Got my first credit card now what to do?

[sn1perdj]

Hello Everyone,

I opened kotak 811 account back in June in a hope of getting a per approved credit card. Which i did get at start of this month.

Now what?
I want to open another bank account in order to get my next card. Which one to choose HDFC or Axis, which has the higher chance of giving pre-approved offer, or do you have any better alternatives ?

My monthly spends are on average 40-45k. See if that helps in giving suggestions.

Right now, i am not going ahead and apply cards online as i decided to wait 6 months and build a great credit history. So then I’ll look for preys.

Every input will be greatly appreciated.
Thanks

 

[BUDHRAJ]

hdfc
you will get pre-approved offer after 3 months

don't try with axis

 

[sn1perdj]

hdfc
you will get pre-approved offer after 3 months

don't try with axis

Great man thanks, i ll keep it in my mind.

 

[sn1perdj]

I hope if you're monthly spends are 40-45k means you have some stable income (either salary, business).

Build a credit score and use carefully.

You do not need bank accounts to apply with that income range, a good credit score and income proof will fetch you good cards.

I work as freelance web developer, so no I cannot submit the ITR or any payslip. (Not stable income)
My mom is in govt job, and when her sallery comes. Then she transfer all ₹₹ into my account for monthly spending’s & investments.
So yes it’s somewhat stable inflow of cash into my account.

And i have CIBIL history of 5 years. Since i took my first ICICI’s FD credit card.

 

[anish1516]

Hello Everyone,

I opened kotak 811 account back in June in a hope of getting a per approved credit card. Which i did get at start of this month.

Now what?
I want to open another bank account in order to get my next card. Which one to choose HDFC or Axis, which has the higher chance of giving pre-approved offer, or do you have any better alternatives ?

My monthly spends are on average 40-45k. See if that helps in giving suggestions.

Right now, i am not going ahead and apply cards online as i decided to wait 6 months and build a great credit history. So then I’ll look for preys.

Every input will be greatly appreciated.
Thanks

Don’t open bank accounts just for cards. They are painful. Accounts are very easy to open but quite difficult to close. And everyday some bank executive will keep bothering you. If you want to open a salary account or if actually need one. I would suggest go for Axis Burgundy Account. With Axis Burgundy they offer Select Credit Card Free.
HDFC used to give cards free pretty easily earlier but nowadays they have made it very difficult to get good cards LTF.

ICICI credit cards a totally useless so no point getting them. Except if you get them LTF.

If you just want cards you can check the threads here there a LTF cards from multiple banks and you don’t need an account for it.

 

[AsB]

Hello Everyone,

I opened kotak 811 account back in June in a hope of getting a per approved credit card. Which i did get at start of this month.

Now what?
I want to open another bank account in order to get my next card. Which one to choose HDFC or Axis, which has the higher chance of giving pre-approved offer, or do you have any better alternatives ?

My monthly spends are on average 40-45k. See if that helps in giving suggestions.

Right now, i am not going ahead and apply cards online as i decided to wait 6 months and build a great credit history. So then I’ll look for preys.

Every input will be greatly appreciated.
Thanks

Which card is that? If it is LTF and Unsecured (not backed by FD) like the Kotak 811 FD Card, I recommend you to take it.
Because, if you start now, your CIBIL will be older. So, there are chances that you will get higher variant cards more easily

 

[Patil007]

Hello Everyone,

I opened kotak 811 account back in June in a hope of getting a per approved credit card. Which i did get at start of this month.

Now what?
I want to open another bank account in order to get my next card. Which one to choose HDFC or Axis, which has the higher chance of giving pre-approved offer, or do you have any better alternatives ?

My monthly spends are on average 40-45k. See if that helps in giving suggestions.

Right now, i am not going ahead and apply cards online as i decided to wait 6 months and build a great credit history. So then I’ll look for preys.

Every input will be greatly appreciated.
Thanks

Also, If you want to build LTF card portfolio, take

1) IDFC first bank, they are offering LTF card.
2) ICICI platinum. it is LTF (very useful for icici offers)
3) SBI BPCL. paid very useful for SBI offers. Fee reverse condition is just 50K per year, so easily achievable.
4) No need to open account in Axis just maintain good CIBIL, Axis is keep bringing LTF card offers, apply there.
5) HDFC, you can open account, but my suggestion is go to branch and check they might offer you card to card basis LTF card or spend basis.
6) Check your Zomato app, RBL bank Zonato card is also LTF.
7) Try with IndusInd, BOB they are offering LTF card CIBIL basis.
8) Kotak you already has.

