ING Vysya Bank to launch a new Credit Card

                      Please do not be surprised, ING Vysya Banks’ Credit Cards till very recently were being managed by CitiBank.

            ING Vysya Bank has decided to discontinue the White labeling of Citi’s Credit Cards and opt for its own Credit Card program.

            As on date, ING Vysya Banks customers do not have an option to subscribe to its Credit Card. The new Credit Card will be launched in the near future.

            As per information available on  the Bank’s internet banking login page, the facility to make payments online through net banking to erstwhile ING Credit Cards has been withdrawn. Customers have been requested to contact Citibank call centre for any further queries. ING will soon be launching its own Credit Card program which will be well integrated to ING Net Banking.

            So, IVBL customers please wait for the new Credit Card Program. In the meanwhile, CitiBank has approached all the existing Credit Card holders under IVBL credit program, offering attractive terms to migrate to Citi’s own credit cards. 

Pay your Credit Card dues with Cash or Cheque and incur a penalty

            As a Safe ePayments Motivator I am very uncomfortable with the Circular issued by Finance Ministry dt.25/10/2012, advising Public Sector Banks to issue notices to its credit card holders that payment of their credit card dues via Cash/Cheque will attract service charges.

            

            Receipt of Credit cards by electronic modes is still not stablised in our country; this is not only for public sector banks but also private sector banks.  

            

          The TAT is not instant and it varies from 2days to 4days. Of course, you get a value-added date credit in your credit card statement. No, you do not get additional reward points, when you make an electronic payment to your credit card.

           

             In fact, Banks should introduce additional reward points for payment of Credit Cards dues through the eMode.

           

             When Banks are levying service charges on payment through cash/cheques, part of the savings occurring to banks via electronic receipts should also be passed on to the customers.

            It would have been great, if the Finance Ministry also advised Banks to be a little customer-friendly. Customers will respond if they are convinced that guidelines are transparent and in their favour. Otherwise, a silent resentment will start to build up, which is not conducive in the long run.

Feedback welcome.

Do you want to have your voice heard for the new BCSBI Code?

BCSBI is in process of drafting a new code for its member’s banks to comply. Change is only constant thing is this universe.

Go ahead and do it now

18/09/2012 – Point No 1

My viewpoint: -

Credit Card settlements / Loan settlements.

At times, the credit card customers/loan holders and the credit card issuers/ loan disbursement companies enter into an agreement to settle the credit card/loan dues. The card holder remits the due amount as per the settlements. Once the amount as per the settlement is received by the credit card issuer, the credit card issuer/loan disbursement company should not report to the credit reference agencies the card holder as an ‘overdue customer’ or ‘settled’, customer.

At present, it is observed that the credit card issuers agree for a settlement; receive the amount as per the settlement, but still report to the Credit Reference Agency as ‘overdue/settled’. This is not good customer service.

                In case it is not possible for the credit card issuers/ loan disbursement companies to provide a clean status to the Credit Reference Agencies than at the time of the settlement, au undertaking should be taken from the card holder/loan holder that it has been explained to him in detail that the information to the Credit Reference Agencies will be shown as ‘overdue/settled’, and in future it will be difficult to obtain any loan/credit card.