When the bill is received, you always pay round amount after adding ten rupees approx more than the amount indicated in the closing balance to avoid all such one rupee shortage. You must appriciate that you need not carry any cash while shopping and if you plan your purchase carefully, you enjoy a credit of a month. While buying your goods, you must plan your finance condition and should ensure that you are in a possition to pay the full amount of the bill on the due date of the next bill. Otherwise, you end up paying interest.
The minute you feel, something has gone wrong, call customer care...they are often helpful.My CC due date is always 14th of the month, so I got a habit of paying by the 12th, once suddenly the due date was 11th (i noticed this change of date happens cyclically every once in a while, later) and as usual I paid on 12th, when I realised what I had done, I called customer care...and told them of sudden change in due date and that I overlooked it. Very courteous...no interest or charges were collected from me.
Pls let me know is there any gimmick or googly behind offering us lifetime free credit card, is there will be any hidden charges banks will levy on us. because its not possible for us to understand the technically written terms & conditions. which we dont understand really or get bored of reading such a long lists.
RE:Lifetime free credit card
by kris ch on Jul 17, 2007 05:50 PM Permalink
I am using HDFC credit card. Its a life time free card. Only thing you should ensure is to pay the full amount within the due date and you can enjoy the benefits. No interest, no charges.
RE:Lifetime free credit card
by hrp on Jul 17, 2007 05:54 PM Permalink
"life-time-free" - meaning of this changes time-by-time and bank-by-bank.
I got a lifetimefree card but every year, they charge a renewal fee of Rs.750 taxes. and as I yearly-routine work, I call customer care and blast them with all possible words. Finally, they will reverse the transaction. (they cancel the charges).
this is happening for me for the last 2 years (with CitiBank) and I hope, most of the CC users have this kind of experience.
RE:Lifetime free credit card
by Amrit Rao on Jul 17, 2007 06:01 PM Permalink
Please note that in a life time free card the annual fees will not be applied. However, please ensure that you pay the full statement balance on your card account on or before the payment due date otherwise interest charges will be applied on the next statement and these would include from the very first transaction of your card statement.
RE:Lifetime free credit card
by Shriniwas Deshpande on Jul 17, 2007 08:12 PM Permalink
No . There are no hidden charges. These banks love to charge exorbitant interest as U have seen in the said article. If You withdraw Rs. 100 in caSH . u OWE bank Rs. 100 150 Interest even if u are paying the next day. In US the rate of interest is 2% per annum in India it is 28 to 48 %
RE:Help in Credit Card issues
by laxman k on Jul 17, 2007 05:16 PM Permalink
I advise Caution with this Guy. These might be people who are waiting for innocents to fall in their trap. Never reveal your PIN/CVV Number Date of expiry and CC Number to anyone, even if they pose to be somebody froma prof body or even the Bank which issues you the Credit Card.
RE:RE:Help in Credit Card issues
by taju begum on Jul 17, 2007 05:30 PM Permalink
yes, pls donot beleive in these guys, you have a problem, pls contact the customer care or walk into the bank directly and solve your issues
I was using ICICI credit card and recently surrenderd the account. at the time of closure I had an excess amount of Rs.3015(due to cancellation of Train Ticket) in my account. But the ICICI people just closed the account and sent the message as below,
"the excess credit amount of Rs.3,015.00 reflecting in your credit card account will be adjusted towards the future transactions"
what kind of future transaction..I don't understand what it mean.. I didn't get any reply when i approached them again and even after 3 reminder... It will be helpful if somebody can explain.. :(
RE:ICICI-credit card
by Vinay Joshi on Jul 17, 2007 05:59 PM Permalink
Ur lucky. The bank wanted to encash late payment charges from a gentleman, whose mom had died and the card was in her name. Obviously she had not paid the bills. IN the end the gentleman had to give the cremation ground address so that future bills could be sent there.
RE:ICICI-credit card
by Aritra Das on Jul 17, 2007 05:25 PM Permalink
In case of cancellation after the payment is made to the bank, there is no provision to pay back the balance amount to the crdit card holder,instead bank will adjust the amount with future purchase (if any)
RE:ICICI-credit card
by Latha Yogesh Prabhu on Jul 17, 2007 05:25 PM Permalink
U can file a complain under costumer grievance cell and send your complain to RBI
RE:ICICI-credit card
by Ajay Pai on Jul 17, 2007 08:48 PM Permalink
If you have aany other accounts with the bank I suggest to settle your cc case with the bank before approaching the RBI. This is what the banking ombudsman also suggests.
Dont take the card if you don't have patience to read the conditions and terms. In most of the cases Banks are very very clear about the terms and conditions ( As per RBI rules ), but it is "we" who fall in the trap of the salesman who lures with lots of freebies. There is no pointing Banks after signing the documents.
RE:one simple rule
by taju begum on Jul 17, 2007 05:26 PM Permalink
hi murali, i agree with you. use one credit card and one should know their financial limits, infact a credit card has helped me many a times, who gives credit these days when you are in need? I have been using the credit card for the past five years, but never had an issue with the bank.
RE:one simple rule
by me mumbaikar on Jul 17, 2007 05:43 PM Permalink
taju, can u pls let me know which bank credit card ur hving....as i m feeling like going for one, so i m doing some RnD, as of now i have shortlisted HSBC and SBI to be my probabal options....I also want ur take on this.
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 not to subscribe to any life insurance plans in the credit card form. And make sure you fill the form by yourself.
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 accoun
RE:RE:one simple rule
by praveen jain on Jul 17, 2007 08:37 PM Permalink
never use SBI.....have heard many horrible stories about them/...its not SBI card..they have collabaration with GE money n the services are equally poor.....i m using citi bank from lsat 2 yrs...without any issue
RE:one simple rule
by me mumbaikar on Jul 18, 2007 12:12 PM Permalink
thanx praveen and vineeth, both the infos wud be very helpful for me. thanks a lot. i have one more question if anyone can help me out with. My diseased father used to have HSBC credit card. there was some balance on his card at the time of his death. we even paid some amount as a full and final settelment but it didnt happen. every year before closure of economic yr, ie. b4 end of march, bank ppl come to enquire, each time we tell them the same old story happend in the past. they note it down and go or else request to pay any amount as a full and final settlement, they dont force. now if i plan to opt for hsbc card only then this above mentioned matter can affect me in any way, in the furute?
