Recently, a woman sued Coca Cola as she didn’t get her date with Hrithik Roshan. She didn’t get what was promised to her just like sometimes, your credit card gets charged despite being promised something else. Credit card related problems are on the rise as credit card usage is increasing by the day.
Whatever the reason for your credit card related issues, taking the right steps to resolve them is very important.
Here is a look at some of the common credit card related problems and ways to handle them.
1. Charged an unwanted amount in the credit card bill
Mis-selling usually happens with insurance and investment products. But, many credit card sales agents have been mis-selling cards to customers to meet their monthly targets.
Aman, a first time credit card holder was promised by his sales agent that his card will carry no annual fee for a period of three years. After the first year, Aman found that he was charged with an annual fee of Rs.2000 for his card. With the card sales agent not working with the bank any more, Aman had nowhere to turn to.
So, what would be a possible resolution for people like Aman, who have been given false promises?
If you have been charged any unwanted amount by your bank, inform the bank at the earliest. If Aman has any proof in writing, it may help him win the case. Even if the sales agent has left, either the agency or the bank would take the responsibility. So, make sure to take all offers and schemes in writing.
Also, it has to be noted that if the bank has withdrawn any such schemes, you are still eligible to enjoy the benefits, if it had been promised. If you are do not get them, you have all the rights as a customer to fight for them.
2. When loan cheques are missed in transit and the bank charges interest
No one likes to pay a late payment fee or interest, especially when it is due to processing or logistic delay and not their fault. If you have applied for a loan against your card, banks usually send a cheque or demand draft for the applied amount. Sometimes the cheque or the draft may not reach you on time due to logistic delays and the bank may start charging you an interest.
If you are facing a similar grievance, you can ask the bank for a reversal of the charges. It is the responsibility of the bank to ensure that the cheque or drafts in transit reach you safely.
The first step is informing the bank’s customer care helpline and raising a customer grievance ticket. Make sure to save the grievance acknowledgement number with you for future communication. You can keep a copy of the courier receipt as the proof for delivery date of the cheque or demand draft.
The next step is to send a written communication to the bank along with a copy of the proof and your online grievance number. Banks usually recheck the delivery date with the courier company and reverse any excess charges in the next bill.
If the bank does not take any action, you can approach the banking ombudsman for a speedy resolution.
3. If your card is skimmed
Mohit noticed some unauthorized transaction on his card when he received his monthly bill statement. He was charged for Rs.20,000 against a purchase that he had not made. He had not even used his card online.
He checked his other transactions and noticed that a day before the incident, he had used his card at a restaurant, and he remembered handing the card to the waiter.
To his surprise, he came to know that his friend too had a similar experience from the same restaurant. Mohit informed the bank about this and also filed an FIR. The bank reversed his amount and blacklisted the merchant, thereby saving other card users from potentially being skimmed as well.
If you feel your credit card has been skimmed, inform your bank immediately. You can also file a complaint about the particular merchant or vendor who you think may have compromised the security of your card.
Timely information of matters will help not just you, but many other card holders from possible financial fraud and card skimming.
4. Any unauthorized online transactions on your card
There are many untrustworthy sites which look exactly like popular e-commerce or social media sites and offering some schemes for their users. A recently popular one is Facebook Jobs, a fake site similar to Facebook and offering work-from-home opportunities.
The users will be asked to pay a small fee to enroll, but the moment they enter their card details and CVV, a huge amount will be automatically debited from the card without a second level authorization.
If you notice any unauthorized transactions on credit card, you should report them to the bank at the earliest and request for card cancellation immediately.
Banks will investigate on it upon receiving a written complaint with proofs like screen shots. It may take 30-60 days to complete the investigation. Usually banks reverse the amount till the investigation is over, if they find it genuine. But if not, do not hold the card payments as it may affect your credit score.
5. If you notice any wrong entries in credit card bills
After shopping at a mall, Sheeba paid the bill using her credit card. The cashier swiped her card, but the machine was not working at that time. So she was asked to make the payment as cash.
But Sheeba noticed it in her monthly bill that the product she purchased has been billed by the card, which means the retailer actually received double payment for the bill.
Fortunately, Sheeba had the bill with her and she rushed to the mall to get it sorted. After checking their records, the shopkeeper returned the additional money collected from her.
But most of us usually do not keep the bills with us. So, what can be done in such cases?
Here comes the need to subscribe to card alerts on your mobile. Never skip the option of card alerts on your phone or ignore any such messages you receive from your card company. You can opt out of promotional messages to make sure important messages don’t get missed. Also, check the alerts whenever you are making or trying to make a payment through your card to ensure that there are no double entries.
It is the merchant’s responsibility and not the bank’s to reverse your payments. But, if you don’t have the bill with you, it will be difficult to trace transactions made days ago.
4 Must Have Tips for Your Card Safety
- It is essential to go through your monthly bills in detail, rather than just glance at the payable amount.
- Make sure that the credit card is swiped in your presence.
- If you notice any wrong entries or unnecessary charges in your monthly credit card bill, inform the same to the bank in a written communication.
- Never use your card on untrustworthy sites
Handling credit cards can be easy if you follow the right protocols and use your card judiciously. We hope you don’t find the need to sue someone, date or no date.