CLOSED CREDIT CARD. DEVALUATION PANDEMIC

[kunalcc]

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?

1. 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.
2. 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.
3. 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.
4. 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. There is no railway lounge in my city that I could use. Even IDFC instant discount offers are not good.
5. 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.
6. ICICI Coral card - I had this Rupay card as lifetime free in September, and in October it was devalued. The capping is extensive, and the reward rate is terrible. Who will pay annual fees for an add-on card when the primary card is lifetime free? There is no railway lounge in my city that I could use. Even ICICI instant discount offers are not good.
7. New ICICI MMT card - I hadn't even activated this card. I got it pre-approved as Mastercard and Rupay. After issuance, within an hour, I received a devaluation email. I took this card for lounge access, and now a 75k quarterly spend is required. ICICI management must be smoking bad stuff while taking decisions. I asked customer care to make this card lifetime free, but they ranted about the MMT voucher. ICICI taking my money as annual fees and giving vouchers with validity. It seems ICICI is more interested in fees than retaining customers.

 

[airbubble]

same. closed Axis Ace, axis fkart and couple more.

 

[HumorSimpson]

1. Remove ALL CAPS from your title
2. What are your replacements ?

 

[noobdipesh]

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?

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

You don't keep LTF/cheap card for bank discount?

 

[kiranjain]

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?

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

Replace kisse or kese kiya vo bhi batao 😊

 

[desiviru]

Closing a card reduces your age of credit history. I have 4 LTF and 2 Paid SBI cards. Won't apply for new one, won't close current ones. LTF even if gets devalued will continue to be part of journey called life.

 

[Desu Sarath]

closed IDFC Wealth

 

[noobdipesh]

closed IDFC Wealth

Why? It's a decent card for wallet reload and government spends.

 

[Trust Me]

Closing a card reduces your age of credit history.

How does it do that?! Records of all of my oldest closed loan accounts and CCs are still there on CIBIL !
.

 

[kjain]

Closed
IDFC Millenium, Axis Ace, RBL shoprite cards.
Got Atlas and platinum travel.
We need to get out of the Indian mentality of having everthing for free.

 

[desiviru]

How does it do that?! Records of all of my oldest closed loan accounts and CCs are still there on CIBIL !
.

It will but only active account and their timely payments are considered these days for new financial activity. As he had paid cards, closing was the right choice. There was an article in ET Money that very well explained why you should not close or keep CC inactive. They also siggested to convert to LTF if you can't bear the cost.

 

[D₹V]

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?

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

Bro got hurt by bank,
More than my ex 😭.

 

[SunnyM]

People who are closing these cards left and right are really privileged and I happy for them but apart from the top 5% ,credit cards are a dream for so many. Specially people who closed ltf cards like idfc select or wealth ,my hats of to you. I can't even bring myself to close axis flipkart even after having all the cashback cc except sbi cashback cc.

 

[HumorSimpson]

Bro got hurt by bank,
More than my ex 😭.

Dukh Da₹d Vai 😢

 

[Saiv]

People who are closing these cards left and right are really privileged and I happy for them but apart from the top 5% ,credit cards are a dream for so many. Specially people who closed ltf cards like idfc select or wealth ,my hats of to you. I can't even bring myself to close axis flipkart even after having all the cashback cc except sbi cashback cc.

I closed Almost 16-17 cards most are LTF cards

 

[SunnyM]

I closed Almost 16-17 cards most are LTF cards

Don't tell me please. I feel physical pain. Just say I upgraded them to better cards.

 

[PallavBhargava]

I closed Almost 16-17 cards most are LTF cards

wasn't your credit score got a hit?🤔

 

[HumorSimpson]

I closed Almost 16-17 cards most are LTF cards

Well done. Never ever hold an MDC, even if it's Ltf

 

[noobdipesh]

More than my ex 😭

You have an ex is more surprising 😬.

 

[Trust Me]

..... There was an article in ET Money that very well explained why you should not close or keep CC inactive.

What's wrong if a CC is kept inactive (not long enough to have it automatically closed)?!

My Moneyback CC is good only for this single purpose, --- and I can't even do that? 🙂
.