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Re: [adhikaar] ICICI credit card

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  • Sharad Kathuria
    Hi there Anjali, To begin with I concurr with Prashant s opinion and personally in my opinion credit cards have to be used very very cautiously as they give an
    Message 1 of 20 , Apr 1, 2008
      Hi there Anjali,
       
      To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.
       
      Though I am not from the banking sector the following is my understanding of the credit card business
       
      1. Eligibility and the method used to evaluate the same.
      Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.
       
      When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.
       
      2. Desicion
      The above step is only data collection. The decision that is taken based on the data collected is
       
      The bank uses details provided (as mentioned above) to evaluate the following:
       
      a. Your monthly income
      b. Your monthly expense.
      c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
      c. In case you default - Recovery options

      Based on the risk factor attached to your application desicion to approve or disapprove is taken.
       
      3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.
       
      4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.
       
      The Credit Card Trap and the Goldmine for Banks
       
      A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.
       
      The trap is  = PAY BACK
       
      If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.
       
      e.g.
       
      30 days credit period. No Interest
      31st day onwards - "X' interest
       
      Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.
       
      So you get Rs. 100/- for 30 days from Bank.
       
      On 1st April 2008, the individual pays the minimum amount say Rs. 10/-
       
      Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.
       
      Now after the 15th March 2008, the individual transacts another Rs. 50/-
       
      So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
      But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X
       
      Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-
       
      Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y
       
      if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%
       
      Then the total amount is  = Rs. 130+5+2.5 = Rs. 137.5.
       
      The next minimum amount due will be Rs. 15/- for Rs. 137.5.
       
      If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to  bharna hai....
       
      The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.
       
      The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.
       
      If they do not see such potentail then they tend to refuse.
       
      A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.
       
      All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.
       
      I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help
       
      The rejection from the bank is not personal but business matter, but it does hit an individual personally
       
      Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.
       
      Get One you will because they are there in the market to sell. And We are there customers.
       
      If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.
       
      Regards
       
      Sharad Kathuria
       
       
      The
      On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@...> wrote:

      Hi

      I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

      Regards
      Anjali Rego

      --
      "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"




      --
      From The Desk Of The Achiever
    • Anjali Rego
      hi thanks for the mails. i agree with what you all have to say. i do not spend lavishly. however, i am a journalist and i have to travel to several places and
      Message 2 of 20 , Apr 1, 2008
        hi

        thanks for the mails. i agree with what you all have to say. i do not spend lavishly. however, i am a journalist and i have to travel to several places and have to book a number of tickets online. i prefer to buy on credit as the credit period is 30 days and i get a reimbursement from my company within 15 days and hence i am able to pay credit card bills on time. since i dont have a credit card of my own i used my mothers card. now that i am working i dont like the idea of being dependent on a parents credit card hence i applied for my own. i use my debit cards for my other shopping needs as i do not carry lots of cash. i hope my bank understands this.

        and regarding my profession i am doing nothing illegal hence i do not see why i should be segregated from the rest in terms of being considered as "not credit worthy" as my profession is on the negative list according to RBI norms

        regards,
        anjali rego

        On Tue, Apr 1, 2008 at 1:25 PM, Sharad Kathuria <sharad.kathuria@...> wrote:

        Hi there Anjali,
         
        To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.
         
        Though I am not from the banking sector the following is my understanding of the credit card business
         
        1. Eligibility and the method used to evaluate the same.
        Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.
         
        When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.
         
        2. Desicion
        The above step is only data collection. The decision that is taken based on the data collected is
         
        The bank uses details provided (as mentioned above) to evaluate the following:
         
        a. Your monthly income
        b. Your monthly expense.
        c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
        c. In case you default - Recovery options

        Based on the risk factor attached to your application desicion to approve or disapprove is taken.
         
        3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.
         
        4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.
         
        The Credit Card Trap and the Goldmine for Banks
         
        A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.
         
        The trap is  = PAY BACK
         
        If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.
         
        e.g.
         
        30 days credit period. No Interest
        31st day onwards - "X' interest
         
        Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.
         
        So you get Rs. 100/- for 30 days from Bank.
         
        On 1st April 2008, the individual pays the minimum amount say Rs. 10/-
         
        Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.
         
        Now after the 15th March 2008, the individual transacts another Rs. 50/-
         
        So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
        But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X
         
        Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-
         
        Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y
         
        if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%
         
        Then the total amount is  = Rs. 130+5+2.5 = Rs. 137.5.
         
        The next minimum amount due will be Rs. 15/- for Rs. 137.5.
         
        If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to  bharna hai....
         
        The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.
         
        The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.
         
        If they do not see such potentail then they tend to refuse.
         
        A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.
         
        All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.
         
        I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help
         
        The rejection from the bank is not personal but business matter, but it does hit an individual personally
         
        Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.
         
        Get One you will because they are there in the market to sell. And We are there customers.
         
        If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.
         
        Regards
         
        Sharad Kathuria
         
         
        The
        On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@...> wrote:

        Hi

        I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

        Regards
        Anjali Rego

        --
        "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"




        --
        From The Desk Of The Achiever



        --
        "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"
      • Deepak Miglani
        Dear Anjali, Greetings, I am giving to you the link of judgement where ICCI bank has been fined Rs 10 Lakh for rejection of giving the credit card.
        Message 3 of 20 , Apr 1, 2008
          Dear Anjali,
           
          Greetings,
           
          I am giving to you the link of judgement where ICCI bank has been fined Rs 10 Lakh for rejection of giving the credit card.
           
          Regards
          Deepak Miglani
          Legal Buddy
          09215514435

           
          On 01/04/2008, Sharad Kathuria <sharad.kathuria@...> wrote:

          Hi there Anjali,
           
          To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.
           
          Though I am not from the banking sector the following is my understanding of the credit card business
           
          1. Eligibility and the method used to evaluate the same.
          Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.
           
          When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.
           
          2. Desicion
          The above step is only data collection. The decision that is taken based on the data collected is
           
          The bank uses details provided (as mentioned above) to evaluate the following:
           
          a. Your monthly income
          b. Your monthly expense.
          c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
          c. In case you default - Recovery options

          Based on the risk factor attached to your application desicion to approve or disapprove is taken.
           
          3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.
           
          4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.
           
          The Credit Card Trap and the Goldmine for Banks
           
          A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.
           
          The trap is  = PAY BACK
           
          If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.
           
          e.g.
           
          30 days credit period. No Interest
          31st day onwards - "X' interest
           
          Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.
           
          So you get Rs. 100/- for 30 days from Bank.
           
          On 1st April 2008, the individual pays the minimum amount say Rs. 10/-
           
          Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.
           
