Cheating all the way. Review on ICICI Bank Visa Credit Card

On a nice evening we were playing in front of our hostel when some 5 representatives came from ICICI bank. They said that “we are coming from ICICI bank and we have come to provide you credit card and added it is necessary to pay any initial amount and just fill up this form and sign it and give one of your passport size photograph and a Xerox of your ID card “. They themselves filled the application for us and then we enquired about the card. They said” With this card you can buy anything all over India and you can take money as cash from ATM anywhere in India. The total amount is Rs.20000 and 20% of the amount you can take, as hard cash from ATM.and validity period of the card is one year. After one year, the bank will send you a letter regarding the total amount to be paid and the date within which you have to pay the amount and you have to pay the amount within the specified date and after that you have to pay the amount with a compound interest of 2.95%. And also a service charge of Rs.400 has to be paid. You will get the card within one month. You can use this card for one year and after one year as you get a job you can payback with by your own money. We are specially going to big colleges like REC and we are giving credit cards for final year students”.

After 1 month one of my friend got the card, it also had a letter attached with about the terms and conditions for using the card.” The total amount is Rs.8000 and 20% of the amount cab be taken from ATM”. My friend took Rs.500 from ATM, immediately after one week he got a letter from ICICI with a message that “Rs.400 has been deducted from your account as service charge and you have to pay Rs.500 within 10 days, otherwise from 11th day you have to pay the amount with 2.95%interest per day. We all get shocked on reading this. All the terms and conditions are different from what they said when they came to our hostels begging to apply for the credit card.

ICICI-Cheating all the way