9) Rest, Yes bank, Amex, Standard chartered, it is upto you if you get LTF then take it.

10) HSBC platinum is also LTF, but their offers are mostly applicable on their Cashback cards.

 

[sn1perdj]

Which card is that? If it is LTF and Unsecured (not backed by FD) like the Kotak 811 FD Card, I recommend you to take it.
Because, if you start now, your CIBIL will be older. So, there are chances that you will get higher variant cards more easily

It’s the Kotak League Platinum card LTF unsecured with 37k limit.
And my CIBIL account is 5 years old with great history of repayments.

 

[sn1perdj]

Also, If you want to build LTF card portfolio, take

1) IDFC first bank, they are offering LTF card.
2) ICICI platinum. it is LTF (very useful for icici offers)
3) SBI BPCL. paid very useful for SBI offers. Fee reverse condition is just 50K per year, so easily achievable.
4) No need to open account in Axis just maintain good CIBIL, Axis is keep bringing LTF card offers, apply there.
5) HDFC, you can open account, but my suggestion is go to branch and check they might offer you card to card basis LTF card or spend basis.
6) Check your Zomato app, RBL bank Zonato card is also LTF.
7) Try with IndusInd, BOB they are offering LTF card CIBIL basis.
8) Kotak you already has.

9) Rest, Yes bank, Amex, Standard chartered, it is upto you if you get LTF then take it.

10) HSBC platinum is also LTF, but their offers are mostly applicable on their Cashback cards.

I am little embarrassed when they ask for ITR or payslip. I have none to give.
Let my current kotak card get 6 months old, so i can use it for card to card application process.

Right now just looking for a way to get another pre approved card.

 

[AsB]

It’s the Kotak League Platinum card LTF unsecured with 37k limit.
And my CIBIL account is 5 years old with great history of repayments.

Then, you can wait. But, having a credit card with other loans and all, will greatly give a positive impact on your profile.

 

[Pravnz]

I am little embarrassed when they ask for ITR or payslip. I have none to give.
Let my current kotak card get 6 months old, so i can use it for card to card application process.

Right now just looking for a way to get another pre approved card.

Even for C2C, they usually ask for income details like Company name and net salary per month or ITR for business person. I have experienced this with SBI CB CC and IDFC First cards. I have read many posts faking this information but not sure whether banks would cross-check these details with Cibil, if so, which banks

 

[sn1perdj]

Don’t open bank accounts just for cards. They are painful. Accounts are very easy to open but quite difficult to close. And everyday some bank executive will keep bothering you. If you want to open a salary account or if actually need one. I would suggest go for Axis Burgundy Account. With Axis Burgundy they offer Select Credit Card Free.
HDFC used to give cards free pretty easily earlier but nowadays they have made it very difficult to get good cards LTF.

ICICI credit cards a totally useless so no point getting them. Except if you get them LTF.

If you just want cards you can check the threads here there a LTF cards from multiple banks and you don’t need an account for it.

I don’t have stable income of my own, so can’t open these sallery accounts.

No problem with the account closure of getting the calls from CS executives.

My aunt and uncle has account in HDFC and I’ve their email login in my phone. Their account has a pretty heavy usage about 4-5L transactions in a month, more than 50% can be considered as shopping.
But last i saw in between Feb-22 to June-22.
HDFC was keep pushing email for pre-approved card. But after that it stopped coming.

As for the ICICI, i hate this bank.
I had an account with them for about 4 years, transactions was pretty okies. But in the covid, we had to come in Lucknow for shooting purposes.
And me being me, i lost the debit card of my production company. As an Executive Producer i had to settle the amount on the spot as per the guidelines of Film Industry Union in Covid. So i had No choice but to transfer amount from company in bulk to my personal account and distribute among my vendors and artists.
In about 7 months i ended up doing more than 1Cr.
And August-21 I received and Email from ICICI, that they’re closing my account. There wasn’t any reason mentioned.
I tried to understand it through RM, and he told me bank isn’t earning anything through your account, and the decision came from upper management, so they had to close it.

Since then, I suspended all my holdings and businesses i had with them. ICICI in my experience is the worst among all.

 

[sn1perdj]

Then, you can wait. But, having a credit card with other loans and all, will greatly give a positive impact on your profile.

Even for C2C, they usually ask for income details like Company name and net salary per month or ITR for business person. I have experienced this with SBI CB CC and IDFC First cards. I have read many posts faking this information but not sure whether banks would cross-check these details with Cibil, if so, which banks

I don’t really have any preference, i am not getting it for any reward points.
I am thinking about getting cards like HDFC, SBI and 1-2 more whose offers come on amazon and other, so i can save some at the time of checkout. Or just for EMIs.

