Never believe in any insurance offer that is offered by any credit card. Though I know this fact, I was held up with some magic called a govt bank with a large network in India.I was about to receive my credit card from SBI, I got a call from customer care about insurance, which is having Income tax exemption.
They told that I have to pay only 99/- per month and that amount will be deducted from my credit card. I felt very happy and had accepted the card.
The day had come to receive my credit card statement. I was very happy (my first credit card), as I also got a credit card statement for my 1st card. I was shocked.....seeing the statement.
The actual Insurance amount for one year is 5838/- which is debited from my card. Apart from it other charges like:
pre-compounded interest;
flexipay processing fee;
flexipay amount: iin12;
protect plus insurance credit shield pr;
protect plus insurance pa premium-6 lacs
insurance admin charge
medi safe admin fee sbi cards
GOVT TAX ON LOAN........
all put together I got a bill of 7, 312 rupees.
And the total amount due is 1318.66 (flexi-emi option)
so after I payed this amount the next month statement is reflecting..............
5687 rupees and so on........
my bill is day by day it is increasing the interest rate apart from what the previous statement is showing.
Atlast I ended up paying 11, 500 rupees for 6 months.
My advice is not to go for any bank’s insurance offers or any offers involved with credit cards or with savings accounts.
JAI HIND