Should I close my LTF Coral Rupay Card?

[gischethans]

I currently have these Rupay credit cards

• ICICI Coral Rupay - LTF
• Axis Neo Rupay - LTF
• HDFC Tata Neu Infinity - FYF, took the plunge just a week back as it felt awful to earn just 20p, 25p in terms of points from Axis and Coral.

For Neu, my spending is only on Tanishq and at this point, I am not very confident about hitting the 3L milestone though 2L+ looks possible. With that spend, I am hoping for its LTF conversion.

Since I also have Amazon Pay, Sapphiro dual variant - Amex, MC from ICICI all as LTF, I wonder if I must close the Coral Rupay card. It earns pittance in terms of rewards and to take advantage of bank offers multiple times in rare situations during an offer season, I have two Sapphiro cards and even an ICICI debit card.

However, given its non-co-branded nature, I see value in retaining the Neo Rupay card as an additional Axis card.

 

[PrinceHeart]

It all depends on your personal needs.

I am actually thinking of closing some low cards. I think, that will free up some limits (its like loan amount from bank).

I dont get any new card offers anymore. Cause i think, i already have too much loan amount from banks, and if i close some cards that I dont use much, I can free up some loan amounts and then maybe I will be available for new card offers upgrade.

What the card gurus here think of this ?

 

[rodeoSRP]

Why close coral? You will get a railway lounge access and also an extra lounge access which can be handy. Also 25% discount on tickets in BMS. I wouldn’t close it if it were LTF!!

 

[gischethans]

Why close coral? You will get a railway lounge access and also an extra lounge access which can be handy. Also 25% discount on tickets in BMS. I wouldn’t close it if it were LTF!!

Good points but it has been years since I travelled by train and I don't book movie tickets either. Still, for the railway lounge, I have IDFC Wealth.

 

[rodeoSRP]

Good points but it has been years since I travelled by train and I don't book movie tickets either. Still, for the railway lounge, I have IDFC Wealth.

Ok.. makes sense then!! I hope it’s not the oldest card in your portfolio since closing the oldest card will impact your cibil score.

 

[gischethans]

Ok.. makes sense then!! I hope it’s not the oldest card in your portfolio since closing the oldest card will impact your cibil score.

It's not the oldest. Just got it less than a year ago when they were handing out LTF Coral Rupay cards.

 

[PrinceHeart]

Ok.. makes sense then!! I hope it’s not the oldest card in your portfolio since closing the oldest card will impact your cibil score.

Same my case, my oldest is amazon and coral cc. Amazon one is ltf, but coral is paid. Not using at all, except keep active every year and paying the fees. Asked wealth management many times to make it ltf, but got denied. Thry said, let them know if i want to close it. Haha.

But yeah, i heard the cibil score will get affected if i close it. Hence the reason i am still keeping that. But i got 25L limit on my coral, if i close it, that will be 25L less loan against me. Maybe that will open more offers for me ?

 

[rodeoSRP]

Same my case, my oldest is amazon and coral cc. Amazon one is ltf, but coral is paid. Not using at all, except keep active every year and paying the fees. Asked wealth management many times to make it ltf, but got denied. Thry said, let them know if i want to close it. Haha.

But yeah, i heard the cibil score will get affected if i close it. Hence the reason i am still keeping that. But i got 25L limit on my coral, if i close it, that will be 25L less loan against me. Maybe that will open more offers for me ?

It’s a tricky situation. I think it’s your choice to make a decision by thinking of the opportunity cost here! Just see what will be the next oldest card if you close this one.

 

[gischethans]

Same my case, my oldest is amazon and coral cc. Amazon one is ltf, but coral is paid. Not using at all, except keep active every year and paying the fees. Asked wealth management many times to make it ltf, but got denied. Thry said, let them know if i want to close it. Haha.

But yeah, i heard the cibil score will get affected if i close it. Hence the reason i am still keeping that. But i got 25L limit on my coral, if i close it, that will be 25L less loan against me. Maybe that will open more offers for me ?

IMO, you must close it if you are not using it. There's no point in worrying about a CIBIL score drop if you are not using it effectively.

At the same time, you could try escalating your case again and request for LTF conversion again OR try a downgrade/get an additional LTF platinum card as it would help you get ICICI-specific offers.

 

[PrinceHeart]

It’s a tricky situation. I think it’s your choice to make a decision by thinking of the opportunity cost here! Just see what will be the next oldest card if you close this one.

To be honest, i totally forgot which was the oldest. Back in the days like 20 years ago, there was silver, gold, platinum cards, then they started making nicknames for the card variants haha.

 

[PrinceHeart]

IMO, you must close it if you are not using it. There's no point in worrying about a CIBIL score drop if you are not using it effectively.

At the same time, you could try escalating your case again and request for LTF conversion again OR try a downgrade/get an additional LTF platinum card as it would help you get ICICI-specific offers.

Got amazon cc for shopping, mmt signature for mmt. Got coral and emeralde.

If i downgrade to any free platinum or rupay cc, it will still have the same limit. And if i upgrade to sapphire, the limit will still be the same, and chances are it will still be a paid cc with more fees. So i just let it go for the time being. Saw this post, so share my story here.

