal Cadet Deal Cadet
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You are back again with closing saga. ICICI, Federal, IDFC closing is a bad move all three have good benefits.

IDFC and Federal are not issuing cards easily these days.

IDFC has 16 railway lounge benefits highest than any other card.

Scapia 0 forex is the best

Coral has 4 railway lounge and its RuPay

You don't deserve any CC. Don't expect banks to give you 20% CB for LTF cards.

Deal Cadet Deal Cadet
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You are back again with closing saga. ICICI, Federal, IDFC closing is a bad move all three have good benefits.

IDFC and Federal are not issuing cards easily these days.

IDFC has 16 railway lounge benefits highest than any other card.

Scapia 0 forex is the best

Coral has 4 railway lounge and its RuPay

You don't deserve any CC. Don't expect banks to give you 20% CB for LTF cards.

Deal Cadet Deal Cadet
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There is no railway lounge in my city. There is no railway lounge on the city I travel. What will I do with railway lounge? IDFC still giving me credit card as pre approved. I don't do foreign spends, what will I do with zero Forex.

As I said, I don't keep garbage cards

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Deal Cadet Deal Cadet
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You are back again with closing saga. ICICI, Federal, IDFC closing is a bad move all three have good benefits.

IDFC and Federal are not issuing cards easily these days.

IDFC has 16 railway lounge benefits highest than any other card.

Scapia 0 forex is the best

Coral has 4 railway lounge and its RuPay

You don't deserve any CC. Don't expect banks to give you 20% CB for LTF cards.

Benevolent Benevolent
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roast kar deya 😈
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Benevolent Benevolent
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closing lft coral cc is stupid ,it great for icici offers 

Deal Cadet Deal Cadet
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IDFC and Federal are not issuing cards easily these days.


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Spearhead Spearhead
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Closing scapia and idfc is the worst decesion, but kehte h na jiske pas chane h uske pas daant nh h...

Hume mil nh rha h, aur tum band krwaye ja rhe ho...

Benevolent Benevolent
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i fell you bro 
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Deal Cadet Deal Cadet
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Banks don't want customers like you. Bank want customers who don't look after the benifits and do helfty spends and also don't analyse the late payment charges and interest. Hope you get my point: " Bank has zero interest in you". Whether you own a card or not, doesn't matter to bank. I have Axis Flipkart Ltf, you don't have. Means not all cards will be available LTF which you had already. Might be in future, bank may again starts lounge access, but this time card doesn't available LTF.

Deal Cadet Deal Cadet
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Exactly, I also don't have interest in banks. I want only benefits on my card. This is not romantic relationship, this is business relationship. Customers don't love the seller or vice versa. There will be transaction untill there is mutual benefits for both parties. Otherwise, we have better options

Commentator Commentator
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asking why?

Finance Mentor Finance Mentor
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@kunalcc ICICI Coral RuPay CC is additional card not add-on card (this card is lifetime free).

ICICI charge for supplementary add-on cards.

A supplementary card, also known as an add-on or authorized user card, is an extension of a primary credit card account that allows another person to access the primary cardholder's credit limit and benefits.

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I heard that no devaluation on New ICICI MMT card, only old MMT card devalued. Are you sure ? Contact ICICI support and ask them.

Deal Cadet Deal Cadet
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I had add on card of coral, that's why I am so much pissed.

I made 35k spend hoping for lounge access, ICICI increased to 75k

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Benevolent Benevolent
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While closing cards, u don't just see the devaluation, but also the alternative options u have. If u have better options, then it's fine to close, but if it is still better than other options, it's not worth closing.

Hdfc money-back plus is worthless, if not LTF.


Axis Flipkart is still a good card for unlimited 5% on flipkart, unless u have better alternatives.


Axis my zone is still a good card as LTF for axis offers, unless u have another axis card.


IDFC select LTF is still a good card for idfc offers (which are very rare), but they do come.


Scapia is still a good card for travel and forex expense, unless u don't have any spends here or have better alternatives.


Icici coral LTF is still a good card for icici offers, unless u have another icici card. Closing add on alone is sufficient.


New icici mmt - Did u apply for this card specifically for lounge access? If yes, From what I have heard is the devaluation was only for old icici mmt LTF and not for the paid dual variant card. 


Deal Cadet Deal Cadet
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ICICI customer care confirmed devaluation for new mmt card. I never found good offer on IDFC. I dont do forex spend, Scapia already hurt me by reducing credit limit badly, now lounge access devaluation. Scapia might devalue the card more. I have two axis card for offers. I get 5% cashback on most online spends on current cards. So above cards are pretty useless for me. Also, its difficult to manage 15 credit cards

Commentator Commentator
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"ICICI Coral card - I had this Rupay card as lifetime free in September, and in October it was devalued. The capping is extensive, and the reward rate is terrible. Who will pay annual fees for an add-on card when the primary card is lifetime free?"

what capping?

Finance Mentor Finance Mentor
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ICICI Coral RuPay CC is additional card not add-on card (this card is lifetime free). For example - Primary Coral Visa + add-on card - Coral RuPay (both are lifetime free).

ICICI charge for supplementary add-on cards.

If card issue to your family members name then ICICI will charge you supplementary add-on cards fees.

No fee if both cards are in your name.

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Finance Mentor Finance Mentor
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Everyone must note this important thing before close your lifetime free ICICI Credit card,

Dnt close your any ICICI Credit Cards and RuPay Coral or RuPay Rubyx LTF. Reason - 

Sometimes ICICI cards offer many discount offers, if you have multiple cards, you can use multiple times.

Earlier, we looted many times Amazon vouchers at 10% discount from Park+ app, Amazon website etc, and few other offers using multiple ICICI credit cards.

Best thing about ICICI is that RuPay Coral LTF is additional card, no separate bill, no headache to handle one extra card and Lifetime Free.

All ICICI gemstone cards are linked card, single bill generate.

One more advantage is that - suppose if you have multiple ICICI gemstone cards and if you spend 35k (or 75k after 15th nov, 2024 devaluation), you can access airport lounge on each cards.

That's not all, RuPay or UPI sometimes give promotional offer. More card means more benefit and this is lifetime free card.

Commentator Commentator
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+1 agreed 
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