Using Credit Cards Since 2012. AMA for any doubts

[iShazam]

Holding Credit cards since 2012

Redeeming Credit Card Reward points mostly for Flight Tickets since 2012. #goa/Delhi/kolkata/mumbai/bangalore/jammu

For Reward points spends (Online/Offline) - Axis Magnus (For milestone and Accelerated Rewards)
For Fuel - Till now ICICI Sapphiro Amex now changed to Axis IOCL card
Flights - Vistara Infinite for Gold membership/Magnus for Miles
UPI - HDFC Regalia Rupay Select

Axis Magnus CC - Rs 10K per annum
Axis Vistara Infinite CC - Rs 10K per annum
Axis IOCL Rupay CC - Rs 500 Per annum (Got 2500 ER points when asked to close the card)
Citibank IOCL CC - Rs 1000 per annum (Waived on Spends of Rs 30000 per annum) Not paid once since last 12 years
ICICI Sapphiro American Express CC - LTF (Best mobile application of all. As good as its branch)
ICICI Sapphiro Mastercard CC -LTF
ICICI Amazon Pay Visa CC -LTF
HDFC Regalia Rupay Select CC - LTF ( Initially had VISA converted to Rupay with a mail)
IDFC First Select Visa Signature CC - LTF (Lounge access incl Railway lounges and breakdown assistance is awesome)
BOB Premier Rupay CC - LTF
Standard Chartered Manhattan Visa CC - Rs 999 per annum (Waived on Spends of Rs 120000 per annum) Paid once however customer card returned 50% of the fee. Customer care is one of the best in the category.)
SBI SimplySAVE CC - Rs 500 per annum (Initially had SBI Air India Signature till 2020; then downgraded to SBI BPCL Card; then again downgraded to this)
KOTAK League Platinum CC - LTF

 

[iShazam]

Thank you!!! I got the HDFC Regalia changed from Visa to Rupay card.

Congrats. En enjoy the goodness of upi with credit card

 

[RAMESH BABU N]

@iShazam i just have one one question. How did you manage to pay the card bill at that time when payment apps aren't a thing. Did net banking supported bill payments? And how many days it used to take to settle the bill.

Also did you ever had to visit the bank to pay the credit card bill?

Then, we used to issue account payee చెక్ and drop them in the drop boxes kept in each of their bank branches. No digital, no EFT, no NEFT. But, CASH can be paid at any of their branches, free of charge. Or, send cheque/demand draft By post (not by courier).

 

[sriteja]

Then, we used to issue account payee చెక్ and drop them in the drop boxes kept in each of their bank branches. No digital, no EFT, no NEFT. But, CASH can be paid at any of their branches, free of charge. Or, send cheque/demand draft By post (not by courier).

The probability of messing up your credit score increases a lot by this ig as it just takes one human error! But are credit scores even a thing then?

 

[RAMESH BABU N]

In the last 25+ years of my CC journey, I had used (n closed) OVER 30 different cards from many banks - like Andhra Bank, Bank of Baroda, Bank of India, SBI, ICICI, AMEX, Citi Bank, RBL BANK and HSBC.

Many special limited edition cards like AMEX Green, AMEX Gold, HSBC Gold, SBI Employee Gold, BOB Sachin Tendulkar card..... Started using cards when my salary was 1700/- with my first card having a limit of 3000/-. Seen charge slips, bulky impression machines, physical statements, NO-OTP days, No Apps, NO Cibil/Esperian scores, embossed cards...... Seen all.

In addition to all these, we NEVER had any agents, NEVER heard of offers, NEVER had any pre-approved offers and NO upgrades. Card-to-Card Applications were unheard of. All charges are billed to all. No exceptions. No insisting on opening new FDs or opening other accounts.

ONLY one type of SB Account. Only cheque book given for select few or if specially requested. There were no uniquely named SB accounts - like Max, Premier, Elite, Wealth, Personal...

Similarly, NO Debit cards then. So, there is no question of a variety of debit cards.

NO Rewards, NO Cashbacks, NO brand-affiliations, NO Discounts, NO EMIs. You are expected to pay in full.

