I haven't had much luck with credit cards, despite being a cautious spender and paying all my bills on time. On account of a lack of credit scoring facilities in India, here typically there's not much reward to be had from the credit card community if your spending are in control and ensure timely bill settlements. Also, my pathetically low salary ruins whatever little chance I had to get a good credit card deal; an important criteria that credit card companies look while deciding what type of card (silver, gold, platinum, etc) should you get and the spending limit (higher your salary, higher your spending limit, and vice-versa).
Earlier this month, I was offered an SBI Platinum card; one of their call centre executives called me on my mobile to offer me one. I said yes, since i only use one credit card and there too I had a much lower spending limit - despite using the card for around five years - till i took my case to its CEO's doorstep and thus got it enhanced. SBI cards took my salary slip, completed its formalities and almost asked the entire world whether they know me - they came to my office and residence, made enquiries, etc.
I got my new SBI card's delivery today morning and much to my shock, i discovered that I was given an SBI Gold card. They had promised me an SBI Platinum card, instead. Also, instead of a spending limit of between Rs one and five lakh that SBI cards had offered and promised me, they gave me a spending limit of only Rs 30,000!
Not only did SBI cards approach me and not vice-versa, they also lied to me and deceived me into believing that I would get a product when they actually gave me something else. This is quite repugnant and unacceptable on two counts:
- If SBI Card felt that my salary did not deserve a Platinum card, they had no rights to give me any other product, instead - like an SBI Gold card in this case. They should have the decency to ask my permission first.
- They had promised me an SBI Platinum card and given me a clear, spoken and unmistakable impression that this is the product that they were offering. Instead, they gave me SBI Gold card, that also with a much lower spending limit. This is mis-selling and also a blatant lie.