I have three HDFC cards: HDFC Swiggy, HDFC Paytm, and HDFC Neo Plus. HDFC has allocated my credit limit between these cards, with each having a limit of 5000. However, I find it difficult to utilize them effectively. Do you have any suggestions on how to increase my credit limit, or would it be better to consider closing one or two cards?
Managing Multiple HDFC Credit Cards: Increasing Credit Limit or Consolidating?
- Thread starter lluckyy
- Start date
zacobite
KF Mentor
keep them.. use normally.. limit will increase in a few months.. don't close for now
swapnilk
KF Ace
What is the disadvantage
Having multiple credit cards is okay but not using them is bad. Use for at least 2-4 small purchases and pay on time. If the credit cards are under a year old, consider talking with an agent and merging them into one card - highly unlikely they will but you can try.
Banks offer increased credit limits when they see your consistency in purchasing and paying back with a card. I took Millenia's credit card roughly a couple of years ago with a credit limit of 1.5 L, it gradually increased from 1.5L -> 3L -> 5L -> 6L (last month) now.
I suggest sticking with one with more benefits. You may close the other cards since the credit limit is not worth enough of the hassle. Or you can stick around and try climbing the credit ladder.
Banks offer increased credit limits when they see your consistency in purchasing and paying back with a card. I took Millenia's credit card roughly a couple of years ago with a credit limit of 1.5 L, it gradually increased from 1.5L -> 3L -> 5L -> 6L (last month) now.
I suggest sticking with one with more benefits. You may close the other cards since the credit limit is not worth enough of the hassle. Or you can stick around and try climbing the credit ladder.
Disadvantage:-
Holding multiple cards with certain limit will bound you to purchase within the limit. Suppose your total limit is 70k. and if you purchased something with your neu card worth Rs. 10k. At that time if you are willing to buy something worth Rs. 65k from the HDFC Paytm card. You will not be able to do so, cause you already used your limit. Having multiple cards will distribute your limits and thats the big disadvantage.
Holding multiple cards with certain limit will bound you to purchase within the limit. Suppose your total limit is 70k. and if you purchased something with your neu card worth Rs. 10k. At that time if you are willing to buy something worth Rs. 65k from the HDFC Paytm card. You will not be able to do so, cause you already used your limit. Having multiple cards will distribute your limits and thats the big disadvantage.
Skylar
KF Master
How did you get 3 cards. Hdfc always tells me that hdfc offers only one credit card.
Although now hdfc offers second rupay card as well.
Skylar
KF Master
None of the 3 cards are free and having a limit of 5k on each of the card makes it pretty much useless indicating even after having 3 cards of HDFC, total limit given by them is measly 15k. Given that if you spend more than 30% of your credit limit on your card then it's bad for your credit score that effectively puts available limit on each card at 1.5k. If these are paid cards probably cancel swiggy and paytm card assuming the Neo card is Rupay card and use it judiciously each month. Slowly the limit should increase
Having total 20k limit and it devided into 3 card.
No, HDFC Swiggy and HDFC Neo Plus are having yealy charges
I have applied via application
I have 3 diffect card and I want to switch to one Core card. I am not able to understand what is the best for my CIBIL scoreOnly one Core card!
and you can get 2 to 3 co-branded cards, I guess.
Skylar
KF Master
3 Co-branded cards, Transition from co-branded cards to core cards is not easy with HDFC.
Try mailing HDFC CS regarding this if they can close any of the cobranded card and offer you a core card.
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