Scapia drastically reducing credit limit.

[abhi-t]

Scapia card is reducing limit. Mine got reduced from from 10L to 1.4L. Others also reported the same.

 

[thecard]

4 Lakh to 1 Lakh ( Only 2 Months old card) -
Yet to appear on CIBIL, was thinking Niyo Global close after getting such a good Limit, but now I will not

 

[Walter White]

Now new applications are stopped. App is in glitch mode. Imagine those abroad trying to use this card.

Kya hoga us bechare ka jo Bangkok me massage kara rha hoga aur Scapia dhoka de diya hoga? 😝

 

[vega]

Kya hoga us bechare ka jo Bangkok me massage kara rha hoga aur Scapia dhoka de diya hoga? 😝

Jo kra liya, ab o Thai Massage dega.

 

[RAMESH BABU N]

Before - zero
Now - zero

Saw this thread a week back. Just a few minutes earlier than my plan to apply for Scapia. Escaped just in time.

Main stream Bank CCs are any day better n dependable in a foriegn land.

 

[sahildca]

I have axis with 10L, Citi with 16L and hdfc 7L. Why should I reapply from this useless bank? I had applied only for zero forex since I travel. Meaning less now!

don't worry bro ye 0% forex v hata denge scapia se bina inform kie kuch months me jab log use karne lagenge tab.

Ye ninja technique hai new user ko on boarding karne ka. (0% forex, Unlimited lounge, highest credit limit from Cibil)

1. highest credit limit --> lowest credit limit
2. 0% forex --> 1-3% forex (upcoming months)
3. Unlimited lounge --> Limited lounge access or spend criteria will increase from 5k (in future)

yahaan icici aur v bank lounge access limit kar rahe ya spend criteria increase kar rahe, iss dukh ke time me scapia offer lekar aaya unlimited lounge
(scapia be like: pahle hum aapko laalach dekar card chipkaayenge phir apna saara USP and features modify karke aapke expectations aur G douno pe laat maarenge)

 

[COmM4nDer]

Kya hoga us bechare ka jo Bangkok me massage kara rha hoga aur Scapia dhoka de diya hoga? 😝

Your transaction is declined. 😰

Scapia Card Owner- Let me check I had 2lkh INR limit. New limit 2k INR.

🤣🤣🤣🤣

 

[sahildca]

Kya hoga us bechare ka jo Bangkok me massage kara rha hoga aur Scapia dhoka de diya hoga? 😝

pahle unko (inke piya) ne dhoka dia
tou Bangkok gaye massage lene (Scapia) ke saath aur ab ye Scapia v dhoka de gayi

 

[anotheruser]

People are crying over something that is not feasible.

If the creditor has given you the limit in lakhs, and your utilization is not even in thousands, then why cry?

The credit must translate into revenue for the lender, but these people were keeping it as a treasure 😀, just for viewing.😜

Baat wahi hai ki, ek bandook hai, par chalti nahi, kyun, kyunki chalane aati nahi, to liya kyun?

Thats one way to look at it.
what if someone is planning international trip in upcoming months? This card itself has been promoted as travel card, doesn't seem to have features for "daily driver".
Not everyone would had travel internationally immediately after getting this card.
Mine limit is also reduced but still decent(relative) -> 1.4L and thats ok for me but for people who have received limit of 20K wont be even able to use this card now.
To increase limit, you need to spend on this card and to be able to spend you need to have some limit.
They gave atrociously high limits to everyone and now have reduced like anything for a lot.
Atleast the folks who got card in last 2 months around should had been given more window, which doesnt seem to be case from social media

 

[vega]

Before - zero
Now - zero

Saw this thread a week back. Just a few minutes earlier than my plan to apply for Scapia. Escaped just in time.

Main stream Bank CCs are any day better n dependable in a foriegn land.

The worst notion these so-called neo-banks are having is that they can disrupt traditional banking.
They are not ready to accept yet that they are breathing only on the investor's money.

 

[vega]

don't worry bro ye 0% forex v hata denge scapia se bina inform kie kuch months me jab log use karne lagenge tab.

Ye ninja technique hai new user ko on boarding karne ka. (0% forex, Unlimited lounge, highest credit limit from Cibil)

1. highest credit limit --> lowest credit limit
2. 0% forex --> 1-3% forex (upcoming months)
3. Unlimited lounge --> Limited lounge access or spend criteria will increase from 5k (in future)

yahaan icici aur v bank lounge access limit kar rahe ya spend criteria increase kar rahe, iss dukh ke time me scapia offer lekar aaya unlimited lounge
(scapia be like: pahle hum aapko laalach dekar card chipkaayenge phir apna saara USP and features modify karke aapke expectations aur G douno pe laat maarenge)

Bingo, when the investor's money is gone.

