New Delhi: Don't be surprised if you had applied for a Gold credit card, promised one such by the DSA, but when you  did receive that credit card it was not Gold, but a Regular one and that too at very different terms. Many credit card applicants have undergone similar experiences and experts agree that it is a genuine problem.

The Indian Banks' Association (IBA) CEO, H N Sinor, feels that it is a problem, which is mostly due to the DSA's. They are not supposed to make any final commitment on the type of credit card an applicant will receive, its interest rates etc. It is the matter, which the bank has to decide keeping in mind the credit worthiness and repayment capacity including other parameters. The sole purpose of DSAs is to forward an applicant's request to the bank for further action and approval.

The DSAs are under a tremendous pressure to perform and the lucrative incentives that come with the acquisition of a new credit card customer are so great that they don't hesitate to make false promises about the credit card, its interest rates, various fees, and other finance charges. The freebies, rewards and other goodies that come with the credit card are often hyped, and only that information is revealed to the applicant, which the DSAs think is useful to lure him in. All these promises are more or less verbal and there is little or no written component to it. If a customer feels that he has been duped, these incidents by DSA's cannot be enforced in courts or in front of banking ombudsman, .

This is a issue between the DSAs and the Bank, which has to be resolved as soon as possible. Bankers are aware of these incidents and are taking measures like interacting with the customer on a personal basis before issuing any credit card and proper training and monitoring of DSAs. Customers who apply for credit card and are approached by DSAs for these purposes shouldn't believe on verbal commitments unless substantiated by written proof. Any query regarding the credit card terms and condition, should be promptly put before the DSA and properly clarified before taking any further step. The customers should also understand that it's the Banks and credit card issuers who will finally decide the credit card and its interest rates, DSAs are just there to facilitate the application process and forward it to the bank for further action and approval.