ICICI's prof method of penalising Customers. Review on ICICI Bank Visa Credit Card

Dear Friends,

Please take care not to get over charged & penalised using ICICI Credit Card.

Lot many promises and Schemes are made when you subscribe to the card of which 60 -70% is never full filled

Moreover if you make an error , you will have grave penalties to pay. For eg : I have been a customer with ICICI since last 4 years. Recently I had bill of 11978 in June , by mistake I rounded it off to 11000 instead of Rs.12000/- and made the payment.

Later I realised that I paid Rs.978 less after a week. So I decided that I shall pay it along with perhaps an interest of 2% which the bank would charge me on the outstanding balance.

To my surprise when I got the statement for July I could see a debit of Rs.1230 + Service tax for the delayed payment of hardly a month of Rs.978/- this is 1250% p.a & 120% pm. I immediately contacted the call center to ask why this unreasonable charge.

The call center guy too was too rude to tell me that this is our policy and we cannot do anything about it. This has now become a stereotype answer for any query the customers have. So I asked him what is the protocol of this calculation . He simply told me sir even if there is a difference of Rs1/- balance we charge interest on the whole amount of the bill i.e in your case on Rs.11978.

I told him this is height of taking the customers for a ride, never in the world history has anyone charged interest on the paid amount , its only the outstanding amount. On this the same stereophonic reply came I cannot do anything about this but this is our policy.

My question is doesn't RBI , CRISIL have any norm related to how the Credit Card companies should charge interest on outstanding dues.

I wrote emails to them at at your service@icicibank.com & customer.care@icicibank.com but in vain none replied. They have turned deaf & dumb to customer woes except creation of It enabled customer service email ids. GOD know if any one does check those emails.

ICICI has done mass marketing to get huge customer base and now once we are in they are there to kill us at knife point for each human error which we commit.

ICICI bank has been running the show with non professional people who do not value customer relations .

I have got credit card with HDFC too nowhere have they treated me so bad, may be they have lesser branches but they have a human approach and listening to customer.

Even on banking if we have a small difference on our cheque they bounce it and take the opportunity to charge cheque bounce charge of Rs.400 which is very inexorbitant.

I think ICICI has an approach of making money by doing business via beating the customer black & blue thru their high charges of interest & penalties, rather than earning good income thru loans & deposits.

I am ashamed to have reposed my faith on the Bank who do not value business relations with customers irrespective of the period of relations, magnitude and value of transactions .

They just know one reply and value it the most " This is our POLICY" . I think we customers need to think twice before we do any transaction with ICICI Card or cheque.

Wish you all a great Banking but be beware of nightmares.

Regards