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Need suggestion to optimize my credit card portfolio

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Nishan11

Nishan11

TF Ace
VIP Lounge
My current card portfolio:-

Axis Airtel : Limit 10 L ( Paid )

Axis Atlas :- Limit 10 L ( Paid )

Axis Privilege :- 10 L ( Closed after creating this thread)

Icici Amazon :- Limit 10 L ( LTF )

Sbi simply click :- Limit 4.7 L ( LTF )

Sbi Vistara:- 3.7 L ( Closed after creating this thread )

Hdfc Tata Neu infinity :- Limit 5 L ( LTF )

ICICI MMT SIGNATURE : Limit 10 L ( Paid JF, now LFT )

Icici Platinum :- 10 L ( Closed after creating this thread )

KOTAK PVR INOX :- Limit 2.10 L ( LTF )

BOB Eterna :- Limit 3 L ( Paid )

Bob Snapdeal :- 3 L ( Closes after creating this thread )

PNB Rupay Select :- 2 L

ICICI EMERALDE PVC :- 10 L

ICICI EMERALDE METAL :- 23 L

IDFC VISTARA :- 5 L

HDFC MARRIOTT BONVOY :- 5 L


Note :- During closing of Hdfc Tata Neu & Marriott, I gave them reason of not getting DCB upgrade. They got back to me & accepted my request for FYF DCB Metal. 🥳





Spouse credit card :-

1. HDFC Infinia Metal :- 21L ( Paid )

2. Axis Vistara Signature:- 15 L ( Paid )

3. Amex Platinum Travel:- 8 L ( Paid )

4. SBI Elite :- 7 L ( LTF )

Icici & axis have created multiple accounts in cibil because I have taken their multiple cards. And some cards don't add value anymore in my opinion.

I am considering closing, Kotak PVR, IDFC Vistara, SBI Vistara, Icici Mmt-platinum-sapphiro, Emeralde PVC.

Any suggestion or advise will be appreciated. Planning to do by this year.
 
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BVC said:
I was expecting that only. Now ask them to convert Marriott card to Millinea or Tata Neu Infinity after the DCB Metal is generated and delivered (if you need so).
Click to expand...
I wish to keep one bank one card now for myself. Spouse already have inifinia metal. So 2 top hdfc cards in family anyway 😂.
 
I would refrain from giving specific advice but please consider this general advice. Hope you find it helpful.
Given you are a HNI.
1. Keep all banks non branded core card if they cost you below ₹600 Annual. {For offers plus every brand have automatic insurance for card holder}
2. keep atleast one card for each network.{Visa, master, rupay (assume Ammex as network itself, they have their own ecosystem)} They all have travel insurance, luggage theft assistance etc.
3. You can just buy lounge access at airport so don't get too carried away for this offering.

Only you know which is beneficial to you based on your emotional and usage pattern.
Good luck. hope this advice finds you well.
 
technoswan said:
I would refrain from giving specific advice but please consider this general advice. Hope you find it helpful.
Given you are a HNI.
1. Keep all banks non branded core card if they cost you below ₹600 Annual. {For offers plus every brand have automatic insurance for card holder}
2. keep atleast one card for each network.{Visa, master, rupay (assume Ammex as network itself, they have their own ecosystem)} They all have travel insurance, luggage theft assistance etc.
3. You can just buy lounge access at airport so don't get too carried away for this offering.

Only you know which is beneficial to you based on your emotional and usage pattern.
Good luck. hope this advice finds you well.
Click to expand...
Thank you. Yes I will keep this in mind & optimize my card portfolio accordingly.
 
technoswan said:
I would refrain from giving specific advice but please consider this general advice. Hope you find it helpful.
Given you are a HNI.
1. Keep all banks non branded core card if they cost you below ₹600 Annual. {For offers plus every brand have automatic insurance for card holder}
2. keep atleast one card for each network.{Visa, master, rupay (assume Ammex as network itself, they have their own ecosystem)} They all have travel insurance, luggage theft assistance etc.
3. You can just buy lounge access at airport so don't get too carried away for this offering.

Only you know which is beneficial to you based on your emotional and usage pattern.
Good luck. hope this advice finds you well.
Click to expand...

1. Isn't it applies for only 1 card even if we have multiple cards? Also, not all of them provides accident insurance.

2. Have to book travel tickets using that card (Closing suggestion because of low rewards not advisable to spend for insurance with those low rewards)
 
helloworld said:
1. Isn't it applies for only 1 card even if we have multiple cards? Also, not all of them provides accident insurance.

2. Have to book travel tickets using that card (Closing suggestion because of low rewards not advisable to spend for insurance with those low rewards)
Click to expand...
1. I wasnt referring to accident insurance. Visa master have missing luggage by airline, passport theft etc covered, you just have ask cc if you are covered. they can arrange something for you, you wouldnt be stranded abroad without any of your stuff. I am not sure about accident insurance though. I have second hand experience of family member who's bag with passport got stolen, I advice him to tell cc customer care about it. CC paid for week's stay until got copy temp passport issued by embassy.
2. I dint advice on closing any ltf. You could have bought tickets with other card but still theft insurance applies. Airline luggage missing not covered if bought from other card. But If you want de-clutter thats personal choice. I knew someone having 75core+ turnover business only having some amex and vistara, he closed all cc exept this two. Even closed HDFC biz. He wanted simple spend tracking and reaching milestones.
 
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I have below cards, please suggest which ones to close

Paid:
1. AMEX MRCC ( mostly doing 20K+ transactions/month).
2. HDFC Millennia ( Oldest card, cannot close as it will hit CIBIL adversly.- tried to convert to LTF but HDFC Bank did not agree)

FYF
1. AMEX Gold Charge( mostly doing 6K+ transactions/month).
2. AMEX Platinum Travel ( not using much but saved for this year ).

