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I also didn't know this, Thanks for letting this know.You will have to use your credit card atleast once a year not just LTF but any credit card or it it grounds your credit card company to just close the account with rbi rules.
Noted!! Thanks for your response.You will have to use your credit card atleast once a year not just LTF but any credit card or it it grounds your credit card company to just close the account with rbi rules.
Good to know this information. Thanks for letting me knowI think there is nothing mandatory as such, but card companies and banks do time to time cheks and take necessary measures.
Sometimes they will send you SMS requesting you to use it, sometimes they reduce the credit limit, sometimes they close/bolck/deactivate it.
If you are not using, better turn off all transactions through the app. Very rarely banks close the entire card, but that is also possible/doable.
Agreed. There are 3 to 4 cards which are LTF & used only for offers occasionally. Will not be using it often and incase they are not used or forgotten, wish to know what exactly will happen to them in those case. Just gaining knowledge on LTF cards usage and rules. thats all =)If you are not using the even once in a year then it is better to CLOSE the card.
+1Do add on cards deactivate after a year if they are not used?
I got a mail from idfc to provide consent to keep the add on card active. Probably hadn't used add on for a year.Do add on cards deactivate after a year if they are not used?
Yes you have to use your CC be it LTF or paid, atleast once in a year for any amount, if not the bank has the right to close your CC. This is not a rule by banks but a circular from the RBI. And in few banks like HDFC, who goes above RBI guideline, mandates a customer to use CC atleast once in 6 month to avoid closure.HI TF Community,
Wish to know if there are any specific Mandatory Usage for all LTF card (any bank) atleast once a year(like once atleast in 365days) ?
or Any specific conditions for swiping, to stop LTF cards getting Deactivated or closed etc ?
Kindly share your valuable thoughts.
Thanks !