Suggest me to reduce my Credit Card Portfolio to solve Overleverage issue

[veeru]

I am holding 11 credit cards & planning to apply for 2 SBI credit card ( PhonePe Select BLACK & TATA Neu Infinity). But heard from the subscribers that SBI is rejecting new credit card applications who are having either more credit cards or having high Credit limit. In order to reduce my no.of credit cards, please suggest me which ones i can close. My main spends are on Utility. Below is my portfolio.
1. HDFC-Dinners Black metal - Mainly used for quarterly milestone benifit
2. AMEX-Platinum Travel- Used for Milestone benifit
3. AXIS-ACE- Used for monthly caskback on utility spends on Gpay
4.AXIS-AIRTEL- Used for monthly caskback on utility & AIRTEL spends on AIRETL App
5.HSBC-LIVE+- Used for Offine & 10% cashback on grocerry, dinning
6.SBI-PRIME- No use. planning to close
7.PNB-Rupay Select- LTF
8.IDFC -Wealth-LTF
9.FEDERAL-CELESTA-LTF
10.ICICI-Sapphiro-LTF
11.BOB-ETERNA-LTF

 

[BhaiyaJi]

Can get rid of Airtel if planning for PhonePe card
Also can close PNB and Federal.
You need to reflect on total credit limit as well.

 

[pikashinchu]

Can get rid of Airtel if planning for PhonePe card
Also can close PNB and Federal.
You need to reflect on total credit limit as well.

I think a bit risky, if Airtel is closed and even PhonePe is rejected. He will not be having any other options.

Rest I feel are correct.

 

[Adith]

My suggestion :

1. Axis Ace - Close it and buy Apay vouchers via Amex GYFTR with plat travel for 3x, use it for your utility spends. Use Axis airtel or SBI Phonepe for the rest of the utility spends.
2. SBI Prime - Try to see if they can convert it to Phonepe , else close yes.
3. Federal & PNB - Decide if you want to keep or not.
4. Axis Airtel - Close if you dont have airtel connection , ONLY if you manage to get Phonepe.


Why do u need Tata Neu infinity btw?

 

[nh124001]

you can close, axis ace/sbi prime/bob eterna/pnb rupay select/ federal and idfc ccs

 

[Adith]

you can close, axis ace/sbi prime/bob eterna/pnb rupay select/ federal and idfc ccs

I wont suggest closing idfc wealth anytime. CFAR and RSA are practical usecases that will help out some day. This along with BOGO on district upto 250 twice + Visa infinite on BMS BOGO , for a LTF card. Its an absolute beast.

 

[nh124001]

I wont suggest closing idfc wealth anytime. CFAR and RSA are practical usecases that will help out some day. This along with BOGO on district upto 250 twice + Visa infinite on BMS BOGO , for a LTF card. Its an absolute beast.

what is this CFAR and RSA?

 

[BhaiyaJi]

what is this CFAR and RSA?

RSA = Road side assistance

CFAR = commenting for alternate reach

 

[Pravin1156]

I am holding 11 credit cards & planning to apply for 2 SBI credit card ( PhonePe Select BLACK & TATA Neu Infinity). But heard from the subscribers that SBI is rejecting new credit card applications who are having either more credit cards or having high Credit limit. In order to reduce my no.of credit cards, please suggest me which ones i can close. My main spends are on Utility. Below is my portfolio.
1. HDFC-Dinners Black metal - Mainly used for quarterly milestone benifit
2. AMEX-Platinum Travel- Used for Milestone benifit
3. AXIS-ACE- Used for monthly caskback on utility spends on Gpay
4.AXIS-AIRTEL- Used for monthly caskback on utility & AIRTEL spends on AIRETL App
5.HSBC-LIVE+- Used for Offine & 10% cashback on grocerry, dinning
6.SBI-PRIME- No use. planning to close
7.PNB-Rupay Select- LTF
8.IDFC -Wealth-LTF
9.FEDERAL-CELESTA-LTF
10.ICICI-Sapphiro-LTF
11.BOB-ETERNA-LTF

My point of view, You can close

1.SBI Prime
2.PNB Rupay
3.IDFC Wealth - No Online offers
4.Airtel Axis - You already hold Ace

 

[cardio_guycardio_guy is verified member.]

