Dec 09, 2015 05:43 PM
7822 Views
I have been using the Titanium card of Standard Chartered since the past four years, until a year ago when the bank decided to lower my credit limit to a ridiculous level, making the card useless.
I used to pay off my statement to the full within the due date and did not have any payment delay or overdraft. Needless to say I was quite surprised and called up the customer care team to register a complaint. What I was subtly made to understand is that the bank has some internal checks and balances through which it decides which customers are good business.
Since I had been paying my outstanding within the due dates, that did not generate revenue for the bank, and though my credit worthiness was strengthened, the bank did not make any bucks out of its relationship with me. My being good was being bad for them!
What I further understood was that the lowering of the credit limit is a ploy towards pushing you into an overdraft, so that the bank can then charge penalties on it. After much haggling they have restored my credit limit, but this has shaken my trust in Standard Chartered. Am surprised that this kind of petty practices are indulged in by the reputed banks.
Verdict: Stay away!
