World's largest economy has credit card debt of it's citizens that is more than debt of 100 smallest countries. Credit card debt fuelled growth of US and thereby China without method of repaying back the created debt. Today China holds worthless paper issued by it's number one customer who buys only because it is available on credit. US debt has killed growth and employment around the world. India is better off with low credit card penetration.
Defacto, CIBIL takes the charges raised by BAnks and lending institutions as well as mobile companies to be correct. If any dispute, the honest customer borrower has to suffer poor rating by CIBIL. CIBIL has no auditing done on it's working. CIBIL has the same banks as it's shareholders. Conflict of interest is okay but treatment of honest guys not ok. CIBIL is prone to total manipulation by cheaters, cibil MUST BE TAKEN TO ARRESTS FOR CHEATERS APPROVED BY CIBIL. Best remedy, live a life where these corrupt institutions don't matter.
RBI must stop credit card operations in India. The interest rates, penalties etc are so heavy that any mistake or momentary lapse will make the card holder suffer life time. RBI must forth with stop all credit card promotions. Credit card shall be given only to institutions, organisatrions, companies and in no case to individuals. Respected Finance Minister please stop this non s ense c alled credit cards in India. Personal example: Always the credit card statement shows outstanding of 73 to 90 rupees as due. Once some guy came collected 200 rupes (Genuine and the payment immediately got reply on mobile and also reflected in statement etc)and next it shows 77 rupess due and the reason quoted by customer care it is charges of doorstep collection. What ever it is T&C of Credit cards are so many and so much hidden that Banks instead of making people prosperous make them poppers (Pull in to BPL in no time). Req Modi Ji srakar to thro w away all credit card businesses from India.
Re: Most un ethical of all businesses
by on Sep 20, 2014 05:24 PM
HOPE RBI AND FINACE MINISTER IS LISTENING. RBI must stop credit card operations in India. The interest rates, penalties etc are so heavy that any mistake or momentary lapse will make the card holder suffer life time. RBI must forth with stop all credit card promotions. Credit card shall be given only to institutions, organisatrions, companies and in no case to individuals. Respected Finance Minister please stop this non s ense c alled credit cards in India. Personal example: Always the credit card statement shows outstanding of 73 to 90 rupees as due. Once some guy came collected 200 rupes (Genuine and the payment immediately got reply on mobile and also reflected in statement etc)and next it shows 77 rupess due and the reason quoted by customer care it is charges of doorstep collection. What ever it is T&C of Credit cards are so many and so much hidden that Banks instead of making people prosperous make them poppers (Pull in to BPL in no time). Req Modi Ji srakar to thro w away all credit card businesses from India
Re: Re: Re: Most un ethical of all businesses
by on Sep 20, 2014 09:43 PM
Becuase it is most un ethical banking business. Banks' Credit Card business is much wo rse than the money lending shark a character in Mother India movie. Hope RBI and Govt is listening. Credit Card business is per se is not a cost intensive operation. The interest and penalties charged are to compensate and make good of losses the banks incurr due to will ful and fr audulant customers and che aters and fr auds like King Fisher air line customers. It is sub prime business in the name of Credit Card which means Banks wilfully encourage de fa ulters and un cr edit worthy to take loans or buy merchandise. Banks have nothing to lose.
Re: Re: Re: Re: Most un ethical of all businesses
by on Sep 20, 2014 09:50 PM
If banks feel their top business school products are great let them come out with such products and services that need not have to penalise good customers meaning for small mistakes and some non payments (small ones etc) on time or shall not use high interest rates and high penaltioes as deterrants or scare CC users to de6ath. As per banking ethics even recoveries must be ethical. banks must recover but not scaring away customers to de ath. HOPE RBI AND FM ARE LISTENING
Banks are making more money on interest and penalty charges. Some of the banks purposely dont send credit card statements in time or they never send it at all. All these banks expect customers to trust them and ask them to drop cheques in drop box which are many times misplaced by them due to their negligence and still penalise the customers even though he is not at fault.It is better, customers should keep a record of billing cycle, due dates and transactions they have made to avoid any dispute with this banks. In case of dispute, I Ihave found that ombudsman appointed by RBI of no help at all as they always take side of banks instead of customers without application of their minds. Many banks has got a very bad habits to block your card in the name of security and they dont even have courtesy to inform the customers even though they have their email id and contact numbers.The people are tend to spend more without their capacity and end up paying huge interest on default and delay in payments and never come out of this and make banks issuing credit cards very happy by higher income to them.
Re: use ur debit card...!
by on Sep 20, 2014 05:27 PM
It is not the question if some body uses CC or DB. IT is the question of morality and ethical nature of business. CC business by banks is the most un ethical of all businesses.
Re: Re: use ur debit card...!
by on Sep 20, 2014 05:29 PM
Banks Credit Card business is much wo rse than the money lending shark a character in Mother India movie. Hope RBI and Govt is listening
