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Old 5th August 2009, 19:15   #31
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Citibank reduced my limits out of the blue - I called their phone banking and put in a request for re-instatement of credit limits - I was promised a revert in 48hrs. They reversed it and reinstated the old limits!

I have had the credit card ac with them since 94 - that surely must have played some role.

I have used credit cards from American Express, HSBC, Manhattan, ICICI etc till now, but have given all of them up progressively over the years. I now only use my Citibank cards since I find they are the easiest and most convenient to deal with. (Worst being ICICI)
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Old 5th August 2009, 19:23   #32
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Quote:
Originally Posted by kb100 View Post
(Worst being ICICI)
True. I was not using ICICI from last 4 months and i got SMS from them saying deduction is Cash Limit and Credit Limit. Since i have other cards with me i never bothered to call them.

If i ever get a call from them, i will "REQUEST" them to reduce the limit to Rs.1.

Also ICICI charges S.T for IRCTC and Petrol refill etc.. thats one of the reasons i was not using it.

Update: If you have a salary a/c with ICICI and keep paying your ICICI Credit Card bill on minimum amount, they freezes your Salary a/c.
i.e you can't withdraw the money from your a/c till you settle the bill. This happened to my friend 2 days ago.

A wild imagination:

In the above scenario, what will happen to a person who taken a car loan from XYZ bank and issued an ICICI PDC's?

Last edited by wildon : 5th August 2009 at 19:43.
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Old 5th August 2009, 19:23   #33
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personally, I'll never get a credit card. When banks run after you to get loans, why should you put in place a system which lets them give you loans at their discretion , and at pretty high rates of interest :|

Besides, I have enough trouble keeping my money to myself with a debit card. With a credit card, I'll be in mountains of debt before you can say Attractive interest rates

Imho, If i want something, I better get a loan, or save up for it, the old fashioned way
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Old 5th August 2009, 20:21   #34
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Quote:
Update: If you have a salary a/c with ICICI and keep paying your ICICI Credit Card bill on minimum amount, they freezes your Salary a/c.
i.e you can't withdraw the money from your a/c till you settle the bill. This happened to my friend 2 days ago.
Scary indeed. Thank god, I have stopped using my ICICI card.

Quote:
Citibank reduced my limits out of the blue - I called their phone banking and put in a request for re-instatement of credit limits - I was promised a revert in 48hrs. They reversed it and reinstated the old limits!
My experience with citi tells me that, if you are good with them, pay on time, are a good no fuss customer, they are good with you and go extra mile to help out a customer.

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As with reference to SIP/Investment plan, that's totally unrelated to credit cards/personal loans. The department is seperate and has nothing to do with the credit card department on an operational level, why ? SIPs are governed by SEBI/RBI/Public Deposits/NBFC Act etc, they CANNOT afford to secure a credit card loan/advance against a SIP of a customer.
I think even credit cards should be then governed by RBI. I may sound stupid, banks have every right to protect their assests. However, they are prime lenders, when someone with a proper history of credit approaches them with a request, they reject it because of location? It defeats the purpose of they being a bank. Agreed that they "had" defaulters in that region, but times change, people move on.

Quote:
Healthy bank account means something in the decent region of a million plus in both FDs/other bank deposits.
Won't half a million too entitled or this

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Yes, you can ask for a prepaid card/credit card against a Fixed deposit.
Yeh accha plan hai

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Slightly off topic. But recently my credit card application was rejected citing bad credit history. I am worried. I have only taken car loan which I paid on time. I have missed payment of my card 2-3 times in years (by a few days max and always pay full dues) . I am scared whether it would affect my housing loan eligibility at a later point of time. How do I rectify this? They still havent reduced my credit limit though which is strange. I thought they would do that first before tagging me 'bad guy' !
Contact the bank, submit them all proofs, ask them to rectify this with CIBIL. Probably you can PM NetfreakBombay. He's an expert on financial matters related to CIBIL.
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Old 5th August 2009, 21:18   #35
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hey, its not all that bad, at least now that you know how the system operates , it might be possible to game the system.
Here's how the gnomes would do it
1. Rent a flat in a posh neighbourhood, obtain adress proof-> obtain loan. Then move to neighbourhood where collectors get beaten up and default. bank sends collectors..
2 ??????
3. Profit!!!!!!!
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Old 6th August 2009, 04:34   #36
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I use my credit card for atleast 50K a month, this is on a card with limit of 23k, have to top it up like pre-paid card every few days.

HDFC didn't increased limits in last 2 yrs of extensive usage even with all payments on time.
huh
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Old 6th August 2009, 15:02   #37
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They made me laugh today. After reducing the credit limit ridiculously, they are offering me to buy a Bose home theatre system. Joke of the day
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Old 6th August 2009, 15:19   #38
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LOL

BTW, they charge BOSE for this. So if you want to sell anything to card customers, talk to bank.

For a fee they would stuff your adverts in Envelops along with monthly statements.
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Old 6th August 2009, 15:23   #39
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Quote:
Originally Posted by NetfreakBombay View Post
LOL

BTW, they charge BOSE for this. So if you want to sell anything to card customers, talk to bank.

For a fee they would stuff your adverts in Envelops along with monthly statements.
I know. It made me laugh because for the present credit limit they would have to increase it atleast 180% for me to afford it on their card. I would have even considered their offer if they would have sent it on monday. Now, its like you drive a Nano (No offence to anyone) but are given the merc brouchure and being told - le sakta hai kya?

PS; Main Kharidoon?
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Old 6th August 2009, 15:23   #40
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I hear this problem occurred predominantly in Citi (and obviously ICICI). We all know they were on the rocks in the current economic crisis.

Banks like you to default, but by small amounts. See how many will accept a 100% auto debit from a bank account with them. The only one I know of is StanChart. In this mode you do not end up paying any interest as long as your bank account is Kosher.
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Old 6th August 2009, 15:28   #41
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Quote:
I use my credit card for atleast 50K a month, this is on a card with limit of 23k, have to top it up like pre-paid card every few days.
Don't they charge you anything extra? Its like increasing the limit by more than 100%

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HDFC didn't increased limits in last 2 yrs of extensive usage even with all payments on time.
huh
I had a similar exp with ICICI. HSBC monitored my shopping pattern and increased the limit accordingly.

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Banks like you to default, but by small amounts. See how many will accept a 100% auto debit from a bank account with them. The only one I know of is StanChart. In this mode you do not end up paying any interest as long as your bank account is Kosher.
Sorry sir, but didnt quite understood this point. Could you please explain?
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