Credit Limit Impact on card closure

[desaik231]

Hello Everyone,

Early this week my Axis Bank Magnus credit card limit was increased by 2.5x. But since Magnus is not worth it anymore planning to close it next month. As Axis Bank cards shares limits across all three cards, would my limit be reduced post I close Magnus? Limit went from 6L to 15L btw so is it worth keeping card open for high limit?

 

[drsel]

Please keep it and try to get Magnus Burgundy card with 30 lakhs TRV

 

[coolguy1]

Generally, when you close a card, the limit gets reduced from your total credit limit and could possibly reduce your score.

But since your cards have shared limit and your expenses remain the same, the limit going down has very low changes so it should not affect your score.

 

[pothi]

As Axis Bank cards shares limits across all three cards, would my limit be reduced post I close Magnus?

Yes. But, you could persuade Axis to keep the individual card limits to be equal to the maximum limit. And then, you may close the one of the cards.

 

[desaik231]

More than Score I want hire limit actually 😞

 

[netsec]

Looks like Axis is giving 3x limit enhancement to all magnus holder. I also got the same limit enhancement last week.

 

[helloworld]

Hello Everyone,

Early this week my Axis Bank Magnus credit card limit was increased by 2.5x. But since Magnus is not worth it anymore planning to close it next month. As Axis Bank cards shares limits across all three cards, would my limit be reduced post I close Magnus? Limit went from 6L to 15L btw so is it worth keeping card open for high limit?

ex: 3 Axis cards with shared limit = 15L

closed 1 axis card. 2 Axis cards with shared limit = 15L
close 2 axis cards. 1 axis card with limit = 15L

Hope you understood, on Axis website your shared limit still 15L (for available remaining cards) which only becomes 0 when you close all Axis cards or reduced when Axis thinks 'you have higher limit' (but so far it didn't happened with this bank, SBI and other banks usually do that - not related to close of one of their cards but general risk calculation).

 

[desaik231]

ex: 3 Axis cards with shared limit = 15L

closed 1 axis card. 2 Axis cards with shared limit = 15L
close 2 axis cards. 1 axis card with limit = 15L

Hope you understood, on Axis website your shared limit still 15L (for available remaining cards) which only becomes 0 when you close all Axis cards or reduced when Axis thinks 'you have higher limit' (but so far it didn't happened with this bank, SBI and other banks usually do that - not related to close of one of their cards but general risk calculation).

Oh so did you close magnus?

 

[insight]

Hello Everyone,

Early this week my Axis Bank Magnus credit card limit was increased by 2.5x. But since Magnus is not worth it anymore planning to close it next month. As Axis Bank cards shares limits across all three cards, would my limit be reduced post I close Magnus? Limit went from 6L to 15L btw so is it worth keeping card open for high limit?

Can you please share some context/ background/ history on your profile? Trying to figure how your CL went from 6L to 15L .

Its been a pain inspite of being Burgundy to get them to push CL.

 

[insight]

Looks like Axis is giving 3x limit enhancement to all magnus holder. I also got the same limit enhancement last week.

In what WAY did you get this notice of CLE?