Banks are reducing credit card limits

Banks are reducing credit card limits

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Deal Cadet
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Few banks have reduced credit card limits of customers by 30-70%

https://www.timesnownews.com/amp/business-econo...

22 Comments  |  
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Deal Cadet
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I don’t think HDFC and citi will follow.

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Deal Cadet
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HDFC is increasing my credit card limit.

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Community Angel
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Axis Bank and Kotak mahindra Bank.
Any other bank?

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Deal Newbie
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yesbank reduced my limit by 91%

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Critic
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many banks review credit limits at the beginning of each financial year. Nothing new in that.

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Deal Cadet
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I personally didn’t face this problem…None of my cards got their CL reduced, even Axis…

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Entertainer
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ashir wrote:

yesbank reduced my limit by 91%

Paisa hai usske paas credit dene ke liye?… smile toungueout

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Deal Subedar
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In this week have got 2 calls from bank to increase the credit limit…not sure if they were fake but at times like these avoid to increase the limit on call as they ask for otp also.

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Deal Cadet
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LilRoot wrote:

In this week have got 2 calls from bank to increase the credit limit…not sure if they were fake but at times like these avoid to increase the limit on call as they ask for otp also.

If they asked for OTP then those were fake calls from scammers…I had my CL increased several times when bank staffs called me to take my permission to increase my CL & none of them asked for any OTP…No bank ask for OTPs to increase CL…

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Critic
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LilRoot wrote:

In this week have got 2 calls from bank to increase the credit limit…not sure if they were fake but at times like these avoid to increase the limit on call as they ask for otp also.

For credit limit increase, they never ask for OTP

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Deal Subedar
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LilRoot wrote:

In this week have got 2 calls from bank to increase the credit limit…not sure if they were fake but at times like these avoid to increase the limit on call as they ask for otp also.

I have increased my limit on call many times in hdfc. They never ask for otp all they ask from me is my birthdate and pincode.

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Deal Subedar
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If the credit card holder owes money to Bank and dies due to corona, what happens to the dues?
Is that dead as well or do banks harass family members?

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Deal Cadet
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cocay wrote:

If the credit card holder owes money to Bank and dies due to corona, what happens to the dues?
Is that dead as well or do banks harass family members?

Any dues if there is no surety given are bound to be voided by law … Bank won’t claim with family members

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Tech Guru
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I have seen one of my friend who is loading cc money to paytm to meet his family expenses during lockdown he has a small shop and and pays emi of loan too shop is closed from past one month due to lockdown, he has no money in hand , how such people will pay with no cash in hand bank will sense it and reduce limit for such high risk customers and all others who are normally using their cc have no impact

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Deal Cadet
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drupal wrote:

I have seen one of my friend who is loading cc money to paytm to meet his family expenses during lockdown he has a small shop and and pays emi of loan too shop is closed from past one month due to lockdown, he has no money in hand , how such people will pay with no cash in hand bank will sense it and reduce limit for such high risk customers and all others who are normally using their cc have no impact

Exactly that same reason they reduced my limit.
Though I don’t convert to EMI
I have used almost 90% limit every month and pay 1day before statement generation.

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Deal Cadet
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People are also having pay cuts , job losses
Since the credit limit is a direct proportionate factor of salary, they might r
reduce it as well.

Banks are also in a uncharted territory , to how to go about the reduction of credit limits.

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Deal Lieutenant
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Axis and yes bnk reduced, i really wish everyone reduces it to 10k,ill stop using this shit.
Im alive only to pay these blood suckers and still using cards even when i know it.

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Deal Newbie
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Today HDFC reduced my Debit Card EMI limit from earlier 50k to now only 10k.😭

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