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Mint
17 hours ago
- Business
- Mint
What is a credit card upgrade offer, and should you consider it?
When an individual starts their credit card journey, their first card is usually an entry-level card with basic features and benefits. With time, as the individual progresses through the credit card journey, they realise that they need a higher variant credit card with better features and benefits from the same bank. They can do that when the bank sends an upgrade offer or the customer asks the bank for a credit card upgrade. In this article, we will understand what a credit card upgrade is, its benefits, how to become eligible for it, and should an individual opt for it. A credit card upgrade is the process of transitioning from an existing card to a higher variant card with better features and benefits from the same bank. For example, suppose an individual holds an HDFC Bank Regalia Gold Credit Card. If the bank sends a request to the individual for the HDFC Bank Diners Club Black Credit Card, it is a credit card upgrade. Similarly, suppose an individual holds an American Express Membership Reward Credit Card (MRCC). If the individual gets a request for the Platinum Travel Credit Card, it is a credit card upgrade. If the individual accepts the credit card upgrade offer, the bank will send the new credit card. Once the individual activates the new credit card and starts using it, the existing credit card will be disabled. The upgraded credit card usually comes with better features and benefits. Some of these include the following. Higher credit limit: Usually, the upgraded credit card comes with a higher credit limit. When an individual gets a higher credit limit and their monthly expenses using the card remain the same, the credit utilisation ratio (CUR) goes down. The credit utilisation ratio (CUR) measures the percentage of credit limit used from the total credit limit available. A CUR of 30% or lower contributes towards improving the credit score. Higher rewards: The upgraded credit card usually comes with better features and benefits including reward points. For example, the HDFC Bank Diners Club Black Credit Card provides 3X reward points for the purchase of instant vouchers of various brands through the SmartBuy portal. If the cardholder gets upgraded to HDFC Bank Infinia Credit Card, they will get 5X reward points for the purchase of instant vouchers through the SmartBuy portal. Similarly, an American Express Membership Rewards Credit Card (MRCC) provides 2X reward points for the purchase of instant vouchers of various brands through the Rewards Multiplier platform. If the cardholder gets upgraded to American Express Platinum Travel Credit Card, they will get 3X reward points for the purchase of instant vouchers through the Rewards Multiplier platform. Banks keep monitoring the usage pattern of the existing card and other factors regularly and send card upgrades to cardholders from time to time. Some of these factors include the following. Spends on the existing card: The spends done through the existing credit card is one of the most important factors for a credit card upgrade offer. If the cardholder spends a specified amount within a specified time using the existing card, they may become eligible for an upgrade, provided other eligibility criteria are also met. Hence, you may put most of your regular spends on the credit card of the bank from whom you are looking for a credit card upgrade. In the last few months, if you have spent a decent amount using the card, and have still not received a card upgrade offer, you may contact the bank and request for a card upgrade offer. If your salary has increased recently, and the monthly income meets the eligibility criteria of the credit card you want, you may contact the bank. Share your updated income details and request the bank for a credit card upgrade offer. Timely payments: Irrespective of whether you are looking for a credit card upgrade offer or not, you must pay the credit card monthly bill before or by the due date. Banks usually give preference to cardholders who make timely payments for credit card upgrade offers, provided other eligibility criteria are met. Long-term relationship with the bank: If you have a long-standing relationship and a good net relationship value (NRV) with the bank, they may offer you a credit card upgrade. If you don't get an upgrade offer, you may contact the bank and highlight the long-standing relationship and the good net relationship value (NRV) you have with them and request for a credit card upgrade. Good credit score: If you make timely payments, maintain a CUR below 30%, have a good mix of secured and unsecured credit, hold loans/credit cards with long ageing, etc., you will have a good credit score. Maintaining a good credit score is an important factor, along with other factors, that can make you eligible for a credit card upgrade. In the earlier section, we understood how an individual can become eligible for a credit card upgrade. If you meet the above eligibility criteria, you may have already received a credit card upgrade offer. You can check for credit card upgrade offers in your net banking or bank mobile app in the credit card section. You may have received communication on the credit card upgrade offer through email, WhatsApp, SMS, phone calls, etc. Once you accept the card upgrade offer, the bank processes the request. Usually, a credit card upgrade offer doesn't require KYC and income documents, as the bank already has this information. The bank will send you the upgraded credit card within the specified timelines. At the time of credit card upgrade, most cardholders have reward points on their existing credit card. You need not worry about losing them. The reward points on the existing credit card are transferred to the upgraded credit card in a specified ratio. For example, if an individual's credit card is upgraded from HDFC Bank Regalia to HDFC Bank Diners Club Black, the reward points will be transferred in the 2:1 ratio. It means every 2 Regalia reward points will be converted into 1 Diners Club Black reward point. For example, at the time of upgrade, if the Regalia Credit Card has 1,000 reward points, they will be transferred to Diners Club Black Credit Card as 500 reward points. The monetary value of the reward points remains the same after the transfer to the new credit card. If you have received a credit card offer with better features and benefits, you may consider going for it. If you get a higher credit limit on the new card, and your monthly expenses remain the same, it can lower your CUR and contribute towards improving your credit score. The better features and benefits will give you a higher value for every Rupee spent using the card. However, check the annual fees on the upgraded credit card, which will usually be higher than the existing card. Also, your existing card may be lifetime free and the upgraded card may be paid. So, before upgrading, check whether you are okay with the fee structure of the new credit card. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.
