Hot Deal HDFC reduced Credit card Limit

308°
Deal Newbie
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Hi friends,
Today I got sms that my credit limit has been decreased by more than 30% with zero cash withdrawal. It is first time happened with me.
If anyone facing similar plz msg.
Never late payment , never defaulter.
Customer care told they also not knowing. But due to internal policies.
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Did you use the card for business purpose ? Or buy multiple Gv from various SB account ?
My friend did it and they too reduced his limit by 30% from 1L to 70K
Hdfc usually is very generous with CC limit

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Lot of loan defaults are happening due to lock downs.

So most of banks are reducing cc and od limits to cut risks.
Last week lot of cc and od downgrades happened.

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Mine was enhanced a month back to 2.23 to 2.80 now received SMS that it has been reduced to 1.85. In netbanking under upgrade card offer I am seeing the credit limit of 2.80 but not through limit enhancement.
PS- I have millennia and I don’t want regalia so not going to upgrade.

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Bk100 wrote:

Lot of loan defaults are happening due to lock downs.

So most of banks are reducing cc and od limits to cut risks.

Agree
Middle and lower class in extreme pain.

Only the rich elites making merry in equity

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SastaRaju wrote:

Did you use the card for business purpose ? Or buy multiple Gv from various SB account ?
My friend did it and they too reduced his limit by 30% from 1L to 70K
Hdfc usually is very generous with CC limit

Only two smart buy account 5K each..

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Dealhunting wrote:

Agree
Middle and lower class in extreme pain.

Only the rich elites making merry in equity

That is Exact reason why banks are cutting cc limits.

Cc is unsecured loan and at present banks want to reduce some high end risks.

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piyush2251 wrote:

Mine was enhanced a month back to 2.23 to 2.80 now received SMS that it has been reduced to 1.85. In netbanking under upgrade card offer I am seeing the credit limit of 2.80 but not through limit enhancement.
PS- I have millennia and I don’t want regalia so not going to upgrade.

Millennia is the best card right there for amazon and other online spends .Rewards can be redeemed for statement credit @ full value

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piyush2251 wrote:

Mine was enhanced a month back to 2.23 to 2.80 now received SMS that it has been reduced to 1.85. In netbanking under upgrade card offer I am seeing the credit limit of 2.80 but not through limit enhancement.
PS- I have millennia and I don’t want regalia so not going to upgrade.

Same happened with me. 2 months earlier they enhanced the limit and upgrade the card also .

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SastaRaju wrote:

Millennia is the best card right there for amazon and other online spends .Rewards can be redeemed for statement credit @ full value

Yes I have been saying same since I have received the card when it was launched. Best if your spends are average.

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PrabsTalks wrote:

Same happened with me. 2 months earlier they enhanced the limit and upgrade the card also .

Actually I had got credit enhancement in may. I am still getting the option of limit of 2.8 if I upgrade my card to regalia.

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And I’m regularly getting calls and notifications to enhance the limit to 3L rolleyes
But I refused!

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pradeep.gr wrote:

And I’m regularly getting calls and notifications to enhance the limit to 3L rolleyes
But I refused!

Keep increasing limit. Put a limit control from your own end via net banking.

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Ramta_Jogi wrote:

Keep increasing limit. Put a limit control from your own end via net banking.

But my usages are not such high, so increasing the limit and not using it will affect the credit score???

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May be due to cibil ..you might missed some big payment of some other bank or card

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getready wrote:

AXIS, YES, Kotak started doing this during First-Wave ( Repayment Risk* )
.. Looks like, other Pvt banks are trying to catch up with the initiative!

" Axis Bank, Kotak Mahindra Bank reduce credit card limits of customers by up to 90% "
https://www.timesnownews.com/business-economy/i...

https://www.desidime.com/discussions/banks-are-...

This happened to me last year. My limit was reduced from 2.1 lacs to 30k in Axis.

Completely stopped using Axis since.

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piyush2251 wrote:

Actually I had got credit enhancement in may. I am still getting the option of limit of 2.8 if I upgrade my card to regalia.

You can take limit enhancement and not opt for card upgrade

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pradeep.gr wrote:

But my usages are not such high, so increasing the limit and not using it will affect the credit score???

Increasing credit card limit will attract faster and better upgrades and credit score will increase too. The credit utilization ratio plays an important part in your cibil score. More limit decreases this ratio thereby increasing credit score.

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pradeep.gr wrote:

But my usages are not such high, so increasing the limit and not using it will affect the credit score???

Yes, it’ll help in improving credit score as total credit utilization % will come down

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Fanil wrote:

You can take limit enhancement and not opt for card upgrade

I took the limit enhancement in may and today they reduced it. In card upgrade it’s showing the new limit of card would be 2.8 which is same limit I got enhancement in may. But while clicking on only limit enhancement it’s saying not eligible for limit enhancement.

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piyush2251 wrote:

I took the limit enhancement in may and today they reduced it. In card upgrade it’s showing the new limit of card would be 2.8 which is same limit I got enhancement in may. But while clicking on only limit enhancement it’s saying not eligible for limit enhancement.

Oh got it.

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pradeep.gr wrote:

But my usages are not such high, so increasing the limit and not using it will affect the credit score???

It may help credit score if the credit limit is reported by the card issuer to the bureaus in the first place.

Nevertheless, higher credit limit leads to better upgrades and services in future (as a result of higher variant of credit card)

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Jass4u wrote:

May be due to cibil ..you might missed some big payment of some other bank or card

Never missed..my other friends also got such reduction..

Missing