A credit card is like emergency cash which allows you to spend now and pay later. It is used by most citizens as it is a very convenient way of making payments. According to studies, credit card usage in India is going up rapidly, with more than 36 million credit card users in India.
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As the number of people using credit cards increase, complaints against credit card companies also increase. In the year 2017, Banking Ombudsman received 8,297 credit card complaints. There has been an increase in the number of credit card frauds after demonetization. Lack of awareness, outdated ATMs and less-secure cards have made people victims of credit card fraud.
1. Complaints on credit card transactions being declined.
2. Complaints on fraudulent transactions with credit cards.
3. Complaints on credit card bill payments.
4. Complaints on credit card charges.
5. Complaints on credit card chargeback’s.
6. Complaints regarding the closure of a credit card account.
Many cardholders will have no idea on what to do when they face issues with credit cards. IndianMoney explains how you can file a complaint against a credit card company.
Step 1: Collect all documentation
Before raising an issue with the credit card company, first collect all the necessary documents. These are supporting documents for your complaint. It is also advisable to maintain the payment records of a closed credit card. This can be helpful in case any issues arise after the closure of credit card account.
Step 2: Register a complaint with the credit card company
After collecting all the necessary documents, the next step you have to take is to contact the respective credit card companies and raise complaints. People usually prefer calling customer care of the credit company to lodge complaints. Calling the customer care is really important for immediate blocking of the credit card, but at the same time, it is also important to maintain all correspondence in writing either by sending a letter with an acknowledgment or by email.
You can also email your complaint to the credit card company's grievance redressal cell.
Step 3: Approach Banking Ombudsman
Once the cardholder has raised a complaint with the credit card company, they have to look into it and resolve within a certain period of time. If the credit card company has not resolved the issue within 30 days of lodging the complaint or if the cardholder is not satisfied with the response received, he can approach the Banking Ombudsman and raise his complaint. Banking Ombudsman does not charge money for filing a complaint with them.
1. If the complaint is faulty.
2. In case you have not registered your complaint with the bank.
3. If the bank has rejected the complaint by providing a satisfactory response.
4. If you have not provided the relevant proof.
Step 3: Approach the appellate authority
If you are not happy with the response received by the Banking Ombudsman, you can approach the appellate authority. In this case, the Deputy Governor of RBI is the appellate authority. You should approach the appellate authority within 45 days of receiving a response from the Banking Ombudsman. The authority will look into the issue.
As credit card frauds are increasing each day, you should be careful while using your credit card and never let fraudsters trick you out of hard earned money. In case your credit card is hit by fraud, report it to the credit card company immediately.
Are you cheated by credit card Companies? Lodge a complaint on Iamcheated.com which is a free online consumer complaints portal, which registers consumer complaints online and helps resolve them. If you have been cheated by fraudsters, you can post your complaint on Indianmoney.com complaints portal IamCheated.com.
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