Suggestion for my Credit Card Portfolio

[just.dibyansh]

Profile
CIBIL - 782; Experian - 800
Age - 20y
Self-Employed

CC Portfolio

1) AMEX SmartEarn (Rs. 590/Yr) = Limit of Rs. 1,62,000
2) Axis MyZone (LTF) + Axis Neo (Rs. 295/Yr) = Combined Limit of Rs. 1,34,000
3) HDFC Millennia (Rs. 1,180/Yr) + HDFC Swiggy (Rs. 590/Yr) = Combined Limit of Rs. 1,00,000
4) Kotak Zen (LTF) = Limit of Rs. 35,000
5) Kotak Myntra (Rs. 590/Yr) = Limit of Rs. 27,000

Wishlist

1) ICICI AmazonPay
2) SBI Cashback
3) HDFC Regalia Gold

So today I finally got upgraded to HDFC Millennia after using Indigo 6E Rewards Card for 2 years, also they increased my limit from 25,000 to 1,00,000 today after I sent my income documents and a letter to the HDFC Bank Chennai Office. Kindly guide me so that I can get the cards stated in my wishlist, especially the HDFC Regalia Gold (I already have a classic banking relationship with HDFC Bank since the past 3 years, but BM & RM are useless af) & the ICICI AmazonPay (I recently got an account opened in ICICI Bank under their Privilege Banking Programme, and it has been 3 months now since then). Also you are welcome to find flaws in my CC Portfolio & suggest me other useful strategies.

P.S. - At this point of time any features like Airport Lounge Access , Airmiles or any other features related to travel benefits are not useful to me. I also do not own any vehicle at this point of time , so fuel spends also don't matter much to me. I'd say I have to spend on Government Portals for taxes and other bureaucratic activities quite often. Also I do pay my College fees every 6 months , so there's an education spend as well.

Kindly guide me.

 

[helloworld]

You're good and look for further cards only if your spends >3L in a year (excluding. taxes and education). You're cards provide decent rewards, I don't know your actual spends but based on 20Y, College Student that is sufficient IMO.

Upgrade only when needed otherwise you won't get much benefits like if you upgrade regalia gold which is a good card for travel which is not useful to you according to your statement, so spending on that card won't benefit you.

Current cards are good, infact very good upto 30k monthly online / offline spends.

suggestion:

- take full use of Millennia (means use HDFC Swiggy only Millennia monthly quota over, amzn only Millennia monthly quota over)

You have,

HDFC Swiggy
Kotak Myntra
SmartEarn (for amzn, nykaa, BMS)

all of this can be achieved with HDFC Millennia

which further went useless if you apply amznPay, or SBI Cashback - too much of same benefit cards. apply only if limits not sufficient for your spends.

 

[Anindya98]

Profile
CIBIL - 782; Experian - 800
Age - 20y
Self-Employed

CC Portfolio

1) AMEX SmartEarn (Rs. 590/Yr) = Limit of Rs. 1,62,000
2) Axis MyZone (LTF) + Axis Neo (Rs. 295/Yr) = Combined Limit of Rs. 1,34,000
3) HDFC Millennia (Rs. 1,180/Yr) + HDFC Swiggy (Rs. 590/Yr) = Combined Limit of Rs. 1,00,000
4) Kotak Zen (LTF) = Limit of Rs. 35,000
5) Kotak Myntra (Rs. 590/Yr) = Limit of Rs. 27,000

Wishlist

1) ICICI AmazonPay
2) SBI Cashback
3) HDFC Regalia Gold

So today I finally got upgraded to HDFC Millennia after using Indigo 6E Rewards Card for 2 years, also they increased my limit from 25,000 to 1,00,000 today after I sent my income documents and a letter to the HDFC Bank Chennai Office. Kindly guide me so that I can get the cards stated in my wishlist, especially the HDFC Regalia Gold (I already have a classic banking relationship with HDFC Bank since the past 3 years, but BM & RM are useless af) & the ICICI AmazonPay (I recently got an account opened in ICICI Bank under their Privilege Banking Programme, and it has been 3 months now since then). Also you are welcome to find flaws in my CC Portfolio & suggest me other useful strategies.

P.S. - At this point of time any features like Airport Lounge Access , Airmiles or any other features related to travel benefits are not useful to me. I also do not own any vehicle at this point of time , so fuel spends also don't matter much to me. I'd say I have to spend on Government Portals for taxes and other bureaucratic activities quite often. Also I do pay my College fees every 6 months , so there's an education spend as well.

Kindly guide me.

I would suggest you to close Axis Neo and go for Ace LTF if you need a second axis Bank card or Airtel Axis which is not free.
Try converting your HDFC Millennia to LTF or ask for Fee Reversal every year
Keeping a ICICI Bank card is always beneficial Amazon Pay ICICI(Best for Amazon and all other spends flat 1% cashback) is a good choice after few months of usage you will get coral rupay LTf use it for ICICI Bank offers.
If you spends a lot on online go for SBI Cashback then no need for HDFC Millennia all online spends will be covered except few Merchant Codes

 

[just.dibyansh]

which further went useless if you apply amznPay, or SBI Cashback - too much of same benefit cards. apply only if limits not sufficient for your spends.

So what do you think ? Shall i keep out of SBI cashback & Apay as of now??

IMO SBI Cashback has no boundaries for the online merchants we can spend on + the monthly cashback capping >>> millennia , even though i could hardly fill the millennia quota.

Apay - we need to get amzn prime for the complete benefit, which is 750/yr under the Amazon youth offer plus there's no cap on cashback for shopping on Amazon.

I mean idk I'm really confused. So you saying that i should take a break for a while isn't it?

 

[helloworld]

So what do you think ? Shall i keep out of SBI cashback & Apay as of now??

IMO SBI Cashback has no boundaries for the online merchants we can spend on + the monthly cashback capping >>> millennia , even though i could hardly fill the millennia quota.

Apay - we need to get amzn prime for the complete benefit, which is 750/yr under the Amazon youth offer plus there's no cap on cashback for shopping on Amazon.

I mean idk I'm really confused. So you saying that i should take a break for a while isn't it?

yes. suggesting wait for atleast 3 months or preferably 6 months and more.. and see how much Millennia lacks or benefit you before you explore alternative cards.

Millennia is designed to cover all famous websites to provide 5% (monthly 20k limit), remaining online/offline shopping if gyftr there then another 5% (another 20k monthly).. further 1% if spend 1L in 3 months.

Very good one actually.