Should I increase credit limit before closing the only credit card, I have? And any suggestions for new one?
- 830
- 17
-
- Last Comment
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?
- Sort By
Can we do that? What’s the procedure? Thank You 
Take the updated limit and downgrade the card to simplyclick
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.
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.
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
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.”
![Sunfeast Farmlite Oats & Almonds Cookies (Cookie) 300g [location specific]](https://cdn1.desidime.com/topics/photos/1779975/medium/Screenshot2024-04-24at11.13.10PM.png?1713980638)
Downgrade sbi doctor card to simply click. U can easily recover 500 rs