Team-BHP - The Credit Card Thread

Guys, let skip the limit part. It is in interest of ICICI ( or any Bank) to issue you the highest limit. But they do this simply based on a mathematical algorithm that takes into account your current rating (CIBIL), income and your relationship with them.

I, for example, received the Amazon ICICI card with limit equal to same as what I already had with them for my regular CC. Effectively, they doubled my limit with them.

Let us skip the limit discussion as it won't lead to any conclusion I believe.

As far as application is concerned, I belive earlier it was only via Amazon site (as I did) but now they have it via multiple channels - Amazon site, Amazon App, ICICI site and App, etc.

Quote:

Originally Posted by vinu_h (Post 5144832)

Looks like the sales rep will be benefitting a lot more than you will. Go on and ask for all of this in writing. Would be nice to call their bluff.

Quote:

Originally Posted by sunilch (Post 5144859)

Only the first point is of your interest but it is a baltent lie. He is only trying to finish his target of getting folks on EMI. The other two are of no use to you even if true. So skip this offer altogether.

Thanks for your responses. I think I made a good decision asking him to give me some time to think. I almost had thought of giving a nod ahead for the offer as I easily get influenced but felt a tinge of suspicion over what he offered.

As the saying goes, sleep on it before making a decision!

Quote:

Originally Posted by SoumenD (Post 5144739)

This card should be there by default in everybody's wallet as its free and you can always control the limit. Yes, if you don't use Amazon at all, it doesnt make sense. But if you do use amazon and uber its a no brainer really. :)

Thanks again!
I applied on the Amazon dot in site and it was so seamless, got the card details quickly and also linked to the internet banking id after an hour!
Limit is pretty high for my usage at 3.5L but I could reduce it from the app/internet banking portal.

I’m really interested in getting a HDFC Regalia card but I don’t have any existing relationship with them. I see in few articles that they are offering LTF on some initial spend but I haven’t figured out how to access this offer. Is there a link or landing page where I can see this offer?

Quote:

Originally Posted by Yieldway17 (Post 5146221)

Easiest way to get LTF card with hdfc is to have an account with them. You can get a card against a FD roughly equal to the starting limit.

Quote:

Originally Posted by NPV (Post 5146171)

That’s a great limit. What was your usual spend pattern before applying for the card?Maybe that contributes to the decision on limit?

I used to use my brother’s prime account all this while for shopping before applying for the card, so my personal account spending was almost nil. I believe that’s the reason I got default 40k limit. lol:

Quote:

Originally Posted by SoumenD (Post 5146300)

That’s a great limit. What was your usual spend pattern before applying for the card?Maybe that contributes to the decision on limit?

My spends on Amazon India are quite small.

I also feel it is needless and unsafe to have a card with huge limits. Good thing now is the control we have to allow/disallow and set various spend limits by transaction type.

On how the card issuers determine Card Limit, you may not have seen this earlier post by @sunilch where he mentioned about the algorithm the banks use to set the card limits.

Quote:

Originally Posted by sunilch (Post 5145244)

It is in interest of ICICI ( or any Bank) to issue you the highest limit. But they do this simply based on a mathematical algorithm that takes into account your current rating (CIBIL), income and your relationship with them.

Quote:

Originally Posted by NPV (Post 5146362)

On how the card issuers determine Card Limit, you may not have seen this earlier post by @sunilch where he mentioned about the algorithm the banks use to set the card limits.

I doubt that they consider cibil score. Mine is 850+ . Infact thanks to the cibil score I had got lower ROI on sbi car loan back in 2019. Anyways no point fretting over it. As someone had suggested earlier, for higher value purchases I can prepay to the card balance and use it to avail the 5% unlimited cashback as and when required :)

Quote:

Originally Posted by SoumenD (Post 5146437)

In the application, they also asked the employer details. Maybe it has some bearing along with CIBIL.

Quote:

Originally Posted by Vysakh (Post 5146573)

How/Why exactly is it unsafe?

In case of card fraud/misuse, smaller limit helps, that's probably just me thinking that way lol:

For my usage patterns, I do not need a large limit, so I'm happy.

Quote:

Originally Posted by NPV (Post 5146629)

In case of card fraud/misuse, smaller limit helps

Both my cards have web/app interface to control the limit myself. I can set 4 limits - POS, ATM, online and NFC, in two regions - India and abroad, on a per transaction or daily basis.

So I don't ever use credit cards in ATMs - that is completely disabled.
Abroad is completely disabled except Online, in one particular card.
NFC is completely disabled except in one card.

Per-transaction limits are just high enough for me to get by most of the time. Daily limits are typically 5-10x per-transaction limits.

And the bank's app is there if I want to disable or increase a limit temporarily.

These configurable limits of course have the upper bound as your credit limit, cash withdrawal limit or RBI limit (in case of NFC).

Quote:

Originally Posted by binand (Post 5146707)

And the bank's app is there if I want to disable or increase a limit temporarily.

These configurable limits of course have the upper bound as your credit limit, cash withdrawal limit or RBI limit (in case of NFC).

Now I think RBI mandates that card issuer provides these configurable options to cardholders.

Yes, I do the same - disable ATM and NFC transactions and even set limits on all transactions types and disable international transactions (can enable if/when needed). Convenience is usually inversely proportional to security :D

Just that I feel I don't need a higher limit for my usage.