POSTED BY March 31, 2012 3:49 pm COMMENTS (4)ON
I has applied for a new CC through a Sales Executive in Dec 2010. As per the printed terms and conditions there were no Joining Fees or Annual Charges for first year, but second year on-wards a Renewal Fees was to be levied.
In Jan 2011 i received a Welcome Kit, but not the card. I followed up verbally with the Sales Exec for some time. Wanted to cancel the card but subsequently forgot about it.
Recently i have been e-mailed an online statement for the Card reflecting the Renewal Charges of Rs 1000 (despite my not having received the card or performed a single transaction. I had not even received statements (through courier or email) for the last 12 months.
Now am i liable to pay the billed annual charges for the card? Have read somewhere that the contract with the Credit-Card account commences only after the Card has been signed or used for a transaction.
Will it be reported to CIBIL as a default case if i do not pay up? I have already reported to Standard Chartered bank about the situation but not received their reply. What would be appropriate action considering it may affect my changes in future of receiving a home loan?