I Currently Have 4 Credit Cards And Want One More. Can I Hold Two Cards From The Same Bank Concurrently?

I presently person 4 in installments cards successful my possession, namely nan HDFC Millennia, RBL World Safari (LTF), ICICI Amazon Pay (LTF), and Flipkart Axis (LTF). I americium considering applying for nan Tata Neu Infinity HDFC RuPay Credit Card. However, since HDFC mostly limits customers to holding only 1 in installments card, I americium wondering if it is imaginable to clasp some nan Millennia and Tata Neu Infinity cards simultaneously, possibly done a divided aliases upgrade process.

Additionally, pinch a robust CIBIL people of 823 and a monthly net of complete Rs 1 lakh, I americium funny to cognize which apical in installments cards mightiness complement my existing portfolio. Are location immoderate cards successful my possession that overlap successful benefits, necessitating closure?

Any guidance connected this matter would beryllium greatly appreciated.

Advice by Animesh Hardia, Senior Vice President, Quantitative Research astatine 1 Finance

Out of nan 4 cards you presently own, three—HDFC Millennia, ICICI Amazon Pay, and Flipkart Axis—are chiefly cashback cards, delivering rewards either arsenic nonstop connection credits aliases wallet balances. The RBL World Safari card, though positioned arsenic a recreation in installments card, offers a alternatively debased conversion complaint for its recreation points, which tin diminish its real-world worth for predominant fliers.

When evaluating nan incremental benefits, it becomes clear that nan RBL World Safari and Flipkart Axis cards bring small further value, mostly duplicating what you already person from nan HDFC Millennia and ICICI Amazon Pay cards. Their perks often overlap, truthful streamlining your in installments paper portfolio whitethorn simplify your finances without sacrificing cardinal benefits.

Regarding your query astir holding some nan HDFC Millennia and Tata Neu Infinity cards, successful my in installments paper advisory acquisition astatine 1 Finance, I've travel crossed respective clients who managed to clasp 2 HDFC in installments cards. The bank’s argumentation isn’t ever rigid, particularly if you support a beardown banking narration pinch them. I’d urge reaching retired to your HDFC narration head aliases nan in installments paper squad straight to research whether you tin either divided aliases upgrade your HDFC products to accommodate some cards.

As for expanding your portfolio, since your existent cards are mostly entry-level and cashback-oriented, you mightiness see adding a well-rounded, multi-purpose card—something that offers higher-tier privileges, recreation perks, aliases elastic points redemption. Remember, premium cards often travel pinch higher fees, but their suite of benefits (insurance, airdrome lounge access, concierge, milestone rewards) tin beryllium important depending connected your manner and spending habits.

Before making your decision, walk immoderate clip analysing your regular expenses: Are your spending patterns skewed toward groceries, travel, dining, aliases online shopping? Would you use from a elemental cashback experience, aliases are you fresh to maximise nan worth from a much analyzable rewards system?

For illustration - American Express is known for providing much milestone benefits and debased guidelines reward rates. Axis offers awesome opportunities to multiply benefits by converting reward points into partner points. HDFC and ICICI connection awesome reward multipliers connected voucher purchases and recreation bookings, and a streamlined redemption system.

Ask yourself:

- Where do astir of my expenses go?

- Which of my expenses tin I move connected in installments cards?

- Are my expenses going to alteration successful nan adjacent 1-2 years?

- Can I reasonably summation walk connected my in installments cards for milestone benefits?

- Am I comfortable search and redeeming points, aliases do I for illustration straightforward cashback?

- Would I use from travel-related privileges, aliases is simplicity much important?

In my financial advisory experience, I've observed that 2-3 in installments cards activity champion for astir clients successful nan agelong run. A fewer of them for illustration having much than 5 aliases 10 in installments cards, but they person galore years of acquisition of utilizing in installments cards and tin juggle truthful galore of them. I've besides met clients who made a messiness of their in installments cards owed to unchecked financial behaviour.

Ultimately, nan correct operation depends connected your lifestyle, preferences, and financial discipline. Review, streamline, and upgrade wherever it makes sense, and ever support your comfortableness and clarity astatine nan halfway of your in installments paper decisions.