To avoid penalties, pay your dues before you lodge complaint against credit card company
By Ankit Sharma
Jul 4, 2012
Print    Email    RSS   
Mr. M.Rajeshwar Rao, Banking Ombudsman (New Delhi) has asked the customers to pay their credit card dues before filing a complaint. Mr. Rao has suggested that it is interest of customers to do so, because in case the decision is announced in favor of the card company, the customer has to pay penalties.

He asked the customers to be proactive and read the terms and conditions of the card, which would prevent the disputes to arise in the first place. In case of outstanding dues, the customer is always stands a chance of paying more if the decision is ruled against him/her.

There is a high interest rate on late payment of the amount in case the decision is in favor of the company and the customer has to bear it. While, if he pays before the complaint is lodged, there is no risk, Mr. Rao said.

The customer must also understand the billing cycle and be concious of the card's security, Mr. Rao added.

The offices of Banking Ombudsman across the country received nearly 67,000 complaints , out of which nearly a fourth were related to credit cards.

Banking Ombudsman is a quasi-judicial body set up by the RBI to resolve disputes regarding banking service, and covers 27 services offered by the bank.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Credit Report: A Key Financial Indicator
Electronic fund transfers- making life...
Carnival of Indian Personal Finance Blogs #4
Guidelines to apply for a NRI Credit Card
How to protect credit card from getting...

Daawat*Call giℛℒ escort In ZiRaKpUr OOOOOOOOOO...
Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive