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.

 

[Shubham Yadav]

Did u contacted to IDFC yet ?

 

[seelakpunia]

Did u contacted to IDFC yet ?

No not yet

 

[Shubham Yadav]

No not yet

Then first contact to IDFC and drop an mail to idfc ask reason why did they reduced limit and see what's their response

 

[Indian]

They issued card based on your father’s card limit after internal audit they found this as add on card hence reduced the limit and it’s your primary card limit 25k , add on as usual same limit 465k, they can reduce the limits as they claim internal policy , and you can fight your right to reinstate credit limit based on your eligibility

 

[seelakpunia]

They issued card based on your father’s card limit after internal audit they found this as add on card hence reduced the limit and it’s your primary card limit 25k , add on as usual same limit 465k, they can reduce the limits as they claim internal policy , and you can fight your right to reinstate credit limit based on your eligibility

If they could have just told me about this at the time of application instead of indulging in such kind of practices then it would be better. I just paid the joining fee two days ago and then they reduced.

 

[Indian]

If they could have just told me about this at the time of application instead of indulging in such kind of practices then it would be better. I just paid the joining fee two days ago and then they reduced.

You can raise this issue till ombudsman but credit limit may not be increased because they reduced on recommendation of internal audit , no way to accept this kind of bank practices.

 

[Predator]

Bro, These banks are just becoming headache these days and nothing else. The thing is that there are no rules where the word "Bank Discretion" is there.

Ask them to reinstate the limit and if they refuse to do so, ask for fee refund.
Make your argument around that decision to go with the card was solely based on the limit offered and now they can not put you at a disadvantage once you acted based on that offer.

 

[bismaj]

I

If they could have just told me about this at the time of application instead of indulging in such kind of practices then it would be better. I just paid the joining fee two days ago and then they reduced.

In that case if you choose to close that card then pls contact them as most banks reverse the joining charges on closing within a few months.. hence do that then close the card.

 

[seelakpunia]

You can raise this issue till ombudsman but credit limit may not be increased because they reduced on recommendation of internal audit , no way to accept this kind of bank practices.

Emailed them awaiting their response. If not provided with satisfactory resolution then I'll proceed to ombudsman.

 

[seelakpunia]

Bro, These banks are just becoming headache these days and nothing else. The thing is that there are no rules where the word "Bank Discretion" is there.

Ask them to reinstate the limit and if they refuse to do so, ask for fee refund.
Make your argument around that decision to go with the card was solely based on the limit offered and now they can not put you at a disadvantage once you acted based on that offer.

Yes very true. They did offer me card with 3,50,000 limit and then rejected at the final stage when everything was verified. Now this.
Mailed them awaiting response.

 

[seelakpunia]

I

In that case if you choose to close that card then pls contact them as most banks reverse the joining charges on closing within a few months.. hence do that then close the card.

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.

 

[pprakash11]

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.

What's the status?

 

[seelakpunia]

What's the status?

Raised request twice, previous request was closed without any update. Current request is under escalation department.

 

[pprakash11]

Raised request twice, previous request was closed without any update. Current request is under escalation department.

Once try through X

 

[seelakpunia]

Once try through X

Once I get a callback from escalation team I'll proceed further. If they fail to provide satisfactory resolution I will proceed to RBI ombudsman directly...no time waste

 

[pprakash11]

Once I get a callback from escalation team I'll proceed further. If they fail to provide satisfactory resolution I will proceed to RBI ombudsman directly...no time waste

What's that escalation team ?

Twitter IDFC folks are much much better

 

[seelakpunia]

What's that escalation team ?

Twitter IDFC folks are much much better

I got a callback today and they told me they have offered me 4.65 lacs initially due to a technical error hence now its revised to 25k. To get LE they told me to wait for 3 months then provide income documents. I told them I'm not happy and I need the request to be handled by higher authority. Hence they said they are escalating this issue and escalation team will give me a callback within 24-48 business hours. A separate request for this escalation is now visible in my idfc app (idk what this team is).
Anyways thanks for suggesting twitter, if they are good then there's no harm in trying once.

 

[seelakpunia]

They are stubborn, not going to reinstate my limit. What should I do next? This is their reply to my escalation request:

"Dear Customer,

As per our telephonic conversation dated 13th October 2023, in relation to concern of Credit card limit.

Concerning your request , we have checked with backend team wherein we came across that communication on the credit limit decrease were already sent to your registered email address. There was a unforeseen circumstances faced due to which the add-on card limit got assigned on HPCL card which was later rectified by the bank and re-instated to the original customer’s primary account limit.

We do apologies for the inconvenience caused to you and appreciate your patience & co-operation in this regard.

So, as per internal credit evaluation, your are only eligible for 25K limit as per eligibility criteria of bank."

 

[db24]

This happened with you because their buggy card application system,
That system not issuing proper credit limit and deserving card to everyone.

Many getting higher variant of cards with low income and many gettIng basic card even their income is higher.

As per their customer support their system is also worst