If you really want SBI cards, then only think of closing them. Saying this because your target cards - PhonePe Select BLACK & TATA Neu Infinity - are available from HDFC also. So you can think of taking it from HDFC instead of SBI
(Phonepe ultimo HDFC has very minor cashback less than Black SBI, apart from that both are comparable)

 

[iamabhisekagar]

Get rid of ACE as u have infinity CC...same 5% benefit on utilities
PNB rupay select...if it is of no use

 

[Adith]

what is this CFAR and RSA?

RSA - road side assistance. If your vehicle breaks down , you can call for a tow free of charge.

CFAR - Cancellation for Any reason. If you book a flight with the card and you are wanna cancel , you can get back complete amount upto the CFAR cap, which is i think 10k. So even if it's a non refundable ticket , CFAR will get you a refund from idfc side.

 

[nh124001]

RSA - road side assistance. If your vehicle breaks down , you can call for a tow free of charge.

CFAR - Cancellation for Any reason. If you book a flight with the card and you are wanna cancel , you can get back complete amount upto the CFAR cap, which is i think 10k. So even if it's a non refundable ticket , CFAR will get you a refund from idfc side.

bhai rsa toh.. easily vehicle insurance mein addon ke through miljata hai.. n cfar i am not sure ... agar reward rate acha nahi hai..toh usse book karvane mein beneficial nahi hai... bogo offer..uske pass icici sapphiro hai...

 

[Adith]

bhai rsa toh.. easily vehicle insurance mein addon ke through miljata hai.. n cfar i am not sure ... agar reward rate acha nahi hai..toh usse book karvane mein beneficial nahi hai... bogo offer..uske pass icici sapphiro hai...

RSA add-on usually costs minimum 500, upto 3k based on ur insurance. You are getting it for free here. With the same logic i can say movie tickets cost 250 by default but u can buy monthly pass or something to get a discount, why take a card for bogo. Cause it saves you money at the end of the day.

CFAR also has value if you have to book flights but cannot guarantee you might travel.

Yes sapphiro gives bogo, but what about District app? Nothing wrong in having coverage and spread.

Its a seriously good card that serves as an insurance card for general use. Not everything has to revolve around reward rate. Why do people prefer lounge access? Cause you get free food . There is no reward rate in that. Its an illogical thinking to equate everything to reward rate.

 

[AlgoTrader]

RSA add-on usually costs minimum 500, upto 3k based on ur insurance. You are getting it for free here. With the same logic i can say movie tickets cost 250 by default but u can buy monthly pass or something to get a discount, why take a card for bogo. Cause it saves you money at the end of the day.

CFAR also has value if you have to book flights but cannot guarantee you might travel.

Yes sapphiro gives bogo, but what about District app? Nothing wrong in having coverage and spread.

Its a seriously good card that serves as an insurance card for general use. Not everything has to revolve around reward rate. Why do people prefer lounge access? Cause you get free food . There is no reward rate in that. Its an illogical thinking to equate everything to reward rate.

yes RSA And CFAR is enough to hold on to this card

 

[pikashinchu]

RSA add-on usually costs minimum 500, upto 3k based on ur insurance. You are getting it for free here. With the same logic i can say movie tickets cost 250 by default but u can buy monthly pass or something to get a discount, why take a card for bogo. Cause it saves you money at the end of the day.

CFAR also has value if you have to book flights but cannot guarantee you might travel.

Yes sapphiro gives bogo, but what about District app? Nothing wrong in having coverage and spread.

Its a seriously good card that serves as an insurance card for general use. Not everything has to revolve around reward rate. Why do people prefer lounge access? Cause you get free food . There is no reward rate in that. Its an illogical thinking to equate everything to reward rate.

Does this rsa works, considering it's from a credit card?

I used to think these are just gimmicks.

 

[Adith]

Does this rsa works, considering it's from a credit card?

I used to think these are just gimmicks.

There are enough posts on reddit where folks have actually had it work.

https://www.reddit.com/r/CreditCardsIndia/s/bbeVrftXTZ

 

[veeru]

Thanks to all for your suggestions. Without closing & reducing the credit limit. I got TATA NEU INFINITY Rupay Credit card yesterday with a separate credit limit of 5L apart from my existing SBI PRIME Card. Initially, my application was rejected due to Over-leverage issue but with the help of a SBI Card Agent , I got this card. Really it is a surprise for me. If any body want to apply for SBI credit card, please message your contact details to me( actually, I planned to post her number here but she refused to do so), I will forward to the agent.