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POSTED BY ON March 31, 2012 3:49 pm COMMENTS (4)
Hi,
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?
– arijit
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Thank you Manish on the prompt reply.
From what i gather, it would be more prudent to keep the name clean in CIBIL rather than dispute on the relatively small amount of Rs 1K annual charges (irrespective of whether bank is at fault or not).
Shall try to take an amicable approach with bank to see if they can reverse the charges and issue a fresh card (failing which, shall pay the amount in full and ask them to close the card account in their records).
Pls let us know if you have a different opinion.
Yes , I think this approach is best as of now .. Though you might not be a fault , thinking the long term effects of this, better see this 1k as loss and deposit the money. And then investigate/blame/make-life-hell of the bank .. Truely speaking what I feel is that you might not be aware of some part which was fine prints in the terms and conditions and bank might be as per rules (happens most of times). Just relook at everything and see who was at fault .
Manish
Dear 8419piku, first of all, please ask S & C to issue a duplicate CC immediately. Within next 3-5 days you ‘ll get that new card. Once the card is in your hand, pay those 1K Rs. fee amount & then start the procedure to cancellation & refund of wrong charges. Life is cruel & we have to accept it. Ignoring the question ‘ll make your CIBIL report negative.
Thanks
Ashal
Arijit
Sadly, it will be reported to the CIBIL soon. By the time you clear this issue, it will be late, so my honest suggestion is to first pay that 1k , even if you are not atfault and then take up this matter. The card was not recieved by you , but that does not mean it was never sent .
There can be some fraud, some one else recieved it on your behalf etc etc.. Also once you applied for it , it was issued, then it was issued. Credit cards game is really bad ! .. Once you are in the game you suffer badly in any issues like these.
Check it up with credit card company soon on this and update what happened, lets see how we can take up this forward !
Manish