IDFC CREDIT CARD - close or keep in drawer

[kunalcc]

I have got IDFC SELECT credit card on 10 January and within one week its devalued. I thought of using the railway lounge access but IDFC don't care. I have no idea what I will do with 1.6 Lakh credit limit. I found more frustrating thing about IDFC Select Card even though Lifetime free.

1. Reward rate is 0.5 %
2. Reward redemption fee is Rs. 117.
3. Movie benefit just Rs. 125. Ticket prices start at Rs 250 for good movies.
4. Spend condition for Airport lounge Rs. 20000 monthly.
5. Spend condition for Railway lounge Rs. 20000 monthly.
6. Utility transaction above Rs. 20000 monthly will attract 1% charge.

Point 4,5,6 is not coincidence but to irritate customers.

Is IDFC actually forcing us to close our cards, or do they want IDFC cards to just collect dust in our drawers?

 

[helloworld]

keep it if it is the first card you have got or you can close it

u can close even if it is first when second card close by or within year of first card. no changes in credit score.

for more: check score simulator in cibil website or forum. no need to stick for it, if not useful.

- https://www.technofino.in/community/threads/hdfc-reporting-to-cibil-every-week.35548/post-893254
- https://www.technofino.in/community...erm-credit-card-devaluation.33755/post-839830

Post in thread 'Need help to reduce my credit cards - Need suggestion on which one to close'

Jan 6, 2025

Affects:

• Secured (Credit Mix):
  Secured accounts have a slightly higher score compared to unsecured accounts, not much but for differentiation purposes.
• No Other Account Contributing to the Score:
  If there are no other active accounts contributing to the credit score, it may affect the overall score due to shorter credit history.
• Excessive Enquiries for New Credit Cards:
  Frequent applications for new cards can impact the score due to excessive inquiries. This is not directly related to closed accounts but may have an effect if no other...

• helloworld