Close/Downgrade Cards

[karan.rghu]

Below is my credit card portfolio, I am thinking to close SBI Prime and Kotak Privy League I hold and SBI Prime, PNB Gold, Indusind Pinnacle and Kotak Essentia that my mother holds.
I've applied for IDFC Wealth card upgrade so that I get a priority pass that I will surrender with Kotak Privy and Prime.
The only issue I can see is my mother's Credit Score going down as PNB Gold is my mother's oldest card, it was issued around 6 years ago.

Need suggestions on whether to keep the following cards or close them or downgrade them.

Any other suggestions on the other cards (Upgrade or Downgrade)

 

[karan.rghu]

Hello,

Thanks for replying.

I mainly use Magnus and Vistara Infinite for all my spending as I'm a frequent domestic traveller. I have no issues keeping the LTF cards.
Don't want to keep cards with high fees. Need at least 8 PP Visits per year I think that'll be covered with IDFC Wealth if they upgrade my Select Card.
Need at least 1 LTF card per bank for the various online offers during sales.

 

[karan.rghu]

Thank you for your suggestions 🙏
What should I do about Indusind Pinnacle?

 

[sachinvenga]

I asked to convert my SBI Prime to LTF but don’t think they will do it( last 3-4 years get fees reversed). Planing to apply for SBI cash back and after receiving the same will clone prime card. Today my application for for new millennia card LTF approved. Please advise when and how should l apply for SBI Cashback card.

 

[Shekhar_kapoor]

Below is my credit card portfolio, I am thinking to close SBI Prime and Kotak Privy League I hold and SBI Prime, PNB Gold, Indusind Pinnacle and Kotak Essentia that my mother holds.
I've applied for IDFC Wealth card upgrade so that I get a priority pass that I will surrender with Kotak Privy and Prime.
The only issue I can see is my mother's Credit Score going down as PNB Gold is my mother's oldest card, it was issued around 6 years ago.

Need suggestions on whether to keep the following cards or close them or downgrade them.

Any other suggestions on the other cards (Upgrade or Downgrade)

Hi Brother
I would like to know how your mother got these credit cards from different banks it is the basis of ITR or salary slip apart from this my mother is a senior citizen and a housewife who receives rental income from a second house. she currently has credit cards from three different banks and is considering applying for additional credit cards from different banks on a card-to-card basis. Can anyone provide insight into the probability of her applications being approved, and recommend credit card options that might be a good fit for my financial situation as a senior citizen housewife with rental income and multiple existing credit cards? I would appreciate any advice or recommendations. Thank you!"

 

[karan.rghu]

Hi Brother
I would like to know how your mother got these credit cards from different banks it is the basis of ITR or salary slip apart from this my mother is a senior citizen and a housewife who receives rental income from a second house. she currently has credit cards from three different banks and is considering applying for additional credit cards from different banks on a card-to-card basis. Can anyone provide insight into the probability of her applications being approved, and recommend credit card options that might be a good fit for my financial situation as a senior citizen housewife with rental income and multiple existing credit cards? I would appreciate any advice or recommendations. Thank you!"

Hey,
My mother has multiple rental incomes. HDFC and Kotak Card were offered to her as pre-approved because of her high AMB. Indusind was offered as LTF by Paisa Bazaar. Had applied for SBI and Axis Vistara with ITR and got Magnus by applying C2C.

For your mother, it will depend on the type of expenses she has and the total amount of expenses per month.
If she or you want to use the reward points for flights/hotels and her total spending exceeds 1L per month, she can apply for Magnus C2C.
If the spending doesn't exceed 1L per month she can apply for Axis Vistara Infinite.

Again, it all depends on the type and amount of expenses and the way you/she wants to redeem the reward points.

 

[Shekhar_kapoor]

Hey,
My mother has multiple rental incomes. HDFC and Kotak Card were offered to her as pre-approved because of her high AMB. Indusind was offered as LTF by Paisa Bazaar. Had applied for SBI and Axis Vistara with ITR and got Magnus by applying C2C.

For your mother, it will depend on the type of expenses she has and the total amount of expenses per month.
If she or you want to use the reward points for flights/hotels and her total spending exceeds 1L per month, she can apply for Magnus C2C.
If the spending doesn't exceed 1L per month she can apply for Axis Vistara Infinite.

Again, it all depends on the type and amount of expenses and the way you/she wants to redeem the reward points.

Thanks for your answer brother my mother don't file ITR as she doesn't falls into the income tax criteria but for the relationship or account in hdfc bank based on this hdfc bank gave solitare credit card based on this other banks like idfc bank and sbi bank gave its card(c2c) what should we show in the online application while filling about her employment details like a housewife or salaried which she is not or self-employed seems confusing.

 

[karan.rghu]

If she gets rent in her account, you shall show as Self Employed.

Thanks for your answer brother my mother don't file ITR as she doesn't falls into the income tax criteria but for the relationship or account in hdfc bank based on this hdfc bank gave solitare credit card based on this other banks like idfc bank and sbi bank gave its card(c2c) what we show in the online application about her employment details like housewife or salaried which she is not or self-employed seems confusing.

 

[Shekhar_kapoor]

If she gets rent in her account, you shall show as Self Employed.

As she is 68 years old what if they ask for itr (which she is not filed) or other credit card bank statements that I can give.

 

[karan.rghu]

As she is 68 years old what if they ask for itr (which she is not filed) or other credit card bank statements

She can apply for new cards by using other cards statement i.e Card to Card. They will not ask for ITR in that case. When filling the application for a new credit card while applying through the card to card method, mention her employment status as self employed.

 

[Shekhar_kapoor]

Thanks, Brother appreciated your help. is there any probability of rejection and approval of the application what is a probability, in this case, what are you think?

 

[RajBlr]

Below is my credit card portfolio, I am thinking to close SBI Prime and Kotak Privy League I hold and SBI Prime, PNB Gold, Indusind Pinnacle and Kotak Essentia that my mother holds.
I've applied for IDFC Wealth card upgrade so that I get a priority pass that I will surrender with Kotak Privy and Prime.
The only issue I can see is my mother's Credit Score going down as PNB Gold is my mother's oldest card, it was issued around 6 years ago.

Need suggestions on whether to keep the following cards or close them or downgrade them.

Any other suggestions on the other cards (Upgrade or Downgrade)

My suggestion is to keep the Kotak Privy League signature card, as it is a paid variant(comes with PVR tickets in the past rewards now), see if you get these benefits I have share in my post earlier.

Basically you get 6400 reward points in a Quarter(instead 4x400 PVR tickets b4 pandemic) by spending 1000 in every month of that Quarter. So you get 6400x 0.25 = 1600 for spending 3000 in a quarter.

Pro Tip - Kotak Credit card Pro tip to earn Rs.1600/quarter with 3k spend(1k/monthly)

If you want to get a kotak card, then get the Privy-league signature card which had 4 PVR tickets(400rs cap=4x400=1600) free in a quarter. After pandemic, they starting giving 6400 points, 1pt=.25paise so basically you spent 1k monthly in Jan, Feb and March then you get 6400points which is...

www.technofino.in

 

[ankur2wadhwa]

I asked to convert my SBI Prime to LTF but don’t think they will do it( last 3-4 years get fees reversed). Planing to apply for SBI cash back and after receiving the same will clone prime card. Today my application for for new millennia card LTF approved. Please advise when and how should l apply for SBI Cashback card.

Hello Bro, can you please share how to get SBI Prime fees reversed.

 

[s1t2y3a3m6]

Hello Bro, can you please share how to get SBI Prime fees reversed.

Can't, only way is spend basis 3L