CLOSED CREDIT CARD

ah you are in closing spree ah

I closed axis flipkrt in morning... now thinking about the myntra 900 trans. I did last week... what about the 5% cashback? Wasted or they will ask for bank details to credit?

Bhai tu to personal ho raha hai.

What I suggest it, to keep LTF card and close other cards if you can't justify cashback with the annual charges.

Pls add another 'c' to ur dd name, kunal credit card closure (kunal ccc) 🏻

Credit card is a free interest loan provided by banks to customers. You should not get too personal with the benefits. It's better not to close LTF cards like idfc.

Devaluation is not an issue, it's a natural result of credit card penetration. Banks are getting people to sign up for cards with benefits, then paring them down when they can't sustain them. It's mostly abuse of a card, like what happened with magnus, or just unsustainability once the card is in many peoples hands and it is not making enough money for the banks, in case of cheap/ltf cards. That's why it's mostly these categories of cards that get their tncs rearranged.

I honestly feel like reduced card abuse of card benefits would be a huge step in the direction to stop this. Also, while I have a lot of ltf cards, it's these cards that don't make the banks money and cause the frequent reevaluations. It's rare to see actually premium cards get devalued, and even then it's usually quite reasonable. 

I think if you want ltf option working in your favor you need to have higher limits and spends. At 30k limit it's difficult for banks to justify making an exception for you. Also, always good to close unnecessary cards!

Thanks everyone for the discussion!

You should consider adding ICICI CC to your portfolio and basis that get APay ICICI.

Which all CCs are you left with now? If you can tell.

There is a quote - One man's garbage is another man's treasure.

I agree on that - credit card depends on individual needs.

However some credit cards are actually garbage for entire human population. We need to get rid of those card asap.

Going to close axis magnus before renewal in January. The card was heavily devalued few months back and 12500 annual fee with no renewal benefits (rp/gv) is unjustified.

You should have kept LTF idfc card , it could be useful in some flipkart /amazon sales..

How often you travel? 

I closed hdfc regalia gold they didn't even offer any counter and happily closed it