Indusind Given wrong limit

[Saiv]

While Applying the card it shown 5 lakhs limit but after getting the card it's showing only 150K how is this possible

 

[plastikman]

Applied last week itself for Legend via paisabazaar. Showed 500k limit and received card today with 500k limit. ¯\_(ツ)_/¯

 

[Saiv]

Bank at its sole discretion will determine the Cardmember's credit limit and cash withdrawal limit.

We as an end-user no way demand particular limit. Whether you like it or not, it is the kind of loan amount and they will determine based on risk ratio.

If anyway, you're not satisfied particular limit, request through mail with income docs (C2C not possible once card approved and maybe after an year depends on bank).

I too agree it's their sole & whole discretion on what limit they have to offer for a user, but if they've shown ₹150K limit i may or may not be taking the card, but they said it's ₹500k, why lure a user with fake limits, I applied idfc card at the same time, they shown 192K while Applying & given the same limit same goes for all my other cards. All I'm saying show the actual limit then customer will decide whether to proceed for the application or not. Huge margin like ₹350K difference who does that?

 

[helloworld]

I too agree it's their sole & whole discretion on what limit they have to offer for a user, but if they've shown ₹150K limit i may or may not be taking the card, but they said it's ₹500k, why lure a user with fake limits, I applied idfc card at the same time, they shown 192K while Applying & given the same limit same goes for all my other cards. All I'm saying show the actual limit then customer will decide whether to proceed for the application or not. Huge margin like ₹350K difference who does that?

Above response is to your question "how is this possible?"

If you have proof that they offered exactly 5L limit, you can escalate and get it fixed. You can also state the same reasons there, and sort the things. It needs some mails but surely you both can get some middle ground to get this sorted (only if it is exact limit not upto limit).

But, I believe in a hurry, you never read the MITC document of the bank especially credit limit section. Maybe other banks thinks you're eligible for that limit and they provided happily, but IndusInd thinks otherwise and took some cuts.

It seems like your credit history is low (probably 1-2 years), in that case there is a high chance that these many credit cards increased your risk ratio and provided a reason to reduce your limit.

Just incase, if you're not aware bank has solely discretion and reduce your limit next month or anytime even after approval and after providing the shown limit. You can't ask except the reason which you can do in this case too. But, Like I said, its more or like loan amount, based on your income, repayment patter etc. other factors including bank's own financial structure it can be affected.



Some rules in Master Directions:

Why Is My Credit Limit So Low? - Experian

Find out why you could be issued a card with a low credit limit, plus three strategies for qualifying for a higher credit limit.

www.experian.com

Btw, what was the highest limit you have with other banks? incase if you go with IndusInd as C2C with that card, you'll get exact limit mostly*.

 

[Saiv]

I already escalated this to indusind cc, my credit age is near to 4 yrs, i never crossed 20% of the limit for usage, & so far i got 100% on time payment history & my cibil score is 779 my highest limit is 460K. As I already said, I know it's bank's decision whether to give me a card or not, Revoke it after issuance, increase/decrease my limit. But I'm talking about initial limit, there's no upto ₹500k limit term while Applying the card. Again I'm saying if they had shown ₹150K while the application I won't mind it, but showing 500k & giving 150K is not appropriate. If they had given ₹500K as initial limit then reduced it to ₹15K in next month I don't mind, coz it's their discretion but showing fake limits to lure a customer isn't fine. It's not a fair practice. Idk about you, but normally people decides to take a card or not based on credit limit & other benefits/ value for money. I guess I've to close this card. I can't stand these unethical practices

 

[Predator]

I already escalated this to indusind cc, my credit age is near to 4 yrs, i never crossed 20% of the limit for usage, & so far i got 100% on time payment history & my cibil score is 779 my highest limit is 460K. As I already said, I know it's bank's decision whether to give me a card or not, Revoke it after issuance, increase/decrease my limit. But I'm talking about initial limit, there's no upto ₹500k limit term while Applying the card. Again I'm saying if they had shown ₹150K while the application I won't mind it, but showing 500k & giving 150K is not appropriate. If they had given ₹500K as initial limit then reduced it to ₹15K in next month I don't mind, coz it's their discretion but showing fake limits to lure a customer isn't fine. It's not a fair practice. Idk about you, but normally people decides to take a card or not based on credit limit & other benefits/ value for money. I guess I've to close this card. I can't stand these unethical practices

you are reading too much into it. The limit shown to you was provisional and not final.
Better make peace with it.
This is the standard practice followed by the whole industry, so nothing like unethical, cheating here

 

[srikant]

I already escalated this to indusind cc, my credit age is near to 4 yrs, i never crossed 20% of the limit for usage, & so far i got 100% on time payment history & my cibil score is 779 my highest limit is 460K. As I already said, I know it's bank's decision whether to give me a card or not, Revoke it after issuance, increase/decrease my limit. But I'm talking about initial limit, there's no upto ₹500k limit term while Applying the card. Again I'm saying if they had shown ₹150K while the application I won't mind it, but showing 500k & giving 150K is not appropriate. If they had given ₹500K as initial limit then reduced it to ₹15K in next month I don't mind, coz it's their discretion but showing fake limits to lure a customer isn't fine. It's not a fair practice. Idk about you, but normally people decides to take a card or not based on credit limit & other benefits/ value for money. I guess I've to close this card. I can't stand these unethical practices

If you are so bothered, don't activate this card.

 

[Saiv]

If you are so bothered, don't activate this card.

Already called them, asked them to cancel the card & I even destroyed the card, no worries