[Resolved]  ICICI Emi Credit Card — ICICI credit card billing irregularities

I had read reports that ICICI Bank robs its customers. I had even heard this urban myth from my friends and neighbors in Kolkata. However, I had doubt about this and thought it to be a hyperbole, till I myself fell prey.

I had taken an EMI (equal monthly installments) card of ICICI Bank last year.

I made a purchase of Rs 8, 990.00 from Chowringee Studio of Kolkata on 11 Jan 2008 using the EMI card. I was supposed to clear this in installments of Rs 1, 000, as it is an EMI card

I paid the 1st installment (Rs1, 000) on 24 Feb; then the 2nd bill never arrived. I waited for it till the 1st week of April & anyways paid the 2nd installment of Rs 1, 000 on 5 April.

When I received the bill for month 3, I noticed a lot of discrepancies and additional charges including late fine, and frustrated with their system, I cleared the entire remaining amount of Rs 6, 990 on 26 April. Thus I cleared the entire amount of Rs 8, 990 (my purchase amount) in 3 installments of Rs 1, 000 + Rs 1, 000 + Rs 6, 990.

I wrote to ICICI, and said that it was their fault that they did not send me the bill; so why should I be fined and asked to pay additional interest. They did waive one month’s fine, but by the time their reply came, it was time for them to add one more ‘fine’; and ICICI did so… they added one more fine + interest.

I decided not to pay, as it was a breach of ethics from ICICI to waive one and add one fine + interest. It was again ICICI who delayed to sort things and this delay costed me the new fine. It is beyond my sense of reasoning how can they add fines & interest while the billing was already disputed. How can they continue the process of billing while an irregularity dispute is on & not sorted?
The additional fines are due to the fault of ICICI:

* No bill was sent for the month of March.

* While they waived me the fine + interest of March; they delayed their reply and added one more fine + interest.

I found the entire system faulty and decided not to pay; as:

* I have paid the amount I spent
* In both the cases it was their fault that attracted the fine + interest.

I mailed them again. They did not sort out things, and kept on billing me, adding fine & interest every month, to which I maintained status quo; as I decided I will not pay anything until they admit their fault and sort out things.
I am also receiving sms messages from them almost threatening me to pay up.
My general observation at the end is that the urban legend is indeed true, and all users using their credit cards should think twice before they sway their head and say ‘yes’ to credit card selling calls made by ICICI.