As I have gone thru with a very bad experience dealing with HDFC people and really never want to keep HDFC credit card in my whole life, that’s why do not want anyone else to become the victim of it.
Last year I was offered ’Cash on call’ a loan product on credit card by hdfc. A lady called me & told "this offer is with very low interest rate & given only to reliable customer like you; its a loan offer which will be credited to your account directly, & we will send documents having interest details like interest rate, monthly balance to be paid and so on after 1 week, If you are not satisfied with the product after going through those document you can send that amount back to HDFC".
She called thrice but I did not confirm. though they had credited the amount which was unknowingly used by my family members. I realized this after few days when I checked the statement and I felt anyway its a low interest product & can be cleared in monthly installments. So I called customer care for the above promised documents. But I did not get the same. I requested them to explain atleast the different cost elements mentioned on the statement but they told "we dont have that provision, for that you have to refer the back bage of statement". But it contained only general instructions.
In addition to interest I was being charged some finance charges also. Finally I realised the fact that I was cheated by the bank when I personally conveyed these problems to one of the HDFC branches in Bangalore. They told - No documents will be sent to Cash on Call, & If you want to pay the full amount back before one year, some pre-closure charges will be applicable . I felt frustrated & came out of the bank. I paid 2 - 3 months installments, & I lost my job because of recession by which I could not make payments for few months & credit balance started increasing abruptly.
To come out of this problem, I visited HDFC credit card division in Bangalore & explained these things to a manager. He promised me some settlement which will be given within coming month’s statement. Immediately I had to move to Delhi & from Delhi I called That person thrice just to know the status & to remind him of the above promise. But statement generated as usual with all those additional charges adding around Rs. 1000 to the existing balance.
By then my financial problems got escalated and I could not go back to B’lore again for this purpose. After few days I got a call from that credit card branch & was informed that------
-- Pay the minimum balance of this month,
-- Settlement will be given in the coming month,
-- If you get settlement "you can not apply for loans in future"
By this way, I had to pay around Rs. 7000 extra as interest & other charges. that’s why be careful & don’t become the victim of it.