Credit Card Industry - Inputs on Issues

Bank charges on credit cards are too high. This should be reduced considerably. more  

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One of the major problem with credit cards is exorbitant interest rate. The companies catches a person pursue and issue a credit card. Later they lure to spend the amount payable in instalments or offer loans without telling cumulative interest rate that is being actually charged. They will also assure pre payment is allowed with some additional interest rates. Once after availing the loan or instalment payment only the real terms and actual rate oif interest will be known to the user. Further, though it was informed that prepayment is allowed, After due enquiry of outstanding amount interest and penal interest for prepayment and amount payable so calculated, even after payment as informed by the bank most of the card companies do not close the account even after full payment mentioned above but keep it in suspense and start charging interest as per original instalments and thereby enhancing the rate of interest. On contacting the customer service some excuse will be given or the person calling will be asked to stay on line and then line gets disconnected. At the end of the period of loan they will claim additional interest payable and if any objection is raised immediately legal action will be initiated and card holder will be harassed. When bonded labour has been released from high interest rates of money lenders it appears this is another type of earlier money lending business. Even if some one wants to fight out with the company the person will not have any thing on record as all the transactions are done through phone only. I feel the following actions are necessary for curtailing part of the problem which is equivalent to fraud. 1. The requests for loan and repayments by the card holder should be kept on record till the loan is finally closed and if the company fails to furnish all the calls from the date of lending till the date of finally closing, and in case of disputes the companies should not be permitted to file a suit for recovery of loan without making available such record. 2. The method of threatening the customer without listening to his explanation should be treated as an offence punishable in law. 3. While taking up inspections or audit of the accounts amounts kept in suspense without adjusting to the loan account on the date of receipt should be treated as severe malpractice and on observing large number of such cases legal action should be initiated against company more  

As long as there is no big scam involved, Indian Banks could issue some sort of Indian Credit cards to all earning people. The foreign credit card companies are getting too much money from India. If a reliable government backed Indian credit card is issued that would be great. I am just afraid, some criminal minds/companies will try to make a big scam out of this idea and our Modi-ji will be blamed by the media. more  

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