Credit Card and Banking Suggestion After ICICI Devaluation

[cardio_guy]

ICICI’s recent devaluation of rewards has completely shattered my credit card usage plans. Here is a breakdown of my current situation and thoughts on next steps:

Current Card Usage​

• Active ICICI Cards:
  • ICICI Sapphiro
  • ICICI Coral Rupay (for UPI scans)
  • Amazon Pay ICICI for most of my spending
• Impact of ICICI Devaluation: The rewards on these cards have become so poor that I no longer see value in continuing with ICICI credit cards, or even their banking services.

Current Banking Setup​

• ICICI Wealth Management (WM) Savings Account: I use this account because it’s tied to my salary, but given the devaluation, I’m considering moving away from ICICI entirely.
• My primary savings account is with SBI. This account is linked to my mutual fund SIPs and other important financial matters, so I prefer to keep it untouched.
• Preference: I’d like to have my salary account, credit card, and other services with the same bank to simplify operations.

Looking Ahead: Banking and Card Preferences​

1. Not keen on HDFC: I’m mentally resistant to diving deeper into HDFC’s ecosystem unless other options fail.
2. Hesitant about Axis: I have concerns about Axis Bank and am not confident in moving there either.
3. Considering DBS or HSBC: My company has tie-ups with HSBC and DBS, and I’m leaning towards opening a salary account with DBS for premium banking and to gain access to a premium card (ideally LTF).

If I make this move, I’ll likely close my ICICI WM savings account, as maintaining the required average balance (AMB) and total relationship value (TRV) will no longer be feasible.

Monthly Expenses Breakdown​

Here’s a high-level view of my expenses:

• Swiggy: ₹15k per month (covered with HDFC Swiggy card)
• Amazon purchases: ₹5k per month (covered with Apay ICICI card)
• Fuel: ₹15k per month (mainly from Jio BP pumps, I don't think any card tie-ups are there for Jio BP, I'm OK to leave this)
• Utilities, bills, insurance: ₹30k per month (covered with Apay ICICI card)
• Travel and Hotel: ₹20k per quarter or so (Both are rare, not frequent traveller)
• Offline UPI Scan: ₹20k per month (covered with ICICI Coral Rupay)

Current Active & Inactive Cards​

• Active Cards:
  • ICICI Amazon Pay
  • HDFC Swiggy
• Inactive LTF Cards (I was considering to close them, still not done):
  • ICICI Sapphiro
  • ICICI Coral Rupay
  • IDFC First Wealth
  • Federal Celesta

Next Steps and What I’m Looking For:​

1. Cards: I don’t want to use more than 3-4 cards in total.
   I’m already using HDFC Swiggy extensively but need to add 1-2 more good cards to fit my needs.
2. Card Requirements: I need:
   • A Rupay card
   • A premium card that could cover most of my other expenses.

Any suggestions on what should be my next move?

 

[helloworld]

Impact of ICICI Devaluation: The rewards on these cards have become so poor that I no longer see value in continuing with ICICI credit cards, or even their banking services.

Its always like that, there are no changes with current devaluation w.r.t reward rate. 0.5% earlier, and same continued now. No changes.

Preference: I’d like to have my salary account, credit card, and other services with the same bank to simplify operations.

Don't. My suggestion and reason: https://www.technofino.in/community...u-have-and-for-what-purposes.6543/post-445957

You can move away from ICICI but don't keep all to same bank. Btw, <2.5Lpm all banks same for salary accounts, no use to switch if you fall within that range.

Monthly Expenses Breakdown​

Here’s a high-level view of my expenses:

• Swiggy: ₹15k per month (covered with HDFC Swiggy card)
• Amazon purchases: ₹5k per month (covered with Apay ICICI card)
• Fuel: ₹15k per month (mainly from Jio BP pumps, I don't think any card tie-ups are there for Jio BP, I'm OK to leave this)
• Utilities, bills, insurance: ₹30k per month (covered with Apay ICICI card)
• Travel and Hotel: ₹20k per quarter or so (Both are rare, not frequent traveller)
• Offline UPI Scan: ₹20k per month (covered with ICICI Coral Rupay)

This looks good with your current cards.

Suggestions (for all above purchases using single card):

HSBC Live+: 3.2%
YES Reserv w/3x: 3.7%
MRCC: 4.2%

 

[cardio_guy]

Don't. My suggestion and reason: https://www.technofino.in/community...u-have-and-for-what-purposes.6543/post-445957

You can move away from ICICI but don't keep all to same bank. Btw, <2.5Lpm all banks same for salary accounts, no use to switch if you fall within that range.

Yes. I am in agreement to your suggestion.