Mine Credit Card Limit
Marquez Feliciano
With this ICICI credit card, you can earn MineCash as cashback on all retail spends and get other benefits like lounge access, waiver on fuel surcharge, and reward offers on dining and many more. Some major features and benefits of ICICI Mine credit card are discussed below:
Complimentary Lounge Access- Get 1 free railway lounge access per month on Pro 49 and Premium 149 plans. 1 free access to domestic airport lounge per quarter on spending Rs. 35,000 in the previous quarter.
Fuel Surcharge Waiver- Get 1% fuel surcharge waiver on all HPCL pumps on transactions of up to Rs. 4,000 on all Mine card plans. This is applicable on payments done by card swiping on ICICI Merchant Services POS machines only.
Dining & Everyday Delight Offers- You can avail exclusive dining offers through ICICI Bank Culinary Treats Programme. Additionally, you can also access Everyday Delight offers on various categories, like travel, grocery, fashion, food and e- marketplace.
ICICI Mine Credit Card provides you with the flexibility to change your monthly plans according to your spending needs. You can choose between the Starter, Pro 49 and Premium 149 plans to get access to accelerated rewards on your monthly spendings. This card is mainly suitable for those who regularly spend on key lifestyle brands from categories like dining, shopping, food delivery, movies and travel. Apart from this, other benefits like fuel surcharge waiver, lounge access and multiple MineCash redemption options are also available for the cardholders.
You can also explore other credit card options which offer millennial-focused lifestyle benefits similar to ICICI Mine credit card. Refer to the table below for such cards with accelerated rewards that you may consider:
A. You can redeem your MineCash earned through ICICI credit card against statement credit by calling Customer Care on 1860 120 7777. MineCash redemption against the statement balance is done at the rate of 1 MineCash = Re 1 with minimum 1,500 MineCash and in multiples of 100.
The ICICI Mine Credit Card is an advantageous credit card that allows an individual to customise a card plan based on monthly spending needs. It has 3 categories - Starter, Pro 49 and Premium 149 plans to get access to accelerated rewards on your monthly spending. Depending on your chosen plan, you might earn accelerated points and cashback on major brands.
You can store up to INR 1 lakh in any of your linked ICICI bank accounts. You can utilize the ICICI Mine Savings Account without restriction once a bank official visits you and completes KYC verification. Because there is no minimum balance requirement, you can take advantage of the ICICI Zero Balance Account advantage.
ICICI Bank Mine credit card is a unique card that offers three plans, out of which you can choose one as per your credit requirements. These three custom-made plans are Starter Plan, Pro Plan, and Premium Plan, with the starter plan having a zero membership fee. Though the features of all three plans are different, you get a wide variety of benefits and offers with all of them. From exclusive cashback offers to dining benefits to travel benefits, the ICICI Mine Credit Card provides you with everything you can expect from such an affordable credit card. Apart from a 1% savings on all the spending done using this credit card, you are also provided with various discount offers and a special 5% on partner brands (With Pro and Premium). Following are the details and features of the ICICI Mine credit card.
ICICI Mine Credit Card can be applied both online and offline. If you want to apply online, you can do it easily by clicking on the Apply Now button. You will be redirected to the official ICICI Bank website, where you will need to fill out a simple form and submit your application.
The ICICI Mine credit card is a highly affordable credit card for anyone looking to apply for a basic credit card that provides you with a decent reward rate with multiple redemption options. One of its best parts is you can redeem the Mine cash against the statement balance at a rate of 1 Mine Cash = Re. 1. You can choose one plan according to your needs and avail of exclusive benefits, including airport lounge access. With such great features and saving opportunities, you should definitely try one of the three plans of ICICI Bank Mine Credit Card once.
Will removing myself from my parents credit card hurt my credit score by making my credit history shorter by over 60%? Or will it improve my credit score by removing a balance and improving my debt available to debt utilized ratio?
