Should I close some Credit cards ? I have 8. Cards

[Arnav]

Should I close some credit cards ? After Getting SBI Cashback Card I think I don’t need many cards . I normally do online transactions (95%).

I have Following cards

1. ICICI Coral Card LTF VISA From 13 months
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
3. ICICI Amazon Card Visa LTF from < 1 year
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year

5. Axis Airtel Card VISA ₹500 AGE < 6 months

6. HDFC Milennia VISA LTF AGE < 6 Months

7. RBL Zomato Classic Card LTF Age < 3 months

8. SBI Cashback VISA ₹999 age < 1 month.


I feel after Zomato RBL Devaluation & SBI Cashback, it is not of much use. Plus Airtel Axis give 10% cashback upto 500₹ on Zomato Swiggy

HDFC milennia I bought it because I wanted Regalia but they gave me Milennia.

Airtel Axis is good for utilities and Airtel bill payments + 10% Zomato , Big basket Swiggy.

One Card is Useless , I bought because I wanted Metal Card.

ICICI Coral I got free & easily as I was ICICI bank customer from past 7 years.

Amazon icici I just bought due amazon pay 5% cashback.


After SBI Cashback card , I feel AMAZON pay , Flipkart axis , RBL Zomato Are redundant for me.

Almost 99% needs are fulfilled by SBI cashback & Airtel Axis card.

I may need HDFC if there is some sale exclusively on it , in future get upgraded to Regalia , -> DCB .

ICICI Coral & Flipkart Axis card are the oldest.

To maintain the cards , have payments on cibil , I do small 100-500 transactions on every one of them.


What are your thoughts ? I should I close all cards except SBI Cashback & Airtel Axis.

I just started using credit cards from past 1 year , so recklessly bought a new credit card in a 2-3 months.

Please suggest what all cards should I keep / what should I close.

My CIBIL is maintained at 740-790. For past 3 months.
Before that I had CIBIL in 790+.

 

[ltf4ever]

if they are ltf, keep them.
the credit bureau enquiries are already done and score seems to be already affected, so why close the cards when the damage is already done?
sometimes the score also gets affected if you close the cards.

sbi cashback might be a good card for general online use where no other discount is applied.
but you will not use it if other cards are offering 10%-15% flat discount. eg. even in online shopping: goibibo, mmt, yatra, cleartrip, zomato, swiggy, eazydiner, fk, amazon, bb, and all the apps that you can think of offer some heavy discounts on different bank cards which are a lot more than sbi cashback.
i myself saved 1000rs (on a spend of 3200, approx 30%) over the last 2 days on my devalued zomato rbl card and indusind (both ltf).

a word of caution: as you mentioned that you are new to credit cards, in that case if you think these cards are a reason that you have started spending more, then definitely close some of them, as beginners unknowingly start buying unnecessary things on credit and fall in the credit card trap.
tip: buy only those things on credit card that you would have anyway bought using cash/debit card/internetbanking.

if you really go ahead to close cards, I would suggest closing cobranded cards first, because your sbi card beats them (or at least equals) and many bank offers are not applied if the card is cobranded. keep at least 1 card with airport lounge access if you travel by air.

 

[Gkcards]

I also get this thought sometimes though haven't done anything about it. there are cards which I haven't used in years, and don't think will use them also. just lying around mostly because they are LTF. haven't used them because have better cards than those. good for collection otherwise not serving any purpose

 

[TheMentalist]

if they are ltf, keep them.
the credit bureau enquiries are already done and score seems to be already affected, so why close the cards when the damage is already done?
sometimes the score also gets affected if you close the cards.

sbi cashback might be a good card for general online use where no other discount is applied.
but you will not use it if other cards are offering 10%-15% flat discount. eg. even in online shopping: goibibo, mmt, yatra, cleartrip, zomato, swiggy, eazydiner, fk, amazon, bb, and all the apps that you can think of offer some heavy discounts on different bank cards which are a lot more than sbi cashback.
i myself saved 1000rs (on a spend of 3200, approx 30%) over the last 2 days on my devalued zomato rbl card and indusind (both ltf).

a word of caution: as you mentioned that you are new to credit cards, in that case if you think these cards are a reason that you have started spending more, then definitely close some of them, as beginners unknowingly start buying unnecessary things on credit and fall in the credit card trap.
tip: buy only those things on credit card that you would have anyway bought using cash/debit card/internetbanking.

if you really go ahead to close cards, I would suggest closing cobranded cards first, because your sbi card beats them (or at least equals) and many bank offers are not applied if the card is cobranded. keep at least 1 card with airport lounge access if you travel by air.

