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SC 11 year old credit card account , Limit Reduced from 2.90L to 10K suddenly today.

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DeadFella

DeadFella

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I have been using Standard Chartered Credit Card Since 2013. At present I am holding their DigiSmart Card with limit of Rs.2.90L. During this 11 years journey with them i got multiple limit enhancement and card upgrades which i took each time. it;s a LTF card. Today i got SMS from Bank that your card limit has been revised to Rs.10,000/- . this is a big shock and joke with me. I am holding super premium cards like HDFC DCB with limits above 15L. I have used SC card mostly for Myntra shopping, there is no any abuse, manufactured spends or anything that is suspicious to take this hard action. i have a credit balance of Rs.250 since last 2-3 months and haven't used card in last 3 months. I have more than 15 Credit cards from different banks and Cibil of 800+ with no single default in history. called customer care, they told "due to internal policy" your limit was reduced. I gave them strong warning and asked for reason, they took my complaint and will revert in 48 hours.

UPDATE : 21st June 2024 : After calling multiple times to customer care, giving them mental pressure and escalating the issue, today i got call from SC that they have approved my request to restore the old limit. I logged in to SC app just now and found my old limit is back now. :D:love:
 

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Apply For LTF AU LIT Credit Card
www.technofino.in

Why Do Banks Reduce Your Credit Card Limit?

Having a high credit limit on your credit card can be beneficial in some cases, but it can also have drawbacks in others. However, we generally prefer to maintain a high credit limit on our credit card. Typically, we don't receive a very high credit limit when signing up for a new credit card...
www.technofino.in www.technofino.in

Please go through this link. Earlier Federal Bank, RBL Bank, SBI did limit reduction for the users who are not using well due to recent changes made by RBI.
 
DeadFella said:
I have been using Standard Chartered Credit Card Since 2013. At present I am holding their DigiSmart Card with limit of Rs.2.90L. During this 11 years journey with them i got multiple limit enhancement and card upgrades which i took each time. it;s a LTF card. Today i got SMS from Bank that your card limit has been revised to Rs.10,000/- . this is a big shock and joke with me. I am holding super premium cards like HDFC DCB with limits above 15L. I have used SC card mostly for Myntra shopping, there is no any abuse, manufactured spends or anything that is suspicious to take this hard action. i have a credit balance of Rs.250 since last 2-3 months and haven't used card in last 3 months. I have more than 15 Credit cards from different banks and Cibil of 800+ with no single default in history. called customer care, they told "due to internal policy" your limit was reduced. I gave them strong warning and asked for reason, they took my complaint and will revert in 48 hours.
Click to expand...
Nothing u can do
Even going to rbi

It's Ltf keep it afloat use once in 6 month to keep it active.

Limit is sole discretion of bank .
No complaint would move a inch .


Small banks are going bonkers after last nov rbi circular
 
The same happened to my father. 12-year-old account (transferred from Barclays during the takeover with whom he had the same card for much longer). Limit reduced from 3.5L to 10k overnight. Email and phone customer service was useless and completely unresponsive but he was told at a branch that it was because his KYC wasn't updated. He'd got a mail for that with a link late last year and had submitted KYC docs then. But he gave the branch KYC docs again after they promised to take care of it. It's been more than 1 month but there's been no update.
 
DeadFella said:
I have been using Standard Chartered Credit Card Since 2013. At present I am holding their DigiSmart Card with limit of Rs.2.90L. During this 11 years journey with them i got multiple limit enhancement and card upgrades which i took each time. it;s a LTF card. Today i got SMS from Bank that your card limit has been revised to Rs.10,000/- . this is a big shock and joke with me. I am holding super premium cards like HDFC DCB with limits above 15L. I have used SC card mostly for Myntra shopping, there is no any abuse, manufactured spends or anything that is suspicious to take this hard action. i have a credit balance of Rs.250 since last 2-3 months and haven't used card in last 3 months. I have more than 15 Credit cards from different banks and Cibil of 800+ with no single default in history. called customer care, they told "due to internal policy" your limit was reduced. I gave them strong warning and asked for reason, they took my complaint and will revert in 48 hours.
Click to expand...
My gut feel..
WHen you have a very old card in a very basic variant and not using much recently then this could happen..

What would be a natural flow :

1) You start with a basic variant with a small limit
2) after a few years, move to next level up variant with more Limit
3) after 10 years or so , move to even higher level variant with reasonably high limit and high spending..

the above is natural progression..

Here only one thing happened in a natural way. ie. LE.. other two things didn't happen. those are Variant upgrade and spending high..

SO, naturally the Bank has made a decision and pulled the plug..it is absolutely their decision. RBI cant do anything about this.. RBI is not lending you the credit..It is the Bank..
If you dont like it then you are free to make the decision to leave them..

After your serious complaint to the Bank, Now Bank will review your whole history and decides to offer you the way it seems beneficial for them .. then you can make your choice...

All the above are my personal views..
 
SSV said:
My gut feel..
WHen you have a very old card in a very basic variant and not using much recently then this could happen..

What would be a natural flow :

1) You start with a basic variant with a small limit
2) after a few years, move to next level up variant with more Limit
3) after 10 years or so , move to even higher level variant with reasonably high limit and high spending..

the above is natural progression..

Here only one thing happened in a natural way. ie. LE.. other two things didn't happen. those are Variant upgrade and spending high..

SO, naturally the Bank has made a decision and pulled the plug..it is absolutely their decision. RBI cant do anything about this.. RBI is not lending you the credit..It is the Bank..
If you dont like it then you are free to make the decision to leave them..

After your serious complaint to the Bank, Now Bank will review your whole history and decides to offer you the way it seems beneficial for them .. then you can make your choice...

All the above are my personal views..
Click to expand...
OP has mentioned that he took all LE as well as card upgrades that were offered to him.
 
sahilg0804 said:
I have no idea. But op claimed that he upgraded the cards as well
Click to expand...
okay re-read it , yes he did say .. but not sure how many upgrades he actually got and what level card is digi smart card.

After 11 years he should be near Ultimate . that is what I meant ..
 
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In my understanding when limit can be increased they same way it can be decreased, the reason for such decrease would be credit risk trigger in there system as to not using cc much and have enough cc where he can default anytime. Your case would be same (if you have secured loans etc then definitely reduction of limit will be considered or limited in reduction) it's all about system automation and rbi circular on cc unsecured amount issued.
 
What a mockery , I had a limit increase offer by SC , which due to their technical difficulties, I couldn't confirm . Then I received the message that limit has been reduced to 10k. Never seen such a stupid bank , also they don't acknowledge refunds as payment even if outstanding balance is 0 .
 
SSV said:
okay re-read it , yes he did say .. but not sure how many upgrades he actually got and what level card is digi smart card.

After 11 years he should be near Ultimate . that is what I meant ..
Click to expand...
I got just 2 upgrades in 11 years , and 3-4 times LE. previous cards were SC Titanium, SC Plattinum and Now DigiSmart
 
10K limit is low and I can understand your frustration, but does the card really matter to you when you've nice premium cards; if it doesn't matter : ignore the limit decrease.
 
Calm Radiance said:
10K limit is low and I can understand your frustration, but does the card really matter to you when you've nice premium cards; if it doesn't matter : ignore the limit decrease.
Click to expand...
true that, for myntra 20% discount capping, maximum 3500 per month spend is good enough.
 
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