Downgrade a card based on spent is something not done...
Yes they can convert LTF to paid during renewals.. but even that will be unethical
lounge /Golf access might be linked to spent but monthly 1.5L is steep ask for a card with yearly fee waiver at around 8-10L.
So they
So they pay you in exchange of
1. Phone number
2. Addresses
3. Details of my purchase
Plus possibility of loosing account (password reset mails etc will also go to their email...who knows how much secure and who all can see those details going forward)
Read credit card terms and condition...
Mostly if you have booked air tickets it automatically covers air insurance and baggage loss etc (depends on card to card )
One can always cancel the card ..
I applied for this card on day 1 of launch and recently closed (after last devaluation it didn't fit well into my pocket ).