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Overcomplicated Credit Card EMI system
Aug 15, 2018 03:17 PM 7229 Views

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Please stay away from Standard Chartered and if you see someone selling their products - punch them right in the crotch.


I swiped for 65k and buy a TV on EMI @ 11k for 6 months. All good.


Credit Card bill was generated and emailed to me. BUT they sent me two statements - one for the Credit card account and a second for a Loan account they opened for the EMIs. I opened my Gmail inbox as always and search for SCB statements -> picked the latest one and payed the outstanding amount of 1800/- without realizing there's a second statement. No other bank I've ever dealt with does this - HDFC, ICICI, SBI - they all have one single statement per relationship.


SCB sent me an SMS telling me I have not paid my credit card dues and have been charged interest. I called customer support and finally realized there are two statements. I checked both statements and saw they charged me 2k interest+ late charges on my CC and 4k on the EMI account. Wait didn't I at least pay my CC dues on time? NO - these asshles auto-transfered that payment of 1800/- to the loan account and hence the outstanding dues on both accounts.


I called their customer support and escalated the matter till I finally got all the charges reversed. They told me to clear the statement billed amount and assured that the reversals will reflect in the next statement and all will be adjusted correctly. So I was required to pay 11k EMI+ 10k others+ 5k interest+ late fee charges amounting to 26k, but I paid 28k - hoping the excess buffer would avoid any future issues. I was wrong.


Credit Card bill payment due date. I see the reversal credits are there as promised along with the excess buffer of around 3k. I called up customer support to confirm the same and they agreed that I don't need to pay anything for this statement.


CC bill generated. I couldn't check my statement.


Credit Card payment due date. I finally opened my statement and saw these fckers have charged me~ 1k interest YET AGAIN! I noticed they moved around the excess credit between the Credit Card and Loan accounts in a way that it sits where they could charge the most interest. Pure fcking incompetence or evil? - I don't know.

So I called up customer care once again and got the charges reversed but they didn't have an answer to why interest was charged in this month when I was in excess credit the whole time. Instead the lady got annoyed and started using a scolding tone with me. First they fck their customers over and then give them sht when they complain about it.

I was told YET AGAIN to clear my dues based on the statement amount - 16k - which brings the excess credit to 11k.

As of today - the bank owes me money, my CIBIL score has taken hits for two consecutive months because of the bank's sht product and service, but I can't do a thing about it except complain on the internet hoping someone in their management would take notice. Just makes me realize how powerless a citizen is against these big corporations.

I am 100% sure that in the September statement I would again be charged interest on some outstanding amount that I don't even owe to them. They'll just keep moving my credits around tens of times this month to make sure interest is charged in the next bill.

I'm never dealing with this bank again. It's the worst. Their products suck, their rewards suck, their customer care sucks and they themselves don't know how the f*ck their systems work. This bank will be bought off very soon I am sure.

I will close my credit card account the next day after my EMIs are paid off.

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Standard Chartered Bank