Your First Credit Card Story - How did you get your first credit card?

[TechnoFino]

Hello every,
The first credit card is special for everyone. We all remember the experience of getting our first card 😃
Let's share our first credit card experience...
My experience-
My first credit card was ICICI HPCL Coral, which I received in 2015. My home address at that time did not fall within any bank's serviceable area, so they asked me to apply for credit card against FD. But I needed an unsecured credit card, so I talked to my branch manager and I told him I needed an unsecured card.
He told me that... we can give you an unsecured card but for that you have to purchase an ICICI Prudential Ulip policy of Rs. 2 lakhs (minimum).
At that time I desperately needed a credit card because my business was in USA and I needed a credit card for its payment. I was unemployed that time with zero CIBIL score, No bank was offering me a credit card so I had purchased a policy of two lakh rupees at that time and got my first ever credit card ICICI HPCL coral credit card (chargeable), later icici converted that card to a lifetime free hpcl coral credit card and I'm still holding that one 😄

 

[Sub]

Over 800 for a decade+

Nice

What is your Cibil now? Do you have any other loan accounts other than CCs in your Cibil?

Over 800 for a decade+. Home loan. No other loans. No crappy BNPL stuff.

 

[souvikdey2002]

Over 800 for a decade+

Over 800 for a decade+. Home loan. No other loans. No crappy BNPL stuff.

I guess BNPL is worst thing that anybody can ever hold.
I really don't understand why these BNPL guys doesn't offer Credit Card, instead they will try to keep you in the loophole.

 

[souvikdey2002]

What's BNPL?

BNPL is "Buy now, pay later", something like "Dhani"

 

[Sub]

I guess BNPL is worst thing that anybody can ever hold.
I really don't understand why these BNPL guys doesn't offer Credit Card, instead they will try to keep you in the loophole.

I don't think regulations allow them to offer credit cards. So they can at best partner with non-banking finance companies and offer personal loans that they mask as a credit card. And many don't understand it fully and sign-up for their initial cashbacks, and take a longer-term hit to their credit rating. Worth remembering, just signing up for many of these BNPL players means there's already a credit line open against your PAN. Even if you don't actually use any money!

 

[Sub]

If we don't use these, like I don't use Paytm postpaid. But I haven't closed the account this time. Will it still affect Cibil if I don't use my Paytm postpaid account? Or should I remove it completely for better measures?

I am not sure how Paytm Postpaid is in the back-end. But check if it still reflects on your CIBIL. HDFC offers a free way to check CIBIL once every few weeks. Ideally, if you don't use one of these BNPL offerings, you should close the account (and not just delete the app). Apparently many of these providers also make it tricky to close accounts and don't do it easily as it impacts the metrics they can show. But yes, ideally, don't use them. If you do, close them as soon as possible. If you don't use them and have just downloaded/opened an account for an incentive, close the account. Not worth if you are someone trying to build your credit history or will in near future apply for some education/home/car loans from banks.

 

[TechnoFino]

Very interesting story!!!!
I have never heard of ICICI converting any existing chargeable card to a Life Time Free card...
Can you give me some more facts in this so I can try converting mine??
I hold Sapphiro for last 2 year, getting charges weaver based on my spending but they are not converting it in life time free.

Don't know if this post is relevant here.

I'll post about lifetime free credit cards, how to get cards ltf, etc idea... soon

 

[souvikdey2002]

I'll post about lifetime free credit cards, how to get cards ltf, etc idea... soon

@Sumanta I have seen your videos, I guess you have Sapphiro LTF
First one you closed due to some reason, again you got Sapphiro LTF
Therefore, I need your suggestion very badly how to convert mine in to LTF.
I don't want to surrender since I have both Mastercard & AMEX variant which is now banned in India so it will be very hard to get again, on the other hand I don't want to pay charges. Since you have very good relationships with ICICI so somehow if you can forward my case to somebody whom you know very well.

 

[TechnoFino]

@Sumanta I have seen your videos, I guess you have Sapphiro LTF
First one you closed due to some reason, again you got Sapphiro LTF
Therefore, I need your suggestion very badly how to convert mine in to LTF.
I don't want to surrender since I have both Mastercard & AMEX variant which is now banned in India so it will be very hard to get again, on the other hand I don't want to pay charges. Since you have very good relationships with ICICI so somehow if you can forward my case to somebody whom you know very well.

I'll share my story... be with us here

 

[akshayhs]

When I first started earning last year, I wasn't eligible for a credit card, because of my then net monthly income. But I had a friend who referred me to Slice card. They approved the application instantly with a credit line of 50k. There was no previous credit history at all.

I used it for 6 months making all repayments without any delay and in Jan '22 i wanted to check my credit score. It turned out to be 753 on CIBIL and 840 on Experian.

15 days later, i got an email from One card that i could apply and they too instantly approved my application and i got a credit limit of 50k. (Probably they set that based on my Slice card). That's my first and only credit card so far. I have closed my Slice consumer loan that shot up my scores fairly well. So I'm planning to apply for millennia as I hold an account with them for almost a year now.

 

[akshayhs]

Nice ... Even I'm waiting for my unsecured OneCard offer.

Does anyone here know when OneCard offer appears?

I can refer if you want.

 

[hriday.haria]

My First Credit Card was AMEX CORPORATE CARD, given to me by my employer, along with Citi Bank IOCL CC complimentary along with my initial Salary Account.
Though AMEX card was closed automatically with me leaving the job, it was a good looking card !

 

[hriday.haria]

Ah ... Sad that the card was closed

Is your Citi card LTF?