          Now after the 15th March 2008, the individual transacts another Rs. 50/-
           
          So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
          But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X
           
          Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-
           
          Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y
           
          if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%
           
          Then the total amount is  = Rs. 130+5+2.5 = Rs. 137.5.
           
          The next minimum amount due will be Rs. 15/- for Rs. 137.5.
           
          If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to  bharna hai....
           
          The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.
           
          The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.
           
          If they do not see such potentail then they tend to refuse.
           
          A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.
           
          All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.
           
          I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help
           
          The rejection from the bank is not personal but business matter, but it does hit an individual personally
           
          Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.
           
          Get One you will because they are there in the market to sell. And We are there customers.
           
          If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.
           
          Regards
           
          Sharad Kathuria
           
           
          The
           
          On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@...> wrote:

          Hi

          I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

          Regards
          Anjali Rego

          --
          "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"




          --
          From The Desk Of The Achiever


        • Ranjeet Kumar
          Dear sharad, You have explained almost everything and all are true. I really admire your knowledge even not from being banking sector. I am working with
          Message 4 of 20 , Apr 1, 2008
            Dear sharad,

            You have explained almost everything and all are true. I really admire your knowledge even not from being banking sector.

            I am working with american Express and look after remittances on cards. I suggest people don't buy card just for the status symbol. First analyze your requirement, do survey about different card and then apply directly to bank, do not apply through dsa or sales person. They will sell you anything where they need to meet target.

            Thre are two type of post paid card - charge card & credit card. Chare card are better as there is no credit revolving facility and extremely popular in developed country. On this card you need to settle whole amount in next period and no option like paying minimum due. These cards are called premium product and don't have any spending limit. Basic ideas of these cards are the replacement of physical money among afluent class and doing cashless transactions. These cards are known as special premium brand. In india citi bank dinners club card and american Express's green charge card, gold & platinum are there. These cards also carry hefty annual fee.

            Credit card are most popular in india as this card became tool for banks to make money in absence of legal law and consumer awareness. Be very careful while buying these cards.must verify the credidential of banks. I specially warn and suggest people don't buy cards from citi, standard chartered, abn amro. These banks extremly focus on cross sell on the basis of card and you might fall in trap of loans. Most of banks do not charge annual fee, however some special cards carry that. All american Express credit cards carry fee ranging between rs995 to rs 50000 annually.

            Few banks maintain some kind of negative profession and negative area where they do not give card even meeting all critaria. Few of them and common are lawyer, journalist, police, politician etc. Negative areas are mostly slums etc.

            Bank also verify your credidential with Cibil, if you was defaulter in any bank, your chances are less as such details are updated by your old bank on Cibil network. These days most of banks are member of cibil it play major role to determine credidential of a person.



            best regards,
            Ranjeet Kumar
            [this mail is sent by mobile]

            -----Original Message-----
            From: Sharad Kathuria <sharad.kathuria@...>
            Sent: Tuesday, 1 April 2008 3:20 PM
            To: adhikaar@yahoogroups.com
            Subject: Re: [adhikaar] ICICI credit card

            Hi there Anjali,

            To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.

            Though I am not from the banking sector the following is my understanding of the credit card business

            1. Eligibility and the method used to evaluate the same.
            Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.

            When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.

            2. Desicion
            The above step is only data collection. The decision that is taken based on the data collected is

            The bank uses details provided (as mentioned above) to evaluate the following:

            a. Your monthly income
            b. Your monthly expense.
            c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
            c. In case you default - Recovery options

            Based on the risk factor attached to your application desicion to approve or disapprove is taken.

            3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.

            4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.

            The Credit Card Trap and the Goldmine for Banks

            A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.

            The trap is = PAY BACK

            If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.

            e.g.

            30 days credit period. No Interest
            31st day onwards - "X' interest

            Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.

            So you get Rs. 100/- for 30 days from Bank.

            On 1st April 2008, the individual pays the minimum amount say Rs. 10/-

            Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.

            Now after the 15th March 2008, the individual transacts another Rs. 50/-

            So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
            But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X

            Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-

            Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y

            if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%

            Then the total amount is = Rs. 130+5+2.5 = Rs. 137.5.

            The next minimum amount due will be Rs. 15/- for Rs. 137.5.

            If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to bharna hai....

            The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.

            The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.

            If they do not see such potentail then they tend to refuse.

            A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.

            All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.

            I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help

            The rejection from the bank is not personal but business matter, but it does hit an individual personally

            Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.

            Get One you will because they are there in the market to sell. And We are there customers.

            If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.

            Regards

            Sharad Kathuria


            The
            On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@...> wrote:
            Hi

            I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

            Regards
            Anjali Rego

            --
            "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"


            --
            From The Desk Of The Achiever
          • Sharad Kathuria
            dear ranjeet, Thank you for your feedback and added info. It ill definitely be very useful. Thank you for confirming what I thought was right. Regards Sharad
            Message 5 of 20 , Apr 1, 2008
              dear ranjeet,
               
              Thank you for your feedback and added info. It ill definitely be very useful.
               
              Thank you for confirming what I thought was right.
               
              Regards
               
              Sharad

              On Tue, Apr 1, 2008 at 8:38 PM, Ranjeet Kumar <ranjeet@...> wrote:
              Dear sharad,

              You have explained almost everything and all are true. I really admire your knowledge even not from being banking sector.

               I am working with american Express and look after remittances on cards. I suggest people don't buy card just for the status symbol. First analyze your requirement, do survey about different card and then apply directly to bank, do not apply through dsa or sales person. They will sell you anything where they need to meet target.

              Thre are two type of post paid card - charge card & credit card. Chare card are better as there is no credit revolving facility and extremely popular in developed country. On this card you need to settle whole amount in next period and no option like paying minimum due. These cards are called premium product and don't have any spending limit. Basic ideas of these cards are the replacement of physical money among afluent class and doing cashless transactions. These cards are known as special premium brand. In india citi bank dinners club card and american Express's green charge card, gold & platinum are there. These cards also carry hefty annual fee.

              Credit card are most popular in india as this card became tool for banks to make money in absence of legal law and consumer awareness. Be very careful while buying these cards.must verify the credidential of banks. I specially warn and suggest people don't buy cards from citi, standard chartered, abn amro. These banks extremly focus on cross sell on the basis of card and you might fall in trap of loans. Most of banks do not charge annual fee, however some special cards carry that. All american Express credit cards carry fee  ranging between rs995 to rs 50000 annually.

              Few banks maintain some kind of negative profession and negative area where they do not give card even meeting all critaria. Few of them and common are lawyer, journalist, police, politician etc. Negative areas are mostly slums etc.

              Bank also verify your credidential with Cibil, if you was defaulter in any bank, your chances are less as such details are updated by your old bank on Cibil network. These days most of banks are member of cibil it play major role to determine credidential of a person.



              best regards,
              Ranjeet Kumar
              [this mail is sent by mobile]

              -----Original Message-----
              From: Sharad Kathuria <sharad.kathuria@...>
              Sent: Tuesday, 1 April 2008 3:20 PM
              To: adhikaar@yahoogroups.com
              Subject: Re: [adhikaar] ICICI credit card

              Hi there Anjali,

              To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.

              Though I am not from the banking sector the following is my understanding of the credit card business

              1. Eligibility and the method used to evaluate the same.
              Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.

              When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.

              2. Desicion
              The above step is only data collection. The decision that is taken based on the data collected is

              The bank uses details provided (as mentioned above) to evaluate the following:

              a. Your monthly income
              b. Your monthly expense.
              c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
              c. In case you default - Recovery options

              Based on the risk factor attached to your application desicion to approve or disapprove is taken.

              3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.

              4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.

              The Credit Card Trap and the Goldmine for Banks

              A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.

              The trap is  = PAY BACK

              If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.

              e.g.

              30 days credit period. No Interest
              31st day onwards - "X' interest

              Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.

              So you get Rs. 100/- for 30 days from Bank.

              On 1st April 2008, the individual pays the minimum amount say Rs. 10/-

              Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.

              Now after the 15th March 2008, the individual transacts another Rs. 50/-

              So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
              But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X

              Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-

              Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y

              if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%

              Then the total amount is  = Rs. 130+5+2.5 = Rs. 137.5.

              The next minimum amount due will be Rs. 15/- for Rs. 137.5.

              If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to  bharna hai....

              The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.

              The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.

              If they do not see such potentail then they tend to refuse.

              A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.

              All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.

              I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help

              The rejection from the bank is not personal but business matter, but it does hit an individual personally

              Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.

              Get One you will because they are there in the market to sell. And We are there customers.

              If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.

              Regards

              Sharad Kathuria


              The
              On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@...> wrote:
              Hi

              I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

              Regards
              Anjali Rego

              --
              "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"


              --
              From The Desk Of The Achiever




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            • binduprashant eishan
              ICICI CREDIT CARDS Hi, Like i had said earlier, give it up as a bad joke. It is not you but the ICICI bank which is not worthy of you. My suggestion is that
              Message 6 of 20 , Apr 1, 2008
                ICICI CREDIT CARDS
                Hi,
                Like i had said earlier, give it up as a bad joke. It is not you but the ICICI
                bank which is not worthy of you.
                My suggestion is that since you need just one credit card; primarily for booking air and train tickets, just apply on line to few other credit card providers.. for eg GE Money. By and large, the rule position is same every where. I am sure you will get one.
                I was told by one the Vice President of City Bank that all credit card companies share
                data on credit card holders. If one has defaulted with one bank, it is unlikely he will be able to get the card from some other bank. I certainly do not imply that because of this reason you have been denied by the ICICI.
                Best of luck.
                Prashant


                 

                To: adhikaar@yahoogroups.com
                From: anjalirego@...
                Date: Tue, 1 Apr 2008 15:38:13 +0530
                Subject: Re: [adhikaar] ICICI credit card

                hi

                thanks for the mails. i agree with what you all have to say. i do not spend lavishly. however, i am a journalist and i have to travel to several places and have to book a number of tickets online. i prefer to buy on credit as the credit period is 30 days and i get a reimbursement from my company within 15 days and hence i am able to pay credit card bills on time. since i dont have a credit card of my own i used my mothers card. now that i am working i dont like the idea of being dependent on a parents credit card hence i applied for my own. i use my debit cards for my other shopping needs as i do not carry lots of cash. i hope my bank understands this.

                and regarding my profession i am doing nothing illegal hence i do not see why i should be segregated from the rest in terms of being considered as "not credit worthy" as my profession is on the negative list according to RBI norms

                regards,
                anjali rego

                On Tue, Apr 1, 2008 at 1:25 PM, Sharad Kathuria <sharad.kathuria@ gmail.com> wrote:


                Hi there Anjali,
                 
                To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.
                 
                Though I am not from the banking sector the following is my understanding of the credit card business
                 
                1. Eligibility and the method used to evaluate the same.
                Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.
                 
                When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.
                 
                2. Desicion
                The above step is only data collection. The decision that is taken based on the data collected is
                 
                The bank uses details provided (as mentioned above) to evaluate the following:
                 
                a. Your monthly income
                b. Your monthly expense.
                c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
                c. In case you default - Recovery options

                Based on the risk factor attached to your application desicion to approve or disapprove is taken.
                 
                3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.
                 
                4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.
                 
                The Credit Card Trap and the Goldmine for Banks
                 
                A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.
                 
                The trap is  = PAY BACK
                 
                If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.
                 
                e.g.
                 
                30 days credit period. No Interest
                31st day onwards - "X' interest
                 
                Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.
                 
                So you get Rs. 100/- for 30 days from Bank.
                 
                On 1st April 2008, the individual pays the minimum amount say Rs. 10/-
                 
                Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.
                 
                Now after the 15th March 2008, the individual transacts another Rs. 50/-
                 
                So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
                But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X
                 
                Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-
                 
                Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y
                 
                if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%
                 
                Then the total amount is  = Rs. 130+5+2.5 = Rs. 137.5.
                 
                The next minimum amount due will be Rs. 15/- for Rs. 137.5.
                 
                If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to  bharna hai....
                 
                The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.
                 
                The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.
                 
                If they do not see such potentail then they tend to refuse.
                 
                A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.
                 
                All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.
                 
                I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help
                 
                The rejection from the bank is not personal but business matter, but it does hit an individual personally
                 
                Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.
                 
                Get One you will because they are there in the market to sell. And We are there customers.
                 
                If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.
                 
                Regards
                 
                Sharad Kathuria
                 
                 
                The
                On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@gmail. com> wrote:
                Hi

                I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

                Regards
                Anjali Rego

                --
                "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"



                --
                From The Desk Of The Achiever



                --
                "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"


                More immediate than e-mail? Get instant access with Windows Live Messenger.
              • Sharad Kathuria
                Dear Anjali, Thanks for responding. The idea of my writing the mail was not to ask you to justify your need for the card. It is your requirement and as an
                Message 7 of 20 , Apr 2, 2008
                  Dear Anjali,
                   
                  Thanks for responding.
                   
                  The idea of my writing the mail was not to ask you to justify your need for the card. It is your requirement and as an adult you have every right to decide for yourself.
                   
