I have closed 5 credit cards for several reasons. Banks are doing devaluation looking at other banks. I have got a replacement card with almost similar benefits.
Indian Banks acting like Monkey see Monkey do. RBI should take steps on this devaluation issue. What's your opinion?
Indian Banks acting like Monkey see Monkey do. RBI should take steps on this devaluation issue. What's your opinion?
- HDFC Money Back Plus - My first credit card had a limit of 34k. It has little benefit like 3.3 % cashback on Amazon Flipkart. I asked HDFC to make LTF. They refused and I closed it.
- Axis Flipkart - I had a limit of 30k. Axis devalued this card a lot. What hurts is 50k quarterly spending for just 1 lounge access. I asked Axis to make it LTF. They refused and I closed it.
- Axis My Zone - I had a limit of 33k. Axis devalued this card also. I took it for Swiggy's benefit. Similarly, lounge access spending conditions also hurt me. So, closed it.
- IDFC Select - I had a limit of 1.88 Lakh. I took this card in February and IDFC Moron Bank devalue the card in April. I was hurt a lot by the BOGO movie and lounge access devaluation. I closed it on the day of the devaluation announcement. IDFC has killed this card.
- Federal Scapia - I had a limit of 1.34 Lakh and Federal reduced the limit to 40k. What hurts the most is the devaluation of lounge access benefits. Unlimited lounge access at just 5k monthly spend was the best in the industry. Federal however is desperate to kill this card. Similarly, I closed it on the day of the devaluation announcement.