ICICI PLATINUM Credit Card Query

@Sushubh do you have any idea dude?

no idea.

Don't apply for an FD card with ICICI. If you have an FD card in X bank, they will think you are a high risk customer. (CCs are generally unsecure loans against no collateral. If you are using FD card, they will think there's something wrong with your credit profile and so, you had to offer the bank a collateral to get the CC.) So, the X bank won't issue any other unsecure CCs to you. They won't even bother to look at your credit history. You may apply in SBI (or any other) and get your score generated in 6 months. Then apply for another card in ICICI. ICICI won't know you have an FD card with SBI. If you have a good credit score and good income, you won't need to have any pre existing relationship with ICICI for getting the Amazon Pay CC. You won't necessarily need to have the Platinum card. Also, consider the Axis bank ace CC. It's better if you spend somewhere other than Amazon, but it has a 500 rs annual fee. Just close the FD card after you get the second card if you want to.

Thanks a lot @royalroy
I have a savingsmax account with hdfc bank.
i have no other account.
Also SBI allows FD cards?
I just want to build cibil score, my family is already preferred on hdfc thinking to link my account in family group.

@royalroy i am looking to get started with CCs myself , any guide on best approach to get things rolling?

@uttxx answering your question, I got the ICICI plat card for the same reason(building a good credit score). I opened a FD of 20k in the final year of my college ~Dec, 2018. In 6 months by the time I graduated my score was around 750(which is a pretty good score, if you're not familiar). Not sure if the card would get deactivated, my FD is getting matured next month so will know about that in a month. The expiry date on the credit care is 2023 so I hope it stays.

@j1nx Thanks dude!!
Also do you use that card still? i mean payback points are real pain xD
and u did that fd for 2 years?

card linked with FD will close when you close your FD (not on maturity, like if you decide to renew). Now the problem is if you close your card linked with FD your credit score will also tank. This is the case with ICICI not sure about SBI.

See if hdfc if offering you any card that will be the best way to start building your score, it will take 6 months. ICICI is notorious for rejecting CC application.

Alternative would be use ICICI card against FD for generating score then get a card from HDFC. Now close ICICI card and use HDFC to build your score.

In your first post you didn't mentioned any doc about income proof so are your salaried, self employed?

As you have savingmax with hdfc then download payzapp app or from netbanking apply hdfc credit card first. Use it for 6 months then try for icici card.

@uttxx yeah, I use it sometimes since I remember the card number 😛 and this card is pretty much useless for points. If I remember correctly I took the FD for 2 years and 1 day(that had the max interest rate lol)

I don't have my credit card as of now. So, I was just researching how to get one, I'm a student BTW. I am planning to get an SBI Unnati card (against an FD of around Rs 75000 on auto-renewal. SBI needs you to have an FD of min Rs 25K). It is free for the first 4 years and I'll get a credit limit of more than Rs 50K. After six months, when I have a healthy credit score, I will apply for the ICICI Platinum on a card-to-card basis by visiting the branch since I cannot furnish income docs. I will need to give ICICI a photocopy of my SBI card front page (not the back page/ CVV) and the last 3/6 months (depends on the branch official) card statement. It is important to keep the billed amount as low as possible with the SBI card in all these six months. I'll probably just use the SBI card for a mobile recharge every month and pay the bill on time. This will show ICICI that I am not credit-hungry and that SBI wants to give me credit but I don't need much. I'll tell the ICICI official that I am self-employed (private tuitions) (it's important as they will reject you if you say you are a student.) Now, ICICI platinum is an entry-level CC. They'll see that I have the SBI CC with a decent limit, low credit utilization ratio, and a clean credit history. So, they will approve the ICICI platinum card. Once I get my platinum card, I'll close my SBI card (don't hotlist/block it, ask SBI to close the credit card permanently) after one/ two months. My credit score will surely tank as my credit history with SBI will be gone, but I don't care. I won't be applying for a loan anytime soon. ICICI platinum is a trash card. I'll just leave it in my cupboard once I get another card in the future. It is a lifetime free and won't cost me anything. However, it will positively influence my credit history for the rest of my life. It's important to get your first credit card a lifetime free one so that you never need to close it and lose your credit history. The only purpose of that SBI card is to get me my unsecured ICICI lifetime free card. Sure it will hurt my score a little when I close my SBI CC but it's better this way from a long-term perspective.

@uttxx @Xposed You may apply for a CC with HDFC as @Smh said that ICICI is known for rejecting CCs. But make sure it is a life-time-free/low-cost one. I don't think HDFC has any unconditionally LTF card. If you have a business, make sure your business address is not the same as your residential address. Try reframing the business address if that's the case (like, add ground floor/ first floor/ add a new landmark so that it seems you do have a separate establishment.) However, if you follow these steps as I said, I don't think ICICI will reject you, though I'm new to this as well. If you are employed, just provide your salary slip to your salary account bank (which is not my case yet) and apply for a CC.

Also, make sure the FD card has at least 30K limit (50K suggested) for easy approval by ICICI.

A lot of hdfc cards can be made lifetime free easily. And offers on their cards will easily make up for the fee if you don't get lifetime free card.

Good luck. Your strategy is right by the book but all that stuff will have very low impact. Any income proof will have major impact. An important thing you didn't consider is your age which banks check for cc applications.

If credit card is issued against fixed deposit, the FD gets auto renewed on maturity unless you visit branch and request the FD to be liquidated, in which case the card too stops working. (That's how it works in ICICI)