[Jaguar]

Originally Posted by rahi

I never got the offer to enhance my limit which is few thousands which is not sufficient for my usage. Tried calling customer care and they offered to upgrade with a joining charge of 500/- for a new card which I declined. How do I get my limit enhanced?

What is your usage pattern like? Do you generally use up your credit limit?

I faced a similar issue with Standard Charted card, and I eventually got rid of it and got a new one. Partly it was my mistake, as in when they initially offered me a limit enhancement, I declined and deliberately kept the limit very low. Later when I requested an enhancement, the system won't allow it. As per one call center rep, for the credit limit algorithm to approve an increase, you should be consistently hit more than 70 or 80% of the the credit limit for a few months.

[kavensri]

I am finding it somewhat strange that few here are complaining about banks not increasing their credit limit. Whereas, in my case I am using 3 CC cards (Citi, HDFC and ICICI) and for all the 3 credit cards, I had to request them to reduce my credit limit and also deny multiple times for the credit increase requests from all the 3 banks!
I am somehow not comfortable with high credit limit and I have hardly touched 20% of my credit limit with all the 3 cards in my 20 years of credit card usage history!

[Lobogris]

Originally Posted by rahi

On a side note, I also have been offered pre approved IDFC First Wealth card as I also have savings account with them. If anybody using this card, would be kind enough to share feedback?

I have been using it for a few months. It is a fairly good card. You get around.75 to 1.25Rs per 100 spends. This can even be redeemed as a credit to your statement. It comes with domestic lounge visits as well as a Dreamfolks card for international lounge visits. There are frequent offers where you get Amazon vouchers or reward points for spends like use it for 5k and get a voucher of 500. In addition, the interest rate is quite low at 9%.

Originally Posted by kavensri

I am finding it somewhat strange that few here are complaining about banks not increasing their credit limit. Whereas, in my case I am using 3 CC cards (Citi, HDFC and ICICI) and for all the 3 credit cards, I had to request them to reduce my credit limit and also deny multiple times for the credit increase requests from all the 3 banks!
I am somehow not comfortable with high credit limit and I have hardly touched 20% of my credit limit with all the 3 cards in my 20 years of credit card usage history!

Any particular reason you are uncomfortable with a high limit? They could give me a limit of 10,000 crores and I wouldn’t mind if they increased it further. You can always set a usage limit via app or net banking and modify it instantly as needed. For example if your card has a limit of 10 lakhs (1 million), you can set the maximum usage to 20k and then the card would only work up to that limit. However if tomorrow you need to buy a TV for 200k then all it takes is a tap on the app to change it.

[gupta_chd]

Any suggestions for credit card for school fee payment of child? It's around 25k spend every quarter and fee payment by credit card is accepted.

[rahi]

Originally Posted by ronford

You should see the limit enhancement option in the internet banking>>cards section.

That's the flexibility given to change between zero limit and your card's maximum limit. The problem is my card's limit is few thousands only.

Thanks for suggesting HDFC Regalia though.

Originally Posted by logicalidiot

Recently, I contacted the customer care and they initially said your credit record is pretty good, so just provide us your last 3 months payslip

Well, I tried customer care and their standard reply is that the offer for limit enhancement has to be from bank on its own and they couldn't do anything from their end.

I guess I may try once more by writing a mail.

Originally Posted by Jaguar

What is your usage pattern like? Do you generally use up your credit limit?

As per one call center rep, for the credit limit algorithm to approve an increase, you should be consistently hit more than 70 or 80% of the the credit limit for a few months.

I use my credit card to the fullest (more than 95% all the time as limit is few thousands only).

Probably the reason is I never default and hence no good business to bank and I earn cashback/points on my spends too.

Originally Posted by gupta_chd

Any suggestions for credit card for school fee payment of child? It's around 25k spend every quarter and fee payment by credit card is accepted.

I pay 30000/- fees through my ICICI Amazon credit card every quarter too and get cashback in the form of amazon pay balance.

[Mahesh Babu]

Originally Posted by kavensri

I am somehow not comfortable with high credit limit and I have hardly touched 20% of my credit limit with all the 3 cards in my 20 years of credit card usage history!

Actually a higher credit limit with low usage improves your CIBIL credit score which would come very handy in future. For a home loan or auto loan it would be easier to get it approved and sometimes even at marginally lower interest rates for people with good credit score. Maintaining a good credit score is also in a way an investment for future for youngsters

[tejas08]

Originally Posted by aargee

My post is a little OT in here - offlate, I'm thinking of giving up credit cards altogether & get back to live with real cash & debit cards as I really don't see any benefit of these points getting accumulated.

These reward points are cleverly designed; people who has conscious spending effort find the value on the other end of reward spectrum & the folks who spend a lot are beyond the rewards spectrum.

And these days with good credit history any bank can yield a loan for any such emergency; debit cards are more than sufficient & everyone comes up with their own monetary forms as well; so it's either cash or UPI is what I feel.

