We have been discussing the various issues related to the Credit Card from time to time in this discussion Board but so far nobody has raised Point for the Question with regrads to the Guidelines related to Mutuallu agreed Settlement of Outstanding credit card between the Credit Card Holders and the Credit Card Company, In most of the cases, credit Card Holders agrees to the Settlement Terms and make the payment to the Credit card Company - but Real Problem starts as even after complete re-payment of Settlement Amount, credit Card Company keeps on sending the Statement, moreover, Third party Agenst the use un-parliamentary languages to the Credit Card Holder but the matter doesn't ends here, THE NAME OF THE CREDIT CARD HOLDER APPEARS in C.I.B.I. and in later course, whenever, such Credit Card Holder goes to any financial instituese for seeking Housing Loans, Term Loans, Personal Finance, he comes to know the how he has been screwed up - If this stand true than why double standards - Credit Carder might be having multiple reason to go for the settlement and it doesn't mean that he is a CHOR, THUGS ... My dear Friends, why you wouldn;t think fit that this burning issue may be brogught forward for on the discussion board and public opinion be generated and regulation to this effect may be made clear keeping in mind both the parties concerned.???
I like to bring to the notice of RBI that an amount refund(for example from IRCTC) is not trated as payment before the due date-"A VERY WRONG PRACTICE". Though there is a credit(in the form of refund) on the Account the same amount has to be paid again before due date and the same gets adjusted in the next billing cycle. Who will pay the interest for this double payment. My request to RBI is to set a clause to treate "Refund" on Credit Card Accounts as Payment if the refund is after the bill generation date.
There is no means of producing proofs of communication with the customer care if they do not respond properly when you need, conflicting their own statements every time you call or misguide you say for final settlement etc.
The credit card issuing companies say that the users should pay atleast minimum amount by the due date EVEN THEY ARE NOT IN RECEIPT OF A PARTICULAR MONTH'S statement. But when the user deposits a cheque at any Drop Boxes provided by the issuing company the user do not have any proof that he deposited the cheque on a particular date. Any fault or problem by the card issuing company in collecting the cheques or even in loss of cheque will result in fine and other charges to the users and the card company does not take any responsibility in this. Moreover, they say that a cheque deposited in a drop box will take 4 to 5 working days to be credited into the account. But RBI guidelines for Other a/cs like SB,CC,CA are different. Will these problems will be addressed in the fresh set of guidelines to be issued by RBI
interest charged by credit card is called as service charge leading to service tax of 10.2% if card say this as interest then they need not charge tax because interest does not carry tax. INTEREST charged should be completely explained and every statement should reflect the closing amount on due date and not uptil statement period.
