ICICI Bank Visa Credit Card

Hi,

Please find below the bad experience faced by me in the usage of ICICI Bank Credit card.

The incident started rolling in Nov 2005. I had to borrow some amount of money (Rs 2000) from the credit card. In the first bill which I received for this transaction, I was unpleasantly surprised to see the charges levied on that transaction which goes as follows:

1) Rs 2000 (the amount borrowed)

2) Rs 300 (the transaction charge) - this works out to be 15%

3) Interest on the amount borrowed - 2.95% from the date of borrowing

4) Service charges

When I called up the call center, I was rudely told by the banking officer that this is a normal charge - Accepted the story till here

Now in the month of Jan 2006, I receive a monthly bill of Rs 15000. I pay off the complete amount before due date. Does this means that I have cleared all my debts to ICICI Bank?????? In common man’s understanding it is a resounding ’YES’

However, ICICI Bank had other plans. I was once again unpleasantly surprised to see an interest charge of Rs 120 + service charge of Rs 38 in the bill received for Feb 2006, which meant that I have to pay up Rs 158

Now I again call up the bank and once again, am talking to a rude banking officer.

The funda that she tells me is

1) Because I had borrowed cash in November, I have to pay this extra money

2) My point, when I have paid the total money due in the month of Jan, does it not cover all debts?

3) Her point - No. It does not. It is the Bank’s policy

4) My point - OK. Agreed with a grudge. I asked if I pay the Rs 158 amount today, does it now means that I have cleared all debts

5) Her point - No. In order to clear all debts, you need to pay something more than the bill amount. The amount suggested by her is Rs 200. Can anyone figure that???????

Is this what we can term as a legal extortion???

I have dealt with multiple card companies like HSBC, ABN Amro and SBI and non of these seem to have the requirement to pay up the extra amount.