By SS Kumar (CMD Astral Systems India Pvt Ltd).
In keeping with the spread of sophisticated life styles in the west, the credit cards phenomenon has invaded India and most people have gotten so used to it that they can not live with out it. However, unlike in the west, the dice here in India is totally loaded against the user as the Reserve Bank of India is able to do very little in securing the user, says SS Kumar.
The following are the ways in which card issuing banks try to fleece the card holder:
Late fee
Disputed Claims
Biggest fraud through sale of policies on phone
Why do the banks charge exorbitant interest rates in India?
Life time membership fee fraud