 

[SunnyM]

10) HSBC platinum is also LTF, but their offers are mostly applicable on their Cashback cards.

All your points were very good but I don't think HSBC offers credit cards to non salaried people. I don't think even @TechnoFino has been able to get one. Obviously I would be happy to be corrected since I have almost all bank cards except HSBC since I am self employed. I hope I am wrong because that means there is still a chance for me to get HSBC credit card.

 

[AsB]

As for the ICICI, i hate this bank.
I had an account with them for about 4 years, transactions was pretty okies. But in the covid, we had to come in Lucknow for shooting purposes.
And me being me, i lost the debit card of my production company. As an Executive Producer i had to settle the amount on the spot as per the guidelines of Film Industry Union in Covid. So i had No choice but to transfer amount from company in bulk to my personal account and distribute among my vendors and artists.
In about 7 months i ended up doing more than 1Cr.
And August-21 I received and Email from ICICI, that they’re closing my account. There wasn’t any reason mentioned.
I tried to understand it through RM, and he told me bank isn’t earning anything through your account, and the decision came from upper management, so they had to close it.

Since then, I suspended all my holdings and businesses i had with them. ICICI in my experience is the worst among all.

Any bank cannot close your account just because they are not earning money from it. Banks will earn good money from any savings account, as they use that money to make investments, give loans, declare shares and equities and so on. The more accounts they have, the more assets they generate. Which is why they have a Minimum Balance Maintenance concept.
For salary accounts, the money is credited to banks every month, consistently. And banks have business with companies like trading accounts, massive transactions, etc. So, banks offer salary accounts to the employees of such companies.

So, there is like 0.1 ^ infinity chance that your account was closed due to loss of banks. There must be some very other reason.

 

[AsB]

All your points were very good but I don't think HSBC offers credit cards to non salaried people. I don't think even @TechnoFino has been able to get one. Obviously I would be happy to be corrected since I have almost all bank cards except HSBC since I am self employed. I hope I am wrong because that means there is still a chance for me to get HSBC credit card.

Do you use all your cards, and do you spend more than 40% ?

 

[sn1perdj]

Any bank cannot close your account just because they are not earning money from it. Banks will earn good money from any savings account, as they use that money to make investments, give loans, declare shares and equities and so on. The more accounts they have, the more assets they generate. Which is why they have a Minimum Balance Maintenance concept.
For salary accounts, the money is credited to banks every month, consistently. And banks have business with companies like trading accounts, massive transactions, etc. So, banks offer salary accounts to the employees of such companies.

So, there is like 0.1 ^ infinity chance that your account was closed due to loss of banks. There must be some very other reason.

Yes i feel the same, i specifically think that due to that heavy transaction i did in those 6-7 months. I must came in their any grey list or something.
I had all the details, which i have even now about those transactions i did every ₹ details i have since it all came from the production company and i send it to my vendors.
I even asked RM that if it’s related to these transactions then i have the data to back it up. But he had no idea
I complained to CS about the reason, they referred me to the Branch Manager.

Later I stopped going after them.

 

[AsB]

Yes i feel the same, i specifically think that due to that heavy transaction i did in those 6-7 months. I must came in their any grey list or something.
I had all the details, which i have even now about those transactions i did every ₹ details i have since it all came from the production company and i send it to my vendors.
I even asked RM that if it’s related to these transactions then i have the data to back it up. But he had no idea
I complained to CS about the reason, they referred me to the Branch Manager.

Later I stopped going after them.

When was your account closed? You can escalate it to senior level people like Nodal and all. Banks cannot close your account without giving a valid reason. You can also complain with RBI?.

 

[SunnyM]

Do you use all your cards, and do you spend more than 40% ?

No I am not able to use even 10 percent of my total credit now. I had fomo and took cards which I didn't even need like Yes Bank Prosperity Business credit card . I am just waiting for next year to see where I stand and then I will close some cards.

 

[SunnyM]

Yes i feel the same, i specifically think that due to that heavy transaction i did in those 6-7 months. I must came in their any grey list or something.
I had all the details, which i have even now about those transactions i did every ₹ details i have since it all came from the production company and i send it to my vendors.
I even asked RM that if it’s related to these transactions then i have the data to back it up. But he had no idea
I complained to CS about the reason, they referred me to the Branch Manager.

Later I stopped going after them.

This is shocking for me since I have a wealth account with them and I have never faced any issue like this.