Credit Card Company
BCSI – Banking Codes and Standard Board of India has defined some rules through which the credit card issuers have to deal with their customers. So, whenever you apply for a Credit card, keep these norms in mind and get the best service.
The credit card issuer needs to tell you various details like fees, interest rates, billing methodology, penalties, renewal and termination procedures. The bank also provides you the detailed service guide/ booklet that contain all the details, whereas a booklet of 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. Provider should tell that in how many days he/she will know whether the application is accepted or rejected.
There should be a facility of online alerts for the transaction above Rs 5000.
Credit Card/Pin dispatch
The customer can get the card at the given address or can himself collect the card from the branch of the provider. The PIN is sent as a separate mail for safety reasons.
If the bank activates the card without customer’s permission and charges any bill for it, the bank is likely to pay the penalty charges equivalent to twice the value of the charges.
Immediate information on Limit reduction
The bank should inform the customer immediately 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 written approval from the customer.
Credit card Statements
The provider has to send a statement on a specific date to all credit card holders. In case of non-receipt of statement and complaint by the customer regarding the same, the bank is required to send a copy of the statement immediately.
Notice Period for changes
In case there is any change in fees, charges and terms and conditions can only be affected after giving at least one month’s notice along with a monthly statement. If there is any change in interest rates, then the bank can implement the change with effect from the date of announcement.
Evidence for transactions
The provider should provide all the details of the transaction when they do not accept the customer’s consent.
Get the better services from your card issuer by suing above details and make sure that your card provider offers you the service you deserve.
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