I’ve been using HDFC credit card for over 7 years. My credit history is spot free with not even one late payment or any other issues whatsoever. Over the years my credit limit has been increased more than 6 times the original limit I started with. At the time I applied for ICICI credit card I was also salaried with 5 lac+ annual package. But no, all of this isn’t enough for ICICI to provide me a credit card. They insist in order to apply for a card I need to maintain an ICICI bank account and hold a minimum FD deposit of 40, 000 INR. I’d have done it too if I had needed a bank account but I already have accounts in two different banks and I didn’t want to open too many accounts under my name with no use.
Now the thing is above requirement is the same irrespective of how much you earn. So ICICI makes no distinction among people who are new users and those who have proven white record using credit cards. Most companies would study your credit history and statements from other banks over a period of time(usually up to last 6 months), plus your current earning status and provide you a card. But these things makes no difference to ICICI since they have made this mandatory condition to hold 40k deposit, which frankly, is going too far. If ICICI thinks they have monopoly in market they need to wake up and smell the coffee. Forcing people to hold deposits and sign up accounts will not add to their sales, people should have the option to choose. All I really wanted was just a credit card.
IMO HDFC is much better, flexible and provides pretty much the same services and offers that ICICI does without such forced conditions. I wasn’t even employed when I received my first card from them, it was based on my average transaction history from my savings account.
Banks should have the required intelligence and expertise to determine what kind of candidates can avail and maintain a credit card with policies that are in tune with today’s times; otherwise they are going to lose out on a lot of potential customers that could have provided them business.