How did you manage to save 30% using RBL/Indusind CC??

 

[ltf4ever]

How did you manage to save 30% using RBL/Indusind CC??

eazydiner. 30% off upto 500. went dining twice and billed around 1700 each time. these 2 cards were accepted in the app.

I also saved 240 rupees on myzone card on swiggy (40% !).

also got a free movie ticket on hsbc.

so overall, saved almost 1500 in just 1 weekend across various categories, all due to ltf cards. even those cards that i thought would not be useful (rbl Zomato).

 

[mvsaikrishna666]

I suggest not to close other cards because you have a high rewarding card like SBI cashback. The SBI cashback card is to good that it might get devaluated in next 1 or 2 years like Zomato Edition Classic. If you are not using a card and paying annual fee for that then you can close it. In case of LTF cards, I prefer not to close them.

 

[tuhin]

Keep ICICI CORAL & FK AXIS cards as long as you can. These are all your initial cards hence they will be good for building an excellent credit score. Try to negotiate with Axis Bank to make FK Axis LTF. Seems all other cards are issued within 1yr so you can close it if it's chargeable & you are not using it. I personally believe in LTF cards rather than Premium Chargeable cards. If you have such cards, it will force you to spend extra which is not good for your personal finance. You can easily save those amounts in your pocket & invest in Mutual Fund/Equities etc.

 

[Sreerag]

Should I close some credit cards ? After Getting SBI Cashback Card I think I don’t need many cards . I normally do online transactions (95%).

I have Following cards

1. ICICI Coral Card LTF VISA From 13 months
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
3. ICICI Amazon Card Visa LTF from < 1 year
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year

5. Axis Airtel Card VISA ₹500 AGE < 6 months

6. HDFC Milennia VISA LTF AGE < 6 Months

7. RBL Zomato Classic Card LTF Age < 3 months

8. SBI Cashback VISA ₹999 age < 1 month.


I feel after Zomato RBL Devaluation & SBI Cashback, it is not of much use. Plus Airtel Axis give 10% cashback upto 500₹ on Zomato Swiggy

HDFC milennia I bought it because I wanted Regalia but they gave me Milennia.

Airtel Axis is good for utilities and Airtel bill payments + 10% Zomato , Big basket Swiggy.

One Card is Useless , I bought because I wanted Metal Card.

ICICI Coral I got free & easily as I was ICICI bank customer from past 7 years.

Amazon icici I just bought due amazon pay 5% cashback.


After SBI Cashback card , I feel AMAZON pay , Flipkart axis , RBL Zomato Are redundant for me.

Almost 99% needs are fulfilled by SBI cashback & Airtel Axis card.

I may need HDFC if there is some sale exclusively on it , in future get upgraded to Regalia , -> DCB .

ICICI Coral & Flipkart Axis card are the oldest.

To maintain the cards , have payments on cibil , I do small 100-500 transactions on every one of them.


What are your thoughts ? I should I close all cards except SBI Cashback & Airtel Axis.

I just started using credit cards from past 1 year , so recklessly bought a new credit card in a 2-3 months.

Please suggest what all cards should I keep / what should I close.

My CIBIL is maintained at 740-790. For past 3 months.
Before that I had CIBIL in 790+.

I believe in closing cards which you don't need. LTF sometimes, but that too I don't like collecting many cards of same bank. Like what is the use of having BoB Easy if you already have premier... Apart from increased credit limit, it makes a hassle for you to manage..


Let's see:
1. ICICI Coral Card LTF VISA From 13 months
ICICI Coral gives you 10% offers on Amazon and stuff, anyways it's LTF do not close it.
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
It's not LTF but considering the possible devaluation of SBI CashBack and Axis offers, keep this card
3. ICICI Amazon Card Visa LTF from < 1 year
LTF, so keep this. Gives you only 5% but same reason as Axis Flipkart
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year
Metal card, otherwise close this thing.
5. Axis Airtel Card VISA ₹500 AGE < 6 months
If you are user of Airtel product keep this otherwise close
6. HDFC Milennia VISA LTF AGE < 6 Months
Millenia is now useless. Either upgrade: Regalia or DCB or downgrade: MoneyBack and make it LTF. Don't worry about devaluation because you are already eligible for Millennia as you have the card, in case of devaluation you can upgrade...
7. RBL Zomato Classic Card LTF Age < 3 months
Close this thing.. Now it's a bad card, you get 5% on SBI CashBack card don't worry
8. SBI Cashback VISA ₹999 age < 1 month.
Hehe. Never close

Thanks in Advance

 

[tuhin]

I believe in closing cards which you don't need. LTF sometimes, but that too I don't like collecting many cards of same bank. Like what is the use of having BoB Easy if you already have premier... Apart from increased credit limit, it makes a hassle for you to manage..


