I have closed 7 credit cards due to devaluation over the past three years. Banks are devaluing benefits by observing other banks, like "Monkey see, monkey do." I have obtained replacement cards with almost similar benefits.
Some closed cards may be lifetime free, but it's not worth keeping a worthless product even if it's free. Many people keep garbage cards to get instant discounts during sales, which is another trap because you have to make a minimum purchase to get those discounts. People end up buying unnecessary products to meet this minimum purchase limit.
Customers need to teach banks a lesson. We should close worthless cards and get better cards as replacements. Making your credit card portfolio strong is important. Even if we pay annual fees, we should aim to extract a 5 to 10 times return of annual fees.
This is the condition of the Indian banking system. My brother-in-law has an Indian Overseas Credit card. I looked for its reward rate online, but couldn't find it. Financial literacy is crucial to avoid being misled by banks and to extract rewards from them we need to be smart.
You are back again with closing saga. ICICI, Federal, IDFC closing is a bad move all three have good benefits.
IDFC and Federal are not issuing cards easily these days.
IDFC has 16 railway lounge benefits highest than any other card.
Scapia 0 forex is the best
Coral has 4 railway lounge and its RuPay
You don't deserve any CC. Don't expect banks to give you 20% CB for LTF cards.
closing lft coral cc is stupid ,it great for icici offers
IDFC and Federal are not issuing cards easily these days.
Banks don't want customers like you. Bank want customers who don't look after the benifits and do helfty spends and also don't analyse the late payment charges and interest. Hope you get my point: " Bank has zero interest in you". Whether you own a card or not, doesn't matter to bank. I have Axis Flipkart Ltf, you don't have. Means not all cards will be available LTF which you had already. Might be in future, bank may again starts lounge access, but this time card doesn't available LTF.
Exactly, I also don't have interest in banks. I want only benefits on my card. This is not romantic relationship, this is business relationship. Customers don't love the seller or vice versa. There will be transaction untill there is mutual benefits for both parties. Otherwise, we have better options
@kunalcc ICICI Coral RuPay CC is additional card not add-on card (this card is lifetime free).
ICICI charge for supplementary add-on cards.
A supplementary card, also known as an add-on or authorized user card, is an extension of a primary credit card account that allows another person to access the primary cardholder's credit limit and benefits.
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I heard that no devaluation on New ICICI MMT card, only old MMT card devalued. Are you sure ? Contact ICICI support and ask them.
I had add on card of coral, that's why I am so much pissed.
I made 35k spend hoping for lounge access, ICICI increased to 75k
While closing cards, u don't just see the devaluation, but also the alternative options u have. If u have better options, then it's fine to close, but if it is still better than other options, it's not worth closing.
Hdfc money-back plus is worthless, if not LTF.
Axis Flipkart is still a good card for unlimited 5% on flipkart, unless u have better alternatives.
Axis my zone is still a good card as LTF for axis offers, unless u have another axis card.
IDFC select LTF is still a good card for idfc offers (which are very rare), but they do come.
Scapia is still a good card for travel and forex expense, unless u don't have any spends here or have better alternatives.
Icici coral LTF is still a good card for icici offers, unless u have another icici card. Closing add on alone is sufficient.
New icici mmt - Did u apply for this card specifically for lounge access? If yes, From what I have heard is the devaluation was only for old icici mmt LTF and not for the paid dual variant card.
ICICI customer care confirmed devaluation for new mmt card. I never found good offer on IDFC. I dont do forex spend, Scapia already hurt me by reducing credit limit badly, now lounge access devaluation. Scapia might devalue the card more. I have two axis card for offers. I get 5% cashback on most online spends on current cards. So above cards are pretty useless for me. Also, its difficult to manage 15 credit cards
"ICICI Coral card - I had this Rupay card as lifetime free in September, and in October it was devalued. The capping is extensive, and the reward rate is terrible. Who will pay annual fees for an add-on card when the primary card is lifetime free?"
what capping?
ICICI Coral RuPay CC is additional card not add-on card (this card is lifetime free). For example - Primary Coral Visa + add-on card - Coral RuPay (both are lifetime free).
ICICI charge for supplementary add-on cards.
If card issue to your family members name then ICICI will charge you supplementary add-on cards fees.
No fee if both cards are in your name.
Everyone must note this important thing before close your lifetime free ICICI Credit card,
Dnt close your any ICICI Credit Cards and RuPay Coral or RuPay Rubyx LTF. Reason -
Sometimes ICICI cards offer many discount offers, if you have multiple cards, you can use multiple times.
Earlier, we looted many times Amazon vouchers at 10% discount from Park+ app, Amazon website etc, and few other offers using multiple ICICI credit cards.
Best thing about ICICI is that RuPay Coral LTF is additional card, no separate bill, no headache to handle one extra card and Lifetime Free.
All ICICI gemstone cards are linked card, single bill generate.
One more advantage is that - suppose if you have multiple ICICI gemstone cards and if you spend 35k (or 75k after 15th nov, 2024 devaluation), you can access airport lounge on each cards.
That's not all, RuPay or UPI sometimes give promotional offer. More card means more benefit and this is lifetime free card.
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You are back again with closing saga. ICICI, Federal, IDFC closing is a bad move all three have good benefits.
IDFC and Federal are not issuing cards easily these days.
IDFC has 16 railway lounge benefits highest than any other card.
Scapia 0 forex is the best
Coral has 4 railway lounge and its RuPay
You don't deserve any CC. Don't expect banks to give you 20% CB for LTF cards.
You are back again with closing saga. ICICI, Federal, IDFC closing is a bad move all three have good benefits.
IDFC and Federal are not issuing cards easily these days.
IDFC has 16 railway lounge benefits highest than any other card.
Scapia 0 forex is the best
Coral has 4 railway lounge and its RuPay
You don't deserve any CC. Don't expect banks to give you 20% CB for LTF cards.
There is no railway lounge in my city. There is no railway lounge on the city I travel. What will I do with railway lounge? IDFC still giving me credit card as pre approved. I don't do foreign spends, what will I do with zero Forex.
As I said, I don't keep garbage cards