IDFC Power Plus Rupay Credit Card limit reduced by 95%

[seelakpunia]

I have a normal 10K AMB savings account with IDFC First Bank and an add-on card on my father's First Wealth Credit Card (limit 4,65,000). Earlier had IDFC First Classic Credit Card (limit 25k) but closed it due to very less limit and no limit increase offer.
Applied for IDFC Power+ Rupay Credit Card last month and was offered a credit limit of 4,65,000. Received the card on 9th August. Since I applied after the lifetime free offer deadline I was charged a joining fee of 500+GST which I paid 2 days ago on my due date. But just today I received email and sms stating that my limit has been reduced to 25k from 465k which is almost 95% reduction. I cannot understand why did they do this. Hence I want to ask:
1) what are my rights here? Where should i complain first?
2) Is there any rule which allows banks to reduce limit within such a short period of time i.e. within one month of receiving the card.

Experts please help.

 

[yolofino]

My issue is not about fee. I'm annoyed because they cheated. They lured me by giving such high limit and then revised it within a month.
Even if I proceed with card closure it won't be good for the cibil as 6 months ago I closed another card with idfc. Also cibil hit. Many issues are created because of these malpractices.

Nothing major happens with cibil hit. How much cibil will reduce? It will go up more than that in a few months. Don't worry about cibil score not being perfect.

I have 15+ credit card, 15+ rejections and my cibil score is 789. I acquired 10+ cards in the last 1 year only.

 

[Lobogris]

Nothing major happens with cibil hit. How much cibil will reduce? It will go up more than that in a few months. Don't worry about cibil score not being perfect.

I have 15+ credit card, 15+ rejections and my cibil score is 789. I acquired 10+ cards in the last 1 year only.

Good point. What is the benefit of a good CIBIL score if we never use it to apply for and get credit cards?

 

[rahulsethi]

Exactly I have 72 enquiries this year and added 38 new credit cards and 2 credit lines. Nothing happened to the CIBIL it's still rocking at 797. Depth of credit 11 y 3 m have a huge education loan and car loan also ongoing.

My modest portfolio:

Unsecured:
HDFC Diners Club Black LTF
HDFC Tata Neu Infinity Rupay LTF
HDFC Swiggy Mastercard
HDFC Marriot Bonvoy
Axis Magnus
Axis Air Vistara Infinite
Axis Samsung Infinite
ICICI Sapphiro Mastercard LTF
ICICI Sapphiro Amex LTF
ICICI Platinum Mastercard LTF
ICICI Makemytrip Visa Signature LTF
ICICI APAY LTF
ICICI HPCL Coral LTF
ICICI Rupay Coral LTF
KOTAK White LTF
Kotak Myntra FYF
Kotak League Rupay LTF
SBI Cashback FYF
SBI BPCL Octane
Amex Platinum Travel FYF
Amex Gold Charge Card
Amex MRCC FYF
Bank of Baroda Premier Rupay LTF
Onecard LTF (BOB issued)
RBL Bank World Safari Card LTF
IDBI Royal Signature Card LTF
Indusind Pinnacle LTF
Indusind Eazydiner FYF
Indusind Platinum Rupay LTF
IDFC First Select LTF
IDFC Club Vistara
IDFC POWER+
IDFC FIRST Digital Rupay
Citi Indian Oil Card
PNB Global Classic Visa LTF
AU SF LIT LTF
YES Bank First Exclusive Card
YES Bank Virtual UPI CC LTF

Secured:
Gild SBM LTF
Stepup Paisabazaar SBM LTF
Niyo Global SBM LTF
IDFC WOW LTF
Fi Federal Simplifi LTF

Nothing major happens with cibil hit. How much cibil will reduce? It will go up more than that in a few months. Don't worry about cibil score not being perfect.

I have 15+ credit card, 15+ rejections and my cibil score is 789. I acquired 10+ cards in the last 1 year only.