First of all I guess this is the biggest fraud thats going on in the Indian Credit Card market. We all are seeing it on TV, Billboards, FM channels, its all over SBI Credit cards but is that actually SBI or something fishy. Its actually the GE guys who had made a tie up with SBI and started exploiting the market. GE Capital Services, the largest issuer of private label credit cards in the world and State Bank of India, the largest Indian bank created two companies to address the market: namely, SBI Cards and Payment Services Ltd. (SBICPSL) and GE Capital Business Process management Services ltd. (GECBPMSL). The joint venture was set up to leverage the brand equity, customer relationship and the unparalleled network of SBI and the technological processes and service capabilities of GE Capital to offer you products that are value for money and supported by quality and service.
I got a GE SBI card recently and was told before by the call girls and the executives who begged me inumerous no of times to get one because its absolutely free but honestly only after I got the card did I realise that I have to pay 275 rupees annually. if u buy something above 5000 they will revert back the 275 rupees but dont you think its a lie and they should have said that earlier. Actually this whole credit card business works on cheating, lieing and to a great extent of (the word the call girls will use to make u believe that the annual charges were always there) miscommunication.
The ads are completely in contrast to what they did to me and are being aired again and again as if these GE guys were the most honest and sincere guys out there. I am sure any one who has a GE SBI card would agree that they are not what they advertise.
My advice is to stay away from the GE SBI credit cards and let the awareness come that its not a STATE BANK OF INDIA credit card, its GE SBI joint venture and basically its the clever guy whose calling the shots. I dont understand why such a large bank is banking on this shaddy company for managing the credit card business. Indirectly its all about money and where there are players like these the market is sure to be tainted.