Let's see:
1. ICICI Coral Card LTF VISA From 13 months
ICICI Coral gives you 10% offers on Amazon and stuff, anyways it's LTF do not close it.
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
It's not LTF but considering the possible devaluation of SBI CashBack and Axis offers, keep this card
3. ICICI Amazon Card Visa LTF from < 1 year
LTF, so keep this. Gives you only 5% but same reason as Axis Flipkart
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year
Metal card, otherwise close this thing.
5. Axis Airtel Card VISA ₹500 AGE < 6 months
If you are user of Airtel product keep this otherwise close
6. HDFC Milennia VISA LTF AGE < 6 Months
Millenia is now useless. Either upgrade: Regalia or DCB or downgrade: MoneyBack and make it LTF. Don't worry about devaluation because you are already eligible for Millennia as you have the card, in case of devaluation you can upgrade...
7. RBL Zomato Classic Card LTF Age < 3 months
Close this thing.. Now it's a bad card, you get Zomato offers on some other cards but not 5% but still close.
8. SBI Cashback VISA ₹999 age < 1 month.
Hehe. Never close

Thanks in Advance

Can you please explain why HDFC Milennia VISA is useless?

 

[SunnyM]

I also think you shouldn't close atleast your Ltf cards. Except Flipkart axis all of my cards are life time free and I a

I believe in closing cards which you don't need. LTF sometimes, but that too I don't like collecting many cards of same bank. Like what is the use of having BoB Easy if you already have premier... Apart from increased credit limit, it makes a hassle for you to manage..


Let's see:
1. ICICI Coral Card LTF VISA From 13 months
ICICI Coral gives you 10% offers on Amazon and stuff, anyways it's LTF do not close it.
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
It's not LTF but considering the possible devaluation of SBI CashBack and Axis offers, keep this card
3. ICICI Amazon Card Visa LTF from < 1 year
LTF, so keep this. Gives you only 5% but same reason as Axis Flipkart
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year
Metal card, otherwise close this thing.
5. Axis Airtel Card VISA ₹500 AGE < 6 months
If you are user of Airtel product keep this otherwise close
6. HDFC Milennia VISA LTF AGE < 6 Months
Millenia is now useless. Either upgrade: Regalia or DCB or downgrade: MoneyBack and make it LTF. Don't worry about devaluation because you are already eligible for Millennia as you have the card, in case of devaluation you can upgrade...
7. RBL Zomato Classic Card LTF Age < 3 months
Close this thing.. Now it's a bad card, you get Zomato offers on some other cards but not 5% but still close.
8. SBI Cashback VISA ₹999 age < 1 month.
Hehe. Never close

Thanks in Advance

Very good points specially regarding downgrading to hdfc moneyback ,it's a very under rated card and it's given Ltf . The only thing I disagree is closing one card as its LTF .

 

[Sevendar@01]

Should I close some credit cards ? After Getting SBI Cashback Card I think I don’t need many cards . I normally do online transactions (95%).

I have Following cards

1. ICICI Coral Card LTF VISA From 13 months
2. Flipkart Axis Bank Card MasterCard (₹500) (next Year fees waived off) 14 months
3. ICICI Amazon Card Visa LTF from < 1 year
4. ONE CARD FEDERAL BANK VISA LTF age < 1 year

5. Axis Airtel Card VISA ₹500 AGE < 6 months

6. HDFC Milennia VISA LTF AGE < 6 Months

7. RBL Zomato Classic Card LTF Age < 3 months

8. SBI Cashback VISA ₹999 age < 1 month.


I feel after Zomato RBL Devaluation & SBI Cashback, it is not of much use. Plus Airtel Axis give 10% cashback upto 500₹ on Zomato Swiggy

HDFC milennia I bought it because I wanted Regalia but they gave me Milennia.

Airtel Axis is good for utilities and Airtel bill payments + 10% Zomato , Big basket Swiggy.

One Card is Useless , I bought because I wanted Metal Card.

ICICI Coral I got free & easily as I was ICICI bank customer from past 7 years.

Amazon icici I just bought due amazon pay 5% cashback.


After SBI Cashback card , I feel AMAZON pay , Flipkart axis , RBL Zomato Are redundant for me.

Almost 99% needs are fulfilled by SBI cashback & Airtel Axis card.

I may need HDFC if there is some sale exclusively on it , in future get upgraded to Regalia , -> DCB .

ICICI Coral & Flipkart Axis card are the oldest.

To maintain the cards , have payments on cibil , I do small 100-500 transactions on every one of them.


