Your Rights As A Credit Card User

wealthymattersThe Banking Codes and Standards Board of India (BCSI) has prescribed self regulatory norms which credit card issuers have to follow while dealing with  their customers.So know your rights and insist on good service from your credit card provider.In case of need you can lodge your grievance with the Banking Ombudsman.

Here are the details of these BCSI  norms:

The credit card provider is expected to give you complete details of the fees, interest charges, billing methodology, penalties, renewal and termination procedures and also provide you with a booklet giving all these details. A copy of the `Most Important Terms and Conditions’ has to be given at the time of application to the customer.

Yes or No
Once the customer has shown interest in applying or has already applied for a credit card, it is the duty of the provider to clearly state in how many days he/she will  know whether their application has been accepted or rejected.

Online Alerts
The provider has to provide online alerts (which could also include mobile alerts) for any transaction above Rs 5000 where the transaction is a “Card not Present” transaction like net based purchases etc.

Credit Card Dispatch
The customer can receive the credit card at the mailing address or alternate address or in case the customer wishes, he/she has the option to physically collect the card from the branch of the provider.

Activating the Credit Card
In cases where the bank activates a credit card without consent from the customer and charges any bill/fees for it, the bank is liable to pay a penalty amount equivalent to twice the value of the charges.

Immediate Information On Limit reduction
The card provider  is expected to immediately inform the customer by SMS/e-ail in cases where the credit limit is decreased and simultaneously also send a written communication

Loans/Credit Facility/Enhancement
Any increase in credit limit or extension of loan can only be done after getting a written consent from the customer.

Credit Card Statements
The card  has to send a statement on a pre-determined date free of cost to all the card holders. In case of non-receipt of statement and complaint by the customer regarding the same, the provider is expected to immediately send a copy of the statement, free of cost.

Notice Period For Changes
Any changes in fees, charges and terms and conditions can only be effected after giving at least one month’s notice along with the monthly statement. Only in cases where there is a change in interest rates and regulatory changes the bank can implement them with effect from the date of announcement.

Evidence For Transactions
The card provider is bound to show original proof of any contentious transactions where they do not accept the customer’s contention. The customer has to be given all the details he/she asks for in cases where the customer feels that he/she does not recognize a particular transaction.

About Keerthika Singaravel

One Response to Your Rights As A Credit Card User

  1. Pingback: The Credit Card We Should Not Be Shouting About! | Ace News Services

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