(Just a personal observation)
My dad who has senior citizen FD with IDFC recently got some WOW credit card. He was so furious with this as he did not wanted one and on top of it, the card has 20% interest rate. (I obviously understand that it’s only applicable on missed payments but for many who are credit-averse, would be hard to digest)
I don’t know what IDFC is upto but these artificial pumping of credit card numbers is only going to hurt them. My dad was telling me that he is planning to move out all FD etc to some other bank as being senior citizen he don’t want these surprises. I tried to convince him to not bother but he had already built a negative bias for the bank.
Disclosure: Invested but will book profit if bank continues to show desperate attitude
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