Is there any value for credit card in 2021, well nearly 2022?

If you ask me, the next 4-5 years are going to be a blast for customers in terms of credit cards. We are a very underpenetrated credit card market in India.

I am expecting a lot of good launches in the next couple of years. Something that will be focused on Lifestyle & Luxury (Something similar to Amex Platinum Charge Card).

I, for one, am a huge proponent of Credit Card usage. With the right set of credit cards, you can do your yearly vacation for free. Not just that, I no longer look at cashbacks and Gift Vouchers as rewards. I focus only on travel redemptions using Airmiles & Hotel Loyalty Points. Flying Business Class for Free or Staying in upscale hotels for peanut costs feels way better than getting some petty cashback, statement credit or Gift Vouchers just for the sake of redemption.

https://twitter.com/tejasghongadi/st...404067844?s=19

Here is an example I had posted on Twitter on how you can elevate your travel experience using credit cards. Flights for a 20-Day Trip Mumbai -> Hong Kong -> Bali -> Singapore -> Mumbai in Business Class all on Credit Card Reward Points. The Revenue ticket price for this itenary is over 4.5 Lac Rs.

The possibilities on this front are endless.

With the likes of HDFC Infinia & DCB, you can earn enough points for a business Class Redemption ticket to Europe with a spending of less than 7 Lac Rs. That's 2 Lacs worth of ticket back on moving your spends of 7 Lacs Rs on a credit card.

Even if I can make one International vacation free in couple of Years with such business class tickets, thats easily worth 5-6 Lacs Rs. worth of benefits.

[Aroy]

Originally Posted by kavensri

I am finding it somewhat strange that few here are complaining about banks not increasing their credit limit. Whereas, in my case I am using 3 CC cards (Citi, HDFC and ICICI) and for all the 3 credit cards, I had to request them to reduce my credit limit and also deny multiple times for the credit increase requests from all the 3 banks!
I am somehow not comfortable with high credit limit and I have hardly touched 20% of my credit limit with all the 3 cards in my 20 years of credit card usage history!

Even I am in the same boat. ICICI keeps increasing the limit and now it is nearly 4L in each of the cards. The reason I do not want such a high limit is to limit exposure (or temptation) to spend a large amount without serious contemplation.

[SilentEngine]

Originally Posted by kavensri

I am finding it somewhat strange that few here are complaining about banks not increasing their credit limit. Whereas, in my case I am using 3 CC cards (Citi, HDFC and ICICI) and for all the 3 credit cards, I had to request them to reduce my credit limit and also deny multiple times for the credit increase requests from all the 3 banks!
I am somehow not comfortable with high credit limit and I have hardly touched 20% of my credit limit with all the 3 cards in my 20 years of credit card usage history!

Personally, i think it's beneficial to have a sufficiently large credit limit. How large - that depends on overall usage patterns and lifestyle choices, but you never know when you will need more!

Many years back i used to think the same. I only had couple of cards from Citibank, with limits i thought were good enough for my usage. I even declined limit enhancement offers from bank! Needless to say, i wasn't bothered too much about reward points either.

One fine day, i had to book return tickets for two, to travel to the US. My card with highest limit couldn't cover the full cost! I added funds on my own to bump up the limit to make the transaction.

Lesson learnt - It wasn't easy to get limit increased from Citibank when i needed. Now i have cards from HDFC, Amex and ICICI-Amazon in my wallet.

[anandhsub]

It is very important to have as high a credit limit as possible since that's a major determinant of your credit score. Spending 40k a month on a 100k limit or a 500k limit have very different impact on your credit score even if you have paid on time in both cases.

It is a measure of your borrowing/repaying capacity and will help when you go for a home/car loan in the future.

[Aroy]

Originally Posted by aargee

My post is a little OT in here - offlate, I'm thinking of giving up credit cards altogether & get back to live with real cash & debit cards as I really don't see any benefit of these points getting accumulated.

These reward points are cleverly designed; people who has conscious spending effort find the value on the other end of reward spectrum & the folks who spend a lot are beyond the rewards spectrum.

And these days with good credit history any bank can yield a loan for any such emergency; debit cards are more than sufficient & everyone comes up with their own monetary forms as well; so it's either cash or UPI is what I feel.

Is there any value for credit card in 2021, well nearly 2022?

There are many benefits of using a credit card verses Debit card and cash.

1. Credit card gives you safety - if there is a fraud or there is a merchant dispute the card company will try and resolve the matter. With a Debit card once the money goes from your bank it will take ages (if at all) to recover it. I have seen people chasing banks for more than three months for wrong debits from the card.

2. If used judiciously, credit card (as its name suggests) can give you upto 50 days of credit free of cost. I use this strategy to make most of my high value purchase. No harm in getting banks to finance my purchase for a month or so.

3. Many companies are coming in with zero interest EMI schemes for high value appliance purchases. Debit cards are not even eligible for the schemes.