Irish Post
5 days ago
- General
- Irish Post
Crew rescued by coast guard helicopter after fishing boat sinks in Irish waters
THE crew of a fishing boat which sunk off the coast of Co. Louth have been rescued. Two people were manning the vessel, which sunk off the coast of Drogheda in the early hours of this morning (May 29). Two crew members were rescued by the Irish Coast Guard helicopter They were both successfully located and rescued by the Dublin-based Irish Coast Guard helicopter R116. 'The Coast Guard Marine Rescue Coordination Centre (MRCC) in Dublin was alerted shortly before midnight following the detection of an Emergency Position Indicating Radio Beacon (EPIRB) transmission,' a Department of Transport spokesperson confirmed. 'MRCC Dublin immediately tasked the R116 helicopter, Drogheda Coast Guard Unit, and Clogherhead RNLI to the area,' they added. The Coast Guard helicopter happened to be conducting overnight training at the time of the incident and therefore 'arrived quickly on the scene' the spokesperson added.. 'The helicopter used its night vision infra-red system, night vision goggles and other search tools to locate and recover the two casualties from the water,' they explained. 'The activation of the vessel's EPIRB and the use of NVIS technology were key aspects of this successful rescue.' Both crew members were wearing life jackets when rescued and were 'immediately transferred to the care of the HSE'.
Irish Daily Mirror
6 days ago
- General
- Irish Daily Mirror
Two fishermen rescued by helicopter after boat sinks off Irish coast
Two crew members of a fishing vessel that sank off the coast of Louth were rescued by the Irish Coast Guard after an overnight search. Dedicated rescue crew attached to the Dublin- based Irish Coast Guard helicopter R116 sprang into action to assist after the vessel sank off Drogheda, in Louth. The Coast Guard Marine Rescue Coordination Centre (MRCC) in Dublin was alerted shortly before midnight following the detection of an Emergency Position Indicating Radio Beacon (EPIRB) transmission. MRCC Dublin immediately tasked the R116 helicopter, Drogheda Coast Guard Unit, and Clogherhead RNLI to the area. The Coast Guard helicopter was conducting overnight training at the time it was tasked and arrived quickly on the scene. The helicopter used its Night Vision Infra-Red System, night vision goggles and other search tools to locate and recover the two casualties from the water. The casualties, who had been wearing life jackets, were immediately transferred to the care of the HSE. The activation of the vessel's EPIRB and the use of NVIS technology were key aspects of this successful rescue. A spokesperson for the Irish Coast Guard wrote: 'The two-person crew of a fishing vessel were successfully located and rescued by the Dublin- based Irish Coast Guard helicopter R116 early this morning (29 May) following the sinking of their fishing vessel off Drogheda, Co Louth.'
Barnama
25-05-2025
- General
- Barnama
Container Ship Capsizes Off India's Southern Coast
The MSC ELSA 3 vessel arrived at Vizhinjam Port in Kerala state on May 21 and departed on May 23. The 184-metre-long ship capsized in the Arabian Sea en route to Kochi Port. NEW DELHI, May 25 (Bernama) -- A Liberia-flagged container ship has capsized off India's southern coast. The Maritime Rescue Coordination Centre (MRCC) in Mumbai received a distress alert regarding the container vessel developing a 26-degree tilt about 38 nautical miles (70 kilometres) southwest of Kochi, the Indian Coast Guard said on Saturday. Of the 24 crew members, 21 were rescued and three, including the captain, remained onboard to assist in a planned salvage operation, it said in a post on X. The coast guard continues to monitor the situation to ensure the crew's safety and to prevent any environmental damage.
International Business Times
21-05-2025
- General
- International Business Times
Singapore Extends Help to Rescue 30 People After Fishing Vessel Capsizes 27 km From Pedra Branca
The Maritime and Port Authority of Singapore (MPA) revealed that Singapore coordinated the rescue of 30 people from a capsized fishing vessel on Tuesday, May 20. According to a statement from MPA, the Maritime Rescue Coordination Centre (MRCC) was alerted about the incident by the Hong Kong-registered container ship Cosco Development at about 7.20 am. The Indonesia-registered vessel Facific Memory II had capsized at about 27 kilometers northeast of Pedra Branca, which is within Singapore's maritime search and rescue area. In addition to providing navigational broadcasts for other vessels to assist, the MRCC oversaw the search and rescue operation. Additionally, it also notified Malaysia's MRCC and Indonesia's National Search and Rescue Agency. The MPA said that Singapore directed Liberia-registered bulk carrier Andros Spirit to rescue the people in the water. It added that all 30 people were rescued, and no Singaporeans were involved in the incident. People who were rescued disembarked at Batam, Indonesia.
