How do i start my credit card journey? Kindly suggest

[rahul98]

Hello TF community.
I m a dr who wants to start a CC journey.
My goal is to get axis magnus/reserve , infinia within 1-2 yrs bcoz of scheduled vacations and expenditures.
1st Salary ~ 85k pm starting from july onwards n age is 23.
I dont have any previous credit history/card/score.
A) C2C method would be best for me?
B)is salary account in ICICI would help me to get APay icici as 1st card so i can increase my limit rapidly?
C) any other methods?
D) salary credit in Gov setup is random and untimely. Does it matter?
Ps - I m currently not a high spender and cant maintain high NRV nor FD(due to investment)

Thank you and regards.

 

[vaibhav111vaibhav111 is verified member.]

Hi @rahul98 I have edited the title. And here my view on your questions
My goal is to get axis magnus/reserve , infinia within 1-2 yrs bcoz of scheduled vacations and expenditures - in 1/2 yr infinia won't in your credit card portfolio either reserve by axis. Those are for HNI customer and High spender.
A - c2c won't work cause you don't have cc
B - salary In icici will help but won't help In c2c though rather than take core icici card and away in 6 to 1 yr you can ask for LE.
C - check your cibil, even a loan In the past generate cibil for you.
D - Yes so open a account get pre approved is the best to take your journey for cc. Now which bank give best pre approved on basis of salary should been your main question. icici/hdfc/axis all does give though so wait for pre approved and take core icici and then away or which show up in pre approved section in icici then after 6 months apply for 1 cc In 3 months don't overdo though it very important.

I m currently not a high spender and cant maintain high NRV nor FD(due to investment) - then take entry level card don't go for magnus either if you don't have spend of 1 lakhs atleast 2/3 months.

 

[federer.reddevil]

Which college did you study if its one of the top colleges you can get it under their alumni program

 

[rahul98]

Which college did you study if its one of the top colleges you can get it under their alumni program

Naah..i m in Govt hospital

 

[rahul98]

Hi @rahul98 I have edited the title. And here my view on your questions
My goal is to get axis magnus/reserve , infinia within 1-2 yrs bcoz of scheduled vacations and expenditures - in 1/2 yr infinia won't in your credit card portfolio either reserve by axis. Those are for HNI customer and High spender.
A - c2c won't work cause you don't have cc
B - salary In icici will help but won't help In c2c though rather than take core icici card and away in 6 to 1 yr you can ask for LE.
C - check your cibil, even a loan In the past generate cibil for you.
D - Yes so open a account get pre approved is the best to take your journey for cc. Now which bank give best pre approved on basis of salary should been your main question. icici/hdfc/axis all does give though so wait for pre approved and take core icici and then away or which show up in pre approved section in icici then after 6 months apply for 1 cc In 3 months don't overdo though it very important.

I m currently not a high spender and cant maintain high NRV nor FD(due to investment) - then take entry level card don't go for magnus either if you don't have spend of 1 lakhs atleast 2/3 months.

Thank you so much.
I'll go with ICICI bank account.
Does anyhow i can get Amazon pay ICICI as first card?
Any tips or tricks is highly appreciated.
(One more thing - my Gf is also dr with same history and details. Does it help to get premium cards bcoz we both bave combined spending of about 10L pa ,of with 6-7 L in online spending)

Thanks.

 

[vaibhav111vaibhav111 is verified member.]

Thank you so much.
I'll go with ICICI bank account.
Does anyhow i can get Amazon pay ICICI as first card?
Any tips or tricks is highly appreciated.
(One more thing - my Gf is also dr with same history and details. Does it help to get premium cards bcoz we both bave combined spending of about 10L pa ,of with 6-7 L in online spending)

Thanks.

Does it help to get premium cards bcoz we both bave combined spending of about 10L pa ,of with 6-7 L in online spending - don't include her spend into you just to increase expense and chase LE now or in the future, let your GF use the same route let her apply for cc so both of cibil will grow together instead of just one of your, cause you would including your and her spend in one. and for amazon icici card you need cibil, did you check your cibil? is it zero?

 

[rahul98]

Yes its zero

 

[vaibhav111vaibhav111 is verified member.]

Then wait for pre approved offer or any existing saving account in any private bank? Check there if you hold or you take add on cards too that won’t help much though. Take FD based onecard then.

