[Resolved]  Standard Chartered Bank — Reduction of credit limit on interest free credit

Originally, Standard Chartered Bank offered interest free credit on purchase of the membership of Country Club (India) Ltd. Since I took the membership, I have been promnptly repaying the monthly instalments to Standard Chartered Bank.

Last week, Standard Chartered Bank informed of a substantial reduction of my credit limit. By doing this, the interest free credit offered to me for purchase of the CCIL membership, falls outside the credit limit and hence will attract a penalty for over spending.

I wrote to the Bank asking them to explain the arbitrary manner in which they have withdrawn the credit limit, when they had specifically offered me interest free credit for purchase of the membership fo CCIL. They have sent me a standard reply that this is based on the review of the credit limit and in case I do not want to pay any penalty of over spending on my credit limit, I have to pay the balance immediately.

Standard Chartered Bank is simply cheating its customers by first offering interest free credit limit and then withdrawing it without any information. I am sure there will be many more like me who have been meted out such treatment by Standard Chartered Bank. I am an employee of a private firm with a salary of over Rs. 25, 00, 000. I have never defaulted on my card payments.

I expect the Consumer Complaint forum to warn the Standard Chartered Bank against such dubious practices and help me in getting my credit limit restored for the balance amount of the interest free credit.

Thanks