Yeah. Without a doubt.
So many newcomers have been asking for suggestions on getting their first card, and its quite disparaging to see dimers suggesting them SimplyCLICK or similar cards. The only advantage seems to be they are easy to get approved.
Most users won’t be using these cards on a regular basis and would not follow the “best practices” to manage their cards.
The annual fees if remains unpaid, would soon pile up into a heap of debts, only to be bloated into a mountain of liabilities in a few years. This is alongside crumbling your credit score down to the dust.
Even, if you keep paying the fees faithfully and later when you had enough, you choose to close it, your credit score takes a slump. Because your credit-age goes down, as soon as you take the divorce.
In situation three, you became a pro user and milked the card to its max potential and got the fee waived every single year. This should make the perfect scenario when a paid card as your first card makes Complete sense.
In all other cases, if you need some peace of mind, go ONLY for an LTF card, as you get your skin in the trade.
Yeah. Without a doubt.
So many newcomers have been asking for suggestions on getting their first card, and its quite disparaging to see dimers suggesting them SimplyCLICK or similar cards. The only advantage seems to be they are easy to get approved.
Most users won’t be using these cards on a regular basis and would not follow the “best practices” to manage their cards.
The annual fees if remains unpaid, would soon pile up into a heap of debts, only to be bloated into a mountain of liabilities in a few years. This is alongside crumbling your credit score down to the dust.
Even, if you keep paying the fees faithfully and later when you had enough, you choose to close it, your credit score takes a slump. Because your credit-age goes down, as soon as you take the divorce.
In situation three, you became a pro user and milked the card to its max potential and got the fee waived every single year. This should make the perfect scenario when a paid card as your first card makes Complete sense.
In all other cases, if you need some peace of mind, go ONLY for an LTF card, as you get your skin in the trade.
U can close cards CIBIL will recover in few months so that is not a big issue
If u do not use card then better close it even if its LTF, bcos it can affect new card approvals and limits too because limits of all these unused cards too counted in credit exposure
If u r with high ITR then nothing matters they keep issuing cards even with moderate CIBIL and already own a ton of cards
Cbil use is of home loans , which is mostly single time