Jan 19, 2009 10:36 PM
2868 Views
Hi All,
Never ever become victim of Credit Cards, especially ICICI bank credit cards. I got into this because of my friend. Few of the credit card sellers were standing infront of our office and my friend not only got card to him, also got it to me. I had a bad experience with settlement of my Father's card who passed away and his credit card with Citibank and eventually don't wanted to fall in trap. But, my friend spoke as if I don't know anything about the advantages, the points, gifts etc and got me the card.
I just purchased a ring of worth 3, 500. I was told the bills of the credit card will be paid by ECS from my ICICI bank account. Please never do the mistake of ECS. They make it minimum payment and every month around 350 rupees was debited from my bank account. It went on and on and I ended up in loosing almost all the money in my account which unfortunately I was not tracking since my salary account was with other Bank.
Later on, they have tried to sweep in 350 rupees and when there was no funds, they have charged reversal fees of 250 rupees+ 12% tax. This went on and on and finally it has come to pay 14, 500 for the settlement.
Again those harsh phone calls at the very last moment. They didn't inform me at the initial stage, once the card charges went to the peak, then they informed me.
I have ended up paying literally 20, 000 rupees+ for the purchase of a 3, 500 rupees ring from ICICI bank credit card.
The system itself is designed to cheat the customers in terms of making the minimum payment in case of ECS without informing you, and you will end up loosing up all the money in your bank.
Settlement officials are very bad and not responsive. For example, in Bangalore, one can get the cards at finger tips and for the settlement one has to go all the way to Bommanahalli office at South Bangalore.
It is easy to get into the trap, very difficult to come out. I would advise live a credit card free life and don't loose money. Credit card is needed in Western Countries to maintain the Credit History. In India we don't need it unless until you badly need cash. For those people who are in need of cash, banks like ICICI do not give Credit Cards and approve only who can pay for it such as Marketing executives and IT professionals. When they have plenty of money, who not use Debit cards and why credit cards?
I realize the mistake I did even after knowing because of a short sighted friend who pushed me to the trap.
