Since your utilization of the cards are low, you don't need any premium cards. Premium cards offer better rewards, in lieu of the card fees. But that also comes with the caveat that you spend a certain amount with that card.
So stick to low key cards, where most of your spending will be. But that doesn't mean you should always go for LTFs and reject the paid ones, in contrast to the popular belief. Having multiple cards, for the sake of a meagre amount of Cashback will either be too effortful or you will be inclined to spend too much to gain rewards.
Every time you apply for a card, whether you are accepted or rejected, your CIBIL will take a hit. You are new to CC but not new to money, so don't jump in all at once. Take a card or two, and see how it goes. With time, you will get card savvy, and earn more money, and maybe spend more. Then you take more (better) cards. Don't take cards just cos somebody else has got it. Start building on your strengths.
With your salary you can get HDFC's DCB. Why do you keep applying for mediocre cards? Consolidate your expenses and use one primary card with maximum rewards.
Yes, you can have DCB without having an account. Benefits and rewards, you'll find online.
But it won't be LTF. Max you may get it as FYF. See if your spends are high enough to get the max benefit out of it.
If you have too many enquiries right now, refrain from applying for new cards for at least a few months. Take a look at all the cards you have and re-structure them depending on which card do you actually need. I've been using credit cards for 12+ years and never held more than 3 cards. It's too much of a headache trying to optimize using all of them.
Agree with the part that too many cards will be difficult to manage. I will give it a shot for few months and then will see if I need any more cards. Thanks.
Since you never held a credit card before. Did you have any other loans in the past apart from home loan.
Wondering what interest rate did you get on your home loan
Dude, I am yet to get it. ICICI is pathetic. I applied under ALumni scheme. They called me - completed procedure including Video KYC but there is no details provided further. Tried to track my application via i-Mobile app and website, but it shows - Wrong data. I am already fed up :(
During call, when I was confirming about LTF status, the lady informed me that I will get two cards - MC + Amex and both will be LTF.
Do you have this card? In how many days after your VKYC, you got confirmation about it?
Is card worth its apart from Book My show offer?
Same here. I have my convocation mid March. So, I'll apply once I get my degree. I have heard once KYC is done you'll get confirmation within a week and your card will be dispatched. The procedure is very shady, like you won't get any status update or notification of the process.
Yeah.. there is no transparency. From where did you get to know timelines? For Seniors? These stupid guys call for loans and FDs, but dont help when needed. I guess all banks are more or less same.
Since your utilization of the cards are low, you don't need any premium cards. Premium cards offer better rewards, in lieu of the card fees. But that also comes with the caveat that you spend a certain amount with that card. So stick to low key cards, where most of your spending will be. But that doesn't mean you should always go for LTFs and reject the paid ones, in contrast to the popular belief. Having multiple cards, for the sake of a meagre amount of Cashback will either be too effortful or you will be inclined to spend too much to gain rewards. Every time you apply for a card, whether you are accepted or rejected, your CIBIL will take a hit. You are new to CC but not new to money, so don't jump in all at once. Take a card or two, and see how it goes. With time, you will get card savvy, and earn more money, and maybe spend more. Then you take more (better) cards. Don't take cards just cos somebody else has got it. Start building on your strengths.
Thanks for great suggestions and articulate response. Highly appreciated!!
For annual income of 40Lakhs, rather get a premium card instead of these mid segment cards.
Can you recommend one?
Axis magnus or HDFC Infinia
>Axis magnus Atlas is better than Magnus.
IDFC wealth, HDFC Infinia, HDFC DCB, Axis Magnus/Atlas.
With your salary you can get HDFC's DCB. Why do you keep applying for mediocre cards? Consolidate your expenses and use one primary card with maximum rewards.
Thanks for your reply. What are the key benefits for HDFC DCB? Will HDFC give it to me directly? I dont have account with HDFC.
Yes, you can have DCB without having an account. Benefits and rewards, you'll find online. But it won't be LTF. Max you may get it as FYF. See if your spends are high enough to get the max benefit out of it.
Thanks for your suggestion. Regarding second question - SHould I apply for Aairtel card or wait few months?
If you have too many enquiries right now, refrain from applying for new cards for at least a few months. Take a look at all the cards you have and re-structure them depending on which card do you actually need. I've been using credit cards for 12+ years and never held more than 3 cards. It's too much of a headache trying to optimize using all of them.
Agree with the part that too many cards will be difficult to manage. I will give it a shot for few months and then will see if I need any more cards. Thanks.
Get idfc wealth. It's LTF. Great card
What are its key benefits?
https://www.cardexpert.in/idfc-wealth-credit-card-review/
Since you never held a credit card before. Did you have any other loans in the past apart from home loan. Wondering what interest rate did you get on your home loan
This is my first loan. Just one CC, rarely used. I got loan at 8.5%, for maxgain account. No spread on top of normal interest rate.
Your existing CC helped you. 8.5% is currently among the lowest in the market.
Which variant of ICICI Sapphiro did you get under alumni offer? Is it VISA or MC + AMEX?
Dude, I am yet to get it. ICICI is pathetic. I applied under ALumni scheme. They called me - completed procedure including Video KYC but there is no details provided further. Tried to track my application via i-Mobile app and website, but it shows - Wrong data. I am already fed up :( During call, when I was confirming about LTF status, the lady informed me that I will get two cards - MC + Amex and both will be LTF. Do you have this card? In how many days after your VKYC, you got confirmation about it? Is card worth its apart from Book My show offer?
Same here. I have my convocation mid March. So, I'll apply once I get my degree. I have heard once KYC is done you'll get confirmation within a week and your card will be dispatched. The procedure is very shady, like you won't get any status update or notification of the process.
Yeah.. there is no transparency. From where did you get to know timelines? For Seniors? These stupid guys call for loans and FDs, but dont help when needed. I guess all banks are more or less same.