4. In case of loss (and subsequent misuse) of Debit card the banks liabilities are limited, where as credit cards for most major banks are insured against loss and fraud. Further many issuers; I know of AMEX; will issue a replacement card in one day especially if you loose it abroad.

So on the whole a credit card is more than just a payment option, it has a lot of advantages. Point accumulation is just icing on the cake.

[kavensri]

Originally Posted by Lobogris

Any particular reason you are uncomfortable with a high limit? They could give me a limit of 10,000 crores and I wouldn’t mind if they increased it further. You can always set a usage limit via app or net banking and modify it instantly as needed. For example if your card has a limit of 10 lakhs (1 million), you can set the maximum usage to 20k and then the card would only work up to that limit. However if tomorrow you need to buy a TV for 200k then all it takes is a tap on the app to change it.

Thanks for the detailed information. I am aware of these things. But with my usage pattern, where I hardly buy any high ticket items, I am not at all comfortable with the higher credit limit.

Originally Posted by Mahesh Babu

Actually a higher credit limit with low usage improves your CIBIL credit score which would come very handy in future. For a home loan or auto loan it would be easier to get it approved and sometimes even at marginally lower interest rates for people with good credit score. Maintaining a good credit score is also in a way an investment for future for youngsters

Originally Posted by Aroy

Even I am in the same boat. ICICI keeps increasing the limit and now it is nearly 4L in each of the cards. The reason I do not want such a high limit is to limit exposure (or temptation) to spend a large amount without serious contemplation.

Currently, my combined credit limit is more than 10l, and at any given point of time, my combined credit card outstanding has hardly crossed 1l. So, I am good with my credit limit.

[whitewing]

Originally Posted by kavensri

..I am somehow not comfortable with high credit limit and I have hardly touched 20% of my credit limit with all the 3 cards in my 20 years of credit card usage history!

Used to share the exact sentiment you have stated, over time my view has changed to - having a higher credit limit will serve as a cushion in a sticky situation (ex: medical emergency), and the risk of misuse can be controlled via setting appropriate spend limits.

Originally Posted by Aroy

Even I am in the same boat. ICICI keeps increasing the limit and now it is nearly 4L in each of the cards. The reason I do not want such a high limit is to limit exposure (or temptation) to spend a large amount without serious contemplation.

The credit limit increase is optional isn't it? Was it changed without your consent! ?
Also, one can set max limits/daily limits on the transactions - acts like a speed governor on spends - of course one can find ways of overriding it :-)

[Mr. Nobody]

I'm currently using Regalia first and saw a upgrade to regalia option on the website for me with same limit. Is it worth upgrading when I don't spend more than 2-3lakhs annually? Because on regalia first there are bonus points on 3 lakh spends that I got this year but on regalia it's on 5 lakhs which I would not be reaching. The 1.3 vs 0.8 is surely lucrative but is it worth it with low spends? I also have 19k reward points that would be converted on a 60% ratio if I upgrade.

[aargee]

Originally Posted by tejas08

I am expecting a lot of good launches in the next couple of years. Something that will be focused on Lifestyle & Luxury (Something similar to Amex Platinum Charge Card)

Well...we're making efforts to lead a very simple life

Originally Posted by tejas08

With the right set of credit cards...Airmiles & Hotel Loyalty Points...just for the sake of redemption

Well...for earning such a huge reward, I also have to spend a lot right or are you saying it's possible to get 500 airmiles for a Rs 500 purchase & 500 airmiles is atleast Rs 250 something like that? Inorder to make these many points, I've to stick with same CC as well isn't it? And if I've multiple CC, then, earning reward points is also curbed & scattered across the cards isn't it?

Originally Posted by tejas08

With the likes of HDFC Infinia & DCB...back on moving your spends of 7 Lacs Rs on a credit card

What does it take to earn that many lakhs worth in points? Any idea how much money should I be spending to earn those many points? Any idea please?

Originally Posted by Aroy

Credit card gives you safety...debits from the card

Ok

Originally Posted by Aroy

If used judiciously...my purchase for a month or so

Although I haven't personally suffered, this credit period is what pushes most (undisciplined) folks into huge debt. Offlate this 50 days of credit has become more of irritation than convenience & after every purchase the very thought of making payment keeps popping on head

Originally Posted by Aroy

Many companies are coming in with zero interest EMI schemes for high value appliance purchases. Debit cards are not even eligible for the schemes

True, but can't say MANY & I often wonder what's in store for such banks? Who knows Amazon or Bajaj FinServ might even come with such options in which case I see no value for CCs

Originally Posted by Aroy

In case of loss...one day especially if you loose it abroad

That's "In case" which is not an everyday affair & these days it's tiring to see everyone coming with their own version of currency & offering credit limits!!

Sorry but Thanks guys, I'm somehow not convinced; all these kind of offers were lucrative in 2000s (including 53 days of credit period), but these have remained unchanged barring few things such as 0% interest, CC linked to online purchases, MFA, insurance, wide acceptance & most importantly reliable billing.