                  I really appreciate your stand of trying to be more responsible and not stress your parents.
                   
                  The reason why I wrote what I wrote was to explain how the bank at the end of the day is a business house and for it any transaction only has to report profits. Losses are not tolerated.
                   
                  To ensure that they do not become victims of fraud or get into deals which do not make profits the banks make a structure of rules and guidelines and operate within them.
                   
                  Hence if your application for any reason happens to fall under any of the wrong category for whatever the reason then they will not entertain it.
                   
                  This is what I what I was trying to explain.
                   
                  Whether legally they have the right to do what they do, or whether legally they made a mistake by not giving you the card I really cannot comment.
                   
                  As I see, Deepakji has been kind enough to forward the link similar to your case. Please see if you can convince the bank to issue you the card by using the link.
                   
                  Also, you do not need to justify your need of the card to any one, least of all me and the members of this group. We are here to help each other with what little knowledge each one of us has and so we do what we can.
                   
                  I hope and pray and wish that you get the card asap.
                   
                  All the best
                   
                  Regards
                   
                  Sharad
                   


                   
                  On Tue, Apr 1, 2008 at 3:38 PM, Anjali Rego <anjalirego@...> wrote:

                  hi

                  thanks for the mails. i agree with what you all have to say. i do not spend lavishly. however, i am a journalist and i have to travel to several places and have to book a number of tickets online. i prefer to buy on credit as the credit period is 30 days and i get a reimbursement from my company within 15 days and hence i am able to pay credit card bills on time. since i dont have a credit card of my own i used my mothers card. now that i am working i dont like the idea of being dependent on a parents credit card hence i applied for my own. i use my debit cards for my other shopping needs as i do not carry lots of cash. i hope my bank understands this.

                  and regarding my profession i am doing nothing illegal hence i do not see why i should be segregated from the rest in terms of being considered as "not credit worthy" as my profession is on the negative list according to RBI norms

                  regards,
                  anjali rego

                  On Tue, Apr 1, 2008 at 1:25 PM, Sharad Kathuria <sharad.kathuria@...> wrote:

                  Hi there Anjali,
                   
                  To begin with I concurr with Prashant's opinion and personally in my opinion credit cards have to be used very very cautiously as they give an individual a power to spend money that he/ she is yet to earn.
                   
                  Though I am not from the banking sector the following is my understanding of the credit card business
                   
                  1. Eligibility and the method used to evaluate the same.
                  Ans: The bank is looking for an individual, to whom the money can be leant at 'X' rate of interest after a stipuilated free period (30 to 50 days varies from bank to bank and type to type of cards - Silver / Gold / Platinum). The bank evaluates the paying out capacity of the individual more than the earning capacity.
                   
                  When you did apply for the card, you may have filled details like...gross income, ownership of vehicles your lifestyle, Family size etc.
                   
                  2. Desicion
                  The above step is only data collection. The decision that is taken based on the data collected is
                   
                  The bank uses details provided (as mentioned above) to evaluate the following:
                   
                  a. Your monthly income
                  b. Your monthly expense.
                  c. Propensity to spend money in a month - Whether you are a spender and if yes, what amount could you spend in a month on the card
                  c. In case you default - Recovery options

                  Based on the risk factor attached to your application desicion to approve or disapprove is taken.
                   
                  3. Normally, organisations do not have individual rules for individual people. There is a set guideline and cases fall in either one or the other category. Similarly, banks also have a defined criteria, either you fit in or you don't.
                   
                  4. One more thing the bank does is look at the ROI (Return on Investment) on the application. There is a cost attached to the application / card. The customer should do "Y" amount of transactions amounting to "Z" amount of money in order for the card to be viable in business. In case the ROI does not make sense, even though the individual may be capable of paying the money the bank may still not be interested in approving the card as it does not make business sense.
                   
                  The Credit Card Trap and the Goldmine for Banks
                   
                  A credit card provides a false sense of security to an individual. It empowers an Individual to spend money which he may / may not earn in future.
                   
                  The trap is  = PAY BACK
                   
                  If the individual is smart enough he / she will meet all the deadlines of the payment due with 100% dues paid if not ...and he / she decides to go the minimum amount payable route, then he may be doomed.
                   
                  e.g.
                   
                  30 days credit period. No Interest
                  31st day onwards - "X' interest
                   
                  Say a transaction of Rs. 100/- is carried out on the card on the 2nd March 2008. the Billing date is 15th March 2008, the due date is 1st April 2008.
                   
                  So you get Rs. 100/- for 30 days from Bank.
                   
                  On 1st April 2008, the individual pays the minimum amount say Rs. 10/-
                   
                  Balance Rs. 90/- is carried forward to the next billing cycling due on the 1st May 2008.
                   
                  Now after the 15th March 2008, the individual transacts another Rs. 50/-
                   
                  So total amount due on the 1st May 2008 should be (90+50) = Rs. 130/-
                  But there is an interest component "X" on Rs. 90/- so total due is (90+x+50) = Rs. 130+X
                   
                  Now since you have already started the interest meter running you do not get the 30 days credit free period for the Rs. 50/- which you transacted after 15th March 2008. So you accumalate interest of say "Y" on Rs. 50/-
                   
                  Therefore the actual amount to be paid on the 1st May 2008 is 90+X+50+Y = Rs. 130 +X+Y
                   
                  if we substitute 5 for X and 2.5 and Y, if Interest rate is 10%
                   
                  Then the total amount is  = Rs. 130+5+2.5 = Rs. 137.5.
                   
                  The next minimum amount due will be Rs. 15/- for Rs. 137.5.
                   
                  If the individual still pays the minimum amount due then the cycle starts agains and the total due amount keeps increasing month after month as the individual is within limits and keeps spending on the card with the comfort ...minimum amount hi to  bharna hai....
                   
                  The interest component becomes higher than the principal amount and this is the trap from which one cannot come out.
                   
                  The Banks ideally want these kind of customers as they get back Rs. 10/- for Every Re. 1/- spent.
                   
                  If they do not see such potentail then they tend to refuse.
                   
                  A smart guy is the one who uses the free credit period and thn pays off the 100% on due date...does not lead you to overspend and yet helps you live your day today life comfortably.
                   
                  All that I have written above is my personal understanding and view of the credit card business. I may be wrong. But I have a feeling I am more of less correct. But I suggest you to verify what I have written.
                   
