I have been holding a HDFC Business Platinum Card for over 5 years now. Last Month they kept pestering for raising the limit and they took it upto Rs 300,000. Then they set a neat debt trap saying Sir, you can go for purchasing Consumer Durables such as LCD TV, etc using EMI option on the card. I was just a patient listener. Finally, I gave them a letter in writing to Reduce it back to the least possible limit which was Rs 75,000.
The Call Center Agent calls me and asks if I want the limit to be reduced.
I confirm the same.
Then she asks me to give a letter in writing. I ask her back, if she has not got my letter how in the world did she get to know I wanted my limit to be reduced ? Did I come in your dreams and tell you ? She tells a long story.
Finally I said, Mam I have an acknowledgment from your Bank for my letter. If tomorrow any fraud happens my liability is restricted to just Rs 75,000.
The Call Center agent immediately changes her tone and says, OK Sir I will do the needful.
Why I am sharing this Small Piece of Experience ?
In India, the Banks are the greedy lot which build business on questionable ethics. They can Raise my limit without even asking me and when I have to get it changed I have to Write a letter, Fax it etc. Just hate the BAD eco-system which RBI has built.
