Applying for a HDFC credit card, what all to check

[avi]

I badly need a CC, since I already have an savings account with HDFC, I am thinking to get a CC from them. What all the things to check? Like yearly fee, maximum credit amount, period etc.

and also, a friend of mine saying don't apply for one instead let them call and then apply, so that there will be minimal yearly fee. But till now I haven't received any calls for CC from HDFC

 

[letmein]

I would advise you not to take an HDFC CC. I have a salary account with them, and they are definitely one of the most customer unfriendly banks I have ever dealt with.

Moreover, I've read that it isn't advisable to take a credit card with a bank that has your savings/salary accounts. Since in case you default on the payment, the money will be recovered from your salary/savings account.

 

[Criminal]

if it's not an ultra-exclusive card, why are you willing to pay yearly fees? you have a savings account with them, so you should get the CC free.

credit limit, interest free period, grace period etc will be decided by bank after reviewing your spending power, your salary and the kind of money in savings account.

don't apply for it online as it will temporarily reduce your credit score/rating.

Since in case you default on the payment, the money will be recovered from your salary/savings account.

Does it really happen?

 

[letmein]

Does it really happen?

I recall reading atleast 2 articles in ET/ToI Wealth about this.

 

[avi]

Moreover, I've read that it isn't advisable to take a credit card with a bank that has your savings/salary accounts. Since in case you default on the payment, the money will be recovered from your salary/savings account.

Actually its not my salary account, only savings. And I already have a SBH savings where I can keep money and keep minimum on HDFC

if it's not an ultra-exclusive card, why are you willing to pay yearly fees? you have a savings account with them, so you should get the CC free.

The guy said all CC have yearly fee. Only its free for first year. And if I spend more than 40k+ per year on CC, then my fee is waived off. However I am not gonna spend that much.

and I did not understood the part about the credit score/rating.

 

[max_demon]

I can confirm that it happens. same case applies for loan.

although If you pay your bills on time then you don't have anything to worry about.

 

[Criminal]

I recall reading atleast 2 articles in ET/ToI Wealth about this.

then it's a boon for defaulters. they won't have to face the goons.

i have defaulted several times on indian and US credit cards. in my personal opinion, they don't touch your savings accounts. CC companies won't survive if they could simply take a bite from your savings account on their own.