[UMe]

Hi BHPians,
I am holding Yes Bank first preferred Credit Card. I noticed that the bank has drastically reduced the credit limit on my card, despite of paying on time and having a SB account with them.
I am not really sure if it is to do with bank's internal issues. Has anybody faced such down grade of credit limit? I hope it should not affect my credit rating.

[libranof1987]

Originally Posted by UMe

I am not really sure if it is to do with bank's internal issues. Has anybody faced such down grade of credit limit? I hope it should not affect my credit rating.

Several people have noticed their credit line reduced during the lockdown (regardless of proper payment history); banks have done so, perhaps to reduce exposure (in case people default). I'd imagine it'll affect your credit score only if your credit utilization % is really high. % utilization has a low impact on the score, so I don't think there's a lot to worry. If you're within touching distance of the reduced limit, you can ask the bank to increase it / get a new credit card so your % utilization reduces.

[Oxy]

Originally Posted by UMe

Hi BHPians,
I am holding Yes Bank first preferred Credit Card. I noticed that the bank has drastically reduced the credit limit on my card, despite of paying on time and having a SB account with them.
I am not really sure if it is to do with bank's internal issues. Has anybody faced such down grade of credit limit? I hope it should not affect my credit rating.

Has to be because of the bank's issues, because HDFC offered me a credit limit increase a couple of days ago.

[Fx14]

Originally Posted by UMe

Hi BHPians,
I am holding Yes Bank first preferred Credit Card. I noticed that the bank has drastically reduced the credit limit on my card, despite of paying on time and having a SB account with them.
I am not really sure if it is to do with bank's internal issues. Has anybody faced such down grade of credit limit? I hope it should not affect my credit rating.

Did you not receive any advance intimation with respect to this reduction with the reason?

IIRC such changes require at least 30 days advance notice. If not provided, check with your BM / RM on the reason.

Just imagine the possibilities due to decline of transactions without prior intimation.

[UMe]

Originally Posted by Fx14

Did you not receive any advance intimation with respect to this reduction with the reason?

I did not receive any prior information and no valid reasons were provided by the customer support executive. They mentioned that as per the credit card policy/agreement the credit limit can be reduced without prior intimation (I really don't remember the terms & conditions during signing up with them. Let me see if I can get any information on such conditions)

Originally Posted by Fx14

IIRC such changes require at least 30 days advance notice. If not provided, check with your BM / RM on the reason.

Thanks. I have written to the relationship manager for the reason.

Originally Posted by Fx14

Just imagine the possibilities due to decline of transactions without prior intimation.

Although credit card usage has been used less for the last couple of months as I have been using other contactless payments too, like UPI.
This is indeed a reason why bank should have given a prior intimation.

[whitewing]

Stumbled on this offer from American Express. 1 year membership of Calm Premium + 50% off subsequent year.
Note: Offer is available only vis the following landing page. https://www.calm.com/americanexpressglobal

Source:https://livefromalounge.com/amex-calm-app

[abhi3284]

Originally Posted by whitewing

Stumbled on this offer from American Express. 1 year membership of Calm Premium + 50% off subsequent year.
Note: Offer is available only vis the following landing page. https://www.calm.com/americanexpressglobal

Source:https://livefromalounge.com/amex-calm-app

Thanks for sharing this. Just registered successfully using my Amex MRCC.

[AMG1]

Hello Dear Bhians,

I am currently based out of Chennai & I am in the lookout for a credit card that has the best Airport Lounge Access both- dometic and international benefits.

I am being offered the AMEX Platinum Reserve but its high joining fees of Rs.5,000 plus taxes, Rs. 10,000 plus taxes annual fee and the restriction on lounge benefits for the add-on card is putting me off.

Request all for their highly-valued suggestions on the best Credit Card options for myself.

[motorworks]

I closed my CRED account yesterday. Two reasons, I had been using two credit cards for many years now, one Amex and the other was a Citibank Indian oil card. I closed the Citibank card since the limit was very low and it made no sense to have two cards, the only issue is the acceptability of Amex in many outlets, but I guess I will have to use debit card wherever thats an issue. So with just having one card and also targeting to keep monthly spends under check, it made no sense to keep one more account like CRED. And the so called rewards or offers in CRED are quite useless if you ask me. Most products are unknown and command a premium, it did not seem like I would ever use any of these products or services.

[FURY_44]

Originally Posted by motorworks

And the so called rewards or offers in CRED are quite useless if you ask me. Most products are unknown and command a premium, it did not seem like I would ever use any of these products or services.

Exactly, CRED was launched with huge fan fare by being the only non banking app to pay your credit card bills and in turn providing you with cash back and redeemable rewards,GREAT IDEA!. Almost a year and a half since use, I have been receiving a maximum amount of 7-8 Rs per bill payment, I don't know if it varies on the bill amount and the rewards seems like they are just for the HNI individuals, which makes no sense to me at all.

I am just there for the UX

[dmplog]

Originally Posted by motorworks

I closed my CRED account yesterday.

Do you mind sharing what is the process to close the CRED Account? And does it guarantee deletion of data from their servers?

Originally Posted by motorworks

And the so called rewards or offers in CRED are quite useless if you ask me. Most products are unknown and command a premium, it did not seem like I would ever use any of these products or services.

+1
And cashbacks are far and few in between. Time to reduce!

[tejas08]

Originally Posted by AMG1

Hello Dear Bhians,

I am currently based out of Chennai & I am in the lookout for a credit card that has the best Airport Lounge Access both- dometic and international benefits.

I am being offered the AMEX Platinum Reserve but its high joining fees of Rs.5,000 plus taxes, Rs. 10,000 plus taxes annual fee and the restriction on lounge benefits for the add-on card is putting me off.

Request all for their highly-valued suggestions on the best Credit Card options for myself.

HDFC Infinia
HDFC DCB
Standard Chartered Ultimate
Yes First Exclusive

Some of the few cards which have unlimited lounge access.

[motorworks]

Originally Posted by dmplog

Do you mind sharing what is the process to close the CRED Account? And does it guarantee deletion of data from their servers?





+1

And cashbacks are far and few in between. Time to reduce!

I reached out to their customer care thru a chat link from the app and asked them to close the account.

Apparently the credit card info does not get deleted, and rather stays in their records, they claim its safe and encrypted, but you never know!

I think the whole value proposition of CRED was its so called exclusivity and nothing else. Product offerings are pathetic to say the least! I mean you have customers whom CRED supposedly approves basis credit ratings and then you offer them some coffee powder and nuts? And that too at a premium? The whole CRED cash back on these products is a pure eyewash, you can easily see thru the value!

[AMG1]

Originally Posted by tejas08

HDFC Infinia
HDFC DCB
Standard Chartered Ultimate
Yes First Exclusive

Some of the few cards which have unlimited lounge access.

Thank You Tejas. I will go through these cards.

[AZT]

Originally Posted by motorworks

And the so called rewards or offers in CRED are quite useless if you ask me. Most products are unknown and command a premium, it did not seem like I would ever use any of these products or services.

Yes the reward points seem worthless now, small cash backs are the only reason to still keep this app.