First year was free, and had charges of Rs.500/- per annum from 2nd year (Fee waiver on spending 30k annualy, which happens anyway).
It was made LTF on request from the customer care.

 

[souvikdey2002]

I'll share my story... be with us here

Thanks Sumanta
I'm counting on you since my annual charges will be applicable May 28th & by then for sure I will not be able to spend more than 6.00 Lakh so give me a shout once you publish the story.

 

[chinmay]

My first journey into the Credit Card world started in 2017 when I got a Standard Chartered Manhattan Credit Card.

It was instantly approved basis my salary account with them with a limit of 1L.
A fresh, young and right out of college me was very exited to get a credit card and earn rewards and discounts.

Slowly and steadily I started to understand the world of cards.
Later on added Yes Bank Prosperity card in 2018 which was later upgraded to Yes Bank Premia LTF (Limit of 2.60L)

Also I was one of the early adopted of One Card in Aug 2020 which offered my unsecured CC with the limit of 1.6L; ( I only took the OneCard due to its metal form factor, quite a show off amongst friends 😂)

Now I’m planning to upgrade my portfolio and to add some premium cards to the same.

Any suggestions on some good premium cards/offerings I should consider and apply?

 

[souvikdey2002]

My first journey into the Credit Card world started in 2017 when I got a Standard Chartered Manhattan Credit Card.

It was instantly approved basis my salary account with them with a limit of 1L.
A fresh, young and right out of college me was very exited to get a credit card and earn rewards and discounts.

Slowly and steadily I started to understand the world of cards.
Later on added Yes Bank Prosperity card in 2018 which was later upgraded to Yes Bank Premia LTF (Limit of 2.60L)

Also I was one of the early adopted of One Card in Aug 2020 which offered my unsecured CC with the limit of 1.6L; ( I only took the OneCard due to its metal form factor, quite a show off amongst friends 😂)

Now I’m planning to upgrade my portfolio and to add some premium cards to the same.

Any suggestions on some good premium cards/offerings I should consider and apply?

First try to get a Yes First Exclusive since you are holding their Card for a longer period of time.
Then try to get one from HDFC followed by ICICI & IDFC.

 

[chinmay]

First try to get a Yes First Exclusive since you are holding their Card for a longer period of time.
Then try to get one from HDFC followed by ICICI & IDFC.

hey, that’s a nice suggestion; any idea on how to try to upgrade the Yes First Exclusive?
I do not see any option on their website to apply; do I try calling the customer care or wait for them to offer me a upgrade?

Nice

Do you have any HDFC, ICICI, Axis CCs?
One popular premium card is StanC Ultimate. You could try applying for that given you already have a StanC account ...

My tryst with HDFC has been very weird. It has always been a trouble to say the least.
I had applied for Regalia First card back in 2018 when the bank executive told me I was eligible. Inspite of me offering to give my salary slips, he insisted that the application can be processed without it since I used to hold HDFC account since my college times, and to my surprise I was issued Moneyback card with meagre limit of 20k.

On confronting, I was told since my profession in my account was updated as student, they upgraded my to Moneyback 😐; I immediately cancelled my card.

I’m looking forward to apply HDFC and I have a preapproved DC Privilege showing in my account offers, but I don’t have address proof such as Aadhar/passport, since I stay on rent; can I still apply? I’m not quite sure.

I was keen to explore ICICI Amazon Pay; any other ICICI, Axis to consider?

I’m applying for Bob Eterna for now. Will also try to upgrade to SC ultimate using the 1rs debit option from their website. 🤞

 

[souvikdey2002]

But maybe he could focus on Yes CCs lesser as some here tell that it's not of much value

Value is in terms of offer, promotions & rewards but since it is a Super Premium Card so if it is upgraded then he can give reference of this card & get another one.

 

[cherryj1988]

I am not sure how Paytm Postpaid is in the back-end. But check if it still reflects on your CIBIL. HDFC offers a free way to check CIBIL once every few weeks. Ideally, if you don't use one of these BNPL offerings, you should close the account (and not just delete the app). Apparently many of these providers also make it tricky to close accounts and don't do it easily as it impacts the metrics they can show. But yes, ideally, don't use them. If you do, close them as soon as possible. If you don't use them and have just downloaded/opened an account for an incentive, close the account. Not worth if you are someone trying to build your credit history or will in near future apply for some education/home/car loans from banks.

how do u check for free on hdfc ? I just used to check on amazon

 

[akshayhs]

Wow you guys are able to check your credit scores on Amazon? I guess I'm the unlucky one. But it doesn't matter I guess as OneScore is pretty much doing an excellent job for people who use it.

 

[prc1990]

Hello every,
The first credit card is special for everyone. We all remember the experience of getting our first card 😃
Let's share our first credit card experience...
My experience-
My first credit card was ICICI HPCL Coral, which I received in 2015. My home address at that time did not fall within any bank's serviceable area, so they asked me to apply for credit card against FD. But I needed an unsecured credit card, so I talked to my branch manager and I told him I needed an unsecured card.
He told me that... we can give you an unsecured card but for that you have to purchase an ICICI Prudential Ulip policy of Rs. 2 lakhs (minimum).
At that time I desperately needed a credit card because my business was in USA and I needed a credit card for its payment. I was unemployed that time with zero CIBIL score, No bank was offering me a credit card so I had purchased a policy of two lakh rupees at that time and got my first ever credit card ICICI HPCL coral credit card (chargeable), later icici converted that card to a lifetime free hpcl coral credit card and I'm still holding that one 😄

Good to hear.

On other note, ULIP is the most complex and worst investment product to my opinion.