I have been using a Standard Chartered Gold credit card from 2005. I was using HSBC Silver Credit Card till then.
The guy who came from Standard Chartered introduced me as the Marketing Manager of StanChart credit card. He literally forced me to take the the Gold card and informed me that I need to pay a one-time fee of Rs.2000/- change and the card is life-time free from then. Also the guy from StanChart told me that I do not need to pay the amount Rs.2000 at once but can pay it in 6 months time.
I believed him and applied for the card. I was so happy to see a gold credit card in my wallet. I started purchasing things with the card.
The first purchase was a small amount of less than Rs.500 I guess. But when the statement came, it was about Rs.2500+. I called up the customer service and asked them what is this amount for? They told me that the statement has the one-time fee of Rs.2000 that I need to pay. I told the customer care executive that the manager who gave me the card told me that I can pay the one-time fee in 6 months time? The customer service rep said "Sir, we do not have any offer like that on Gold card". I then paid the one-time fee all at once.
From then, it was like a whole in my pocket. I don’t remember a time where I was able to pay the actual amount in the statement for the purchases I’ve made. All the statements had some fine or the other. I had no complaints but kept on paying.
In between I shifted my job and went to Bangalore. At that time I remember there was about Rs.6000 as outstanding. I totally forgot about it. But when I was in Bangalore, I kept on purchasing things with the card and the payment was prompt without any delay. Then I shifted my base to another city.
I updated my contact details on Standard Chartered website and I think I got a call from them on the second day. The lady spoke to me that there is an outstanding amount and kindly pay it up. I recollected that Rs.6000 that I had to pay and called up the customer service to find out the outstanding amount. I got the shock of my life. The call center rep told me that my outstanding balance is Rs.32, 000/- change. I couldn’t believe it. I first decided not to pay. But then, God did not permit me to do something wrong and so I paid the amount in full.
In the next statement I get another fine for late fee or something like that. I had to pay some fine or late fee twice, I dont know for what reason. Mind you that fee was around Rs.1000+ and Rs.500+.
I stopped using thie bloody credit card from then. For almost a year, I did not purchase anything with the card. Recently I get a mobile sms saying I have to pay an amount of Rs.2000. What? I called up the customer service and asked them why should I pay the amount for I have not purchased anything using their card? Then I get the next shock.
The call center rep told me that my card is not a free card and they have been charing me annual fee all this while. I then realized the mistake of not looking at my statements. I realized how I was fooled by the manager of credit card standard chartered and how I paid extra amount to them inspite of all these unwanted fine.
I have discarded the standard chartered card and I’m very happy(as of now) with the HDFC Platinum card.
My sincere advise to all of you
*Never apply and get a Standard Chartered Credit Card. They will ruin your life. You will work to earn money to pay their fines. They will dig a whole in your pocket if you do not realize this or consider these words. They can get you into great debts from which you cannot recover in your life time.
*I have learned my mistakes in the hardest way. Pray that this may be a piece of information to you so that you dont enter into such situations.