Yes its zero

 

[federer.reddevil]

Thank you so much.
I'll go with ICICI bank account.
Does anyhow i can get Amazon pay ICICI as first card?
Any tips or tricks is highly appreciated.
(One more thing - my Gf is also dr with same history and details. Does it help to get premium cards bcoz we both bave combined spending of about 10L pa ,of with 6-7 L in online spending)

Thanks.

Try if you can get the IndusInd Legend LTF with good limit if you get it you will be eligible for Select Account based on relationship criteria

If somehow they give you Pinnacle then you can get Exclusive account based on relationship criteria

Try this if you want any Premium Savings Accounts which usually have high MAB.

If you dont want to have premium Savings Account and only Premium Credit Cards then go the normal way by applying for an ICICI Credit cards and wait for LE

 

[varunsridharan]

Thank you so much.
I'll go with ICICI bank account.
Does anyhow i can get Amazon pay ICICI as first card?
Any tips or tricks is highly appreciated.
(One more thing - my Gf is also dr with same history and details. Does it help to get premium cards bcoz we both bave combined spending of about 10L pa ,of with 6-7 L in online spending)

Thanks.

Yes . My first credit card is Amazon pay
And after 5months i got auto LE. Later few months after i got 2 new icici card

My current limit is 4.6L

 

[roadrunner]

Post at 5AM .. guess you have the night grind 🙂 .. thank you for your service!! Working in a govt setup is mostly thankless. Anyhow here is my take on your Q's (i will skip on aspects that others have answered better).
If you are starting your career, getting a premium card might be difficult but not impossible ( so please do some basic research on what premium card you want - lot of content on this platform, and try applying).
My policy on credit card is pay the premium and optimize the rewards and perks.
Amazon Pay is easy to get and you should get it if you have Amazon Prime access. Yoan invite. Alternatively you can go here https://www.icicibank.com/personal-banking/cards/credit-card/amazon-pay-credit-card
Not having credit history is not a problem (at a young age it is expected that credit card history will be non existent).

Find out from your organisation who is their preferred banker and get a free salary account from them (if you have options, you can come back to this platform to see if there is content to help you decide).

B)is salary account in ICICI would help me to get APay icici as 1st card so i can increase my limit rapidly? (Iimit increase has to do with your expenditure pattern and salary, and less to do with the type of account you have).

I am glad to hear you are investing at such an young age. You are rightly focusing on investing than on getting a fancy credit card.
One aspect you have to understand is that getting a fancy credit card is only half the game; you have to plan your expenses if you want to take advantage of the milestone benefits (I am taking example of Axis Magnus as that is my primary card - at this point).

 

[rahul98]

Post at 5AM .. guess you have the night grind 🙂 .. thank you for your service!! Working in a govt setup is mostly thankless. Anyhow here is my take on your Q's (i will skip on aspects that others have answered better).
If you are starting your career, getting a premium card might be difficult but not impossible ( so please do some basic research on what premium card you want - lot of content on this platform, and try applying).
My policy on credit card is pay the premium and optimize the rewards and perks.
Amazon Pay is easy to get and you should get it if you have Amazon Prime access. Yoan invite. Alternatively you can go here https://www.icicibank.com/personal-banking/cards/credit-card/amazon-pay-credit-card
Not having credit history is not a problem (at a young age it is expected that credit card history will be non existent).

Find out from your organisation who is their preferred banker and get a free salary account from them (if you have options, you can come back to this platform to see if there is content to help you decide).

B)is salary account in ICICI would help me to get APay icici as 1st card so i can increase my limit rapidly? (Iimit increase has to do with your expenditure pattern and salary, and less to do with the type of account you have).

I am glad to hear you are investing at such an young age. You are rightly focusing on investing than on getting a fancy credit card.
One aspect you have to understand is that getting a fancy credit card is only half the game; you have to plan your expenses if you want to take advantage of the milestone benefits (I am taking example of Axis Magnus as that is my primary card - at this point).

Thank you so much and i was literally at Govt ICU previous night😂 ,took a break for tea and posting the query,
Thanks

 

[rahul98]

Yes . My first credit card is Amazon pay
And after 5months i got auto LE. Later few months after i got 2 new icici card

My current limit is 4.6L

Whao..
Thank you for reply.

