About Card to card application

[Karthik:]

Can anyone explain about this card to card credit card application ? Is the card issued by the new provider is in place of our existing credit card ? Do we need to close the precious credit card ? And what are the existing credit limits required, to qualify for the right credit card varient of all top CC issuers viz HDFC, SBI, ICICI, Axis etc i.e existing credit limit required against each credit card issued by them ?
Like for eg if a person has ICICI credit card with credit limit of Rs.2.5 Lacs, what are all the credit cards he is eligible (Bank wise) and is this existing card closed in the process ?

 

[pandeyji]

This might help

 

[Karthik:]

This might help

Thanks. I didn't know we have a video for this. I got basic idea. What happens to existing card ? Is it closed automatically or do we need to close or can we continue to hold ? Also want to know the card eligibility across all major banks based on credit limit.

 

[pandeyji]

I might be wrong but I'll take a shot at it. So your existing credit card is independent of your new credit card. When you apply for a credit card, you need to show the bank that you are "worthy". Generally your salary slips or ITR is used, sometimes they use your NRV with them to check. In c2c case, they use your existing credit card as basis for your credit appetite. Your new card's fee, credit limit and approval of application etc, would depend on existing credit card, time for which you are holding it and it's credit limit etc. You existing card is totally unaware of the process, hence nothing changes there.

 

[Karthik:]

Eligibility varies. Generally card needs to be atleast 6-12 months old. There are exceptions.

Existing card remains as is.

So one can easily double their credit limit by applying an another Card in this method ? No strings attached ?

 

[TheTrickySid]

So one can easily double their credit limit by applying an another Card in this method ? No strings attached ?

Nope
The limit you get on your new card will be less than or equal to the limit of the card you used for C2C.

 

[Karthik:]

Nope
The limit you get on your new card will be less than or equal to the limit of the card you used for C2C.

Yeah. What I mean is, our existing card is not closed right ? So we have 2 credit cards with same limit. Our total credit limit doubles.

 

[arjun]

That's mostly true but not always true.

Recently a sbi card guy came into my contact and told that if you apply with your hdfc money back which has 80k limi than you have chances of getting as much as 120k limit on one their card I forgot the name he told