what will happen to my credit cards if I left my job for higher studies ?

[iamPrince]

Currently I own 7 Credit Cards (HDFC Millennia, AMEX MRCC, SBI SimplySave, Indusind Legend, ICICI Amazon Pay, Federal Celesta, Jupiter Rupay)
Mostly all LTF (Expect MRCC)
Currently I am planning to quit my job to purse higher studies. As I wont be getting regular salaries in my salary account, will this lead to closure of my credit cards ?

 

[Bharatiya Nagrik]

Currently I own 7 Credit Cards (HDFC Millennia, AMEX MRCC, SBI SimplySave, Indusind Legend, ICICI Amazon Pay, Federal Celesta, Jupiter Rupay)
Mostly all LTF (Expect MRCC)
Currently I am planning to quit my job to purse higher studies. As I wont be getting regular salaries in my salary account, will this lead to closure of my credit cards ?

Just try to make small transaction like recharge or get ur groceries on the cards you want to keep. Pay the bill on time. There will be no problem if they are kept active with small transactions.

 

[iamPrince]

Just try to make small transaction like recharge or get ur groceries on the cards you want to keep. Pay the bill on time. There will be no problem if they are kept active with small transactions.

Hey Bharatiya Nagrik (Killer Username )
I have heard if the salaries arent credited to the account most of the bank convert them from Salary account type to Basic saving account.
I do have my salary account in HDFC Bank. They do convert the account type within 6months. Will this impact in anyway ?

 

[Bharatiya Nagrik]

Hey Bharatiya Nagrik (Killer Username )

Thank you

Hey Bharatiya Nagrik (Killer Username )
I have heard if the salaries arent credited to the account most of the bank convert them from Salary account type to Basic saving account.
I do have my salary account in HDFC Bank. They do convert the account type within 6months. Will this impact in anyway ?

Yes salary account is converted to basic savings account if salary is not credited for a pre defined time period which varies from 6 months to 2 years depending on the internal policies of the bank and are different for different banks.
But certainly that will not have any affect on your credit card provided by the bank as long as you keep paying the CC bills on time. So you can use your cards without worry.

 

[Skylar]

Currently I own 7 Credit Cards (HDFC Millennia, AMEX MRCC, SBI SimplySave, Indusind Legend, ICICI Amazon Pay, Federal Celesta, Jupiter Rupay)
Mostly all LTF (Expect MRCC)
Currently I am planning to quit my job to purse higher studies. As I wont be getting regular salaries in my salary account, will this lead to closure of my credit cards ?

There is no direct impact if they are LTF you can leave them if they are paid card make sure you remember then annual charges are levied and pay them.

I’m uncertain about Amex, Federal, and Jupiter.
However, my father’s HDFC, SBI, and ICICI cards have been inactive for 2.5 years since I received my cards from then, we are not using my dad's cards. Surprisingly, despite non-usage, HDFC issued a new card when my father’s old one expired in December 2023, they are not even reducing the credit limit. After reading your post, I checked our emails and realized we missed several promotional offers from HDFC and SBI during the card dormancy. It seems that using the card less actually prompts banks to offer more incentives. So, not using the card might lead to more offers quarterly.

 

[Skylar]

An Update:

Today, I received a call from HDFC informing me that I haven’t used their card in quite some time. They mentioned that the card would become inactive if I don’t use it. When I asked a friend about this, they explained that HDFC does this to encourage card usage and won’t actually close the account.
Last year, the RBI issued guidelines allowing banks to close inactive cards that haven’t been used for more than a year.

 

[Gajendrakumar]

Currently I own 7 Credit Cards (HDFC Millennia, AMEX MRCC, SBI SimplySave, Indusind Legend, ICICI Amazon Pay, Federal Celesta, Jupiter Rupay)
Mostly all LTF (Expect MRCC)
Currently I am planning to quit my job to purse higher studies. As I wont be getting regular salaries in my salary account, will this lead to closure of my credit cards ?

Card will not be closed but your salary account will be converted to regular savings account with basic AMC.

 

[iamPrince]

An Update:

Today, I received a call from HDFC informing me that I haven’t used their card in quite some time. They mentioned that the card would become inactive if I don’t use it. When I asked a friend about this, they explained that HDFC does this to encourage card usage and won’t actually close the account.
Last year, the RBI issued guidelines allowing banks to close inactive cards that haven’t been used for more than a year.

Thanks for the update Skylar

 

[mkate]

Currently I own 7 Credit Cards (HDFC Millennia, AMEX MRCC, SBI SimplySave, Indusind Legend, ICICI Amazon Pay, Federal Celesta, Jupiter Rupay)
Mostly all LTF (Expect MRCC)
Currently I am planning to quit my job to purse higher studies. As I wont be getting regular salaries in my salary account, will this lead to closure of my credit cards ?

Whats the use of 2% coins earned from Jupiter Rupay ?

 

[iamPrince]

Whats the use of 2% coins earned from Jupiter Rupay ?

5 coins = 1 Re
You need minimum 500 coins to get Rs 100 vouchers from Amazon, Flipkart etc or you can directly convert it into cash or Digital Gold (Catch you have to open Savings accounts through their app)
I have it just because I love their transparent design and offers on Swiggy n Zomoto and I got a higher limit of 5lakhs.
Plus other than that I have only 1 additional Rupay CC ie SBI SimplySave which is complete trash.

 

[zacobite]

Currently I own 7 Credit Cards (HDFC Millennia, AMEX MRCC, SBI SimplySave, Indusind Legend, ICICI Amazon Pay, Federal Celesta, Jupiter Rupay)
Mostly all LTF (Expect MRCC)
Currently I am planning to quit my job to purse higher studies. As I wont be getting regular salaries in my salary account, will this lead to closure of my credit cards ?

Nothing will happen.. U can continue to use..

 

[mkate]

5 coins = 1 Re
You need minimum 500 coins to get Rs 100 vouchers from Amazon, Flipkart etc or you can directly convert it into cash or Digital Gold (Catch you have to open Savings accounts through their app)
I have it just because I love their transparent design and offers on Swiggy n Zomoto and I got a higher limit of 5lakhs.
Plus other than that I have only 1 additional Rupay CC ie SBI SimplySave which is complete trash.

what are the other benefits of Jupiter's savings account? is it zero balance, LTF?

 

[iamPrince]

what are the other benefits of Jupiter's savings account? is it zero balance, LTF?

Yaa the card is LTF and comes with a higher limit as compared to other banks Rupay CC.
They have tie up with 2 banks CBS & Federal any one of them will issue the card.
Talking about the Savings Acc, in the app itself you get an option to open a Savings Acc through Federal Bank which says its 0 Balance but that I doubt.
Mostly every banks have a minimum balance limit.
I have 4 savings account including my salary account and none of them have that 0 minimum balance
Plus you have to maintain an average monthly balance also.
So better to use only the CC.