Seeking Advice on Whether to Keep FD-Based Lifetime Free Credit Card

[m.younisbt]

Hello TechnoFino members,

I currently have an FD-based secured Visa WOW credit card LTF from IDFC with a credit limit of 2 lakhs. However, I mostly use my unsecured cards, namely the HDFC Business MoneyBack credit card with a 50k limit and the Amazon Pay ICICI credit card with an 80k limit. The IDFC card isn't in regular use.

I'm seeking your valuable advice on whether it's advisable to keep the FD-based card. Are there potential future benefits, such as better offers, that I might be missing out on? Or are there disadvantages to holding onto this card given my current usage pattern?

Any insights or experiences you can share would be greatly appreciated. Thank you!

 

[Anil_Singh]

1. It will improve your credit score.
2. Heard that you can apply rupay credit card from idfc based on wow credit card. After getting rupay credit card, you can consider closing it if you need money. Depends on your financial position.

 

[RAMESH BABU N]

RuPay cards - physical as well as virtual - are now available dime a dozen. For that purpose alone, keeping a 2L as FD for a CC is not a good idea - because such special purpose deposits are generally given LESSER interest than other regular deposits who do not seek CC. You might be losing 1.5 % to 2.0 % on your deposit. Why should you ?

If RuPay card is required only for UPI payments, then a pure virtual RuPay card can meet all your needs. And, easily available - even on LTF - for all.

 

[aayusharyan]

Hello TechnoFino members,

I currently have an FD-based secured WOW credit card LTF from IDFC with a credit limit of 2 lakhs. However, I mostly use my unsecured cards, namely the HDFC Business MoneyBack credit card with a 50k limit and the Amazon Pay ICICI credit card with an 80k limit. The IDFC card isn't in regular use.

I'm seeking your valuable advice on whether it's advisable to keep the FD-based card. Are there potential future benefits, such as better offers, that I might be missing out on? Or are there disadvantages to holding onto this card given my current usage pattern?

Any insights or experiences you can share would be greatly appreciated. Thank you!

Since you already have unsecured LTF Cards, there is no point in keeping a secured Card. The longer you keep it, the more potential damage you can do to your credit profile since the Age of Credit is also calculated in computing Credit Score.

That being said, even with IDFC, after cancelling, you might be able to get an unsecured CC. Secured CC limits the LE chances as well.

For getting new card recommendation, it depends on what you prioritize and want in a CC. So, won't be recommending that. However, there are many LTF Cards out there which you can apply for. Kotak, Fed, Axis, to name a few.

 

[D₹V]

Hello TechnoFino members,

I currently have an FD-based secured Visa WOW credit card LTF from IDFC with a credit limit of 2 lakhs. However, I mostly use my unsecured cards, namely the HDFC Business MoneyBack credit card with a 50k limit and the Amazon Pay ICICI credit card with an 80k limit. The IDFC card isn't in regular use.

I'm seeking your valuable advice on whether it's advisable to keep the FD-based card. Are there potential future benefits, such as better offers, that I might be missing out on? Or are there disadvantages to holding onto this card given my current usage pattern?

Any insights or experiences you can share would be greatly appreciated. Thank you!

Close it.

.

 

[m.younisbt]

Thank your everyone
I have now closed this card.

 

[aashuuuu]

RuPay cards - physical as well as virtual - are now available dime a dozen. For that purpose alone, keeping a 2L as FD for a CC is not a good idea - because such special purpose deposits are generally given LESSER interest than other regular deposits who do not seek CC. You might be losing 1.5 % to 2.0 % on your deposit. Why should you ?

If RuPay card is required only for UPI payments, then a pure virtual RuPay card can meet all your needs. And, easily available - even on LTF - for all.

Sir,
I would like to disagree with you on special purpose deposit. Secured credit cards are issued on normal fixed deposits it's just that the fixed deposit acts as lien to the credit card.
Correct me if I am wrong.

 

[RAMESH BABU N]

Sir,
I would like to disagree with you on special purpose deposit. Secured credit cards are issued on normal fixed deposits it's just that the fixed deposit acts as lien to the credit card.
Correct me if I am wrong.

That purely depends on the status of the applicant. If a CC is to be given to a student - without any credit rating - the FD may be attracting lesser interest. Similarly, another example could be - a repeatedly unsuccessful applicant with many declines on CIBIL or repeated multiple hits... Or, if the issuing banker feels that there is a much higher risk level.... depends on a case to case basis.

In many cases, the applicant want 100% FD amt as CC limit n is prepared for lesser rate of interest than normal FD rates. For example - 1Card - in unserviceable areas.

 

[cardy]

Thank your everyone
I have now closed this card.

That was a good decision

 

[AritraSaha]

Hello TechnoFino members,

I currently have an FD-based secured Visa WOW credit card LTF from IDFC with a credit limit of 2 lakhs. However, I mostly use my unsecured cards, namely the HDFC Business MoneyBack credit card with a 50k limit and the Amazon Pay ICICI credit card with an 80k limit. The IDFC card isn't in regular use.

I'm seeking your valuable advice on whether it's advisable to keep the FD-based card. Are there potential future benefits, such as better offers, that I might be missing out on? Or are there disadvantages to holding onto this card given my current usage pattern?

Any insights or experiences you can share would be greatly appreciated. Thank you!

Only recommend you if are frequently go abroad.. & don't have other 0 forex card..

Otherwise close this card.. its only prevention you from getting a unsecured cc from idfc..

 

[S D S]

I have IDFC wow card for zero forex, was the most convenient.