Mar 26, 2011 04:52 PM
5650 Views
When I had enrolled for this card, they had promised waiver of charges on any petrol pump, 10% cash back at movies and restaurant, no charges on IRCTC bookings, etc.
I did enjoy these benefits for some time. But they were short lived.
1) 10% cash back was updated to first 5 transactions per month and later on, the cash back had a new rule. Total bill value of Rs. 5000/- atleast is required for enjoying 10% cash back and in that too, single bill value should not exceed Rs. 4000/- else this bill would not be considered.
2) Any swipe on petrol pump would come with charges(service tax).
3) Once they presented my cheque after a week of deposit. Hence, the delay resulted in excess over my limit by Rs. 50/- and hence they charged over limit fees of Rs. 500/- .! They did not revert the charges even after a lot of debate.
4) After my job change, my salary credits on 10th of every month and the due date is 7th. I had requested for changes in billing cycle. Citibank changed the due date from 10th to 15th but Kotak rules did not have this provision.!
5) I did a stupid mistake. I made cheques on 5th Jan 2011 for my Kotak bank, ICICI bank and Citibank credit cards. Since the year had just changed, I accidently wrote 5/Jan/2010. Hence the cheques were rejected as they were stale cheques(expired cheques). Believing that it was a silly mistake and not intentional and could happen with anyone, ICICI and Citibank promptly waived all the charges. But Kotak bank's head strong rules were such that they waivered Late Fees but not Overlimit fees, interest and service tax.
6) This final one is acting as the final nail in coffin. I had submitted my cheque in their ATM box. They not only misplaced my cheques but now they have the nerves to tell me that I would have to bear late charges, interest and service tax as they did not "FIND" my cheques in the ATM's Cheque collection box.
Finally, I am cutting my card into pieces and returning it back to them. Thanks.I cannot tolerate any more.!
