We have been writing on this Site for over 2 years not to go for Credit Card if you are unsure of what product you are opting for. Today, we would like to substantiate our statements with Facts Released by the RBI – The Supreme Regulator.
RBI has received a whopping 18,1810 in FY 2009-10 complaints all related to Credit Card operations by banks, an increase of 80% in the Number of Complaints lodged with the RBI Ombudsman. According to RBI Official, most of the complaints were related to
issue of non-transparency and mis-selling
The RBI has taken a strong view of the note that the Credit Card Issuing Call Center Employees are ill-trained, have no knowledge of the product, which has led to extremely poor customer experience.
Other popular complaints with the RBI are – Excessive Billing, Threatening Calls by Collection Agents and Wrong / False Billing [Stolen Cards etc].
Once again, stay away from Credit Card companies as their operations are completely shady and what RBI is doing is certainly not enough. Pre-Paid Cards is the best option for sufficing your Online Shopping needs and wait for the Industry to Mature or you get the capacity to sustain small blows from these companies 🙂