In the US and Europe, people have a bitter experience with the plastic card and now they started thinking about it. Now we the Indian are going crazy about it, go and get a credit card sometimes for a passion, buy the non necessary items also on credit, use the card for withdrawing cash from the ATM's. Only when the statement comes with a heavy charge they will understand repecussion.
RE:RE:more and more trapped in credit cards
by Vikas Vadgama on Jul 18, 2007 03:54 PM Permalink
I think credit card is a nice thing only if used in wise manner. I am using credit cards since last 2 years. Though my banker gave me a credit limit of Rs.25000, I requested and reduced it to Rs.10000 so that even if some fraud happens on my card, it will be to a limited extent. Secondly, I prepare my bill cheque carefully. Read the amount atleast 3 times to avoid even a Re.1 short (As the case mentioned in this article). I never withdraw cash through credit card as this is the worst part of credit cards and charged at exhorbitant interest rates. I only shop for monthly groceries & households and occassionally, clothes through credit cards. Rest of the things I buy through cash only. Last but not the least, I restrict my credit card bill to a limit which I can pay. If any month I shop for Rs.4,000 to Rs.5,000 I stop using card till the bill is generated.
My name is Miss. J Rumpa. I had applied for an HSBC credit card which i receieved on 9th Jan'07. This card had a wrong name. It displayed as Mr. Rumpa Jha instead of Miss J Rumpa. I didnt take this seriously and whenever HSBC people asked me for Card i always asked them to cancel the card. But no one came to my office to collect it.I never swiped my card as it held a wrong name. By then i had already got HDFC's corporate card so i was least bothered. But last month was shocking for me as i received a credit card statement Of HSBC of Rs. 18,150/-. i never lost my card, and is still with me. i never used tht card and how come i received the wrong creadit card statement. i called up cust care people, and they asked me to file a dispute letter to the manager . i did tht twice. it has been abt more than 15 days but i dont see nething moving thr. i m very tensed. and the most noticable thing is tht my credit limit on tht card was Rs.19,000 and the shopping was done of Rs. 18, 150/-. This is really ridiculous. I didnt even know wht was my credit limit. it can only be HSBC people ...who would know my credit limit. This is really very tortorous for me to receive there calls 4 times a day ...and giving them the same answer, " I havent swiped my card, Please stop calling me. i have filed a dispute case, let it get solved." but no one listens to it and keep on calling me like crazy. this is a mental torture just coz of one mistake. I SHOULD HAVE RETURNED THT CARD THE DAY I SAW THE WRON
RE:My case is worst
by anshuman rastogi on Jul 19, 2007 02:08 PM Permalink
Ms. Rumpa and all other CC company victims,
There is a organization named "The Credit Card Holders Association Of India" with its office in Bangalore. It is a NGO with noble purpose of helping CC company victims. They are legally equipped for this. They have helped many people as yet. Please contact them. They will definitely help you out of your crisis. Visit: http://www.creditcardasson.org/ for more details about this organization.
RE:My case is worst
by hrp on Jul 18, 2007 01:06 PM Permalink
If you want to cancel the card just cut into four pieces and drop it into collection box along with a letter indicating your name and card no. No body will come to you to collect it. Normally, you will receive a letter from the bank about the cancellation in few days but not guaranteed. you need to call the customer care and findout the status.
RE:My case is worst
by Vikas Vadgama on Jul 18, 2007 03:59 PM Permalink
Ms. Rumpa, you are going through the same phase what I had been to when some fraud had happened on my Standard Chartered Manhattan Credit Card. Since now I am experienced myself, I can guide you on your case. It will be difficult to type such a long discussion. It will be better if you can call me on 9920231765. I may give you some guidance and GOD helps you that is what I can pray.
RE:My case is worst
by Jayesh Bhowmik on Jul 18, 2007 01:24 PM Permalink
Ms Rumpa, Ask for the Charge Slip of the purchase for which the bank is asking payment. Unless they produce it do not make any payment.If they do not reply to your query report the incident to the police and file a complaint with the banking Ombudsman. Your case will be solved.
RE:ask her to call the customer care
by Vikas Vadgama on Jul 18, 2007 04:01 PM Permalink
I agree Rajesh. The aggrieved in this case should not pay the interest. Just for mere Re.1, banks cannot charge an interest of Rs.1,849. Threaten them to discontinue the card and they will reverse it. These bank people are bhikharis as far as credit card customers are concerned.
We should have a debit card which can be accepted as a credit card. I dont know when i do online shopping i am asked for the credit card. When I have money in my debit card why should i use credit card. Eg. I had to purchase air line ticket. I had a use my credit card and i got charged interest on it.
Hi Guys, I have been working in card industry for long time. This article is not true to my knowledge. The things that has been put in here has some descrepencies. Let me know in case you guys need more information on credit card related issues.
RE:This Article is not relevent to card industry at all
by Sankar Rao on Jul 18, 2007 11:40 AM Permalink
This article is very true. I had to pay 2112rs as interest since I paid rs 100. That is the last time I used that credit card and send the credit card cut to the bank
RE:This Article is not relevent to card industry at all
by sameer sreedharan on Jul 18, 2007 11:18 AM Permalink
so ur the card man n ur the only one who wud say this article is not relevant to card industry. this article is an eye opener to all who have a credit card
RE:This Article is not relevent to card industry at all
by Vikas Vadgama on Jul 18, 2007 04:05 PM Permalink
Mr. Prem Jha, seems that just like advocates fight for their clients (criminals) knowing that they are dharti ka boj, they try to save them from law, similarly, being in he industry you are the person who actually knows all the ins and outs. Infact, you should take initiative to write such articles instead of going tarafdari of banks. Call me on 9920231765 and I will change your mind.
RE:This Article is not relevent to card industry at all
by Rinkesh Bansal on Jul 18, 2007 12:08 PM Permalink
Can you please let me know in detail, what you mean to say. I am very much interested in what you want to clarify. So please do it.
If we all are really calculative with the money we have and the money we can afford to spend why do we need a credit card ??
Bank might try to fool you.. but does our desires stop us from getting loan or shopping? Humans can never control their desires and that leads to all such craps... IS THERE ANY HUMAN IN THIS INDIA WHO CAN SAY THEY ARE NOT BOTHERED ABOUT MONEY OR BUYING HOUSES AND CARS ? EVERYONE WANTS TO DO THAT IN THIS POOR COUNTRY..
The case in US and UK is different, ppl have loads of money and govt sponsors children education and stuff which wont restrict them paying interest.. we are not that way...
More than anything!!!! US UK ppl have discipline .. and self respect.. they dont want to cheat the banks as we do... I am not tlaking aout one or two... INDIA IS NOT FIT FOR ANY FACILITIES... AS LONG AS THE ATTITUDE OF PPL CHANGE HERE...
RE:WHY DO U NEED ?
by Parveen Kalia on Jul 18, 2007 12:55 PM Permalink
how about attitude of banks? are they not adopting bad practices by not explaining the customer in totality?
Normally in a credit card statement, we have a column which says about the minimum amount due.! can anybody help me understand the purpose of the same and the consequences thereafter !!
RE:About the minimum amount payable
by Arindam Basu on Jul 18, 2007 03:47 PM Permalink
The minimum amount due distinguishes you as a "good" i.e. interest paying customer of the bank who is operating within the credit limit stipulated by the card issuing bank, rather than being a defaulter, who cannot pay back anything (not even the minimum amount due for that billing cycle) to the card issuer once he/she spends money credited to him/her. Of course if you don't want to pay them interest, you will have to pay the full outstanding amount every month.
