Jun 29, 2007 08:18 AM
3888 Views
I hold a Citibank Silver Card for many years now. All credit cards to me are the same. For me personally, the Citibank Online is the USP. My card is linked to my banking account, which adds to the convenience immensly. I had 2 other GOLD cards, it was a real pain, writing checks, depositing them. One occassion I had misspelt my card number, incorrect date, forgot to sign! With the Citibank card, I can access my statement online, manage my credit by transferring money. Also the min amout due would automatically go, so even if I missed the date, the late fee would not be charged. I have even made payments on the very last day, using the credit days to the max.
In comes the GOLD card. I was offered this by a sales rep at a Citibank ATM. All he wanted was my banking account info. I had reviously tried to upgrade my silver card, no luck. So I thought why not. And I did. Filled the application, few weeks later the card was in the courier. All hunky dory so far.
My first statement came last month. As was customary for me, I paid the full amount minus the min amount due as that was going automatically. I also clearly remember in the application where they ask "Do you want the min due to be take . blah blah", I had said yes.
I had a rude shock when I got this month's statement. There was a charge for interest of Rs. 1200 including taxes. I was like for WHAT? Off to the phone, called Citiphone, asked them what the charge was for. They tell me I had not paid Rs. 1000 odd on my last statement. I was like that was the min amt due. And it was only then I figured that the min amt due was not automatically taken from my account.
The interest charged was for the FULL amount that was due as on that day. The 95% that I had paid did not hold good. For all intents and purposes, I may as well have defaulted. Reasoned with the "Citiphone Officer", she just parroted out the rule to me. I am not even sure what the Terms and Conditions are. Never read them.
There is probverb in Kannda, roughly translated it goes like "When you take a loan, it is like have a sweet dish, when the lender asks for the money back, it feels like your rib cage is broken!"
I have learnt my lesson. READ THE FINE PRINT! READ THE FINE PRINT! READ THE FINE PRINT! and once more READ THE FINE PRINT! I am considering some action with Consumer Court if nothing happens. One well written review on this site talks about "Banking by anticipation". Make enough noise and they just might reverse. I'll try my luck. For the money they have charged, I can buy my son some new toys, lipstick for the wife and CD for my self. Why let someone earn it, when they so do not deserve to.