Shops/stores/others were also avoiding cards. Because they used to get the money only after a week or so. So, cash preferred. Or, these MEs - merchant establishments used to charge 1-3% extra if paid by card.

No OTPs, NO authorisation codes. ONLY based on signature on the back panel of the card. No magnetistrip. No punching of codes on POS machines.

About 25+ years back, Salaried class had only 1 card, usually with limit of 2x monthly salary. Salary slips (3 to 6) was a must. Card seeker must be known to the branch staff - introduction is a must.

Limit enhancements were very rare. Usually approved only when one gets a promotion in job or there's sizeable increase in business - proof of officially declared income is a must.

No targets. No target spending. No milestones. No rewards.

EVERYONE started with a basic card n stayed with that. Because, there were no airport lounges, no swiggy/Zomato discounts.

YES.

ALL THE ABOVE IS TRUE. AND, EXPERIENCED BY ME PERSONALLY.

We came a LOOOOOOOONG WAY. Indeed.

About 25+ years back, Salaried class had only 1 card, usually with limit of 2x monthly salary. Salary slips (3 to 6) was a must. Card seeker must be known to the branch staff - introduction is a must.

Limit enhancements were very rare. Usually approved only when one gets a promotion in job or there's sizeable increase in business - proof of officially declared income is a must.

No targets. No target spending. No milestones. No rewards.

EVERYONE started with a basic card n stayed with that. Because, there were no airport lounges, no swiggy/Zomato discounts.

YES.

The few important n emerging aspects to note are :

1. Instead of LIMITs at 2X of MONTHLY Incomes, now CCs are routinely giving 2X of ANNUAL incomes. That is more than 5-10 times of what is normally sufficient considering that billing cycle is usually each month.

2. Because of more players in the ring, the average card holder is being pampered a lot. Through c-2-c, FYF, LTF......

3. Banks are not making money in issuing Cards or on annual charges - but in Setting up steep milestones n in
charging more on EMIs.

For example, today my income is 12L pa - but Total LIMIT of my 6 cards is nearly 25L. Does it make any sense ?

When I had only 1 or 2 cards, my usage was close to 80% per month. Now, it is hardly around 10-15% per year of the total limit.

Following American trend..... Definitely yes.

 

[balpreet.singh]

Holding Credit cards since 2012

Redeeming Credit Card Reward points mostly for Flight Tickets since 2012. #goa/Delhi/kolkata/mumbai/bangalore/jammu

For Reward points spends (Online/Offline) - Axis Magnus (For milestone and Accelerated Rewards)
For Fuel - Till now ICICI Sapphiro Amex now changed to Axis IOCL card
Flights - Vistara Infinite for Gold membership/Magnus for Miles
UPI - HDFC Regalia Rupay Select

Axis Magnus CC - Rs 10K per annum
Axis Vistara Infinite CC - Rs 10K per annum
Axis IOCL Rupay CC - Rs 500 Per annum (Got 2500 ER points when asked to close the card)
Citibank IOCL CC - Rs 1000 per annum (Waived on Spends of Rs 30000 per annum) Not paid once since last 12 years
ICICI Sapphiro American Express CC - LTF (Best mobile application of all. As good as its branch)
ICICI Sapphiro Mastercard CC -LTF
ICICI Amazon Pay Visa CC -LTF
HDFC Regalia Rupay Select CC - LTF ( Initially had VISA converted to Rupay with a mail)
IDFC First Select Visa Signature CC - LTF (Lounge access incl Railway lounges and breakdown assistance is awesome)
BOB Premier Rupay CC - LTF
Standard Chartered Manhattan Visa CC - Rs 999 per annum (Waived on Spends of Rs 120000 per annum) Paid once however customer card returned 50% of the fee. Customer care is one of the best in the category.)
SBI SimplySAVE CC - Rs 500 per annum (Initially had SBI Air India Signature till 2020; then downgraded to SBI BPCL Card; then again downgraded to this)
KOTAK League Platinum CC - LTF

You have a good collection @iShazam 2 card with 10k per annum fee that you have. How are you able to get the benefits from these?
Now with Magnus devaluation, you still would continue with Magnus?

Regards,
Balpreet Singh