Should I close my FD card?

[me_sovon]

I have been seeking a credit card from Axis Bank, but I have faced multiple rejections: twice for the Flipkart Axis card and twice for the MyZone credit card. I suspect that my second MyZone application was declined due to the short interval between the two applications.

During my most recent application for the MyZone credit card, a physical KYC was conducted, during which the agent suggested that I open a library account. Consequently, I now also hold a savings account with Axis Bank.

Following the rejection, I received a call from my branch advising me to consider a fixed deposit (FD) based credit card and to maintain this card for at least three months.

As I approach the end of this three-month period, I have several questions:

1. Should I close the card?
2. Should I keep it for a few more months to potentially qualify for a pre-approved offer for an unsecured card?
3. Does the pre-approved offer depend on the FD card?

My current CIBIL score is 781, and I have three unsecured credit cards.

 

[praful47]

I have been seeking a credit card from Axis Bank, but I have faced multiple rejections: twice for the Flipkart Axis card and twice for the MyZone credit card. I suspect that my second MyZone application was declined due to the short interval between the two applications.

During my most recent application for the MyZone credit card, a physical KYC was conducted, during which the agent suggested that I open a library account. Consequently, I now also hold a savings account with Axis Bank.

Following the rejection, I received a call from my branch advising me to consider a fixed deposit (FD) based credit card and to maintain this card for at least three months.

As I approach the end of this three-month period, I have several questions:

1. Should I close the card?
2. Should I keep it for a few more months to potentially qualify for a pre-approved offer for an unsecured card?
3. Does the pre-approved offer depend on the FD card?

My current CIBIL score is 781, and I have three unsecured credit cards.

Firstly , you need to find out why your applications are getting rejected.

 

[me_sovon]

Firstly , you need to find out why your applications are getting rejected.

I mailed them atleast 4 times, same reply " internal policies "

 

[harsh_ujjwal]

FD card does not guarantee you a pre-approved card. In 2018 i bought ICICI FD card. Till 2021 i didn't receive any pre-approved offer. I had lesser no of txn's in ICICI a/c.
Pre-approved offer depends on how you use your a/c n debit card. Viz. for purchases

 

[praful47]

I mailed them atleast 4 times, same reply " internal policies "

Did you try twitter ?

 

[bing1309]

Fd card owned by my brother for more than 1 year and limit of fd is 1l and having burgundy account still no pre approved offer with a cibil score of 800 it totally depends
My wife with burgundy account with fd of 56k got a cc and after 6 months got pre approved offer for Select with limit of 2.57l where her cibil was 0 and now before getting pre approved cc it was 750. It totally depends and nothing can be said.

 

[me_sovon]

Did you try twitter ?

Yes, same answer, they called me and told me the same

 

[me_sovon]

Fd card owned by my brother for more than 1 year and limit of fd is 1l and having burgundy account still no pre approved offer with a cibil score of 800 it totally depends
My wife with burgundy account with fd of 56k got a cc and after 6 months got pre approved offer for Select with limit of 2.57l where her cibil was 0 and now before getting pre approved cc it was 750. It totally depends and nothing can be said.

How many transactions did your wife approximately?

 

[me_sovon]

FD card does not guarantee you a pre-approved card. In 2018 i bought ICICI FD card. Till 2021 i didn't receive any pre-approved offer. I had lesser no of txn's in ICICI a/c.
Pre-approved offer depends on how you use your a/c n debit card. Viz. for purchases

Fd card owned by my brother for more than 1 year and limit of fd is 1l and having burgundy account still no pre approved offer with a cibil score of 800 it totally depends
My wife with burgundy account with fd of 56k got a cc and after 6 months got pre approved offer for Select with limit of 2.57l where her cibil was 0 and now before getting pre approved cc it was 750. It totally depends and nothing can be said.

So it's better to close the FD?

 

[bing1309]

How many transactions did your wife approximately?

Nothing just basic 2k 3k 5k sometimes 10k

 

[hender]

Nothing just basic 2k 3k 5k sometimes 10k

It's Burgundy family account?

 

[bing1309]

It's Burgundy family account?

Nope individual acc

 

[harsh_ujjwal]

So it's better to close the FD?

Depends.. If you wanna have secured credit card you can continue your FD. Else you can close it and transact using debit card , upi and maintaining your savings a/c will get you pre-approved offers

 

[me_sovon]

Depends.. If you wanna have secured credit card you can continue your FD. Else you can close it and transact using debit card , upi and maintaining your savings a/c will get you pre-approved offers

Yeahh I'm doing All my daily transaction from this account and maintaining the 25k balance. After completing the 3 months, I am gonna close the fd card, as it's only have 12k limit and no Swiggy Zomato offers are applicable so it's totally waste to continue.

 

[hender]

Yeahh I'm doing All my daily transaction from this account and maintaining the 25k balance. After completing the 3 months, I am gonna close the fd card, as it's only have 12k limit and no Swiggy Zomato offers are applicable so it's totally waste to continue.

But now it's Axis turn to pay you back !!
By offering LTF CC...

 

[me_sovon]

But now it's Axis turn to pay you back !!
By offering LTF CC...

But how to get that?
They are not that generous I guess

 

[hender]

But how to get that?
They are not that generous I guess

But you already triggered the system or Can say - You are doing in the way, they want to see your profile, to offer you CC

 

[me_sovon]

But you already triggered the system or Can say - You are doing in the way, they want to see your profile, to offer you CC

So now what should I do?
Close the FD card and continuing the regular transactions with the account?

 

[hender]

So now what should I do?
Close the FD card and continuing the regular transactions with the account?

Yeahh I'm doing All my daily transaction from this account and maintaining the 25k balance. After completing the 3 months, I am gonna close the fd card, as it's only have 12k limit and no Swiggy Zomato offers are applicable so it's totally waste to continue.

You are getting 80 or 90% Fd limit?
Variant of your FD CC ?
Any advantage/drawback using FD CC except mentioned above.☝️
What BM is saying now ?

 

[me_sovon]

You are getting 80 or 90% Fd limit?
Variant of your FD CC ?
Any advantage/drawback using FD CC except mentioned above.☝️
What BM is saying now ?

Yeahh for 15k FD, getting 12k limit.
Myzone Visa LTF
No no drawbacks even no advantage I guess. Just a secured card showing on my cibil.

BM has nothing to say, from the beginning I know that they are completing their FD target, but still thought that atleast I can use the card on Swiggy Zomato, so I took the card.