What are your thoughts ? I should I close all cards except SBI Cashback & Airtel Axis.

I just started using credit cards from past 1 year , so recklessly bought a new credit card in a 2-3 months.

Please suggest what all cards should I keep / what should I close.

My CIBIL is maintained at 740-790. For past 3 months.
Before that I had CIBIL in 790+.

Everyone has a different opinion and here is mine
1) keep your icici credit card
2) if u use it for 1.5% cashback very much then only u can keep it otherwise close it as u already have Airtel card or negotiate them to give u ltf myzone card instead of Flipkart
3)in my view this card is useless if u find it useful then only keep it otherwise close it
4)if u need metal card for show-off then keep it otherwise close it
5)keep it only if u use Airtel services other than that no use of it
6) don't downgrade your millennia if u r getting upgrade to regalia or any other card under LTF offer then upgrade it otherwise keep it as money-back is useless and HDFC provide many offer online
7)RBL card is LTF and also it is gives u 5% on blinkit and Zomato and also can be useful in sale etc if ur not making any use of it then u can think for closing it
8)do not close this card ever evn if u spend 25k in whole year u make a good amount of it and don't forget sbi gives many discount online and offline
*My personal advice to u keep icici coral and get platinum card too as there are many offers from icici close your Amazon pay card and one card, form axis keep Airtel close Flipkart after 12 months use it till then, keep sbi cashback card, keep your HDFC card and try to upgrade it in LTF but don't downgrade, cancel your RBL card if u don't use it much. If possible get BOB card as it is given LTF right now and I am seeing a bright future of BOB

 

[mvsaikrishna666]

I also think you shouldn't close atleast your Ltf cards. Except Flipkart axis all of my cards are life time free and I a

Very good points specially regarding downgrading to hdfc moneyback ,it's a very under rated card and it's given Ltf . The only thing I disagree is closing one card as its LTF .

Currently I'm having LTF Moneyback CC. I'm thinking to upgrade card to millennia. But now I'm doubtful about it. Is moneyback really underrated? If not millennia, can I upgrade to Regalia if available?

 

[SunnyM]

Currently I'm having LTF Moneyback CC. I'm thinking to upgrade card to millennia. But now I'm doubtful about it. Is moneyback really underrated? If not millennia, can I upgrade to Regalia if available?

Definitely go for regalia . Moneyback Ltf is good for me because my usage of hdfc card is very low.

 

[Sreerag]

Can you please explain why HDFC Milennia VISA is useless?

As SBI CashBack card gives u 5% back there is no use of Millenia which charges u 1000 Rs and that too 5% on select category only

 

[Sreerag]

I also think you shouldn't close atleast your Ltf cards. Except Flipkart axis all of my cards are life time free and I a

Very good points specially regarding downgrading to hdfc moneyback ,it's a very under rated card and it's given Ltf . The only thing I disagree is closing one card as its LTF .

Ok... Ur opinion, but i said i don't like many cards

 

[Sreerag]

Currently I'm having LTF Moneyback CC. I'm thinking to upgrade card to millennia. But now I'm doubtful about it. Is moneyback really underrated? If not millennia, can I upgrade to Regalia if available?

Only upgrade to regalia... Do not upgrade to millenia

 

[tuhin]

As SBI CashBack card gives u 5% back there is no use of Millenia which charges u 1000 Rs and that too 5% on select category only

He told here, LTF Millenia card... Will there be any charge for no usage? I am not aware of it!

 

[Sreerag]

He told here, LTF Millenia card... Will there be any charge for no usage? I am not aware of it!

He told LTF MoneyBack... Anyways it seems there's no charge for inactivity.. but the pros of millennia are: 8 lounge access per year, visa signature privilege... Rest all its same..

 

[tuhin]

He told LTF MoneyBack... Anyways it seems there's no charge for inactivity.. but the pros of millennia are: 8 lounge access per year, visa signature privilege... Rest all its same..

Last year I received an upgrade for my MoneyBack LTF Card to Millenia one LTF! Now, I am regretting it. Earlier, Millenia has a minimum of Rs 2000 transaction criteria to get the eligibility for cashback. Seems, they changed it, I am not seeing any minimum online transaction amount anywhere.

 

[Sreerag]

Last year I received an upgrade for my MoneyBack LTF Card to Millenia one LTF! Now, I am regretting it. Earlier, Millenia has a minimum of Rs 2000 transaction criteria to get the eligibility for cashback. Seems, they changed it, I am not seeing any minimum online transaction amount anywhere.

Yes but the CB has capped to Rs. 750 pm i think
If u got LTF Millennia definitely take it