Mar 16, 2011 03:47 PM
4048 Views
SBI came up with a novel way to give people Credit Cards. You pay them some money like Rs. 1 Lakh in their FD and they shall give you a Credit Card with a limit of less than Rs. 1 Lakh. I lived in USA and returned in 2007 and since I did not file my income tax returns for several years, no one gave me a credit card. I then went to SBI and got a Credit Card after keeping some money in their Fixed Deposit.
All was going well till I decided to get my SBI Card cancelled as now I have got several banks offering me cards with better and cheaper rates. I wanted to cancel the card and get my fixed deposit money back.
I made a request to cancel the card and cancel my lien on the FD on 7th Feb and to my surprise, till date they have not done anything. This is despite my calling them 5-6 times and every time I call them all they have to say "your card is cancelled and your letter is in the process. You shall be receiving the letter within a week"
This is by far the worst experience I have ever got while Cancelling a Credit Card in India.
So if you are thinking of putting money in FD to get a SBI Credit Card - then I will suggest you not to do that as getting the card will be a cake walk but getting it cancelled and getting your money back will be extremely painful.
