A reader of our Advisory Service reports his plight where the Card Issuing Bank has deducted money from his savings account to recover his dues on credit card and wants to know if the Bank can do it ? He Writes as follows,
I had a credit card # 4477478289029005 against which some payments were due close to 6500 I did not get any notification because I had left my then current address for higher studies now by 2011 the total due because of late payment become around 12000 later when I get a new job in 2011 I opened an account with ICICI so all my details (mobile no email address) everything was available with ICICI still without any intimation they deducted money Rs 12000 from Read the rest of this entry »
It is not uncommon practice in the Indian Banking Industry to issue Unsolicited Credit Card which may or may not have reached the end consumer. Here is a plight of our reader as he asks to fight the case against ABN Amro Bank which has been now referred to Goons / Collection Agents. He writes as under,
I first started receiving calls from ABN Amro Bank in 2007 for a credit card bill payment. That was the first communication from ABN Amro. I tried to explain them that I have not received the card and requested to track the delivery of the card. Which they never cared to do instead kept calling me and troubling my parent. They call once in 6 months or whenever am available in India and Read the rest of this entry »
In the last 2 years we have seen increasing number of Frauds that has happened with SBI Credit Card Consumers. We first alerted our readers about the IVR Credit Card Fraud in Nov-2013 and since then it has only grown as you can read here about SaporDeals and again here on SBI Cards.
Today a reader of our Advisory has written about IVR Fraud by Intouch Concepts / MedCare India operating from New Delhi. He writes as follows, Read the rest of this entry »
A reader of our Financial Planning and Consumer Advisory Services has written his plight on how SBI GE Credit Cards division has duped him. The intent is to serve this as caution advisory on Banking Practices in violation of the RBI Guidelines.
SBI has started sending me statements charging fines on fines for the credit card which was never delivered, even when I had paid for it. They had forfeited my reward points without giving me any intimation and kept on lying that scheme continued when there was no scheme. Imagine when a complainant is a simple common man who can pursue with you or them, he must be ending up paying them extortion money to buy peace making them rich and comforting you. SBI Cards are the people who don’t think there is any consumer law in the country and they firmly believe that they can arm twist people and extract Read the rest of this entry »
CIBIL is probably one of the less-appreciated success stories of India’s financial sector evolution. It is today, probably the back-bone of the relatively high-quality and disciplined retail credit build out in India.
CIBIL has over 350 Mn accounts and adding 4 million new accounts every month – of which 30% are new accounts. Almost all key financial sector participants are contributing and using data from CIBIL. It gained momentum and customer acceptance Read the rest of this entry »
India’s leading private bank, Axis Bank has introduced an innovative feature from security stand point, for its Customers holding Debit Card. The feature lets you “Switch On / Off the Debit Card” for transactions. What does Switch On / Off mean ? It means that the Debit Card cannot be used when it is Switched Off.
Why does one need Switch On / Off on a Debit Card ?
For the sake of argument one can easily say that Debit Cards always require a 4 or 6 Digit PIN for transaction authentication so why does one need the Turn On / Off feature ? The feature comes in handy for consumers like me where the Balance in the Read the rest of this entry »