                  I am sorry to write such a long mail as answer to you Anjali, but, I thought this may help
                   
                  The rejection from the bank is not personal but business matter, but it does hit an individual personally
                   
                  Anjali, once again, I do not want to lecture or anything of the sorts, I just wanted you to know what you are about to buy, how things can go wrong and what you can do to avoid making the mistake and yet get the benefit of the card as and when you get one.
                   
                  Get One you will because they are there in the market to sell. And We are there customers.
                   
                  If you were already aware of all this or If I have hurt your sentiments in any way, I apologise in advance.
                   
                  Regards
                   
                  Sharad Kathuria
                   
                   
                  The
                  On Fri, Mar 28, 2008 at 6:08 PM, Anjali Rego <anjalirego@...> wrote:

                  Hi

                  I have applied for an ICICI Bank credit card and have submitted documents like address proof, a copy of my salary slip, ICICI bank quarterly statement, income tax slip, pan card, insurance premium receipts but still they have rejected my request because according to them I am not credit worthy. Though I am working and have even given my business card, they do not seem to trust me with a credit card. i am 21 years old, they are willing to give me an add on credit card but not a credit card on my own account. is that i am too young to own a credit card? what is it that I can do about this. Please advise.

                  Regards
                  Anjali Rego

                  --
                  "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"




                  --
                  From The Desk Of The Achiever



                  --
                  "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"




                  --
                  From The Desk Of The Achiever
                • Sidharth
                  Hello Anjali, You got it wrong. RBI does not maintains any list on Not Credit worthy individuals/professionals. It s the bank s internal norms and it get
                  Message 8 of 20 , Apr 2, 2008
                    Hello Anjali,
                     
                    You got it wrong. 
                     
                    RBI does not maintains any list on "Not Credit worthy" individuals/professionals.
                    It's the bank's internal norms and it get updated as per prevailing ground realities.
                    And different banks have different norms/filters.
                     
                    You are right about your need to have a Credit Card. They have become indispesible now a days.
                    So you can try other Banks. Get in touch with the bank where you maintain your account.
                    I also presume that the Nationalised banks are not so rigid on these parameters,
                    (Except SBI Cards which is actually GE).
                     
                    Good Luck.
                     
                    Sidharth
                     
                     
                  • Anjali Rego
                    Hi Thanks a ton to all especially Sharad who have enlightened me about the goods, the bads and the uglies of credit cards. I have decided to hang on for a
                    Message 9 of 20 , Apr 4, 2008
                      Hi

                      Thanks a ton to all especially Sharad who have enlightened me about the goods, the bads and the uglies of credit cards. I have decided to hang on for a while and may be apply for a card once again after a few months. Siddarth what is GE?

                      Regards,
                      Anjali Rego

                      On Thu, Apr 3, 2008 at 9:59 AM, Sidharth <sidharthbbsr@...> wrote:

                      Hello Anjali,
                       
                      You got it wrong. 
                       
                      RBI does not maintains any list on "Not Credit worthy" individuals/professionals.
                      It's the bank's internal norms and it get updated as per prevailing ground realities.
                      And different banks have different norms/filters.
                       
                      You are right about your need to have a Credit Card. They have become indispesible now a days.
                      So you can try other Banks. Get in touch with the bank where you maintain your account.
                      I also presume that the Nationalised banks are not so rigid on these parameters,
                      (Except SBI Cards which is actually GE).
                       
                      Good Luck.
                       
                      Sidharth
                       
                       



                      --
                      "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"
                    • Sidharth
                      ... The Credit Card Business of SBI is managed by MNC called GE Capital Services. So SBI Card is just a misnomer. Though it s a joint venture, the entire
                      Message 10 of 20 , Apr 4, 2008
                        >>Siddarth what is GE?

                        The Credit Card Business of SBI is managed by MNC called GE Capital
                        Services. So SBI Card is just a misnomer. Though it's a joint
                        venture, the entire show is stage managed by the GE guys. So to speak.


                        Sidharth
                      • Ranjeet Kumar
                        Dear anjali, If you are interested in getting american Express card, I can support you as I am working with american Express credit cards division. But note
                        Message 11 of 20 , Apr 4, 2008
                          Dear anjali,

                          If you are interested in getting american Express card, I can support you as I am working with american Express credit cards division. But note that amex card is extremly premium card and hence you might feel difficulty using it in small shops. Thoug it is best suitable for travel planning like booking tickets, hotels etc.

                          best regards,
                          Ranjeet Kumar
                          [this mail is sent by mobile]

                          -----Original Message-----
                          From: Anjali Rego <anjalirego@...>
                          Sent: Friday, 4 April 2008 4:23 PM
                          To: adhikaar@yahoogroups.com
                          Subject: Re: [adhikaar] Re: ICICI credit card

                          Hi

                          Thanks a ton to all especially Sharad who have enlightened me about the goods, the bads and the uglies of credit cards. I have decided to hang on for a while and may be apply for a card once again after a few months. Siddarth what is GE?

                          Regards,
                          Anjali Rego

                          On Thu, Apr 3, 2008 at 9:59 AM, Sidharth <sidharthbbsr@...> wrote:
                          Hello Anjali,

                          You got it wrong.

                          RBI does not maintains any list on "Not Credit worthy" individuals/professionals.
                          It's the bank's internal norms and it get updated as per prevailing ground realities.
                          And different banks have different norms/filters.

                          You are right about your need to have a Credit Card. They have become indispesible now a days.
                          So you can try other Banks. Get in touch with the bank where you maintain your account.
                          I also presume that the Nationalised banks are not so rigid on these parameters,
                          (Except SBI Cards which is actually GE).

                          Good Luck.

                          Sidharth




                          --
                          "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"
                        • Moiz Rampurawala
                          Hi to all!! GE I believe means Government Enterprise. Regards,Moiz E.R. e-mail: moizer@hotmail.com To: adhikaar@yahoogroups.comFrom: anjalirego@gmail.comDate:
                          Message 12 of 20 , Apr 4, 2008
                            Hi to all!!
                             
                            GE I believe means Government Enterprise.
                             
                            Regards,

                            Moiz E.R. e-mail: moizer@...



                            To: adhikaar@yahoogroups.com
                            From: anjalirego@...
                            Date: Fri, 4 Apr 2008 16:02:40 +0530
                            Subject: Re: [adhikaar] Re: ICICI credit card

                            Hi

                            Thanks a ton to all especially Sharad who have enlightened me about the goods, the bads and the uglies of credit cards. I have decided to hang on for a while and may be apply for a card once again after a few months. Siddarth what is GE?

                            Regards,
                            Anjali Rego

                            On Thu, Apr 3, 2008 at 9:59 AM, Sidharth <sidharthbbsr@ gmail.com> wrote:


                            Hello Anjali,
                             
                            You got it wrong. 
                             
