Awful experience with Axis Bank credit cards

[thecooldean]

So my first ever credit card was a secured credit card made from a Fixed Deposit in Axis Bank. I had made a FD of ₹50,000 and had got a “My Zone Easy” credit card with ₹40,000 limit.

Subsequently, a few months later, I applied for Flipkart credit card, which got approved instantly with the same limit (₹40,000). And again, a few months later I applied for My Zone credit card, and was approved with a ₹52,000 limit.

I felt that the limits of these cards were too low so I called up their customer care and asked them for a limit increase. They asked me for salary slips and bank statements.. citing internal policy. I can not provide that being Self employed. I’ve held the My Zone Easy credit card for more than two years and Flipkart credit card for more than a year without a single limit increase.

Out of sheer frustration, I decided to close my first credit card backed with Fixed Deposit, so that I can at least get my FD amount back. I did so, yesterday, and today I received this message. “This is an informational message. Credit limit across all your Axis Bank Credit Cards is INR 52000. Irrespective of different credit limits on your individual Credit Cards, combined usage is restricted to INR 52000; all other TnC remain unchanged.”

Now I’m wondering what to do.. how do banks justify these type of behaviour..

 

[xyx2000]

Thats how it is for all cards, if you have a cobranded card and a regular card, limit is shared, i have shared limit of HDFC regalia with HDFC TATA Neu.

 

[thecooldean]

@xyx2000 it wasn’t like this prior to today, all three cards had their own limits.

 

[manu1991]

I mean...you are unwilling/unable to provide the bank with information which will help them lend you more (bank statements etc.). Don't think the risk department of any bank will provide you increasing limits in this scenario.

The non shared limits sounds like an oversight which they have now corrected.

 

[thecooldean]

@manu1991 I would not have made this post with that title if what you said was truly the case. I also have OneCard and ICICI Amazon Pay credit card who have never asked for any income proof, yet have offered limit increase multiple times.

 

[Smh]

Getting loan or any credit is always difficult for non-salaried folks.

How u got icici card without proof?

 

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[Jonas]

It really depends and varies from bank to bank. My SBI CC limit is stuck at 90k for a long time. While I’ve cards that have 5-10 lacs limit.

 

[thecooldean]

@Smh OneCard never asked for any details, didn’t even ask whether salaried or self-employed. For ICICI, I just applied as self employed, didn’t ask for income proof. Application got rejected the first time though.

 

[Smh]

You got the card that's good.

But you cannot expect every bank to just do it without proof. OneCard is a startup that's needs to acquire customer through unconventional techniques else why anyone would bother with them. Their reward programs or service is not something extraordinary like amex.

I have onecard and luckily got some good deals, recently got good offer on shopperstop. Instant discount no fuss rewards points and all that. But i won't count on them to return my money incase of dispute. Their support is still at the startup level. Everytime you contact them they reply a week later with most stupid bot unhelpful replies, basically at that point you don't want to contact them anyway. No escalation nothing happens.

Axis is a conventional bank with a big customer base they don't need to take risk as a startup would need.

Earlier you had different limits because it was linked to your FD. Bank asking income proof for issuing credit is not awful.

 

[thecooldean]

Update: A few days ago, I received a limit increase offer for the Flipkart card from ₹52,000 to ₹85,000, and the following SMS:

“Total credit limit on all your Axis Bank Credit Cards (CC) is INR 85000. You can now continue to enjoy this as a maximum limit on any of your Credit Cards individually or as an aggregate across your cards.”

Earlier they had made the aggregate limit of both the cards (Flipkart and My Zone) ₹52,000, and both the cards were reporting ₹52,000 as the credit limit in credit reports.

 

[mhsabir]

Axis Bank has always been like this. I had two cards stuck at around 1.5. Got an Airtel Axis card using an alternate number of mine (corp connection) & then while applying gave my PAN etc - I got the card with 5 as limit and other cards also updated to 5.