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Old 8th July 2010, 08:58   #1
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Thumbs down A note of caution for SCB credit card holders

Guys just a note of caution for SCB CC holders. For last billing cycle my wife's billing amount was 23k out which she made a part payment of 12k. We knew that we would be charged interest of 3-3.5% interest on the entire outstanding amount. When we got the bill for the next month's cycle the total interest was 1600 rs which is like more than 6.5%. My wife tends to over look assuming that the bank never makes mistakes in their automated systems, but me being a QA never accepts things hands-down!. I figured out that the actual interest calculation system of theirs had made a mistake. I called up the chennai call center and explained to CC officer that the interest calculation was incorrect. To my surprise, they agreed immediately and waiver'ed off the entire interest of 1600 rs.

Kinda, it is ok that they charge 3.5% interest but any mistake in their actual core banking system or CC system means loss to thousands of customers tend to overlook these. Mind-you the banks can also be taken to task for this mistake of theirs.

I am still awaiting a confirmation from SCB with the revised CC statement. Would update you once I get an official revised CC statement.

Any SCB card holders with interest on outstanding amount please confirm your bill before paying the dues.
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Old 8th July 2010, 09:06   #2
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I called up the chennai call center and explained to CC officer that the interest calculation was incorrect. To my surprise, they agreed immediately and waiver'ed off the entire interest of 1600 rs.
They beleive that people just see the amount and pay or not pay. Never expect anyone to recalculate the interest. And that the whole point of these stupid complex interest calculation.

Good that you did your job.

And these things are very rare in public / nationalized bank. Reason, they have Auditing for every stupid 5paise spent. And if any mistake, 99.99% it will come back to you even without you following it up.

On a diff note, these banking software are suppose to be audited for codes and functions and certified by RBI / other body I suppose, right? No?
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Old 8th July 2010, 09:11   #3
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mjothi, yes the CBS (Core Banking System) which is implemented in almost all banks (except for a few % - rural banks) does end of month audit or sometimes even end of day audit to check if the background processes for interest accruals and interest calculation on loans and other assets are as per the interest rates specified. If found incorrect! damn the bank will have to pay hefty penality. I work for french national bank, I sure know how hefty these penalities are!
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Old 8th July 2010, 09:15   #4
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mjothi, yes the CBS (Core Banking System) which is implemented in almost all banks (except for a few % - rural banks) does end of month audit or sometimes even end of day audit to check if the background processes for interest accruals and interest calculation on loans and other assets are as per the interest rates specified. If found incorrect! damn the bank will have to pay hefty penality. I work for french national bank, I sure know how hefty these penalities are!
Nice to know. Btw, are you sure the credit card comes in the CBS? I doubt.
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Old 8th July 2010, 09:20   #5
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Hi, thanks for the note.
I have a problem running at the moment with my last payment done to SCB online. I had transferred 32.2K online from my ICICI savings account, but it is not reflecting in SCB statements. SCB charged late payment and interest now. I am trying to check about this payment with ICICI for more details and have provided the ICICI statement reflecting this SCB payment to SCB. Hope they will be able settle it soon.

Thanks
Shyam
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Old 8th July 2010, 09:24   #6
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Nice to know. Btw, are you sure the credit card comes in the CBS? I doubt.
Usually for Multi-national / foreign banks, the CC system is integrated into CBS so that the customer gets a single platform for all his products. One classic example is EBS (now 'Rainbow') which is Citibanks CBS solution.
Someway or the other I find citibank much reliable and customer friendly.
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Old 8th July 2010, 09:32   #7
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@MutantX

Thanks for the eye opener.
I do have a SCB credit card along with a couple of cards. But I make it a point to calculate the total amount charged in the monthly bill and cross check with the receipts recd after purchases, when tallied, I pay the dues. I take the effort to keep the receipts after purchases for that period for this very purpose because of one bad previous experience where I was over billed and had to chase the SCB guys to get a refund.
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Old 8th July 2010, 09:33   #8
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Originally Posted by shyamhegde View Post
Hi, thanks for the note.
I have a problem running at the moment with my last payment done to SCB online. I had transferred 32.2K online from my ICICI savings account, but it is not reflecting in SCB statements. SCB charged late payment and interest now. I am trying to check about this payment with ICICI for more details and have provided the ICICI statement reflecting this SCB payment to SCB. Hope they will be able settle it soon.

