Nov 12, 2005 07:15 PM
2283 Views
(Updated Nov 12, 2005 07:15 PM)
It has been a while since credits cards entered India but they have earned a lot of bad reputation. Although I don't own myself any credit card but the experiences my friends have faced tells me never to try to get one.
Here are the list of things they don't tell or do.
- First it is always a contractual employee with the bank who will approach you, tell you al the good things, suppressing most of the information from fine print. (Like they will tell you that the card is free, but actually it may be free only for first year).
Since they get commission for number of cards they sell and switchover to another company so there is no loyalty factor coming into play.
When they approach people for cards they just don't check whether the person can really afford a credit card. In my organisation they sold credit cards to sweepers and messengers calling it free for Navratna PSU employees and next year sent the annual maintenance charge bill. While I was in studying in IIT Kanpur, there were instances where students were sold a card with half information by an agent of a big MNC bank, most of them were never used.
Most of these cards offer insurance cover, but it is only when you have made any transaction from the card in last 45 days before claim. (This is never told by these agents).
When you finally decide that you had been duped by the agent and call back customer service, you will come to know that the agent does not work there, so most of his promises don't hold. There is no such scheme. If you want the card getting cancelled then maybe you have to pay the processing fee and/or the amc for that current year.
Most of these credit cards vendors thrive on the business of default in payment. They make you pay through your nose if you default.
So look before you leap.
Try to get everything in written. Next time if you are approached by anyone from the bank for a card. Please read all the fine prints, ask about his employee number (verify from the bank).
The views presented above are my personal views and concerns all credit cards in general. It is not related to any specific card, but from experiences related to different credit cards
