How to Convert secured to unsecured Credit Card Kotak Bank

[ank_sh1]

Hello there,
I have a secure credit card from Kotak Bank. I had done an FD of 20k initially and got a credit limit of 16k. It was my first credit card. I have utilised the card in a very decent way, with no delayed payment, and never utilised > 30%.

The bank increased my credit limit twice, once from 16k to 48k and the second from 48k to 110k. I have requested them multiple times requesting to upgrade the credit card & to convert the Secured to an Unsecured Credit card. Every time I receive the same generic response of not possible. I have other unsecured credit cards with some decent limits of 3.5L & 3L. They are asking me to close my current card and reapply again, and I don't want to do it, as it will close my oldest credit account which will impact my credit score and also hit Cibil when I apply for the card again.

Anyone who has successfully convinced Kotak to convert their existing Secured to Unsecured, please help me here with how you did it and how to convince them.

Regards,
Ankit

 

[shrewdoc]

I doubt secured cards get limit increase. Did you check your CIBIL if it's reported as Secured or Unsecured?

Also, try mailing the PNO regarding this as well.

 

[Strange]

Hello there,
I have a secure credit card from Kotak Bank. I had done an FD of 20k initially and got a credit limit of 16k. It was my first credit card. I have utilised the card in a very decent way, with no delayed payment, and never utilised > 30%.

The bank increased my credit limit twice, once from 16k to 48k and the second from 48k to 110k. I have requested them multiple times requesting to upgrade the credit card & to convert the Secured to an Unsecured Credit card. Every time I receive the same generic response of not possible. I have other unsecured credit cards with some decent limits of 3.5L & 3L. They are asking me to close my current card and reapply again, and I don't want to do it, as it will close my oldest credit account which will impact my credit score and also hit Cibil when I apply for the card again.

Anyone who has successfully convinced Kotak to convert their existing Secured to Unsecured, please help me here with how you did it and how to convince them.

Regards,
Ankit

You should add "How to" in this thread title.

 

[D₹V]

You can apply 2nd Kotak card & limit will be shared.

Then close this existing card.

 

[akshayhs]

Then close this existing card.

I don't want to do it, as it will close my oldest credit account which will impact my credit score and also hit Cibil when I apply for the card again.

Just apply for the 2nd card and leave it.

 

[D₹V]

Just apply for the 2nd card and leave it.

Applying 2nd card in Kotak doesn't make CIBIL hit.

Only Experian will be hit.

 

[ank_sh1]

I doubt secured cards get limit increase. Did you check your CIBIL if it's reported as Secured or Unsecured?

Also, try mailing the PNO regarding this as well.

Its a secured credit card. It is shown in Cibil & my FD is also in lein

 

[ank_sh1]

Applying 2nd card in Kotak doesn't make CIBIL hit.

Only Experian will be hit.

Tried this, for some reason they rejected it. I asked them why it was rejected on customer care. They said to close the secured and apply again.

 

[ank_sh1]

Applying 2nd card in Kotak doesn't make CIBIL hit.

Only Experian will be hit.

When I applied, it was just rejected. None of the credit bureau was hit

 

[D₹V]

When I applied, it was just rejected. None of the credit bureau was hit

Then closing & applying new is only option

 

[golu]

I am also in the same boat.
I also got 3 times limit increase on my fd based dream different card from kotak. I tried even emailing pno and done everything I could but they are not allowing this.

 

[unusedbrain1]

Hello there,
I have a secure credit card from Kotak Bank. I had done an FD of 20k initially and got a credit limit of 16k. It was my first credit card. I have utilised the card in a very decent way, with no delayed payment, and never utilised > 30%.

The bank increased my credit limit twice, once from 16k to 48k and the second from 48k to 110k. I have requested them multiple times requesting to upgrade the credit card & to convert the Secured to an Unsecured Credit card. Every time I receive the same generic response of not possible. I have other unsecured credit cards with some decent limits of 3.5L & 3L. They are asking me to close my current card and reapply again, and I don't want to do it, as it will close my oldest credit account which will impact my credit score and also hit Cibil when I apply for the card again.

Anyone who has successfully convinced Kotak to convert their existing Secured to Unsecured, please help me here with how you did it and how to convince them.

Regards,
Ankit

How many month it took you to get limit enhancement ?

 

[NShah]

How many month it took you to get limit enhancement ?

3 months something not fix

 

[ank_sh1]

How many month it took you to get limit enhancement ?

The first limit increase was after 1.5 years of opening a credit card account, second was 7 months after the first limit increase. And right now, been 8-9 months but no limit increase.

 

[jetesh]

Hello there,
I have a secure credit card from Kotak Bank. I had done an FD of 20k initially and got a credit limit of 16k. It was my first credit card. I have utilised the card in a very decent way, with no delayed payment, and never utilised > 30%.

The bank increased my credit limit twice, once from 16k to 48k and the second from 48k to 110k. I have requested them multiple times requesting to upgrade the credit card & to convert the Secured to an Unsecured Credit card. Every time I receive the same generic response of not possible. I have other unsecured credit cards with some decent limits of 3.5L & 3L. They are asking me to close my current card and reapply again, and I don't want to do it, as it will close my oldest credit account which will impact my credit score and also hit Cibil when I apply for the card again.

Anyone who has successfully convinced Kotak to convert their existing Secured to Unsecured, please help me here with how you did it and how to convince them.

Regards,
Ankit

Your credit card variant ??

 

[ank_sh1]

Your credit card variant ??

Kotak 811 Credit card

 

[jetesh]

Kotak 811 Credit card

okay .. ...

 

[Rkr]

Hello there,
I have a secure credit card from Kotak Bank. I had done an FD of 20k initially and got a credit limit of 16k. It was my first credit card. I have utilised the card in a very decent way, with no delayed payment, and never utilised > 30%.

The bank increased my credit limit twice, once from 16k to 48k and the second from 48k to 110k. I have requested them multiple times requesting to upgrade the credit card & to convert the Secured to an Unsecured Credit card. Every time I receive the same generic response of not possible. I have other unsecured credit cards with some decent limits of 3.5L & 3L. They are asking me to close my current card and reapply again, and I don't want to do it, as it will close my oldest credit account which will impact my credit score and also hit Cibil when I apply for the card again.

Anyone who has successfully convinced Kotak to convert their existing Secured to Unsecured, please help me here with how you did it and how to convince them.

Regards,
Ankit

Have you tried to cancel the FD by self ?
You have got limit enhancement so i doubt that your card is still unsecured..

Other way is that try to apply for another card...if approved, New card will be given on shared limit basis and thereafter close the first card.Thats it.

 

[Vasuki]

Its a secured credit card. It is shown in Cibil & my FD is also in lein

I don't see the point of closing fd of 20k if u got 110k limit .

Secured card bring variety . Plus try calling cc & say u don't want renewal of fd when it expires .
Even if its lien with cc.

So either ur fd will be broken without cc close most chances
Or they will close ( rarely that will happen)

 

[Vasuki]

One question is your Location metro or non metro..is there kotak Mahindra bank available in your pincode