[Gansan]

Originally Posted by sajo

I am in touch with HDFC, and they say I need to fax them the "cancellation slip" for this transaction taken from the merchant to them.
Any idea what that is ? Has anybody else every done that ? I am a noob to this (my first cancellation/reversal ever..) , hence the doubts.. :-).

When we swipe the card physically at a shop, the merchant can void the charge by swiping the card again and cancelling the transaction. For this one more slip (void slip) will be generated and the bank may request us to fax the slip to them for immediate reversal.

For an online transaction this slip is not applicable. If the transaction is with a reputable site the refund happens automatically within a few days. For instance when I book rail tickets with IRCTC sometimes the debit will go through but no ticket will come. This amount will be automatically be credited back with the next few days.

[lohithrao]

I have been using "Standard chartered bank's" cr car for couple of years now, few months back i had noticed i was charged some amount on "Platinum Repayment CBANGALORE IN IN" when inquired that it emi account which i had asked them to convert one of my purchases.

I was looking into all my statements as am planning to close this card for good, thats when i found i have been charged on this account even now and on inquiring found out it was something to do with a "insurance"

the bank never had asked me about it and now am quiet sure they wont reverse these charges! been trying to talk to them and as usual am getting dum answers from them.

I plan not to make any payment to them till this is resolved but am sure they will blindly keep putting interest on the outstanding amount.

How to resolve this issue?

Advice/suggestions are most welcome

SC bank has a very bad customer care and very horrible service. adding to their sadly maintained very few atm's!

(kahani ka saransh: check the statements every month)

[ikoneer]

Originally Posted by DCEite

No annual fees for my ICICI Titanium card either.

What are the advantages of the Titanium card. I am eligible for a complimentary titanium card.

[Gansan]

Originally Posted by ikoneer

What are the advantages of the Titanium card. I am eligible for a complimentary titanium card.

Zero service charge in all petrol bunks!

[f1head]

Originally Posted by lohithrao

I have been using "Standard chartered bank's" cr car for couple of years now, few months back i had noticed i was charged some amount on "Platinum Repayment CBANGALORE IN IN" when inquired that it emi account which i had asked them to convert one of my purchases.

I was looking into all my statements as am planning to close this card for good, thats when i found i have been charged on this account even now and on inquiring found out it was something to do with a "insurance"

the bank never had asked me about it and now am quiet sure they wont reverse these charges! been trying to talk to them and as usual am getting dum answers from them.

I plan not to make any payment to them till this is resolved but am sure they will blindly keep putting interest on the outstanding amount.

How to resolve this issue?

Advice/suggestions are most welcome

SC bank has a very bad customer care and very horrible service. adding to their sadly maintained very few atm's!

(kahani ka saransh: check the statements every month)

Please contact RBI ombudsman with the details and say that you never authorised the charges, banks must have written or verbal records of your consent to charge for such schemes. Believe me, they will run like little children on seeing monsters after the complaint and refund your money

[lohithrao]

Thanks for the inputs

yea am planning to do the same, yesterday i have written to the head of "Head – Customer Care " need to wait for couple of days before i mail "ombudsman"

Originally Posted by f1head

Please contact RBI ombudsman with the details and say that you never authorised the charges, banks must have written or verbal records of your consent to charge for such schemes. Believe me, they will run like little children on seeing monsters after the complaint and refund your money

[benbsb29]

Originally Posted by lohithrao

I was looking into all my statements as am planning to close this card for good, thats when i found i have been charged on this account even now and on inquiring found out it was something to do with a "insurance"

the bank never had asked me about it and now am quiet sure they wont reverse these charges! been trying to talk to them and as usual am getting dum answers from them.

Lohith, i had a call from Standard Chartered bank executives mentioning that this insurance was part of a new directive, and that customers should opt for this to cover against any expenses which may come through if the card was stolen, and so on......

I declined, and said NO.

Few days later, i got a call again from them, and i said NO. They threatened me saying, now if your card gets stolen, you undertake responsibility? I said No.

Not sure what came of that, but i check my statements with a hawk eye since. Its also a reason why i havent upgraded my card, and limited it to a 25k limit. Helps mitigate my losses, if it happens to get stolen.

[StarVegabond]

Originally Posted by lohithrao

Advice/suggestions are most welcome

Hey Lohit,

since you asked, i thought of giving you the advice our forefathers used to follow

Quote

Live within your means

unquote

please dump all your credit cards, and start using debit cards
do not get into any credit card spending spree.
plan your expenses and collect funds and then spend.

save enough, invest wisely, avoid spontaneous spending

Try to become RICH.

[Spitfire]

Originally Posted by benbsb29

Few days later, i got a call again from them, and i said NO. They threatened me saying, now if your card gets stolen, you undertake responsibility? I said No.

This is madness. Ok advisory going out in our company against Standard Chartered Bank Credit Cards.

[lohithrao]

Benny, i dont remember me getting such calls and am sure they are pretty cunning in putting words. they will never tell that the user will be charged every month for it!

Wise thing you have done.

Originally Posted by benbsb29

Lohith, i had a call from Standard Chartered bank

I declined, and said NO.

......

