Today I have closed my oldest card. I had a Creit Card of Citi from the last 7 years which I have closed it today. I don't wanted to close it but the migration from Citi to Axis has made the matter worse.
So, when I opened my Salary Account with Citi, I have not opted for Credit Card and thus after 2 years looking at the benefit. I have applied for a Credit Card from Citi and they have given me a basic card whose fees was Rs 1K but it was waived off if you spend Rs 30K in a year. So looking at the advantage, it was worth it.
This year in July the Citi Bank was bought over by Axis and they have migrated all their cards. So now, they have changed their spending limit and thus we have to spend Rs 2 Lakh in a year for Rs 1K waived off. Now looking at the advantage, I don't think so their is so advantage of spending Rs 1K every year instead I can get any other card which can give me more benefit.
I do have 7 Credit Cards and in that only 1 card is having the annual charge and that too SBI card, other than that all my cards are Life Time Free or having low spend based reversal. And that why I have to close my oldest card today.
I am not sure how much impact it will have in the CIBIL score because all other cards are relatively new. It's recommended to not close your cards because that can impact your credit score. Though my credit score is good, I wanted to see how it can impact my overall score.
I will wait for any offers from Axis bank for Life Time Free Credit card because sometimes we actually get good offers on Axis cards. I have HDFC, SBI, IDFC, IndusInd, ICICI, IDFC so now only Axis is pending where we usually get good rewards.
