Credit cards are supposed to provide peace of mind in case of emergency. However everyone who is reading this knows what are credit cards and its advantages and disadvantage. I wish not to talk about them. Infact I would write my own experience for you all to judge that are Credit cards Financial HELP or HURTS.
During one of my overseas trip, a had taken car on rent. The rental agency, one of the reputed international name, asked for my identity so I showed my passport, then they asked for financial guarantee to which I agreed to pay them upfront for the days I was expecting to use the vehicle. This was denied stating they do not know how much I was going to be billed. then I had my Credit card which was accepted but as it was Indian card I told them to keep as an security and would settle the full bill in cash. I told them I would be using the vehicle for about 15 days.
However at the end when I returned back the vehicle on 17 day, I was surprised to know that already my rupee credit card has been debited with 15 days rent. I was just dumb. After much of arguments they agreed to charge only difference and I settled the bill. The story does not end here, when I received my statement from my bank I noted later the rental agency has also debited my card for fuel charges and other delayed penalty. I objected this with my banker.
The banker promised to look into the matter and I has instructed not to settle this amount, to my surprise the banker stats that he is not in a position to object as the charge has come from international agency through international bank. My banker said he can only help me by taking the issue with the correspondent bank. After 6 months of fighting with my banker, the matter was closed stating this charges are payable and I have no recourse. I was dupped by both the agency and my banker.
Next thing I did was to return back my credit card.
Please friends look before you take any credit cards and discuss all possibilities with your bankers.
Good save all credit card holders.