Star, well my friend yea am in the phase of getting rid of my credits. and for sure trying to get rich

[StarVegabond]

Originally Posted by lohithrao

Star, well my friend yea am in the phase of getting rid of my credits. and for sure trying to get rich

App Honge Kaamyaab Ek Din...in becoming rich.
(You will be successful one day)

All the best.

For official expenses, these days all card players viz Mastercard, VISA, AMex provide Pre-Loaded Credit cards. One's employer can load the money into these cards based on the spending (travel, cash purchase, customer entertainment etc) expected and payment is done via that card. at the end of the month one is required to submit a monthly expense voucher + card statement to the employer for squaring off the accounts.

you may request your employer to provide you with such a card if needed.

[tj123]

Originally Posted by StarVegabond

Hey Lohit,

since you asked, i thought of giving you the advice our forefathers used to follow

Quote

Live within your means

unquote

please dump all your credit cards, and start using debit cards
do not get into any credit card spending spree.
plan your expenses and collect funds and then spend.

save enough, invest wisely, avoid spontaneous spending

Try to become RICH.

I have been using it for the past 10 yrs never payed a penny to the bank as interest /late fee.

I would say CC is a powerful tool which can be used to your advantage always.CC gives lot of flexibility if you are short on cash in bank. Debit card fails if you don’t have liquidity in your account.

Payment of fuel bills is always through CC , some how you don’t feel the pinch of giving cash… , on most debit cards a 2.5 % is charged.
Through CC you get cash backs/ discounts / freebies for the point accumulated.

The golden rule is to always spend within your capacity to repay. Think before you swipe, self restrain & control is important.

Always settle the outstanding in full, partial payments are a sure debt trap avoid, avoid, avoid at all cost.

I do not have a credit card [CC] till now. I have been successfully managing all my financial transactions with either netbanking or debit cards of SBI and Axis Bank.

But, now I have realised that CC is the only mode of payment for some transactions, like linking PayPal account. I wanted to buy a certain item from ebay.com, which insisted on having a verified PayPal account. Then, I opened an account with PayPal, but it did not accept my Axis Bank Priority International Debit Card, when I tried to link it with my PayPal account. At that time only, wisdom dawned on me to have at least one CC for such transactions.

Now, I have applied for Axis Bank Gold CC just to have a verified PayPal account. The verification process of my CC application is going on. But, now, PayPal has suspended its transactions in India until further notice, which is a separate tragic development! I shall post a detailed write-up after getting my CC.

[StarVegabond]

Originally Posted by tj123

I have been using it for the past 10 yrs never payed a penny to the bank as interest /late fee.

I would say CC is a powerful tool which can be used to your advantage always.CC gives lot of flexibility if you are short on cash in bank. Debit card fails if you don’t have liquidity in your account.

Payment of fuel bills is always through CC , some how you don’t feel the pinch of giving cash… , on most debit cards a 2.5 % is charged.
Through CC you get cash backs/ discounts / freebies for the point accumulated.

The golden rule is to always spend within your capacity to repay. Think before you swipe, self restrain & control is important.

Always settle the outstanding in full, partial payments are a sure debt trap avoid, avoid, avoid at all cost.

Sir, I fully agree with you. I think, your 10 year track record can fetch you an title of MOST DISCIPLINED DISTINGUISHED CREDIT CARD CONSUMER.

my view is simple. Credit cards are not the tool meant for paying the daily expenses needed for living e.g. food purchase, fuel, conveyance, small pleasures etc etc. if one has to borrow for these things, it means only one thing, that person does not have enough income to even support this. It is more dangerous to have credit cards in such a situation

if one is targeting ease of payment, avoiding cash payment etc during daily life, debit card will meet the purpose.

Credit cards are suppose to be used for emergencies when one needs money beyond the cash reserves or offcial payments like travel etc.
For this one's employer can provide pre-paid credit cards with limits set.
this card is to be used for official purposes only.

In my view Credit is to be availed for financing a venture which will generate more income.

Credit should not be availed for expenses, by incuring more expenses.
Our forefathers named this living by ones own means.

[bblost]

Originally Posted by StarVegabond

Credit cards are not the tool meant for paying the daily expenses needed for living e.g. food purchase, fuel, conveyance, small pleasures etc etc. if one has to borrow for these things, it means only one thing, that person does not have enough income to even support this. It is more dangerous to have credit cards in such a situation

I defer. I pay for almost everything using my credit card.

In fact the only place I do not use a credit card is at my weekend vegetable shopping. That itself is a new idea I had with regard to recession. Not its impact on me but rather an idea that I should be buying stuff from small vegetable carts . This way I give business to small biz near my house.
Plus I never became a fan of meat and fish at supermarkets. So this apart all other purchases are using a CC.

i.e for almost 75% of my purchases even pharmaceuticals I use the CC.

In fact I have 3 different cards and use them depending on their billing cycles.
Needless to add that I have paid interest very rarely on any of them. They are all free for life and even have add on cards attached to them.

All that I do is keep a close watch on what is due on which card.
I could be wrong in remembering the amount of money in my wallet but will be able to give a much more accurate figure on what is owed on which card.