                            RBI does not maintains any list on "Not Credit worthy" individuals/ professionals.
                            It's the bank's internal norms and it get updated as per prevailing ground realities.
                            And different banks have different norms/filters.
                             
                            You are right about your need to have a Credit Card. They have become indispesible now a days.
                            So you can try other Banks. Get in touch with the bank where you maintain your account.
                            I also presume that the Nationalised banks are not so rigid on these parameters,
                            (Except SBI Cards which is actually GE).
                             
                            Good Luck.
                             
                            Sidharth
                             
                             



                            --
                            "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"


                            Connect to the next generation of MSN Messenger  Get it now!
                          • Bimal Khemani
                            It is a very very large Americal company, they even finance governments also leasing out costliest equipments even BOEING JETS to aviation industry. This
                            Message 13 of 20 , Apr 6, 2008

                              It is a very very large Americal company, they even finance governments also leasing out costliest equipments even BOEING JETS to aviation industry. This company is very new in retail landing market in INDIA> 


                              On Sat, 05 Apr 2008 Moiz Rampurawala wrote :

                              >Hi to all!!
                              >
                              >GE I believe means Government Enterprise.
                              >
                              >Regards,Moiz E.R. e-mail: moizer@...
                              >
                              >
                              >To: adhikaar@yahoogroups.comFrom: anjalirego@...: Fri, 4 Apr 2008 16:02:40 +0530Subject: Re: [adhikaar] Re: ICICI credit card
                              >
                              >
                              >
                              >
                              >HiThanks a ton to all especially Sharad who have enlightened me about the goods, the bads and the uglies of credit cards. I have decided to hang on for a while and may be apply for a card once again after a few months. Siddarth what is GE?Regards,Anjali Rego
                              >On Thu, Apr 3, 2008 at 9:59 AM, Sidharth <sidharthbbsr@...> wrote:
                              >
                              >
                              >
                              >
                              >
                              >
                              >Hello Anjali,
                              >
                              >You got it wrong.
                              >
                              >RBI does not maintains any list on "Not Credit worthy" individuals/professionals.
                              >It's the bank's internal norms and it get updated as per prevailing ground realities.And different banks have different norms/filters.
                              >
                              >You are right about your need to have a Credit Card. They have become indispesible now a days.
                              >
                              >So you can try other Banks. Get in touch with the bank where you maintain your account.
                              >I also presume that the Nationalised banks are not so rigid on these parameters, (Except SBI Cards which is actually GE).
                              >
                              >
                              >Good Luck.
                              >
                              >Sidharth
                              >
                              >  -- "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"
                              >
                              >
                              >
                              >
                              >
                              >
                              >
                              >_________________________________________________________________
                              >Connect to the next generation of MSN Messenger
                              >http://imagine-msn.com/messenger/launch80/default.aspx?locale=en-us&source=wlmailtagline

                              BIMAL KUMAR KHEMANI
                              Saha-Prant Sangathan Mantri,
                              AKHIL BHARATIYA GRAHAK PANCHAYAT BRAJ PRANT,
                              2/40D, Janakpuri, Marrish Road, 
                              ALIGARH-202001.  INDIA
                              Phone:0571-2401557, MOB:-093597BIMAL
                              e.mail: bimal.khemani@...


                            • Ranjeet Kumar
                              Dear members, Ge [general electrical ] is one of the biggest company from usa and have business in all area. In financial sectors in india it works under nbfc
                              Message 14 of 20 , Apr 6, 2008
                                Dear members,

                                Ge [general electrical ] is one of the biggest company from usa and have business in all area. In financial sectors in india it works under nbfc [non banking financial corporation ]. As in india as per the rbi norm, only bank can issue credit cards /plastic cards so ge has tie up with sbi to issue cards. All operation etc including credit risk lies with ge and only sbi name is attached where sbi gets hefty fee from ge. In returns sbi lets use ge use their brand, banking license and infrastructure for marketing and selling of product.

                                Ge is also known for its six sigma implementation. It has its own insource bpo called genpact in gurgaon.


                                best regards,
                                Ranjeet Kumar
                                American Express banking corp
                                [this mail is sent by mobile]

                                -----Original Message-----
                                From: Moiz Rampurawala <moizer@...>
                                Sent: Sunday, 6 April 2008 4:15 PM
                                To: adhikaar@yahoogroups.com
                                Subject: RE: [adhikaar] Re: ICICI credit card

                                Hi to all!!

                                GE I believe means Government Enterprise.

                                Regards,

                                Moiz E.R. e-mail: moizer@...


                                To: adhikaar@yahoogroups.com
                                From: anjalirego@...
                                Date: Fri, 4 Apr 2008 16:02:40 +0530
                                Subject: Re: [adhikaar] Re: ICICI credit card

                                Hi

                                Thanks a ton to all especially Sharad who have enlightened me about the goods, the bads and the uglies of credit cards. I have decided to hang on for a while and may be apply for a card once again after a few months. Siddarth what is GE?

                                Regards,
                                Anjali Rego

                                On Thu, Apr 3, 2008 at 9:59 AM, Sidharth <sidharthbbsr@...> wrote:

                                Hello Anjali,

                                You got it wrong.

                                RBI does not maintains any list on "Not Credit worthy" individuals/professionals.
                                It's the bank's internal norms and it get updated as per prevailing ground realities.
                                And different banks have different norms/filters.

                                You are right about your need to have a Credit Card. They have become indispesible now a days.
                                So you can try other Banks. Get in touch with the bank where you maintain your account.
                                I also presume that the Nationalised banks are not so rigid on these parameters,
                                (Except SBI Cards which is actually GE).

                                Good Luck.

