25 April 2007

Citibank, HSBC not with RBI rules :making false promises to their credit card customers

The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the RBI guidelines.
Two banks were doing credit card business in the country through direct sales agents, who were working either as independent contractors or on commission basis. Source : News India Press

I also received a call from citibank and informed that they are going to give free credit card for my entire life. But in a polite manner I said, NO. Few of my colleagues already joined in this free credit card scheme. God only knows the credit card will be a burden for their entire life because it is life time card !!! Happening in Bangalore too....

TIP: If you are a credict card user a must read edition of Money Today (April 19 2007)

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