Flawed RBI rule of 30 days notice for change of credit card benefits

[V G]

Where we pay joining fees and annual fees for a card, there should not be any change allowed in credit card benefits even with 30 days notice. In most of the cases, I agree joining is covered by welcome benefits but it cannot be the case for all credit cards. Further in case of annual charges, many cards do not provide any benefit on renewal. When someone take a paid credit card, that person looks at overall benefits offered by that credit card, not just joining benefits. Very few take cards for just welcome benefits but majority of us takes credit card considering overall benefits. So it is like a cheating by bank when they give us paid card and change the benefits with 30 days notice. In such cases, banks should return the proportionate fees (along with GST) back to credit card holder. I want to highlight this issue to RBI but of course, many of us do not have time. What to do in such cases? Is twitter a better way?
I want to know opinion of other members.

 

[mj01]

For a paid card, I look at joining/ renewal benefits specifically due to this reason. Wouldn't pay for a card that doesn't offset at least the joining fees immediately on fee payment. If there are no renewal benefits, I would look at how beneficial the card was in the past 1 year before renewing it. Devaluations are unpredictable and paid cards can burn a hole in your pocket easily!

 

[Shroud]

I've said this earlier as well, the customers need to express their disappointment. Because if they don't, soon other banks would start to follow (Just like Apple removed the headphone jack from their iPhone but they got away with it so other manufacturers started following and today most of the phones in the market don't have a headphone jack- Please don't start a debate on this, just an example)

Normal devaluations like removing points on wallet loads and rent payments are accepted because they are targeted to solving bigger problems like rotation, money laundering and other illegal activities which most of the people are not aware of. But the latest drama is pure representation of GREED. Also, the CC influencers would just inform the public about bank's actions and it's consequences. The only solution is to criticize the bank for its actions in whatever way we can.

I personally called up their senior management CC and told the person that - "Please inform all of your senior officials who approved these decisions that they are a bunch of idiots". The best part is that the person kinda agreed 😂

 

[Abhishek012]

LOL, Banks have the right to do anything.

~ Axis bank “RAT” team.