I have taken loan on my credit card for 1 Lakh Rupees. It seems they maintain some two accounts internally for the loan taken which they put it the monthly statement.
1, They used thier own calculations for distributing the amount paid to multiple accounts. Which normal user doesn’t understand. Even customer care people won’t understand.
I don’t know whether they will also understand.
2, Statement looks very awkward, as it is not designed well to understood. it is designed for complication.
3, Statement shows two accounts, and it doesn’t show how much you paid and how it is divided.
It doesn’t show when you paid.
4, If your due date is some date Ex: -Jul - 01, manhattan customer care /Agents call you from Jun -20th itself to pay the installment. They will send thier customer care executive immediately.
Do u think it is a feature?
No. They will charge 35 Rs as Cheque Pick up fee. They will not tell about this. That’s it next month even if you pay installment thorugh drop box (or) in the bank also, cheque pickup fee will be charged automatically. Sometime twice a month they will charge.
If you call customer care, they will look into the issue. Months will go, so many fees will get added. Result will not come.
5, One more thing, executive who collects the money deposits into the account after due date. Even though he collects a head of due date.
As a result late fee will be charged differently for all the accounts they will maintain internally.
6, Frustated and want to close the account by paying entire amount. Then called customer service for knowing the balance with the manhattan credit card number I have.
Surprisingly, as the amount is divided with multiple accounts, they will not be able help you.
Even though they help, they will tell only one account balance.
7, If you send a mail, you will get a response with wrong information after 10 - 15 days. By that time next statment also will get generated.
8, Decided to not argue with them and whatever is there in the current statement I have paid.
I have paid entire outstanding amount as soon as the statement is generated.
9, Next month again statement came, Statement contains interest charged and service tax.
I believe that interest is for the time duration between the statement generation and payment to credit. (Even though ur payment is before the due date)
You will not be able to close the loan, as there will be always minimum 2 days difference between the statement generation and ur paid amount to get credited. They will charge interest and service tax for the same. This is a Infinite Loop.
Final conclusion, Please do not take Manhattan card / become manhattan customers.
As I aware of only bangalore, I have not written about thier payment options. In bangalore, u should go to MG road for paying the amount I cash. That too Only working days.
No tie up with any local banks.