                                Sidharth




                                --
                                "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"

                                Connect to the next generation of MSN Messenger Get it now!
                              • veena hassan
                                Thank you for htis information Ranjeet Veena ... ____________________________________________________________________________________ You rock. That s why
                                Message 15 of 20 , Apr 8, 2008
                                  Thank you for htis information Ranjeet
                                  Veena
                                  --- Ranjeet Kumar <ranjeet@...> wrote:

                                  > Dear members,
                                  >
                                  > Ge [general electrical ] is one of the biggest
                                  > company from usa and have business in all area. In
                                  > financial sectors in india it works under nbfc [non
                                  > banking financial corporation ]. As in india as per
                                  > the rbi norm, only bank can issue credit cards
                                  > /plastic cards so ge has tie up with sbi to issue
                                  > cards. All operation etc including credit risk lies
                                  > with ge and only sbi name is attached where sbi gets
                                  > hefty fee from ge. In returns sbi lets use ge use
                                  > their brand, banking license and infrastructure for
                                  > marketing and selling of product.
                                  >
                                  > Ge is also known for its six sigma implementation.
                                  > It has its own insource bpo called genpact in
                                  > gurgaon.
                                  >
                                  >
                                  > best regards,
                                  > Ranjeet Kumar
                                  > American Express banking corp
                                  > [this mail is sent by mobile]
                                  >
                                  > -----Original Message-----
                                  > From: Moiz Rampurawala <moizer@...>
                                  > Sent: Sunday, 6 April 2008 4:15 PM
                                  > To: adhikaar@yahoogroups.com
                                  > Subject: RE: [adhikaar] Re: ICICI credit card
                                  >
                                  > Hi to all!!
                                  >
                                  > GE I believe means Government Enterprise.
                                  >
                                  > Regards,
                                  >
                                  > Moiz E.R. e-mail: moizer@...
                                  >
                                  >
                                  > To: adhikaar@yahoogroups.com
                                  > From: anjalirego@...
                                  > Date: Fri, 4 Apr 2008 16:02:40 +0530
                                  > Subject: Re: [adhikaar] Re: ICICI credit card
                                  >
                                  > Hi
                                  >
                                  > Thanks a ton to all especially Sharad who have
                                  > enlightened me about the goods, the bads and the
                                  > uglies of credit cards. I have decided to hang on
                                  > for a while and may be apply for a card once again
                                  > after a few months. Siddarth what is GE?
                                  >
                                  > Regards,
                                  > Anjali Rego
                                  >
                                  > On Thu, Apr 3, 2008 at 9:59 AM, Sidharth
                                  > <sidharthbbsr@...> wrote:
                                  >
                                  > Hello Anjali,
                                  >
                                  > You got it wrong.
                                  >
                                  > RBI does not maintains any list on "Not Credit
                                  > worthy" individuals/professionals.
                                  > It's the bank's internal norms and it get updated as
                                  > per prevailing ground realities.
                                  > And different banks have different norms/filters.
                                  >
                                  > You are right about your need to have a Credit Card.
                                  > They have become indispesible now a days.
                                  > So you can try other Banks. Get in touch with the
                                  > bank where you maintain your account.
                                  > I also presume that the Nationalised banks are not
                                  > so rigid on these parameters,
                                  > (Except SBI Cards which is actually GE).
                                  >
                                  > Good Luck.
                                  >
                                  > Sidharth
                                  >
                                  >
                                  >
                                  >
                                  > --
                                  > "Live each day as if it were your last. Then you
                                  > will have no regrets and no enemies but peace of
                                  > mind"
                                  >
                                  > Connect to the next generation of MSN Messenger Get
                                  > it now!
                                  >
                                  >
                                  >
                                  > ------------------------------------
                                  >
                                  > Yahoo! Groups Links
                                  >
                                  >
                                  >
                                  >
                                  >



                                  ____________________________________________________________________________________
                                  You rock. That's why Blockbuster's offering you one month of Blockbuster Total Access, No Cost.
                                  http://tc.deals.yahoo.com/tc/blockbuster/text5.com
                                • rajeev kumar
                                  All cases related to grievience with ICICI bank should be addressed to me on my id yadavrajeev_20052yahoo.co.in.A meeting is likely to be fixed with top
                                  Message 16 of 20 , Apr 9, 2008
                                    All cases related to grievience with ICICI bank should be addressed to me on my id yadavrajeev_20052yahoo.co.in.A meeting is likely to be fixed with top officials of ICICI very shortly where i would take up the grieviences and sort them out.
                                     
                                    In case nothing is achieved,i would file consumer complaints in large numbers.An early action would ensure your welfare.
                                     
                                    Rajeev Yadav
                                    9811242471

                                    veena hassan <papachchi@...> wrote:
                                    Thank you for htis information Ranjeet
                                    Veena
                                    --- Ranjeet Kumar <ranjeet@biharbrains .org> wrote:

                                    > Dear members,
                                    >
                                    > Ge [general electrical ] is one of the biggest
                                    > company from usa and have business in all area. In
                                    > financial sectors in india it works under nbfc [non
                                    > banking financial corporation ]. As in india as per
                                    > the rbi norm, only bank can issue credit cards
                                    > /plastic cards so ge has tie up with sbi to issue
                                    > cards. All operation etc including credit risk lies
                                    > with ge and only sbi name is attached where sbi gets
                                    > hefty fee from ge. In returns sbi lets use ge use
                                    > their brand, banking license and infrastructure for
                                    > marketing and selling of product.
                                    >
                                    > Ge is also known for its six sigma implementation.
                                    > It has its own insource bpo called genpact in
                                    > gurgaon.
                                    >
                                    >
                                    > best regards,
                                    > Ranjeet Kumar
                                    > American Express banking corp
                                    > [this mail is sent by mobile]
                                    >
                                    > -----Original Message-----
                                    > From: Moiz Rampurawala <moizer@hotmail. com>
                                    > Sent: Sunday, 6 April 2008 4:15 PM
                                    > To: adhikaar@yahoogroup s.com
                                    > Subject: RE: [adhikaar] Re: ICICI credit card
                                    >
                                    > Hi to all!!
                                    >
                                    > GE I believe means Government Enterprise.
                                    >
                                    > Regards,
                                    >
                                    > Moiz E.R. e-mail: moizer@hotmail. com
                                    >
                                    >
                                    > To: adhikaar@yahoogroup s.com
                                    > From: anjalirego@gmail. com
                                    > Date: Fri, 4 Apr 2008 16:02:40 +0530
                                    > Subject: Re: [adhikaar] Re: ICICI credit card
                                    >
                                    > Hi
                                    >
                                    > Thanks a ton to all especially Sharad who have
                                    > enlightened me about the goods, the bads and the
                                    > uglies of credit cards. I have decided to hang on
                                    > for a while and may be apply for a card once again
                                    > after a few months. Siddarth what is GE?
                                    >
                                    > Regards,
                                    > Anjali Rego
                                    >
                                    > On Thu, Apr 3, 2008 at 9:59 AM, Sidharth
                                    > <sidharthbbsr@ gmail.com> wrote:
                                    >
                                    > Hello Anjali,
                                    >
                                    > You got it wrong.
                                    >
                                    > RBI does not maintains any list on "Not Credit
                                    > worthy" individuals/ professionals.
                                    > It's the bank's internal norms and it get updated as
                                    > per prevailing ground realities.
                                    > And different banks have different norms/filters.
                                    >
                                    > You are right about your need to have a Credit Card.
                                    > They have become indispesible now a days.
                                    > So you can try other Banks. Get in touch with the
                                    > bank where you maintain your account.
                                    > I also presume that the Nationalised banks are not
                                    > so rigid on these parameters,
                                    > (Except SBI Cards which is actually GE).
                                    >
                                    > Good Luck.
                                    >
                                    > Sidharth
                                    >
                                    >
                                    >
                                    >
                                    > --
                                    > "Live each day as if it were your last. Then you
                                    > will have no regrets and no enemies but peace of
                                    > mind"
                                    >
                                    > Connect to the next generation of MSN Messenger Get
                                    > it now!
                                    >
                                    >
                                    >
                                    > ------------ --------- --------- ------
                                    >
                                    > Yahoo! Groups Links
                                    >
                                    >
                                    >
                                    >
                                    >

