[VaibhaoT]

Originally Posted by dass

Is there any real disadvantage of having multiple credit cards, especially if they are free for life?, apart from the hassle of keeping a track of them?

No disadvantage as long as you are able to manage the timely payments.

Only concern might be if you go for big borrowing like home loans. As per best of my understanding, banks will look at how much credit you have already been given by others which includes your credit card. One of my friend was suggested to close higher credit limit credit card by SBI before sanctioning home loan. If your cumulative credit limit is higher owing to multiple credit cards then can it cause the problem if your loan amount is higher?

Also CIBIL has column for number of accounts with tag as "impact: low". Not sure how does it impact though.

[SilentEngine]

Any idea on when Citi cards/accounts will be converted to Axis? I hold couple of Citi cards (Rewards and Premier Miles), these go back to 2003, so haven’t closed them.
Axis Atlas is in my radar but don’t want to apply because logically Premier Miles should get converted to Atlas.

Originally Posted by tejas08

Let me add some positivity towards Credit Card usages. Needed from time to time.

+1

I have a trip lined up, all thanks to Axis Magnus (200k+ points since getting the card in Feb).

[Sheel]

I purchased some jewellery from my HDFC business card. The jewellery store (Tanishq) could not convert it into EMI. My relationship manager visited me today with a subordinate (for some other work) and said, jewellery gets billed instantly and bill is generated, hence you can not convert it into EMI’s. It was a small ticket purchase so it isn’t much of a trouble, but if I am buying something expensive, then…?

[s4ch]

Originally Posted by tejas08

Let me add some positivity towards Credit Card usages. Needed from time to time.

If you can move your focus from Instant Gratification (A transaction level reward Rate) to delayed gratification (Accumulation of Reward Points and effective utilization), the impact / reward rate can be unbelievable.

Thanks, getting into the game and already agree with this.

I missed the Axis Magnus bandwagon, but as they are my primary bank, looking to get in on the points game as much as possible with them. Particularly looking at airmiles and Bonvoy points.

Out of their current offerings, what would you recommend? I have about 10L in spends a year. Thinking of Atlas but not sure if it is worth the 5k annual fee?

Also is the Samsung Infinite worth it solely for the welcome bonus of 30,000 edge reward points when paying 5k annual fees?

Many thanks.

[batish]

I had applied for SBI Cashback card yesterday. Did KYC through digilocker. It got approved then and there. Received confirmation, saying card application has been approved and I would receive the card in 2-5 days.

Although I did not receive the virtual card as many members have here received before getting the plastic one.

Today, a person came in for "address verification". He took photos of my home - after coming INSIDE. I was under the impression he would take the photo where address is mentioned but nope. Just started wandering with camera on and taking pictures.

P.S: I tried contacting their helpline to clarify but failed miserably. Cannot get past IVR to any customer care representative. Calling up the branch he mentioned was futile. No response.

Is this how SBI's verification works, even after DigiLocker KYC?

Is this normal?

[rajesh1868]

Originally Posted by batish

Is this how SBI's verification works, even after DigiLocker KYC?

Is this normal?

That sounds weird. In my case post Digilocker verification I got the virtual card and after a few days the physical one. No manual visit from anyone

[montsa007]

Originally Posted by Fx14

If this was one of the major sore points, you should have tried asking for conversion to LTF. They do offer the card LTF some times.

They don't, tried once since they charged 50% of AMC, as I met the spend quota halfway, but they used some marketing tactics, scripts, glorious speech to show how valuable they are, how much they support my association, how they will not offer me LTF option at any cost

[Night Raven]

Originally Posted by batish

I had applied for SBI Cashback card yesterday.

Today, a person came in for "address verification". He took photos of my home - after coming INSIDE. I was under the impression he would take the photo where address is mentioned but nope. Just started wandering with camera on and taking pictures.

Is this how SBI's verification works, even after DigiLocker KYC?

Is this normal?

Something similar happened to both me and my wife when we applied for our SBI octane. I don’t remember him coming inside and taking pictures, but surely a person came and took pictures of the house and went. May be that happens if you don’t have an existing relationship with the bank?

[NG_EV]

Originally Posted by batish

Today, a person came in for "address verification". He took photos of my home - after coming INSIDE. I was under the impression he would take the photo where address is mentioned but nope. Just started wandering with camera on and taking pictures.

Usually such pictures are for valuation of the house. They measure floor area using pictures. It has been done at my house(rented accommodation) twice.

[heydj]

Originally Posted by Sheel

I purchased some jewellery from my HDFC business card. The jewellery store (Tanishq) could not convert it into EMI. My relationship manager visited me today with a subordinate (for some other work) and said, jewellery gets billed instantly and bill is generated, hence you can not convert it into EMI’s. It was a small ticket purchase so it isn’t much of a trouble, but if I am buying something expensive, then…?

In HDFC net banking under cards while viewing billed payments there is usually a option to convert into EMI.

Also while billing on credit card machines before putting pin there is a option bill fully or convert into emi. Usually store people are not aware of this or forget to tell.

[batish]

Originally Posted by NG_EV

Usually such pictures are for valuation of the house. They measure floor area using pictures. It has been done at my house(rented accommodation) twice.

Thank you Sir! This makes a lot of sense now. Appreciate your post.

Originally Posted by Night Raven

I don’t remember him coming inside and taking pictures, but surely a person came and took pictures of the house and went. May be that happens if you don’t have an existing relationship with the bank?

Yes, this is normal if KYC is done offline. For online applications through Digilocker, there is no such requirement now.

Originally Posted by rajesh1868

That sounds weird. In my case post Digilocker verification I got the virtual card and after a few days the physical one. No manual visit from anyone

Same here sir! I guess the person who came did not know why he was here, but knew from where he had come which created confusion. Even I received the card today. Had applied the day before yesterday.

[Night Raven]

Has the HDFC regalia undergone any devaluation? Recently at Chandigarh airport my wife was told lounge access is only for regalia gold and not available for business regalia. We have never used or cared about this lounge access feature but she just wanted to check it out since she was travelling alone. Anyone has any similar experience?

[libranof1987]

Originally Posted by Night Raven

Has the HDFC regalia undergone any devaluation?

Not just Regalia but a whole lot of cards; lounge eligibility has been significantly trimmed over the past few months.

[samitjain]

I also joined credit card bandwagon few years back.
Have the following cards

1. Axis Magnus
2. Hdfc Infinia
3. Kotak White
4. HSBC premier
5. SBI vistara elite
6. Icici Amazon pay


Would want to add another one as I want to avoid using one credit card for more than 10 Lacs.

All credit cards belonging to a Bank have to report it to Income tax if usage crosses 10 lacs.

Want to avoid such hassles, you never know how credit card usage is interpreted by income tax people.

[avira_tk]

Originally Posted by samitjain

I also joined credit card bandwagon few years back.
Have the following cards

1. Axis Magnus
2. Hdfc Infinia
3. Kotak White
4. HSBC premier
5. SBI vistara elite
6. Icici Amazon pay


Would want to add another one as I want to avoid using one credit card for more than 10 Lacs.

All credit cards belonging to a Bank have to report it to Income tax if usage crosses 10 lacs.

Want to avoid such hassles, you never know how credit card usage is interpreted by income tax people.

The report is for those cases where repayment in cash is also involved, if you're spending on a credit card it's
linked to your pan card now.

Basically you'll not be under the scanner if you use a credit card because all the transactions can be traced. The repayment is what gets flagged.