I hold a SBI credit card and I had an outstanding balance of Rs.6000.50. I dropped my ICICI cheque for 6001/= in one of their drop boxes 20 days ahead of the due date and forgot about it. Then I received a call from their call center executive telling that I haven't paid my minimum outstanding balance and I am going to be slapped with a late payment penalty and interest. After further probing (read as 10 calls atleast with SBI executives) I was told that my cheque was not cleared by ICICI for some unknown reason. Talking to ICICI I was told that hasn't come for clearing at all. After numerous interaction with SBI , one of their call center executive told me that the cheque has been rejected by SBI ITSELF and the reason shown in his system was "INVALID AMOUNT". After a big fight with them over phone they reversed my interest but insisted on paying my late payment fee of Rs.250/=. I immediately made a cheque for 6300/= and dropped. So, my sincere advice is as suggested by few friends here, round your outstanding to the nearest big number in 10s.
RE:RE:My experience with SBI cards
by Sharath Kumar on Jul 17, 2007 07:26 PM Permalink
This is a just a drama that SBI credit card (managed by GE) customer service does. I had a similar experience few months back. I made a payment of Rs. 20000 before due date and amount is also debited from my ICICI account. But my next month statement did not show it. When I called SBI customer support, they told me that credit card number I wrote on the cheque was wrong. I got a copy of cheque from ICICI and it was correct. Some goons from SBI kept on calling me for almost 2 weeks and that too 6 or 7 times in a day. Finally I wrote to their vice president with all the proofs and whole issue took almost 3 weeks to get settled. Never go to SBI for a credit card.
RE:My experience with SBI cards
by jailab eqbal on Jul 18, 2007 07:39 AM Permalink
never go to any credit card service provider all are standard chorterers and shylocks
RE:My experience with SBI cards
by Reviewer on Jul 17, 2007 09:03 PM Permalink
thanks for the info, anyway, i have the sbi card for past 8 months and havent used it a single time. No way I can trust our good old, good for nothing SBI.
Hi friends, I have been using my HSBC credit card for almost a year now. There are no hidden charges associated with it. Be sure to read the terms and conditions document once you receive the credit card; that itself will clear most of the confusions. Make sure you clear the %u201Clife time free credit card funda%u201D by just calling the customer care number mentioned in the document and be make sure that your card is a life time free card or not. (As most of the sales people lie while issuing the cards). If you find that its not a life time free credit card break the card into 4 pieces and mail it back to them as soon as possible. Be sure of your last statement date and plan your purchases after that and avail the credit period of the full 50 days. ie if your last statement date is July 9th 2007 then the payment date for the shopping done after July 9th will only have to be paid on or before August 29th (after 50 days). And as mentioned in the previous mails be sure to give at least Rs 5 to Rs. 10 extra on the billing amount ie if your bill is around Rs 29,843.30 pay Rs 29,850 and be on the safer side. Always have an idea on the amount of lavish shopping that you do and be sure you will be able to pay them off by the payment date. And please be sure to keep a track on the expenses you make and keep a record for the same and if you have an online account then keep a track at least for 2 days. Credit card has helped me a lot in many crutial situations; make sure you use it properly an
RE:Some tips I would suggest
by your friend on Jul 18, 2007 03:39 PM Permalink
You should visit Rediff more often to hear the horrid stories of HSBC card holders.
credit card issuers send bills by e-mail if requested. one should use this facility so that u don't receive bills after due date. there is also a facility with most banks to pay on-line. use these facilities and sleep in peace... b.sen
Rakesh Sharma, all credit card companies clearly mention that your current month purchases attract interest immediately, unless you cleared your past dues. Your friend was s tupid not to know that and you were making big story out of it?
RE:correction
by bablu on Jul 17, 2007 06:12 PM Permalink
a hole, how can credit card company charge ineterst on entire sum when on ly re 1 was balance amount overdues , both the credit card company & brilliant assses like you need to be sued
RE:correction
by Ajith Pillai on Jul 17, 2007 06:29 PM Permalink
What has been mentioned in the article is true.
The bank charges interest for each day from the date of purchase. Suppose your bill states Rs1,000.01 & you pay Rs1,000.00, the bank will charge you interest for the full amount outstanding.. BE CAREFUL
Wel just to add to below message, if you are crossing the credit limit of your card say by 1000 & upto 5000 or even 10 K you may not be charged if your payment history is clean. Also you can request for increase in the credit limit by giving your new additional income proof or the credit card bill of other banks ! bcoz if that bank can give you higher credit limit your present bank will also increase your credit limit ! provided have clean payment hitory, frequent usage etc.
Rakesh Sharma, all credit card companies clearly mention that your current month purchases immediately unless you cleared your past dues. Your friend was s tupid not to know that and you were making big story out of it?
life-time-free card is just like a life-time-validity pre-paid mobile connection!
I got a lifetimefree card but every year they charge me a renewal fee of Rs.750 taxes. and as a yearly-routine work, I call customer care and blast them with all possible words. they say some polished words(apology etc.,) and finally, they will reverse the transaction.
this is happening for me for the last 2 years (with CitiBank) and I hope, most of the CC users have experienced this.
You can own a CC but you have to be very very carefull. you need to check each transaction carefully. I know, most of the CC users are interested in looking at minimum amt and due date. This attitude puts you in a big mess.
Wel always pay the higher round off amount which will be adjusted in the next bill. Also make payment atleast 4 days in advance as we forget that all months are not 31 days and due date cant be the same everytime.Useonline payment from same bank if its available like ICICI bank. Dont be too much greedy to pay on 50th day. We are not going to earn huge interest on our savings account for two days !! Credit cards have changed my life ! Wel I have utilised 10,000 more than my credit limit and bank did not charge me anything ! You know why ? The payment history and the usage trend ! Even I converted the huge amounts into EMIs at nominal interest & 1% processing fees. One must play within the rules ! Hope its helpful to you all. Thanks
RE:Say no to credit cards
by Srikanth Chundi on Jul 17, 2007 06:26 PM Permalink
Yeah credit cards make life miserable unless u manage ur finances very well
RE:Say no to credit cards
by praveen jain on Jul 17, 2007 08:33 PM Permalink
dont know what buffet uses..but i must warn u dude that debit cards are more dangeroous then credit cards...in case u loose/drop ur debit card, someone can swipe it any money will be deducted from ur account immediately n cant do anything about that...in case ur credit card is lost, at least u can lodge an FIR and make a case for fradelent usage and fight for it....
Very important: If u cant manage ur finance well then neither use credit nor debit cards....take plain ATM cards from banks...
RE:Say no to credit cards
by L on Jul 18, 2007 09:13 AM Permalink
Praveen, I am not sure for all the banks, but for the few private banks I have been bankign with, there is a clause which states that the debit card are protected against fraudelent POS transactions, ie.e transactions done by swiping the card. The transactions done 30-45 days prior to the loss of card are protected. So my take is that debit cards are more secure than credit card...at least on this count.