 

[rahul98]

Th

Try if you can get the IndusInd Legend LTF with good limit if you get it you will be eligible for Select Account based on relationship criteria

If somehow they give you Pinnacle then you can get Exclusive account based on relationship criteria

Try this if you want any Premium Savings Accounts which usually have high MAB.

If you dont want to have premium Savings Account and only Premium Credit Cards then go the normal way by applying for an ICICI Credit cards and wait for

Try if you can get the IndusInd Legend LTF with good limit if you get it you will be eligible for Select Account based on relationship criteria

If somehow they give you Pinnacle then you can get Exclusive account based on relationship criteria

Try this if you want any Premium Savings Accounts which usually have high MAB.

If you dont want to have premium Savings Account and only Premium Credit Cards then go the normal way by applying for an ICICI Credit cards and wait for LE

Thank you for replying.
Which is better for a rapid LE - kotak vs icici

 

[Md Kaif]

Thread 'Advice to young working professionals who are starting their credit journey. (Advice no one asked for; CIBIL 802)' https://www.technofino.in/community...rney-advice-no-one-asked-for-cibil-802.13855/

 

[rahul98]

Thread 'Advice to young working professionals who are starting their credit journey. (Advice no one asked for; CIBIL 802)' https://www.technofino.in/community...rney-advice-no-one-asked-for-cibil-802.13855/

Thank you so much for the thread.
Will follow the same.

 

[federer.reddevil]

Th



Thank you for replying.
Which is better for a rapid LE - kotak vs icici

ICICI gives a large LE in 1 go as per my experience. Whereas I get consistent LE with Kotak

Till date I had 1 LE in ICICI (1.5years) from 60k to 5.1L

Whereas in Kotak I got card because of 811 account so limit was only 20k but have received 2 LE in 10 months
20k -> 60k -> 1.8L

So depends on I think branch and individual if I had got a good limit with Kotak now it would have been more who knows. Maybe I got such a high limit from ICICI because after 2 months I ordered for entire 60k and put it on EMI and paid EMI on time everytime (later only I learned you should only use 30% of limit)

Some others got LE in ICICI from 60k to 3L so it depends from person to person and usage I guess

 

[rahul98]

Thank you

ICICI gives a large LE in 1 go as per my experience. Whereas I get consistent LE with Kotak

Till date I had 1 LE in ICICI (1.5years) from 60k to 5.1L

Whereas in Kotak I got card because of 811 account so limit was only 20k but have received 2 LE in 10 months
20k -> 60k -> 1.8L

So depends on I think branch and individual if I had got a good limit with Kotak now it would have been more who knows. Maybe I got such a high limit from ICICI because after 2 months I ordered for entire 60k and put it on EMI and paid EMI on time everytime (later only I learned you should only use 30% of limit)

Some others got LE in ICICI from 60k to 3L so it depends from person to person and usage I guess

 

[DrBanker]

Thank you for the response. Really helps beginners like me.

 

[cardio_guy]

Some suggestions -
1. Take credit cards based on your use and lifestyle. People who haven't seen an airport in their life want cards that give lounge access. I am not saying it is wrong, but try to match with your lifestyle. For people with less travel in flights, go for cashback cards - most of them are entry-level or 1 step up with max fees 1500 per year. Many card providers refund the fees on payment limits.
2. If you travel a lot on flights and stay in hotels, then take such cards that give those privileges. reward points that can be converted to air miles, and hotel stays.
3. Take LTF cards in the initial days and get a hang of what's happening and how rewards and cashback work. Go for any LTF card that you can easily get without many conditions. Talk to the bank where you have an account. That would be an easy starting point.
4. As time goes by, bargain with the banks for better deals and higher variants with fee waiver or even LTF for paid cards. Most of them will allow. Dont show that you are dying for the card. Just play it slow. Adding 1 or 2 cards a year is enough.
5. After 1 or 2 years, build a good repayment history and regularly beef up the credit limit. So that you can use existing cards for C2C. Use C2C and get more cards if you need them.
6. Go with large banks and established players where customer support is accessible and resolution is handy. (Just in case you face any issues)
6. Try to refer others via your link, so that you get some bonus points. It helps to speed up the point collection.

My future targets (targeting all for LTF / FYF / spend-based fee waiver)
ICICI - Amazon Pay, Sapphiro, Emeralde
HDFC - Tata Neu infinity
Axis - Atlas, Indian Oil
SBI - Simply Click
Amex - MRCC, Platinum Travel