Sep 12, 2008 07:26 AM
15028 Views
(Updated Sep 12, 2008 07:50 AM)
Recently, I had a tiff with the SBI cards division, the last of my credit cards. I have had this card for quite a long time and the limit has always been 20k. That was one of the reasons I had retained it since it gave me the 50 day period flexibility for this amount. I had the impression that anything sarkaari might suck on service , but atleast the charges would be the least. SBI just broke it down brick by brick.
This is the first year, I have been charged annual charges, and overlimit fees for a transaction. The only regular transactions done on this card, is the monthly insurance for an ULIP plan. All other transactions are based on shopping moods.
- So when I tried swiping my card for a transaction of 14500, last month, I noticed that I was short of credit on the card. So I reswiped the card for 14000. This went through and I paid cash for the remaining amount. Later when I got my statement, I noticed two charges, an overlimit charge of 500 and an interest charge on it of 65 bucks! I had exceeded my limit by 500. So for a 500 rupee overlimit.
I was charged 500 rupees and a 65 rupees interest! I mean, if they had to charge me an overlimit charge, why didn't the 14500 go through?!? It was a fruitless exercise for me to call up the helpdesk. They gave a very vague explanation of some percentage above the limit.
Annual charges have been charged compulsively inspite of me calling up for the waiver.
The charges have increased on all fronts. Below is copied the charges from the SBI credit card statement. I ended up paying interest rates even within the 50 day period. (Not for cash, mind you) Below are the new charges from the credit card statement.
Joining Fees- First year waiver as per the marketing department requirements. Subsequent years, it is no longer a 'lifetime free' card and you would be charged the card rates. Interest Free Credit Period - 20-50 days (applicable only on retail purchases and if previous month's outstanding balance is paid in full)
Finance charges# - Upto 3.10% per month (37.2% per annum) from the transaction date Upto 3.35% per month (40.2% per annum) (w.e.f 01st October, 2008) from the date of transaction. Minimum Repayment Amount - 5% of Total Outstanding (Min Rs.200) + Govt. Service Tax. Cash Advance Limit - Upto 80% of Credit Limit (max 12k per day, 15k per day for Gold & Platinum Cards)
Finance Charges# - Upto 3.10% per month (37.2% per annum) from the date of withdrawal. Upto 3.35% per month (40.2% per annum) (w.e.f 01st October, 2008) from the date of withdrawal. Cash advance fees - SBI ATMs - 2.5% (Min.Rs. 250). Other Domestic ATMs - 2.5% (Min.Rs. 250). International ATMs - 3% (Min.Rs. 250)
ATM Decline Fee - Rs. 20 (For what?!?). Protection Plus* - Personal Accident - Rs. 24/- per month Credit Shield - 0.1% of of total outstanding Admin Fee - Rs. 20/- pm. Cheque Pickup - Rs 90. Check Bounce/Invalid - cheque 2% of cheque amount (Min Rs 300 and Max Rs 500).retrieval - Rs 100 per statement greater than 3 months old. Chargeslilp retrieval - Rs 125 per chargeslip
Late Payment - 30% of minimum amount due (Min Rs.350 and Max Rs. 600). Overlimit - 2.5% of overlimit amount (Min Rs. 500). Card Replacement -Rs 100. Emergency Card Replacement (When Abroad) - Actual cost (Min $ 175). Forreign Currency Transaction - Conversion mark up 3.5%. Card Upgradation Fee - Upto Rs 500
Railway Tickets-Railway counters - Rs. 30+ 2.5% of transaction amount. Railway Tickets- http://www.irctc.co.in - 1.8% of transaction amount + service charge, as applicable 0% surcharge for single transaction spend between Rs. 400/- and Rs. 3000/-. For SBI Platinum Card Holders 0% surcharge for single transaction between Rs. 400/- and 4000/- Petrol & all products/services sold at petrol pumps -
Customs duty - Maximum surcharge waiver of Rs. 100 per month per Credit Card account 2.5% of transaction amount (Min Rs.10) for transaction amounts greater than Rs. 400 and less than Rs 3000) (SBI Platinum Card holder for transaction amounts greater than Rs 400 and less than Rs 4000 2.25% of transaction amount (Min Rs. 75)
At the end of it, do I have any money left? I just closed the card yesterday after clearing the outstanding. From the gist of my chat with the agent, I realized that they are no longer open to discussion about the charges. I am surprised, I am not bankrupt as yet. Either way, I lost. Which idiot said that customer is king?!?
