Everyone please be responsible with your credit. Don't buy things you don't need with money you don't have. I saw this post on reddit and found it to be a good enough warning to make people aware so that you don't end up like them.
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Warning for people who are new to Credit cards.
- Thread starter SmartyAadi
- Start date
and whats interesting is as a new CC user you already have 10 cards.. thats an amazing start actually .. you definitely need a tracker .
I would suggest first rationalise your portfolio ..
akshayhs
TF Legend
I would have told you how I do it, but you have hijacked someone else's thread to post your question. All these are already available on the forum and it should take you about 20-30m to go through the posts and decide what is best for you. So, no gyan for you today!
You mean this thread should be purged from this forum for the general good? 🙂
Why not!
If someone needs to be told to pay their due on time by someone else, then in the first place, they shouldn't be holding the CC. As simple as that. Use debit cards only!
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Same happened with me with Induslnd.
But my billing date around 20 for all cards 30+ (Whole family). So note all bills together one the same day.
Actually I got my first CC (HDFC Titanium Times - paid) in 2014 with my first salary account. In 2016 an agent roaming outside my office building convinced me to take FYF CITI rewards cards and I took it only because he was providing some gifts (I realised later that they were cheap chinese earphones worth less than 100 rupees). In 2020 I got ICICI AmazonPay card and straightforward 5% cashback on Amazon seemed like a jackpot so I moved most of my spendings to Apay card.
In Nov 22 I closed my HDFC CC because I wan't using it and had been paying annual fees most of these years without using the card. (didn't understand value of longterm relationship 😉 )
Cut to July 2023, I learnt a new term called LTF crdit card. I got interested and started exploring CC space and joined TF and started applying for more cards. Here are the cards I have now:
CITI Rewards (3L)
ICICI Apay (15L LTF)
ICICI Sapphiro (15L LTF - salary account - Wealth select)
HDFC Regalia Gold (5L LTF - Imperia)
HDFC Tata Neu Infinity Rupay (5L FYF)
HDFC Marriott Bonvoy (5L) (Haven't activated yet, exploring whether to try convert it to LTF or pay the 3.5k annually for free 1 night stay)
Axis Atlas (5L)
Axis IndianOil (5L)
IndusInd Pinnacle (5L LTF after 15k fee) - This was really not needed 🙁
Onecard (6L LTF)
Agree, I'm planning to keep max 5 cards eventually. Tried for Infinia 3 times but not successful. Gross salary is more than 3L but net is around 1.5L so Magnus for Burgundy isn't also possible.
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The best way would be set limits on transactions in accordance with your earning instead of the credit limit given. This way it deters you from spending beyond your means. I can now see how rotating money a trap can be and give a false notion it is your money in the bank and quickly turn into a debt trap.
One Best practice someone can follow when they are new in the credit card is that Always pay their bills when it get generated.
Never wait to pay the bill around DUE DATE and in Full. Never do the minimum payment thing with Credit Cards.
Reason is simple, Late Payment charges are too much and it hardly make any difference if you keep the money in your bank account toward the interest you receive.
Never wait to pay the bill around DUE DATE and in Full. Never do the minimum payment thing with Credit Cards.
Reason is simple, Late Payment charges are too much and it hardly make any difference if you keep the money in your bank account toward the interest you receive.
helloworld
TF Legend
My thoughts:
CITI Rewards, Indus Pinnacle, OmeCard : Only for bank offers
Apay: Strictly alternative for amzn purchases
Sapphiro: BMS BOGO
Tata Infinity: Offline UPI, Nue Bills
IndianOil: Strictly fuel
Spends divide between Regalia and Atlas.
Regalia: Best use cases, milestone spends, smartbuy vouchers and spends.
Atlas: Milestone spends.
Good to know that unlike some, you're looking for premium or super premium cards as LTF.
Like which card would be best for ordering from zomato, for booking flights, for offline payments, etc? Do you note down this somewhere and update it periodically? I'm finding it really difficult and time consuming.
I use excel and I update periodically and heavily modified based on my personal spend categories.
But your case is easy, you can only have to spend on Regalia and atlas, nothing in other cards.
Initially it was time consuming but day by day its like telling which card should I use where? but agree its time consuming at the beginning.
I didn't upgraded Rewards card with premier miles because I thought why that much fee, a simple Apay card is good. But did you know it provides 2% everywhere even before Ace. Ofcourse, now there are better cards but this is the opportunity I missed. And seeing how people playing with retention team, I might don't have to pay all these years.
A fact: Premium and Super Premium Cards can get LTF based on relationship, spends, with patience only. No need for premium accounts and high TRV (Ofcourse, there are cards for that but generally normal people don't need those cards). But patience is important factor here.
Interesting is my cards order is same as yours but didn't closed Times neither took bank account but got upgraded by saing same "long term relationship with them".
As for spends: I paid 4 years annual fee, so its less.
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Nice elaboration bro.. Impressive.
Sounds good!
I'm ok to pay fees for super premium cards like Infinia because I would shift 90%+ of my spends to a single card and wouldn't have to worry much. But maining high TRV for cards like Magnus for Burgundy doesn't make sense to me.
Agree, not going to keep high amount in savings accounts, not interested in ULIPs, not interested in regular mutual funds.
Thanks for detailed explanation !!
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