[Resolved]  Standard Chartered Bank — Incomplete info provided before procuring a chargeable credit card.

Address:

Mumbai City, Maharashtra

Respected Sir, This is in reference to my recently received Super Value Titanium Credit Card No ending 8711. It has been mentioned everywhere on the website, emails, sales promotions that 5 % cash back would be given for fuel spends across all petrol pumps, phone bills & utility bills. It was also mentioned that minimum transaction amount for cash back eligibility would be Rs 750/- & that maximum cashback per month would be Rs. 500 I received my first e-statement of the card on 16th Sept. I was astonished to read a note at the bottom of the statement which mentioned – On Super Value Titanium Card effective August 2013, the maximum cashback would be Rs 200 for spends on Fuel (inclusive of surcharge), Rs 200 on Telecom and Rs 100 on Utility bill payments This clause although effective August 2013, has been purposefully kept hidden by the bank till issuance of the card & revealed directly in the first credit card statement. Although it was mentioned 5% cash back would be given per month, break-up of this 500 Rs cash back into 200 + 200 + 100 (fuel, telecom & Utility bills) was kept purposefully hidden by the bank. I had decided to go for the card solely for the purpose of 5 % cash back on Fuel spends across all petrol pumps & it was not told or mentioned anywhere that it would be limited to Rs. 200 per month Before applying for the card, I had carefully studied the fine print of the card. Before applying, I had read & understood details of the card by following means - 1) E-mail received from standard chartered bank (Screen snap shot No 1) It does not mention the break-up of monthly Rs 500 cash back into 200 (Fuel), 200(Telecom) & 100 (Utility bills 2) Online application Form to apply for Super value titanium card (Screen snap shot No 2 ) – It does not mention the break-up of monthly Rs 500 cash back into 200 (Fuel), 200(Telecom) & 100 (Utility bills Click on the link - https://apply.standardchartered.co.in/credit-card 3) The website (Screen snapshot No 3) – The Super value titanium card details mentioned on the website – Nowhere this clause is mentioned. Click on the link - https://www.sc.com/in/credit-cards/super-value-titanium.html 4) Terms & Conditions of Super value titanium card mentioned on ur website (Screen snap shot No 4) – Amongst all 18 terms & conditions, no where this clause of break-up of cash back amount is mentioned. Click on the link – https://www.sc.com/in/_documents/service-charges-fees/super_value_titanium_tnc01...⇄ 5) My telephonic communication with sales representative- Before applying, I spoke to the sales representative Mr. Mainul Chaudhury (Mobile No [protected]). Even he did not tell me that Fuel cashback is limited to Rs 200 per month & so on. 6) Most Important Document – On which my signature was taken at the time of applying for the card. Even this document does not mention this clause. Thus my impression before procuring the card was obviously was that I can utilize this Rs 500 cash back per month amount into any category as per my wish e.g. Rs 500 (Fuel) + Rs 0 (Telephone) + Rs 0 (Utility bills) or Rs 400 + Rs 100 + Rs 0 or Rs. 300 + Rs. 0 + Rs 200 etc. But that was not the case. So the bottom line is that, everywhere only the limit of Rs 500 per month for cashback had been mentioned, However, break up of this cashback amount into 200 (Fuel), 200(Telecom) & 100 (Utility bills) had never been disclosed anywhere by the bank before issuing the card. It has been disclosed only after issuing the card in the first card statement. I would have still accepted it, had it been a new clause from this month onwards. But it clearly says that its effective Aug 2013. When I asked them I would like to know from them as to why this clause has not been mentioned anywhere on their website under Super value titanium card or its terms & conditions – I was told we would investigate & let u know. When I raised the issue to their nodal officer, & asked them that I have not used this card & they have cheated me by hiding this clause before issuing the card, whether I should be paying them the joining fees or not if I decide to discontinue using this card? I was not given any answer by the bank till the due date of the statement. I was not given permission to discontinue the card without paying the joining fees. I was then forced to pay the joining fees of the card for the fear of them spoiling of my CIBIL score. When I paid the fees & when due date of the statement was over, I received call from the bank that it is the bank’s policy not to disclose the break up of Rs 500 (into Rs 200 + 200 + 100) to the customer before issuing the card. I was told that it is our policy to disclose this break up only in the first credit card statement. I, then received the e mail reply after 15 days of raising the issue, saying the same. But by that time, I had no option but to pay the joining fees as the due date was nearing. Since they had purposefully kept this clause hidden from me before selling the card & disclosed it only after issuing it in the first card statement, it amounts to unfair trade practices. They are still justifying this unfair trade practice under the pre-text of “Bank’s policy” Even after bringing it to their notice, they are still not ready to mention the break up on their website under “Terms & conditions of Super Value titanium card” so that they can still woo the new customers by providing half & incomplete information. If they had mentioned about this clause on their website under Terms & conditions section of Super value titanium card, & I had known before applying that fuel surcharge waiver & cash back is limited only to Rs 200 per month, I would have never applied for this card as the my sole purpose to apply for this card was to get Fuel surcharge waiver + cash back on Fuel spends across all petrol pumps. But after receiving the statement, I feel the purpose for which I had decided to go ahead for this card itself is not getting served with this clause mentioned in the statement. They can not hide any clause from me before issueing the card. It needs to be mentioned somewhere on the website under Most important terms & conditions. This is a not a free card. I have already paid joining fees of Rs 561 & would be paying them annual fees of Rs 750 per year. I have the right to know about the fine print of terms & conditions of the card before I apply for it. I don’t want my joining fees back now. I want you to direct them to mention the break up of Rs. 500 on their website in the Most important terms and conditions, in Most important document, in sales promotion, in e mails etc. Thank you. - Dr. Sameer Chitnis