Should I increase credit limit before closing the only credit card, I have? And any suggestions for new one?

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JassuBhai

I’m having SBI DOCTOR’S CARD for 3-4 years now. Most of the shopping and bill payments of home was done by me, (Papa ka paisa) and main motive to get the card was to avail discounts in sale. But it’s costing 1500/- per year for no added benefits. And as I didn’t have any job till now, I was not able to spend enough to waive off the annual fee. Today I got text of eligibility for increase in credit limit from 95000 to 162000.
My queries -
• I want to close the Credit card in next August, as I’ve already paid the fee this month. Should I increase the credit limit? Any con or Pro?
• I read today on DD, that closing the Credit card affects the cibil score. But this is my Only credit card. Will that too affect my CIBIL score, if I get another Credit Card?
• Should I first close and then Apply or First apply for other Credit card and then Close the current one?
• Most of my transactions are on Fk, amz, Myntra, grofers and Bigbasket, others being Bill payments and upi on local shops. Cash withdrawal (total 600/- shayad) from account was twice only in 3 years. What will be ideal choice of credit card/s? SBI simply Click, Flipkart axis, Amazon ICICI?

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Deal Subedar Deal Subedar
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Downgrade sbi doctor card to simply click. U can easily recover 500 rs

Budding Star Budding Star
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Superdry wrote:

Downgrade sbi doctor card to simply click. U can easily recover 500 rs

Can we do that? What’s the procedure? Thank You smile

Deal Hunter Deal Hunter
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Take the updated limit and downgrade the card to simplyclick

Deal Cadet Deal Cadet
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JassuBhai wrote:

Can we do that? What’s the procedure? Thank You smile

It is called “card flip” as per SBI’s terminology.
Change in CL should cost you 200+GST.
Change in card variant should cost you 500+GST + flipping charges(may be 200+GST, not sure, tho).

Both SBI SC/SS and AMZN ICICI are must have in your arsenal of CCs smile

Pro Shopping Friend Pro Shopping Friend
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DimeDime wrote:

Change in CL should cost you 200+GST.

This CL is from SBI so there won’t be 200+GST
OP:
Increase ur credit limit
call customer care and tell them to convert it to SBI simply click
Use all reward points before calling CC

Deal Subedar Deal Subedar
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Yeah, prefer not to close the card unless it’s really needed; increase the credit limit (but not your expenses), and downgrade the card to a lower cheaper variant; call cc or talk to the branch folks.

Deal Newbie Deal Newbie
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Click is best.. you will know further.. increase limit and change card variant. Don’t apply new card other wise your limit will be shared. For Online transaction of 1 lakh and 2lakh you will get Rs 2000 Cleartrip voucher each time other than rewards which can be sold on some sites also.

Budding Star Budding Star
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Thanks guys, @luciferous @DimeDime @caks2006407 @BlueFlash @PrabTalks Kg+
Accepted the increase credit limit offer, initiated reward points redemption. Now waiting for the Pantaloons gift card for the transaction in October, then I’ll go for “card flip” to Simply Click smile

Deal Cadet Deal Cadet
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DimeDime wrote:

It is called “card flip” as per SBI’s terminology.
Change in CL should cost you 200+GST.
Change in card variant should cost you 500+GST + flipping charges(may be 200+GST, not sure, tho).

Both SBI SC/SS and AMZN ICICI are must have in your arsenal of CCs smile

I also have an sbi bpcl card can i also convert it to simply click ?

Deal Cadet Deal Cadet
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st303 wrote:

I also have an sbi bpcl card can i also convert it to simply click ?

You might. Call the CC. They are very helpful.

Budding Star Budding Star
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Superdry wrote:

Downgrade sbi doctor card to simply click. U can easily recover 500 rs

Cc has denied to downgrade/flip the card to simply Click. Reason given : Doctor’s card is a ‘brand’ card, so, ye eligible nahin hai.🤷🏻‍♂️

Deal Subedar Deal Subedar
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JassuBhai wrote:

Cc has denied to downgrade/flip the card to simply Click. Reason given : Doctor’s card is a ‘brand’ card, so, ye eligible nahin hai.🤷🏻‍♂️

Then it would be better to apply for simplyclick as a new credit card request (the credit limit may get shared between your doctor’s card and the simplyclick card) OR try to apply for other bank’s credit card(s) on card-to-card basis with this doctor’s card.