 

[vega]

Thats one way to look at it.
what if someone is planning international trip in upcoming months? This card itself has been promoted as travel card, doesn't seem to have features for "daily driver".
Not everyone would had travel internationally immediately after getting this card.
Mine limit is also reduced but still decent(relative) -> 1.4L and thats ok for me but for people who have received limit of 20K wont be even able to use this card now.
To increase limit, you need to spend on this card and to be able to spend you need to have some limit.
They gave atrociously high limits to everyone and now have reduced like anything for a lot.
Atleast the folks who got card in last 2 months around should had been given more window, which doesnt seem to be case from social media

The sanctioned limit should correspond to one's credit profile. If it is inflated, it is worrisome, even for the lender.

And, I have sympathy for those, who deserve, but not for them, who just like to flaunt.

And, I believe the traditional banks would not easily sanction that much credit limit. Tell me were you given a credit limit like 10 lakh from any bank, just in one go?

Scapia gave everyone a high limit believing them to be travelers, but most of them turned out to be otherwise.
Moreover, there are the RBI guidelines at play.

 

[VicksJ]

The sanctioned limit should correspond to one's credit profile. If it is inflated, it is worrisome, even for the lender.

And, I have sympathy for those, who deserve, but not for them, who just like to flaunt.

And, I believe the traditional banks would not easily sanction that much credit limit. Tell me were you given a credit limit like 10 lakh from any bank, just in one go?

I got from idfc first

 

[Sahilhenzy]

What? Ye toh suna tha ki bank pe Paisa rakhne se bank usko loan pe other customer ko de deti hai.

Ye bhi suna tha ki investor paise start-up pe lagate hai for app development,and other spending.

Ye pahli bar suna hai ki investor ka Paisa ko credit card mein bharke diya jhaa raha hai? Ye kaise possible hai? Ye toh BNPL wali baat ho gayi na? Card pe paise NBFC load karti hai ab ulta ho gaya kya? Ab investor card pe Paisa load karke de raha hai kya?

 

[vega]

I got from idfc first

Agreed, just on a CIBIL basis like Scapia?

 

[vega]

What? Ye toh suna tha ki bank pe Paisa rakhne se bank usko loan pe other customer ko de deti hai.

Ye bhi suna tha ki investor paise start-up pe lagate hai for app development,and other spending.

Ye pahli bar suna hai ki investor ka Paisa ko credit card mein bharke diya jhaa raha hai? Ye kaise possible hai? Ye toh BNPL wali baat ho gayi na? Card pe paise NBFC load karti hai ab ulta ho gaya kya? Ab investor card pe Paisa load karke de raha hai kya?

Investor's money doesn't go in a credit line. They are spent on customer acquisition in the form of cashback, rewards, etc.

 

[anotheruser]

The sanctioned limit should correspond to one's credit profile. If it is inflated, it is worrisome, even for the lender"

This is Scapia's fault only. They gave such high limits themselves. I did not ask them, nor was it C2C.They marketed as limited access type card which needs high cibil score and stringent checks. They themselves inflated my (and others) credit profile.
Even if people took advantage of high limit, its again on Scapia only.

And, I have sympathy for those, who deserve, but not for them, who just like to flaunt.

Totally agree! Thats my only concern.

 

[vega]

This is Scapia's fault only. They gave such high limits themselves. I did not ask them, nor was it C2C.They marketed as limited access type card which needs high cibil score and stringent checks. They themselves inflated my (and others) credit profile.
Even if people took advantage of high limit, its again on Scapia only.

Totally agree! Thats my only concern.

First, they gave inflated limits without due diligence, then reported credit as a personal loan, and now this.

Basically, they f everyone.

It's a good lesson: to stay away from these neo-banks.

 

[VicksJ]

Agreed, just on a CIBIL basis like Scapia?

It's was pre-approved

 

[Deleted member 21942]

According to Moneycontrol article:

"The credit card startup has received notification from its banking partner Federal Bank to bring down the credit limits by up to 70-80% for inactive users or users who have made infrequent transactions. Maybe around 150-200 users so far might have gotten impacted due to the move and this is done only for users who have not even touched their cards or used at least 10% of the limit," A source close to the development said.

Travel credit card startup Scapia faces user backlash for reducing credit limits

Scapia's banking partner Federal Bank has ordered the firm to reduce credit limits for inactive users.

www.moneycontrol.com

 

[RAMESH BABU N]

First, they gave inflated limits without due diligence, then reported credit as a personal loan, and now this.

Basically, they f everyone.

It's a good lesson: to stay away from these neo-banks.

As I was repeatedly mentioning in TF forum - in various threads - non-bankers are running these operations with ZERO knowledge of these banking products n operations. BTech n MBAs - however good they may be - can never replace true-bankers. More so, in banking product design, operations and compliance.

More than a dozen fintech card issuing firms have launched their products - CCs n Loans n Deposits - without much understanding.

Already some are on the verge of extinction. By mid-2024, I expect many more will be vanishing.