Credit Card: Are you using a credit card? You must know this | Telugu News

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Credit Card Are you using a credit card You must

Credit card: Credit cards were once restricted to only a few people due to the rules in the banking system. Due to changes in Reserve Bank of India regulations and increased financial stability, many people are now using credit cards. As business organizations also announce offers, many people are making purchases through credit cards.. People who make such purchases should be careful.. They should check the statement from time to time. Do not respond to these fraudulent emails. Above all credit card transactions should not be entered online. More importantly, the dues to the bank should be paid by the fifth day of every month. Otherwise additional interest will be charged.

After using many credit cards.. they reduce their usage once the debts increase. Some completely hand over those credit cards to banks. In that case the credit card return form should be filled up. The bank will cancel the card within a week. If the bank does not cancel the card within a week, rupees will be deducted from our account every day. But most of the banks do not cancel the credit card return form even after filling it up. In that case the customers will have to lose. In that case we can seek compensation from the bank. A complaint can also be filed in the Ombudsman if necessary.

A few days ago an employee approached the bank officer who issued him that he did not have a credit card. He filled up the return form and gave it. His card was not canceled even after three months. Moreover, his account was deducted at the rate of rupees per day. So he called the bank ombudsman and he lodged a complaint with the bank ombudsman. They deposited 45000 in the customer's account at the rate of Rs.500 per day for three months i.e. 90 days as per Reserve Bank of India norms. Action was taken against the bank manager who neglected to cancel the credit card. Many people don't know about this and pay the penalty imposed by the bank. Therefore, credit card users should be aware of the Ombudsman.

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