Hey guys, I wanted to understand how many bank accounts & credit cards you use actively.
By active usage means, you have few transactions in a month from that account/credit card.
For me, I use 2 bank accounts + 2 credit cards actively. So, for me, it would be 2 & 2.
I finally made the move with porting over my salary account from Standard Chartered.
Hopefully that brings it down to two bank accounts. Now all I gotta do is figure out how to close Stan C.
1 Credit Card if slice can be counted as a Credit Card .
@niranjan you are a proud owner of BNPL Card. Not Credit Card
Then you can count 2 credit card instead of 3 because for some exciting rewards and cashback slice is best. Every 3-4 days it gives offers on grocery, cafe, restaurants etc which is really exciting with 1% cashback rewards.
For bill payment i use Airtel Axis bank credit card and it gives lot more cashback. For fuel and id some offers are running then i use one card but not a big fan of one card really because the reward system is not working properly so its kinda spare card.
@Drdanny25 This is for you my friend
Multiple Loans on your credit report.
Achha! When its written in their TnC so its wrong right
Multiple loans are not issued. You have a single loan account and when making purchases, your card is topped up with required amount from that one. Reverse process happens when you make repayments.
A different loan account is created only when there is a change in your limit (and that is obvious).
Even BNPLs are not bad if you spend only as much as one can repay in time. Judicious use can help you enjoy all the offers while actually building your credit score.
That was the case before.
Now, after recent RBI guidelines on Prepaid cards, this is changed I think.
Every time you do a transaction, new loan will be created. I am not 100% sure though
I use Slice regularly for many years now. I have consistently had a 800+ credit score and Slice only has one loan account on my Credit Report.
A new loan account on every transaction is not practical anyways.
Already happen with many users.
The Indian Finance community on Youtube is unfortunately not the best. I would strongly recommend you to stay away as well.
As for your doubts on this. I have 10+ slice transactions in last 15 days and 50+ in last 3 months. I am ready to share proofs as well .
Multiple loan accounts are opened, yes, but only when your limit changes. If you started with X limit and after seeing your usage patterns if slice is offering you X+D limit, then a new loan account gets opened for the X+D limit and the previous account with X limit is closed.
okay, as I am not a slice customer so I don’t have much information… but yeah BNPL is still not regulated by Reserve bank as you can see RBI have many guidelines on CC. But yeah its not easy to get a first credit card but once you get a first card all other bank will trust and issue the card…
NBFC is a pain for everyone