More on Indian Credit Card Regulations

Following RBI’s recent guidelines (few months back) many of the major Credit Card Issuing Banks in India seems to be getting their house in order.

I noticed it first with ICICI Bank – with in few weeks from the RBI announcement, I saw in ICICI website a link to post mobile number in their DNR (Don’t Call Registry). I immediately went and registered my number – Thanks heavens finally I will be spared from their calls. As of today no such link in Indian websites of either Citibank or Standard Chartered – may be MNC bank’s need more convincing about RBI’s powers or more time to simply get this done!.

In my recent CC statement from Standard Chartered, for the first time I noticed a detailed & clear explanation about thier various charges / interest / late fees. Today I received a similar hand out from ICICI (ICICI-CC.pdf 879 KB)

Discussing Credit Cards and ICICI – two weeks I had a pleasant experience with ICICI. Some 4 months back I bought a electronic item from EBay India and paid with my ICICI Card. The very next day I received an email from eBay saying that the seller is no longer valid and all transactions with that seller is void. I was surprised to see the amount charged to my card. On calling eBay, they said I got to sort this out with the seller – and the seller claimed for last 4 months he has reversed the money. I called ICICI to check whether the reversal had happened, but they offered to help, refer it to their grievance cell and get their help to get this sorted out. Immediately I faxed a letter to them and copied eBay India – with in few days eBay told me the amount is reversed and my recent ICICI statement showing it as a “Disputed Transaction” reversal. I puzzled on why it is showing with this description, but my money is back!