Credit Card dispute: consumer protection guide
Credit card is turned into one of the essential needs of a person. But its user must possess some important basic information to avoid any fraud. Here is the list of recent credit card rules.
Credit card is a very useful thing. It has made our lives easier. We need not to carry hard cash with us in the presence this 'plastic money'. But what will you do if you misplace it? How to recover theft credit card? Although it has innumerable benefits but also has some limitations as the person who possess it is assumed to be its owner. Credit card rules and regulations
1. If your credit card is theft or misplaces, then call your customer care and block your card. You can also file FIR for this.
2. Credit card application document should bear the terms, conditions and information of charges in clear and large font size. If any form has information in unclear and small words, then you can demand correct copy from credit card company.
3. There is a provision to impose penalty on credit card company if it levy charges no card without providing any information to customer as well as to repay such amount charged.
4. If the company rejects your application for credit card without stating any reason, then you can ask them the reason for this. you can also ask them to return back all self attested documents being deposited at the time of sending application.
5. If you receive a credit card for which you have not applied, then show your protest in bank in written. If bank claims the card to be free of cost or free from other charges, then ask them to provide these conditions in written.
6. Consumer must receive the bill at least 15 days before the due date. If this does not happen, then you should inform bank. Your due date will be extended.
7. If you have dropped cheque in drop box on or before due date, then company cannot impose late fee charges. If such happens, then talk to concerned authorities and ask them to adjust such late fees in bill.
8. Most of the banks do not impose any penalty if you have deposited cash in your account on the immediate next day of due date.
9. You can demand evidence from bank if you feel that there is some fraud or perturbation in bill.
10. Some banking companies provide insurance facility without any prior information. This is wrong. You can ask them to provide insurance details.
11. If you want to surrender your credit card, then make complete payment first and ask your bank to deactivate your account via a letter or e-mail.
12. Alternatively, you can drop a request letter to deactivate your account in drop box along with credit card cut into four pieces.
13. In case of any dispute with credit card company, send an application to the bank. If company does not consider your request or complaint to if you are not satisfied with their response, then you can write to banking ombudsman. But you can write to ombudsman only after one month from the date of application sent to the bank.How to contact Banking ombudsman
The contact information of banking ombudsman is as follow:
Banking Ombudsman,
RBI building,
Second floor,
Sansad Marg,
New Delhi-110001
Phone: 011-23730632/33
E-mail: [email protected], leonewdelhi@ rbi.org.in
Website: