Oct 27, 2006 02:23 PM
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The SBI Card is actually coloration between SBI and GE [General Electricals Finance], like any other Credit card SBI card also in the same line. My own experience living without credit card makes a person wealthy than with a credit card.
In general the Credit cards are the outlets for your money flow; they never bring any income and damage a person’s savings heavily. To say some issues that I had with SBI cards are something peculiar and I don’t know whether anybody else also facing the issue. Actually let’s say I had an outstanding of 30,000 in my SBI credit card in a month and I wished to close it by one shot. However wanted to issue 2 cheque leafs from my different bank accounts; again both are not from SBI bank account. In this case I deposited both the cheques in a same day and a same drop box. I had also given about 3 days cushion before the due date. The two cheques were made with Rs. 23,000 and Rs. 7000, but in when I received the next month’s statement I really got shocked as the SBI card charged me for “financial charges + interest for 23,000 + some other service charge”.
But another thing surprised me was the Rs. 7000 cheque which they had cleared it without trouble. Which means there is a unfair practice conducted by SBI card taking a small amount promptly to show that they work clean, and hold the 23,000/- cheque for two more days to delay the process beyond the due date. Afterwards I called the SBI people and submitted complaints to core, written some mails to banking ombudsman of RBI etc. Then finally after a month fight they credited back the charges that they made.
This kind of experiences differently will happen with any other credit card system, as the credit cards are to make your money outgo. Using a credit card normally makes your control of money getting away from you and to the banker. About four years back I had an ICICI credit card and lost my life with paying all non-sense charges and fees. Hence decided to discontinue after 3 years they sending me a statement saying there are some outstanding, which I don’t know where they picked up. All these companies never write the closing letter to the customer either the RBI or the Card Company are concerned about it. At last the civilians of India getting worse affected. Almost I could live without credit card for the rest of four years and recently got the SBI Gold Card, but as I correctly predicted it makes my money control out on its way.
Actually I have started working the procedures to close SBI Credit card. However the SBI card was useful in some occasional needs like when I’m out of country the money transfer, online payments and local currency conversions in the transit airport etc are key advantages of having a credit card. But still I feel I don’t want, but except these needs and reducing of banking verification procedure for loans and other stuffs the Credit cards are not worth the effort.
In addition to the Credit cards, I request the readers to also visit my blog where I keep writing about my travel experience, support me by visiting and commenting on my blogs here:
https://camera-friendly.blogspot.com
Thanks for reading.
