Credit Card Company
BCSI – Banking Codes and Standard Board of India has set some laws within which the credit card issuers have to trade with their clients. So, whenever you apply for a Credit card, keep these criteria in mind and make the best of the service. Dialabank present the Things Your Credit Card Company Should Tell You!
The institution will let you know many details including their fees, interest rates, billing methodology, penalties, renewal, and termination procedures. The bank also provides you with the detailed service guide/ booklet that contains all the details, whereas a booklet of the most important terms is given at the time of application.
Yes or No
When the customer has applied for Credit Card, the provider should tell the turnaround time for the application. The provider must the number of days he/she will know whether the application is accepted or rejected.
There should be a means for online warnings for the purchase above Rs 5000.
Credit Card/Pin dispatch
The buyer can get the card at the given address or can collect the card from the branch of the provider by himself. The PIN is sent as a separate mail for security reasons.
If the bank activates the card without the customer’s permission and charges any bill for it, the bank is likely to pay the penalty charges equal to twice the value of the costs.
Immediate information on Limit reduction
The bank should inform the customer directly in cases where the credit limit is decreased by SMS or mail.
Any rise in credit limit or extension of loan can only be done after getting signed approval from the client.
Credit card Statements
The provider has to convey a statement on a definite period to all credit cardholders. For non-receipt of statement and objection by the customer related to the same, the bank is directed to send a copy of the statement immediately.
Notice Period for changes
If there is any change in fees, costs, and terms and conditions can only be changed after giving at minimum one month’s notice along with a monthly statement. If there is any change in the rate of interest, then the bank can realise the impact from the date of the notice.
Evidence for transactions
The issuer of the card should present all the features of the transaction while they hold the customer’s approval. Get more reliable services from your card issuer by practising the above items and make certain that your card provider offers you the service you deserve to have.
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