I hold HDFC MasterCard Gold Card for over 18 months now. Never I have missed a single payment nor have paid interest on that card. In a way of speaking, I pay-off in full every month.
However, I was shocked to see my last month statement in my hand after the due date [Feb-1]. I had already paid the card but still called customer care to see what they’ve got to say. The customer care lady said that a time of 1 working day shall be provided to pay-off and payment has to be by CASH or through ATM. She specifically said not to use the cheque. I started arguing for more time but she refused.
On further investigation with some sales associates I get to know that, HDFC has an internal systems through which they monitor how much fees this customer has paid to the bank. If you haven’t paid any fees, then they are pressurizing the employees to some how rip you off.
Delayed statement means delayed payment and hence I will end in the never ending loop of paying APRs. If I paid the bill by cash then they levy the cash transaction fees.
It is really shameful on part of HDFC to have such poor business practices. Well, when our own regulators are not worried about improving the quality of business and practices, whom can I complain to ?