Does LTF credit cards have any condition for Mandatory usage atleast Once in a Year ?

[vrp.vijayot]

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 !

 

[tharun]

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.

 

[pikashinchu]

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.

I also didn't know this, Thanks for letting this know.

 

[cardio_guycardio_guy is verified member.]

I 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.

 

[vrp.vijayot]

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.

 

[vrp.vijayot]

I 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.

Good to know this information. Thanks for letting me know

 

[sunit123]

If you are not using the even once in a year then it is better to CLOSE the card.

 

[MOhit __]

Do add on cards deactivate after a year if they are not used?

 

[vrp.vijayot]

If you are not using the even once in a year then it is better to CLOSE the card.

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 =)

thank you for the response !!


thanks !!

 

[vrp.vijayot]

Do add on cards deactivate after a year if they are not used?

+1

Good Question !!! I didnt think of this as well. This is how this forum helps me to gain knowledge on Cards.
Will wait for some experts here to shed some light on this as well.

thanks !

 

[real_name_hidden]

Do 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.

 

[✪ D&C Cards Connoisseur 💳]

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 !

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.

 

[Anshit]

As per RBI guidelines, Banks can close cards which are inactive for a year by providing a 30 days notice, if they don't get a response in 30 days, card will be closed

 

[AarKay]

I haven’t used Standard Chartered Bank Yatra LTF credit card for more than a decade, but they’ve asked me only once if I would like to retain the card. I replied in affirmative, and the card is still active.

 

[Finchamp!]

If you are not using the even once in a year then it is better to CLOSE the card.

@sunit123 What about those holding an Indusind Pinnacle or Indulge solely to maintain a 0 MAB exclusive account, but don't use them as they possess better rewarding cards? Your blanket advice overlooks the fact that people can have strategic reasons too for holding CCs, even if they're not using them actively.

Also, learn to respect a question by responding as accurately as possible, rather than offering unrelated input — you do this far too often. The OP never asked for your, or anyone else's, opinion on whether to close an LTF credit card that hasn't been used in over a year.

As for the query, there are RBI guidelines which empower CC issuing companies to close CCs which remain unused for more than 1 year. However, the CC companies prefer not to use this power, and if compelled to use, they first send out SMSs, alerts etc., as pointed out by @cardio_guy .

 

[vrp.vijayot]

@sunit123 What about those holding an Indusind Pinnacle or Indulge solely to maintain a 0 MAB exclusive account, but don't use them as they possess better rewarding cards? Your blanket advice overlooks the fact that people can have strategic reasons too for holding CCs, even if they're not using them actively.

Also, learn to respect a question by responding as accurately as possible, rather than offering unrelated input — you do this far too often. The OP never asked for your, or anyone else's, opinion on whether to close an LTF credit card that hasn't been used in over a year.

As for the query, there are RBI guidelines which empower CC issuing companies to close CCs which remain unused for more than 1 year. However, the CC companies prefer not to use this power, and if compelled to use, they first send out SMSs, alerts etc., as pointed out by @cardio_guy .

Thank you for the response. Much appreciate it !!

 

[Trust Me]

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.

For years I have been using my Moneyback CC once-a-year only, to keep it active. HDFC never ever warned me about possible closure. Probably they also know that it is too much to expect customers to use it even once-a-year ! 🙂
.

 

[SSV]

I haven’t used Standard Chartered Bank Yatra LTF credit card for more than a decade, but they’ve asked me only once if I would like to retain the card. I replied in affirmative, and the card is still active.

Probablay they kept the above highligheted statements in loop once every year...

 

[Riva]

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 !

HDFC closed my LTF regalia card a few years ago without informing me for non usage. I had not used the card in 6 months. HDFC cc claimed that they sent me SMS and email stating that they were going to close the card if not used, but I did not get any.
So I now swipe at least once in 4 months for low amounts, for cards that I do not use.

 

[SSV]

HDFC closed my LTF regalia card a few years ago without informing me for non usage. I had not used the card in 6 months. HDFC cc claimed that they sent me SMS and email stating that they were going to close the card if not used, but I did not get any.
So I now swipe at least once in 4 months for low amounts, for cards that I do not use.

Good idea...

I think buying a Rs 10 GV in Amazon once in a quarter is a simple strategy to keep the card active , in my view....