If the long term goal is to break the connection, and if the need for a great score isn't urgent just remove your self from the card. The hit will not be forever. Many people have a great score even with credit histories shorter than their age.
I don't think removing yourself from your parents' credit card will remove it from you credit report. I am in a similar situation but I was removed as an authorized user of my parents' credit card several years ago, yet it still shows up on my credit report. I also wonder how it affects my credit score. CreditKarma has a Credit Score Simulator that should be able to answer this, but it just says that closing your oldest credit card account will likely decrease your credit score without putting a number on it.
I have an offer for a credit card with 0% interest for 21 months that could cover their entire debt, and this got me thinking. If I want to transfer their debt onto the card in my name, they would be able to pay it off much more quickly because their payments would stop going towards the interest charges, breaking out of a cycle of debt.
I didn't see anything in the offer letter they sent me forbidding it, but I'm thinking they may disallow it because they made the offer based on my (very good) credit score, which will go down if I accepted this debt and my credit utilization went up.
I am not looking for advice on the wisdom of doing this, I am aware of the pitfalls. I am looking for answers about the practical limitations of using a balance transfer to accept and minimize someone else's credit card debt.
The implied intent is that balance transfers are for your balances, not someone else's. However, I bet it would be not only allowed but also encouraged. Why? Because the goal of a teaser rate is to get you to borrow.
Typically there is a balance transfer fee that allows the offering company to break even. In the unlikely event that a person does pay off the balance in the specified time frame the account and is then closed, then nothing really lost.
Its hard to find past articles I've read as all the search engines are trying to get me to enroll in a balance transfer. However, about 75% of 0% balance xfers result in converting to a interest being accrued. If you are familiar with the amount of household credit card debt we carry, as a nation, that figure is very believable.
To answer your question, I would assume they would allow it. However I would call and check and get their answer in writing. Why? Because if they change their mind or the representative tells you incorrectly, and they find out, they will convert your 0% credit card to an 18% or higher interest rate for violating the terms. Same as if a payment was missed.
From the credit card company's perspective they would be really smart to allow you to do this. The likelihood that your family member will pay the bill beyond two months is close to zero. The likelihood that a payment will be missed or late allowing them to convert to a higher rate is very high. This then might lead to you being overextended which would mean just more interest rates and fees. Credit card company wins! I would not be surprised if they beg you to follow through on your plan.
Faced with the same situation I would just pay off one or more of the debts for the family member if I thought it would actually help them. I would also require them to have some financial accountability.
We used balance transfer offers from my cards to pay off my wife's cards, and vice versa (BT offers from my wife's cards to pay off my cards). Maybe it was allowed because we had the same address, but maybe it's because the banks don't care.
In general, you can do whatever you'd like with the money. Many (perhaps most?) banks offer different ways to receive the money, with the two most popular options being direct payment to other debts, or direct deposit into your bank account. If you choose the latter you can do whatever you'd like with that money once you receive it. Even in the case when you have the bank make direct payments to other credit cards I'm guessing they will not care if it's someone else's name on the account, but that could be bank specific.
You were approved for the offer based on your current credit, just like any other offer of credit. The offering bank knows you'll likely use their offer if you accept it. If you accept the offer and load up the new card to the max with your (or your relative's) debt and your score will then change. Depending on the other factors that impact your score this could carry some negative consequences related to your own ability to obtain debt. Also, consequently, this will have a tremendously positive effect on your relative's ability to obtain debt.
I understand that you trust this person enough to be asking this question. No amount of trust protects from the unforeseen. Ultimately while this debt resides in your name, in the eyes of the creditor it is yours. While you could seek legal remedy from your relative if they don't or can't pay, you will be on the hook to the bank. Again, there are unforeseen events, a car accident, a death, etc. If this person passes, that's your debt.
I mentioned in a comment under your question. This feels like it would carry a tax consequence (or maybe benefit) to one or both of you. I have no idea of the legalities, or whether or not any of this violates a cardmember agreement, but as other answers have pointed out, I doubt there is a balance transfer police.
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