LTF:
1. ICICI APAY (mostly Amazon buying) -
2. OneCard Metal (BOB - not using since few months - planning to close)
3. ICICI Coral (not using since few months - planning to close)
4. IDFC Select ( Used only 2 twice in last 6 months)
5. Tata Neu Infinity (used for all UPI spends + utilities).
6. HSBC Visa Platinum (not using since few months - planning to close)
 
srinath4ever said:
I have below cards, please suggest which ones to close

Paid:
1. AMEX MRCC ( mostly doing 20K+ transactions/month).
2. HDFC Millennia ( Oldest card, cannot close as it will hit CIBIL adversly.- tried to convert to LTF but HDFC Bank did not agree)

FYF
1. AMEX Gold Charge( mostly doing 6K+ transactions/month).
2. AMEX Platinum Travel ( not using much but saved for this year ).

LTF:
1. ICICI APAY (mostly Amazon buying) -
2. OneCard Metal (BOB - not using since few months - planning to close)
3. ICICI Coral (not using since few months - planning to close)
4. IDFC Select ( Used only 2 twice in last 6 months)
5. Tata Neu Infinity (used for all UPI spends + utilities).
6. HSBC Visa Platinum (not using since few months - planning to close)
Click to expand...
You can close hsbc if you want. It hardly have any offer.

Apay cc isn't eligible for ecom offer. So Don't close coral. If not in rupay , you can ask them to convert to use for upi if neu infinity isn't working. Also icici gives good le.

If you close one card , you won't get again in future. Unless it makes you over leverage ,there is no point in closing it. Sometimes one card has good offers.

You don't have any cc from sbi/axis. Try to get sbi cc asap. It is harder to get later. If you dont want to deal with sbi, then its even better. You can take airtel axis for bill payments or neo ltf if you don't want paid axis cc.
 
srinath4ever said:
I have below cards, please suggest which ones to close

Paid:
1. AMEX MRCC ( mostly doing 20K+ transactions/month).
2. HDFC Millennia ( Oldest card, cannot close as it will hit CIBIL adversly.- tried to convert to LTF but HDFC Bank did not agree)

FYF
1. AMEX Gold Charge( mostly doing 6K+ transactions/month).
2. AMEX Platinum Travel ( not using much but saved for this year ).

LTF:
1. ICICI APAY (mostly Amazon buying) -
2. OneCard Metal (BOB - not using since few months - planning to close)
3. ICICI Coral (not using since few months - planning to close)
4. IDFC Select ( Used only 2 twice in last 6 months)
5. Tata Neu Infinity (used for all UPI spends + utilities).
6. HSBC Visa Platinum (not using since few months - planning to close)
Click to expand...


helloworld

Thread 'Guide to Choosing the Right Credit Card - Basic Requirements'

How to Choose the Right Credit Card for You

Simply looking at your CIBIL score or listing your existing cards won't help determine the most suitable credit card for you. To make an informed choice, you need to consider various factors.

Key Steps to Select a Credit Card:​

  1. Identify Your Spending Categories
    Look at your monthly or annual expenses and categorize them. This will help determine which card gives the best rewards for your spending pattern.

    Example:
    • Amazon: ₹5,000
    • BigBasket: ₹5,000...
  • Like
  • Thanks
  • Haha

: )
 
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srinath4ever said:
2. HDFC Millennia ( Oldest card, cannot close as it will hit CIBIL adversly.- tried to convert to LTF but HDFC Bank did not agree)
Click to expand...

not for me in the past 3+ years, not observed any drastic changes other than usual.

moreover, you have lot of cards contributing your score, so closing this card wont

- increase credit utilization
- reduce credit age (because average will be enough unless there are 3+ years gap between this card and next card)

... thats my observation, proceed as per your interest.

only con: you have to start fresh from hdfc, and build association again.

but, closing old card and cibil score linking, i dont believe it personally.

helloworld

Post in thread 'Protecting Cardholders: Why RBI Should Stop Mid-Term Credit Card Devaluation'

Aniket said:
It does also have negative impacts on customer's/ card holder's credit report.

Especially when the devalued card is old card in his report
Click to expand...

It doesn't impact much. You can safely close this not needed card.

Cibil will adopt new card for existing pattern and allocate score to you. Its not one month thing, over time you wont see any changes.

If needed, do check CIBIL score similator for this scenario and observe the changes in score.

Sample scenario:

Its just that, if oldest HDFC says 'you paid your bill on time', then CIBIL will allocate '5 points' because that card has history...
  • Hehe

note: my views that I believe and followed, I do not have any proof in writing about it neither do not believe whatver online articles wrote about it. Only and real problem case is you're closing your first card but don't have any other credit loan/card to contribute score in further months. IMO, articles wrote about this scenario not if we have 10s of cards.

as mentioned in shared post, we can't keep unsecured loans forever even if its first one, similar rule applies credit card when its not useful to us. take decision.
 
sidp said:
You can close hsbc if you want. It hardly have any offer.

Apay cc isn't eligible for ecom offer. So Don't close coral. If not in rupay , you can ask them to convert to use for upi if neu infinity isn't working. Also icici gives good le.

If you close one card , you won't get again in future. Unless it makes you over leverage ,there is no point in closing it. Sometimes one card has good offers.

You don't have any cc from sbi/axis. Try to get sbi cc asap. It is harder to get later. If you dont want to deal with sbi, then its even better. You can take airtel axis for bill payments or neo ltf if you don't want paid axis cc.
Click to expand...
Tried SBI but they rejected and want me to open a bank account and maintain balance etc.. dint get time for it, will see later.
Axis was supposed to be on the list but had trouble with KYC... they send some random person without id card and asked me to unlock aadhar biometrics...
 
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