Should I close some Credit cards ? I have 8. Cards

[tuhin]

Yes but the CB has capped to Rs. 750 pm i think
If u got LTF Millennia definitely take it

That's fine if anyone is spending little on HDFC CC. Regalia is good for travel purposes, else I don't consider this card as an entry leveler

 

[SunnyM]

As SBI CashBack card gives u 5% back there is no use of Millenia which charges u 1000 Rs and that too 5% on select category only

Very good point.

 

[Patil007]

Should I close some credit cards ? After Getting SBI Cashback Card I think I don’t need many cards . I normally do online transactions (95%).

I have Following cards

1. ICICI Coral Card LTF VISA From 13 months
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
3. ICICI Amazon Card Visa LTF from < 1 year
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year

5. Axis Airtel Card VISA ₹500 AGE < 6 months

6. HDFC Milennia VISA LTF AGE < 6 Months

7. RBL Zomato Classic Card LTF Age < 3 months

8. SBI Cashback VISA ₹999 age < 1 month.


I feel after Zomato RBL Devaluation & SBI Cashback, it is not of much use. Plus Airtel Axis give 10% cashback upto 500₹ on Zomato Swiggy

HDFC milennia I bought it because I wanted Regalia but they gave me Milennia.

Airtel Axis is good for utilities and Airtel bill payments + 10% Zomato , Big basket Swiggy.

One Card is Useless , I bought because I wanted Metal Card.

ICICI Coral I got free & easily as I was ICICI bank customer from past 7 years.

Amazon icici I just bought due amazon pay 5% cashback.


After SBI Cashback card , I feel AMAZON pay , Flipkart axis , RBL Zomato Are redundant for me.

Almost 99% needs are fulfilled by SBI cashback & Airtel Axis card.

I may need HDFC if there is some sale exclusively on it , in future get upgraded to Regalia , -> DCB .

ICICI Coral & Flipkart Axis card are the oldest.

To maintain the cards , have payments on cibil , I do small 100-500 transactions on every one of them.


What are your thoughts ? I should I close all cards except SBI Cashback & Airtel Axis.

I just started using credit cards from past 1 year , so recklessly bought a new credit card in a 2-3 months.

Please suggest what all cards should I keep / what should I close.

My CIBIL is maintained at 740-790. For past 3 months.
Before that I had CIBIL in 790+.

Close which are paid and keep all cards which are LTF. it will be useful when there is offer of 10% instant discount for perticular bank card.

 

[TheMentalist]

Currently I'm having LTF Moneyback CC. I'm thinking to upgrade card to millennia. But now I'm doubtful about it. Is moneyback really underrated? If not millennia, can I upgrade to Regalia if available?

Depends on your spending pattern
Also Regalia gives RP which need to be redeemed for flight/hotel bookings for max value, whereas Millennia gives direct CB

 

[TheMentalist]

As SBI CashBack card gives u 5% back there is no use of Millenia which charges u 1000 Rs and that too 5% on select category only

If that's the reason, then Apay card is more useless for him, especially since it needs a paid prime membership for max benefits

 

[SunnyM]

If that's the reason, then Apay card is more useless for him, especially since it needs a paid prime membership for max benefits

You are right. Amazon is very clever they give the card Ltf but take 1500 for prime. Even some shows and movies are now not free on prime video even after having membership. You have to pay rental to watch.

 

[yash86172]

Yes if the card has no use after the devaluation

 

[gabu]

Don't rely too much in sbi, it sure gonna devalue with some cap. Sbi want to cash on initial trend.
Also better to keep one card each of big 4 banks i.e. sbi, icici, axis n hdfc. These four have max cash back offer every season.

 

[Sreerag]

If that's the reason, then Apay card is more useless for him, especially since it needs a paid prime membership for max benefits

Anyways prime is essential u get free delivery and stuff. And it's LTF too so u can keep that

 

[Sreerag]

You are right. Amazon is very clever they give the card Ltf but take 1500 for prime. Even some shows and movies are now not free on prime video even after having membership. You have to pay rental to watch.

I got it for 1399

 

[SunnyM]

I got it for 1399

I got it for 1499 but I got a cashback of 250 , I don't know if it's related to Amazon pay credit card first transaction or some else offer that I didn't know about and maybe could have saved more.

 

[KamalKamal is verified member.]

There is also youth offer going for user less than age 24 in which user get 50 % cashback .
And cost of the prime is 750.

I have taken this offer last month.

I got it for 1499 but I got a cashback of 250 , I don't know if it's related to Amazon pay credit card first transaction or some else offer that I didn't know about and maybe could have saved more.
View attachment 4645

 

[Arnav]

Thank you everyone.

Most probably I will keep the OneCard Dormant for next 6 months , I think it will automatically get closed , I mean time if get offer on federal bank card , then use it it will get lease on life for next 6 months.

Similarly for RBL Zomato Card.


As Axis Flipkart Milestone is done for this year , most probably after next year I will try to get Axis Flipkart card get LTF next Year onwards.

Will try to get Airtel Axis Card LTF .

As Airtel Axis provides 10% cashback on Zomato Swiggy Bigbasket (upto ₹500) use it and there is some bug on Axis Airtel it is providing me 25% cashback on Electricity Bill payment.
I will use Airtel Axis for Swiggy , Zomato , Bigbasket & utility payments.

Rest Online spends SBI cashback card.

ICICI Coral Card / HDFC millennia Offline spends.


HDFC card I want to keep, it has most offers in the market plus it is my highest limit card.

Last few month back I lent my HDFC card to my friend to buy IPhone 13 , because of it last week I got vouchers worth ₹2500. I wasn’t tracking their milestones maybe I hit some milestone .



Will keep Amazon Pay card , Flipkart card , HDFC Millennia active by making small 100-200 per month spends on each.

 

[Deleted member 5552]

if they are ltf, keep them.
the credit bureau enquiries are already done and score seems to be already affected, so why close the cards when the damage is already done?
sometimes the score also gets affected if you close the cards.

sbi cashback might be a good card for general online use where no other discount is applied.
but you will not use it if other cards are offering 10%-15% flat discount. eg. even in online shopping: goibibo, mmt, yatra, cleartrip, zomato, swiggy, eazydiner, fk, amazon, bb, and all the apps that you can think of offer some heavy discounts on different bank cards which are a lot more than sbi cashback.
i myself saved 1000rs (on a spend of 3200, approx 30%) over the last 2 days on my devalued zomato rbl card and indusind (both ltf).

a word of caution: as you mentioned that you are new to credit cards, in that case if you think these cards are a reason that you have started spending more, then definitely close some of them, as beginners unknowingly start buying unnecessary things on credit and fall in the credit card trap.
tip: buy only those things on credit card that you would have anyway bought using cash/debit card/internetbanking.

if you really go ahead to close cards, I would suggest closing cobranded cards first, because your sbi card beats them (or at least equals) and many bank offers are not applied if the card is cobranded. keep at least 1 card with airport lounge access if you travel by air.

Don't close ICICI Coral and HDFC Millennia as you will get 10% instant discount on big sales

According to my opinion, Amazon Pay Card is useless, so I closed that card. Many cards offer more than 2% cashback on bill payment. So I closed Amazon pay card