Citibank is a cheater. Big time. I have been cheated twice. Personal Loan & Credit Card.
1st Case: Personal Loan
I opted for personal loan. They charged decent rate of interest 18% on reducing balance. Then 1 day they called to upgrade to higher amount. I agreed. They were supposed to refund me 1 EMI of 2496/- which was paid in advance. They did it, but courier company thru which they sent me the draft lost it. I enquired them & they wanted me to go to Notary, get a letter signed on stamp paper of 100/-. Why? Its my money. Its my right. If I am asking for cancellation of previous cheque which they issued & issue a new one to me why can’t they do it? So till now I have not received my cheque.
Then 6 months ago I called them for pre closure. To my surprise, they are charging all interest on first 6 months. So here is the calculation:-
Upgraded EMI:- 3065
Total amount for preclosure as per Citibank after 7 months including 5% preclosure charges & Service Tax(which they commited to be 4% initially) 43, 872
Amount in EMI of 3065 for 13 months:- 45975
Net Difference:- 2103 only?
December 2009 will be last EMI or last time they will suck my blood.
*2nd case: Citibank Credit Card
I had Citi Gold Credit Card limit:- 1.25 Lacs. It used to generate statement on 15th of every month & payment due date as 4th of every month. My rating has been exceptional. Timely payment, 0 late fees. Full payments. I made transactions on 2nd Feb 2007 to get my new car fitted with accessories worth 12, 000/-. So my thinking was to pay them on 4th or 5th March as I paid Citibank full amount on 1st Feb & thats what calculations & previous statement says. I got my bill generated suddenly on 13th Feb & Payment due date as 28th Feb. How a salried person can afford 12, 000 at last day of month? To my surprise, C.Care dept told me Sir we have Flexi statement generation. Bull Sht. How come their policy changed in just 1 month that too when my Outstanding balance was high? I arranged somehow balance transfers from other Credit card.
Net Result:- Card Cancelled in Feb 2007
Mral of Review: Don’t go with Citibank for any kind of banking services