Credit Card Complaint?

Question

Dear Sir, I want to complain about wrong marketing skill used by Cards Marketing Department. They offered me credit card of 10 Lacs Credit limit against which they charged me Rs.2999 Yearly Fees. But i received credit card only of Rs.46000 Credit Limit. They said the billing i will get 50 days duration to pay my bills, whereas as per there statement billing duration is only 20 days. I have tried to establish contact with their Customer service department but I have not received any concrete response even after 30 days followup.
Kindly do the needful.

Answer 1

Dear Deepali

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

I don't think, any bank would collect an annual charge of Rs.2999/- for a mere credit of Rs.46000/-.  That is very unusual and unbelievable.  Also, no bank would allow a credit limit of Rs.10 lac right at the time of first issuance.  The bank may increase the limit progressively, but not in one go, that too at the time of initial issuance.  Further, the 50 days for billing / payment too is just not true.  It may be possible for couple of spends made right after the generation of a bill, but not always.  For example, if the bill is generated on 5th of a month, you are required to make a payment probably on 25th or so of the same month.  Assuming you make a purchase on 6th/7th or so, post generation of the bill, that spend would be billed on 5th of next month, which you are required to pay on 25th, which might have a gap of 50 days. However, it is a rare occurrence.

Please get in touch with your card issuing officials of the bank for clarification and if not satisfied, better to surrender the same.  There is no point in using a card with an annual fee of Rs.2999/-, wherein you just have a credit limit of Rs.46000/-.  Besides, any delay in payment of the credit card bills, would result in the banks levying hefty late fee payment, interest, taxes etc.

RAJA