Moreover, in any of the above cases, I would like to suggest to not close your doctor’s credit card as with respect to CIBIL analysis, the first-ever and the oldest line of credit in CIBIL history plays a major role in future for any loan/Credit Card approval from any lending institution to ascertain your credit worthiness and a trusted customer with timely paid credit dues history.The long history of the oldest line of credit has the highest weightage in calculating the CIBIL score against any subsequent approved line of credit(s), and thus closing your doctor’s credit card will result in dip in CIBIL score(not a huge one but a bit significant one).

So,try to apply for new credit card(s) along with non-closure of your existing doctors credit card by trying to reach the spend based waiver for annual fees if you can.

Budding Star Budding Star
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dgreatgambler007 wrote:

Then it would be better to apply for simplyclick as a new credit card request (the credit limit may get shared between your doctor’s card and the simplyclick card) OR try to apply for other bank’s credit card(s) on card-to-card basis with this doctor’s card.

Moreover, in any of the above cases, I would like to suggest to not close your doctor’s credit card as with respect to CIBIL analysis, the first-ever and the oldest line of credit in CIBIL history plays a major role in future for any loan/Credit Card approval from any lending institution to ascertain your credit worthiness and a trusted customer with timely paid credit dues history.The long history of the oldest line of credit has the highest weightage in calculating the CIBIL score against any subsequent approved line of credit(s), and thus closing your doctor’s credit card will result in dip in CIBIL score(not a huge one but a bit significant one).

So,try to apply for new credit card(s) along with non-closure of your existing doctors credit card by trying to reach the spend based waiver for annual fees if you can.

Okk, Thanks buddy. Kg+
(check pm)

Deal Cadet Deal Cadet
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Why don’t you downgrade the card from Doctor’s credit card to Simply click (499+GST.) I am using Simply click card for online shopping mainly for Amazon pantry discounts, & discount like 10% in sales. I don’t earn enough, to like ghar ka kharch chlana, but I buy my personals stuffs & pay my own earned money. I am not kind of shopaholic person, I shop only when needed. So to cover up annual fee, I told my friends to shops from card this way they get discounts & I get rewards. Sometimes they also share some % of discount to me. In last six, month, I have earned about 2400 RP. I can redeem amazon GV worth 500 for 2000RP. So basically I will cover up card my annual fee at least.

If you are paying more & greeting less benefits from card, then you are right in your place. You should get the card closed/ apply for downgrade it.

There are some LTF card like amazon pay ICICI, Axis card you can apply for. You don’t have to pay annual fee at least.

* Closing card may impact your credit score.

Budding Star Budding Star
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Mufasa wrote:

Why don’t you downgrade the card from Doctor’s credit card to Simply click (499+GST.) I am using Simply click card for online shopping mainly for Amazon pantry discounts, & discount like 10% in sales. I don’t earn enough, to like ghar ka kharch chlana, but I buy my personals stuffs & pay my own earned money. I am not kind of shopaholic person, I shop only when needed. So to cover up annual fee, I told my friends to shops from card this way they get discounts & I get rewards. Sometimes they also share some % of discount to me. In last six, month, I have earned about 2400 RP. I can redeem amazon GV worth 500 for 2000RP. So basically I will cover up card my annual fee at least.

If you are paying more & greeting less benefits from card, then you are right in your place. You should get the card closed/ apply for downgrade it.

There are some LTF card like amazon pay ICICI, Axis card you can apply for. You don’t have to pay annual fee at least.

* Closing card may impact your credit score.

Are downgrading and flipping the card two different things? I asked on call to flip/replace the doctor’s card with Simply Click, and they Simply denied, saying that I’ll have to reapply for another card. This was there words in mail :
“We understand the concern expressed in your communication and sympathizes with the difficulties faced by you. We are however not in a position to flip your SBI Card Account.”

Deal Cadet Deal Cadet
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JassuBhai wrote:

Are downgrading and flipping the card two different things? I asked on call to flip/replace the doctor’s card with Simply Click, and they Simply denied, saying that I’ll have to reapply for another card. This was there words in mail :
“We understand the concern expressed in your communication and sympathizes with the difficulties faced by you. We are however not in a position to flip your SBI Card Account.”

If they are not downgrading doctor’s credit card, Simply apply for SBI simply click or any card as per your wish, once card is approved & then close the doctor’s credit card. Don’t close your current first if you want any other variants of card.

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