 

[gischethans]

Got amazon cc for shopping, mmt signature for mmt. Got coral and emeralde.

If i downgrade to any free platinum or rupay cc, it will still have the same limit. And if i upgrade to sapphire, the limit will still be the same, and chances are it will still be a paid cc with more fees. So i just let it go for the time being. Saw this post, so share my story here.

I thought you only had Amazon and Coral. If you have other cards including the premium Emeralde, you can close your eyes and go for Coral's closure.

 

[SSV]

I currently have these Rupay credit cards

• ICICI Coral Rupay - LTF
• Axis Neo Rupay - LTF
• HDFC Tata Neu Infinity - FYF, took the plunge just a week back as it felt awful to earn just 20p, 25p in terms of points from Axis and Coral.

For Neu, my spending is only on Tanishq and at this point, I am not very confident about hitting the 3L milestone though 2L+ looks possible. With that spend, I am hoping for its LTF conversion.

Since I also have Amazon Pay, Sapphiro dual variant - Amex, MC from ICICI all as LTF, I wonder if I must close the Coral Rupay card. It earns pittance in terms of rewards and to take advantage of bank offers multiple times in rare situations during an offer season, I have two Sapphiro cards and even an ICICI debit card.

However, given its non-co-branded nature, I see value in retaining the Neo Rupay card as an additional Axis card.

It doesn’t harm you keeping it as it’s not reported to CIBIL as a separate account…

 

[PrinceHeart]

I thought you only had Amazon and Coral. If you have other cards including the premium Emeralde, you can close your eyes and go for Coral's closure.

15yrs 5months ke spotless credit history mein 795 ka score tak aaya hu. Bas 6 more to cross 800 🤪

 

[SSV]

15yrs 5months ke spotless credit history mein 795 ka score tak aaya hu. Bas 6 more to cross 800 🤪

Make all accounts CURR <= 0 then your score will be about 807..

 

[PrinceHeart]

Make all accounts CURR <= 0 then your score will be about 807..

All ccs except magnus and wow are at -100 + credit, since i dont use them, only domestic atm on, and rest all off.

Even for magnus and wow, i keep online trans off for both domestic + int.

I will pay both bills tomorrow. I usually pay for all ccs, in advance before their statement dates. Never paid min due, always more than the total. Only 1 time took emi for office ac, thru bajaj, cause i asked the shopkeeper for best offer. End up paying gst for 6 months sheesh.

So how many days after all ccs in minus balance should i refresh cibil ?

 

[SSV]

All ccs except magnus and wow are at -100 + credit, since i dont use them, only domestic atm on, and rest all off.

Even for magnus and wow, i keep online trans off for both domestic + int.

I will pay both bills tomorrow. I usually pay for all ccs, in advance before their statement dates. Never paid min due, always more than the total. Only 1 time took emi for office ac, thru bajaj, cause i asked the shopkeeper for best offer. End up paying gst for 6 months sheesh.

So how many days after all ccs in minus balance should i refresh cibil ?

When all of them are reported to cibil and also the most important thing is:
It is not the balance as on statement date that counts , it is the balance as on statement date that is reported to cibil.

For example : Axis reports balance as on 30/31 of every month. So incase of axis cards your outstanding balance should be <=0 asnon 30/31 of the month

 

[PrinceHeart]

When all of them are reported to cibil and also the most important thing is:
It is not the balance as on statement date that counts , it is the balance as on statement date that is reported to cibil.

For example : Axis reports balance as on 30/31 of every month. So incase of axis cards your outstanding balance should be <=0 asnon 30/31 of the month

Ok got it.

Jaise axis ka cibil reporting date bataya hai, waise hi icici, hdfc, kotak, yes, aur idfc ka bhi batado 🙏😁

 

[SSV]

Ok got it.

Jaise axis ka cibil reporting date bataya hai, waise hi icici, hdfc, kotak, yes, aur idfc ka bhi batado 🙏😁

Here it is:
and more details here..

Credit Card CIBIL Reporting Date

Hello everyone, If you are holding multiple credit cards, and wants to keep your credit utilisation ration under 30% then you should know, on which date your card issuers report your card uses data to CIBIL. To know more about how to maintain credit utilisation ratio under 30% or lower watch...

www.technofino.in

 

[It_is_Naruto]

Same my case, my oldest is amazon and coral cc. Amazon one is ltf, but coral is paid. Not using at all, except keep active every year and paying the fees. Asked wealth management many times to make it ltf, but got denied. Thry said, let them know if i want to close it. Haha.

But yeah, i heard the cibil score will get affected if i close it. Hence the reason i am still keeping that. But i got 25L limit on my coral, if i close it, that will be 25L less loan against me. Maybe that will open more offers for me ?

Whoa... 25 lac limit on coral.... amazing 👏
More surprisingly icici is taking fee for this... just close it. Cibil may not drop much since you already have other icici cards and you will be saving money and efforts. And if you are lucky, icici might try to make it ltf( only if you want it)