Nowadays, most of us use credit card for shopping, bill payment and online transactions however due to small mistakes, careless approach and overlooking the facts we end up facing unnecessary troubles. Here are few tips if we use them we can actually use credit card for our benefits rather then a trouble maker.
First time when you sign for a new credit card always read full form and fill up all the necessary details yourself rather then leaving it to a sales agent. Ask for the joining fees, annual fees, credit period and all the offers in writing. Either they must be mentioned in the form itself or separately so as to avoid any surprise later on. Try to cross confirm all the facts by banks helpline number. When you receive the card, read all the instructions properly and clarify it with the bank. Always remember nothing comes free in this world, so if you are using credit card banks get commission form the vendor. And if you are not paying the dues on time they will charge you 35-40%(P.a.) interest rate. So try to clear all the dues on or before due date.
Remember, if you pay a part amount bank still charges interest from the date of your purchase of goods till the payment date. Keep all the transactions slips with you till you get the bill so as to produce it in case of any dispute. Never give your card details and CVV number to any one better if you erase the CVV number from the card after remembering it so as to avoid misuse. Remember not receiving a bill is not an excuse of not paying dues on time. So if you don’t receive it on time call bank’s helpline number for duplicate bill or get it in your email. Always pay bill by Account payee cross cheque mentioning your card number so that it goes at current account. Never pay to any one by cash including bank employees or recovery agent. Whenever you have any issues call the banks helpline number explain everything and take a complain/feedback number also note down the customer executive’s name and date when u made this complain and ask how many days it will take to resolve the problem.
Check the status of your complain after that time through helpline number again and if it is not resolved escalate the problem to the Appellate Authority but remember without complain/feedback number your will not be able to trace and resolve it. Also remember that just by telling the complain to the bank your duty does not ends so you have to followup form your side till it is resolved or bank will keep on sending wrong charges. Remember to pay the undisputed amount on time so that bank will not charge interest on that part. If you are not satisfied with the bank’s resolution or bank is not solving your problem contact the RBI through Banking Ombudsman but again remember to mention your complain number and date or else it won’t get resolved. If recovery agents are harassing you file a FIR with the local police station. RBI has issued certain guidelines for recovery agents(which can be read at RBI’s website). A recovery agent can not call at odd times or threaten you or use abusive language if he does so you can make a complain with the police.
Bank’s are totally responsible for any wrongdoings from recovery agent. And last but not the least use your credit card as if you have to pay in cash never overspend and pay dues ontime and keep a record of your transactions so as to cross check them.