A week back I got a SMS from the bank in which I am holding the credit card. In the SMS, it was told that my credit limit has been revised from 52,000 to 1 lakh rupees. I thought that they might have revised it because of my good credit history and even felt a little proud of it.
Couple of days later, the same bank couriered me a letter. When I opened up the envelope and read out the letter, it was a shock to me. It was because that the letter tells me that my credit limit has been brought down to Rs.10, 000. I really got confused because of the difference in numbers that saw in SMS and this letter. So I opened that SMS again and read it again. When I was reading the SMS this time, realized that I have misread 10,000 as 1 Lakh last time. It was also mentioned in the letter that this revision is carried out after going through my previous credit history.
Since I have paid the credit card dues promptly before the due date every time, I decided not to leave this issue as such. If we log a complaint about this revision, it will not be treated with the as much importance as we get for cancellation. So I called up the customer care of that bank and said that I just want to cancel this card. Here is the conversation that we I had with the executive.
Exe: May I know the reason for cancelling the card?
Me: I do not wish to hold a credit card having only a credit limit of 10K. Also, I would like to know the reason for the credit limit revision from 52K to 10K.
Exe: Let me check up the ur details sir.
After some time,
Exe: Actually it was a directive from the higher management Sir… (Smarter answer…)
Me: Ok. Then I am going forward with cancellation.
Exe: I’ll log the request Sir.
The call got disconnected and I got a call from that bank after some time.
Exe: Regarding your cancellation request Sir. Is credit limit revision the only reason for which you cancel the card?
Exe: Are you working for Satyam.
Me: I was… But not in Satyam now.
Exe: Then It would not be a problem to revise your limit back to 52K Sir. I shall log the request for it now.
Me (Surprised of the reply…): If you are not revising, I would like to go for cancellation. Also, don’t you people have confirmation with me about my details before you revise the limit?
Exe: Sorry Sir!
When I was taking this credit card, I was employed in Satyam. I really felt shocked to know that the credit limit has been revised, only because of the fact that my employer name appears as “SATYAM” in their database. They have started to be cautious fearing that if Satyam fails to pay their employees, they would not get their dues this month or so. This not only happened with a single bank. This thing has happened with many other banks with which some of my satyam friends are having credit card accounts.
Even after having a good credit history till date, these banks doesn’t want to take the risk of believing a man’s past honesty. They could have cushioned their customers in their tuff time by increasing the credit period or favoring them with EMI. At the least, they don’t even have shown the courtesy to have a confirmation call with the credit card holder before revising the limit. If a Satyamite was in a plan to meet his month’s expenditure with this credit card, it would have been a great mess for him at the end. To the worst case, I heard that some of the Satyamites’ credit cards are deactivated without any intimation and they came to know about the deactivation only when they swiped their card during purchase.
So friends… Never ever believe these credit card lenders at any time… Better plan with whatever money we have, rather than building dreams with this virtual cash in these plastic credit cards… Because, they are not our friends to help us in our tuff times. They are just another business entity which just thinks of its security ahead of our difficulties. So let us also start behaving cautious of these banks hereafter by planning with our real holdings rather than these credit holdings…