Mar 10, 2007 01:33 PM
6377 Views
After finishing college, I joined a start up company and came to Bangalore. The first thing I wanted to do was to get a new phone, bike, and CREDIT CARDS!
Being in a start up it was difficult to get card and I applied everywhere, in all banks.
The first card that I got was from ICICI BANK, it was their ICICI-HP gold visa card, with a pretty decent credit card limit. Hmm so now I had a card, what to do with it. shopping of course:-)
1) ICICI bank cards- have a very bad way of giving rewards points, first of all they have some 30+ types of cards and each card has different rewards point program. Secondly, they will take your reward points if they give you cash back, example you have to spend 10, 000 to get 100 reward points(if you have a GOLD card), if they give you some 150 rupees cash back, they will take 100 reward points back! I had a fight with them on this issue but no use, no one from ICICI was able to explain to me their formula for taking back reward points.
Then they have a CASH IN offer, on which you can take cash on your card and if you have ICICI bank account the cash will come directly to your account in 24 hours. I needed some money so I thought I will go for, they told me rate of interest as .
99% per month(they will always tell you per month), you should always ask for PER ANNUM rate of interest and also is it FIXED or REDUCING. Their is a simple formula to convert FIX to FLOATING. Ask for both the rates. I got the cash in my account in 24 hours, when I got the statement, the rate of interest was 1.24% per annum, I called back and told them what I was told, but they started blaming me and told me that it is not possible to give at such low rates, I had no option, the very next statement, I closed it, paying 3% extra fees:-(
I have been using ICICI card for 2 years and do regular shopping with it, till date I have no redeemed any reward points from it, they always take back by some method or another. Beware of the offers, The above is just an example, it has happened to me more than 4 -5 times. They are not dependable at all.
Then they have a balance transfer method, how it works if that when you make payment first BT is adjusted and then your retail charges. What it means is Say you take a Balance transfer of 12, 000 rupees for 6 months, they will tell you 0.99% rate of interest, and the same month you do a shopping of 5000 rupees. So if you pay 5000+ 2000(dividing 12, 000 in 6 months), you will think that 5000 will be adjusted for your retail charges and 2000 towards BT, THAT DOES NOT HAPPEN. they will only adjust mim required say 250 rupees against your retail and rest towards BT, why because retail attracts 2.95% charges and BT 0.99%. This will continue untill your BT account is closed! THEY JUST CHEAT US MY ALL MEANS THEY CAN. Above all this they will call you for all types of offers and it is a pain.
2) HSBC GOLD Card - This is one card I like, why? They have only 2 cards, GOLD and Silver. 100 rupees spend is 1 reward point. They won't ever disturb you for stupid offers. Even if you are a late for 1-2 days they do not charge you late fee. Very understanding and good customer service agents. NICE CARD! If you are in Bangalore, you can get tickets at discount at INOX.
3) Manhattan - When I got this card they told me that they have everything except for reward points. They said they have low interest rates and their BT rates are low. Hmmm. now their rates are higher than other bank cards and they do not have reward points program:-(. The only think that I like about this card is that if you take a BT from them, they open a separate account for you and you can repay anytime in that account, which I think is really cool. I just use this card for doing BT as I don't find it good for anything else.
4)Citibank Platinum Card - The only platinum card that I have as of now. I like it as their rewards point progam is simple, they do not disturb you with stupid offers and their customer service is good. They send you your statement by Courier and you can do almost all the things on their website, apply for ATM pin, T-pin and lots of other things. I like it, I am a software engineer and spend 10-12 hours in front of computer so if I can do everything online they it is cool. Nice card and good reward points program.
5) SBI, DB, HDFC -I have not really used these cards, but DB has an offer of balance transfer that they will convert it into 6 months installments at 0% interest and it will be adjusted towards your minimum amount. which is good.
6) ABN-AMRO smart gold card - this one is a pain to have, among all this is the worst card and they have the worst customer service. I have lots of problems and complains against this card. I will tell you the latest. I have 2 EMI's on this card and I wanted to close them. I called their customer service and asked about it, they told me to write a written letter to their NOIDA office, which I did and courier it. They never got the letter. I called them again and this time they told me to write email to their customer service with the scan copy of my application. I did that too and after doing all this and calling them some 10 times, they did not close my EMI. last week I told them, that I have all the emails and the courier slip of letter that I have send and have all the reference numbers that they have given me, so either you find the letter and close the EMI's or I am not paying any bill against the card and we will meet in the Consumer Forum regarding it. You know what, they very next day I get a call and they told me that they have received my letter(after 20 days!) and have closed my EMI's. This is just one of the experience I have with them, they suck as a bank too.
My Ratings - Yes to HSBC and DB cards, Don't ever take it - ABN-AMRO.
Always look for - Annual and Joining fees, Do not pay them any fees if they told you it is a free for life card, if they insist, cancel the card and get a new one. Look for their offeres and carefully ask and inquire about them. Instruct them to ask you before increasing your credit limit. Their interest rates and free credit period.Do not agree to their demands and stupid offers, there are lots of card products available in market, choose the one that is best for you.
