A story in rediff reminded me of the decision I should implement with HSBC credit card. For long time in US as well as India I did not want a credit card and did not posses one. It was a blissful life, most of the things could be accomplished through the debit card and official work could be done through the corporate card. My experience with the credit card is two fold –
1. It gives inflates sense of buying power.
2. The sub-clauses, fine print is all convoluted and against the customer. In India recently it was reported that most of the banks process the payments slowy so as to “levy” the charges etc.
In my case in month of april 2007 I knew I had overspent and did not want to delay the payment so dropped the payment for that month earlier than 10th april, which somehow the company failed to connect to me and came back after the due date to ask for another cheque and I was told no late payment fees etc will be charged. They took another cheque for same amount. By that time I came to know I have been charged late fees and something etc. This is after confronting on 22nd april about earlier cheque not being encashed by them or the fact that latter cheque too has been given.
I have decided to end the card and not plan to get another. Reason – no timely statement, no timely encashment of cheques given on time.
Filed under: Service Experience
Well pointed post, Still now I’didnt have one. Approached many times, but I’m so adamant to signup with anyone. Hope in future may be think of SBI c.card…
Well having just one card for emergency from bank where you do normal transactions would suffice. Anyway with all the profitability analysis they do everyday/month you and me will not fall into their net all
. They would rather like to get rid of folks like us who pay all due amount in just one month , breaking all their logic of comfortable margin. In the local newspapers there are stories abound credit card folks acting pretty much like local moneylenders – sending goons, principal amount staying same even after paying the installments for years together, security of debit (via – Deepak vasudevan) cards. Read about the big banks getting thrashed. Unfortunately this bank thrives on adoption of dumb technology and process. It is also liked by the new media for its media savvy faces (women empowerment blah blah) We all know everything related with it even attempts to make Shahrukh khan brand ambassodor suck.