I am an HSBC credit card user since last 8 years. Till date I have been paying all my dues regularly and having a clear payment track record. Everything was fine till an unfortunate incident happened with me while my outing to Shanghai, China. My card was stolen and before I report it, it was swiped by some miscreants for an amount of about Rs.50, 000/- . It is this time, when I felt like leveraging my loyalties with the bank and expected some cooperation from the bank.
However I am deeply hurt from the response I did get from the bank. The bank simply sent me a letter saying that since the transaction was done before I reported the loss, I am liable to pay the charges. I agree to this in some way. However I informed the bank that the transaction was not done by me and asked for investigation. I asked to retrieve the payslip and check the merchants record. But to my surprise, the bank has least bothered to check on my request. I kept following up with the bank but everytime I did get the same response i.e the bank is not liable for any transaction before reporting lost card.
Its been more than 60days now and the interest on the underlyeing amount is piling up.I am not sure about what to do now. But one doubt lingers me again and again and bit worrysome. Does this mean that when we are handling credit card, is it as bad as holding equal amount of cash, that anybody can get hold of it and swipe it out. If thats the case, then lets do away with the cards. Even after reporting within an hour of the lost card, the bank could not stop or atleast verify the transaction is bit unnerving. However I am still fighting the cause with the bank and looking out for some help.
If this is the way HSBC treats its customer, that too a customer with an eight years long relationship and clear payment record, god forbid the new customers. And again I warn all the people who are applying for any credit card to verify the lost card implications.Coz it would be dangerous. The more the liability the more prone you are of getting duped.
Also I request any of the readers, who has gone through similar case to please help me by giving some suggestions/assistance in getting the matter resolved.