Incorrect info about credit limit?

Question

I received a call from bank offering credit card and the executive clearly told me that I would get the credit limit as three times of my salary and then i verified saying my salary is Rs/- 35, 000 and the executive informed that I would receive credit limit of around 1.20 Lakhs. When I received the card the credit limit is just Rs/- 40, 000 which is just 1 time of my salary. I already have bank credit card with the limit of 1, 19 Lakhs. I would like to increase my credit limit or cancel the card. They have cheated me.
 

Answer 1

Dear Syed,

At the outset, let me clarify that this site is designed 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.

The issue highlighted by you does not fall in the category of service deficiency to provide suitable guidance. Nonetheless, you may note that it is not the marketing guys who is the ultimate authority to decide the limit. Banks follow their own norms. Apart from salary, another major parameter banks take into account with regard to issuance of credit card and particular limit is your CIBIL report score which the banks extract independent of the applicant.

Whether to hold the card with the given limit or surrender i the same is entirely your discretion.

Regards

 

J R Mohandas