Thanks
Shyam
Usually the online transfers happen within 2 days. If not for some reason, its credited back to your account. Check if there are any reverse credit in your ICICI statement.

Let us know the progress from both sides.
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Old 8th July 2010, 09:58   #9
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Someway or the other I find citibank much reliable and customer friendly.
I agree completely. I hold a Citibank card from 1993 and never had any issues. Next to them I would rate HDFC Bank, have their card from 2003, had one or two niggles, but sorted out to my satisfaction immediately.
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Old 8th July 2010, 11:48   #10
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Good job MutantX! Thanks for sharing the info.

Few points,
  1. It's almost impossible for the common unsuspecting man to cross check the interest calculations of CC companies. The best thing to do is, not to roll over card balances. I learned it the hard way. For >2 years now, I'm a full transactor and it's such a relief
  2. SCB and CITIBANK Customer Care is THE BEST I have come across in the past 5 years. You call them, say they have charged you incorrectly, the first person whom you spoke with will waive the charge if he is convinced that the mistake is from the Bank's end. Try this with ICICI. This will not happen and you'll be sick and tired of following it up!
  3. No Usage Charge - Please be aware of this as well. This is the new way of charging unsuspecting customers. Don't use your Barclay card for 6 months? Be ready to pay Rs.750 as no usage charge. Good try! I cancelled the card rightaway.

Last edited by kiku007 : 8th July 2010 at 11:49.
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Old 8th July 2010, 11:59   #11
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Good job MutantX! Thanks for sharing the info.

No Usage Charge - Please be aware of this as well. This is the new way of charging unsuspecting customers. Don't use your Barclay card for 6 months? Be ready to pay Rs.750 as no usage charge. Good try! I cancelled the card rightaway.
Thanks for the info. I have a Barclay card and have not been using it for the last 3 months or so. Looks like I need to go the cancellation route rightaway.
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Old 8th July 2010, 12:05   #12
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Originally Posted by MutantX View Post
.
Someway or the other I find citibank much reliable and customer friendly.
I agree with you.
I have citibank CC from 1992 (silver) and then Maste gold (citibusiness) from 1999. I havent faced any problem so far from them. I was also having cards from other banks (hdfc and icici) but cancelled them.
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Old 8th July 2010, 12:20   #13
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No Usage Charge - Please be aware of this as well. This is the new way of charging unsuspecting customers. Don't use your Barclay card for 6 months? Be ready to pay Rs.750 as no usage charge. Good try! I cancelled the card rightaway.
SCB also started charging Rs.250 if you don't use your card for a period of 12 months.

I always pay my bills in full before the due date. The downside of it is that they keep calling you with this offer or that offer and try to entice you into some form of interest paying routine. Personal loans/ gadgets on EMI etc.

I stubbornly refuse such offers. It is obvious that they can't run the buisiness profitably if every one pays before the due date.

Murthy
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Old 8th July 2010, 15:17   #14
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Originally Posted by mjothi View Post
Usually the online transfers happen within 2 days. If not for some reason, its credited back to your account. Check if there are any reverse credit in your ICICI statement.

Let us know the progress from both sides.
There was no reversal that had happened.
I had sent mail to ICICI bank (from netbanking site) and got a call back (took 2 days to call back). I confirmed them that the money is not received by SCB. Person form ICICI told me that he will raise a complaint in their system for investigating this. They will let me know about complaint ref.number by SMS. ETA for resolution is 2 weeks !

Standard chartered bank is yet to revert to me. They had told yesterday that , it iwll take 2 days for them to revert.
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Old 9th July 2010, 10:10   #15
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Stan Chart is probably the WORST bank you can use the credit card of. Highly manipulative and a long history of fraudulent charges. I've had my share of run-ins with them. Funny thing is, the customer service reps immediately acknowledge billing errors and reverse charges on the spot. It's as if they wait for customers to spot their mistakes!

I agree with those who have voted in favour of Citibank. Been a satisfied customer for many years. American Express is another top-notch bank.

While on credit cards though, there's only one way to use them : Pay up the entire outstanding before the due date. Interest charges will kill you!
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