                                    ____________ _________ _________ _________ _________ _________ _
                                    You rock. That's why Blockbuster' s offering you one month of Blockbuster Total Access, No Cost.
                                    http://tc.deals. yahoo.com/ tc/blockbuster/ text5.com


                                    Get the freedom to save as many mails as you wish. Click here to know how.

                                  • Anjali Rego
                                    ok i shall send an e-mail. icici bank has sent a letter to customers saying that from july 1, the minimum balance will b increased from 5000 to 10000. do you
                                    Message 17 of 20 , Apr 12, 2008
                                      ok i shall send an e-mail. icici bank has sent a letter to customers saying that from july 1, the minimum balance will b increased from 5000 to 10000. do you work for icici?

                                      On Wed, Apr 9, 2008 at 6:48 PM, rajeev kumar <yadavrajeev_2005@...> wrote:

                                      All cases related to grievience with ICICI bank should be addressed to me on my id yadavrajeev_20052yahoo.co.in.A meeting is likely to be fixed with top officials of ICICI very shortly where i would take up the grieviences and sort them out.
                                       
                                      In case nothing is achieved,i would file consumer complaints in large numbers.An early action would ensure your welfare.
                                       
                                      Rajeev Yadav
                                      9811242471


                                      veena hassan <papachchi@...> wrote:
                                      Thank you for htis information Ranjeet
                                      Veena
                                      --- Ranjeet Kumar <ranjeet@...> wrote:

                                      > Dear members,
                                      >
                                      > Ge [general electrical ] is one of the biggest
                                      > company from usa and have business in all area. In
                                      > financial sectors in india it works under nbfc [non
                                      > banking financial corporation ]. As in india as per
                                      > the rbi norm, only bank can issue credit cards
                                      > /plastic cards so ge has tie up with sbi to issue
                                      > cards. All operation etc including credit risk lies
                                      > with ge and only sbi name is attached where sbi gets
                                      > hefty fee from ge. In returns sbi lets use ge use
                                      > their brand, banking license and infrastructure for
                                      > marketing and selling of product.
                                      >
                                      > Ge is also known for its six sigma implementation.
                                      > It has its own insource bpo called genpact in
                                      > gurgaon.
                                      >
                                      >
                                      > best regards,
                                      > Ranjeet Kumar
                                      > American Express banking corp
                                      > [this mail is sent by mobile]
                                      >
                                      > -----Original Message-----
                                      > From: Moiz Rampurawala <moizer@...>
                                      > Sent: Sunday, 6 April 2008 4:15 PM
                                      > To: adhikaar@yahoogroups.com
                                      > Subject: RE: [adhikaar] Re: ICICI credit card
                                      >
                                      > Hi to all!!
                                      >
                                      > GE I believe means Government Enterprise.
                                      >
                                      > Regards,
                                      >
                                      > Moiz E.R. e-mail: moizer@...
                                      >
                                      >
                                      > To: adhikaar@yahoogroups.com
                                      > From: anjalirego@...
                                      > Date: Fri, 4 Apr 2008 16:02:40 +0530
                                      > Subject: Re: [adhikaar] Re: ICICI credit card
                                      >
                                      > Hi
                                      >
                                      > Thanks a ton to all especially Sharad who have
                                      > enlightened me about the goods, the bads and the
                                      > uglies of credit cards. I have decided to hang on
                                      > for a while and may be apply for a card once again
                                      > after a few months. Siddarth what is GE?
                                      >
                                      > Regards,
                                      > Anjali Rego
                                      >
                                      > On Thu, Apr 3, 2008 at 9:59 AM, Sidharth
                                      > <sidharthbbsr@...> wrote:
                                      >
                                      > Hello Anjali,
                                      >
                                      > You got it wrong.
                                      >
                                      > RBI does not maintains any list on "Not Credit
                                      > worthy" individuals/professionals.
                                      > It's the bank's internal norms and it get updated as
                                      > per prevailing ground realities.
                                      > And different banks have different norms/filters.
                                      >
                                      > You are right about your need to have a Credit Card.
                                      > They have become indispesible now a days.
                                      > So you can try other Banks. Get in touch with the
                                      > bank where you maintain your account.
                                      > I also presume that the Nationalised banks are not
                                      > so rigid on these parameters,
                                      > (Except SBI Cards which is actually GE).
                                      >
                                      > Good Luck.
                                      >
                                      > Sidharth
                                      >
                                      >
                                      >
                                      >
                                      > --
                                      > "Live each day as if it were your last. Then you
                                      > will have no regrets and no enemies but peace of
                                      > mind"
                                      >
                                      > Connect to the next generation of MSN Messenger Get
                                      > it now!
                                      >
                                      >
                                      >
                                      > ------------------------------------
                                      >
                                      > Yahoo! Groups Links
                                      >
                                      >
                                      >
                                      >
                                      >

                                      __________________________________________________________
                                      You rock. That's why Blockbuster's offering you one month of Blockbuster Total Access, No Cost.
                                      http://tc.deals.yahoo.com/tc/blockbuster/text5.com


                                      Get the freedom to save as many mails as you wish. Click here to know how.



                                      --
                                      "Live each day as if it were your last. Then you will have no regrets and no enemies but peace of mind"
                                    • aditya agrawal
                                      Hi can anyone help me out with HDFC credit card problems? I had an HDFC credit card. There were some charges levied on me for certain expenses which I was not
                                      Message 18 of 20 , Apr 12, 2008
                                        Hi
                                        can anyone help me out with HDFC credit card problems? I had an HDFC credit card. There were some charges levied on me for certain expenses which I was not informed about in certain cases & where the customer care people when contacted on phone gave me wrong expenses.
                                         
                                        1) surcharge charged on fuel when they had a scheme going on. The leaflet is with me.
                                        2) card lost but the manager told me that he would not charge me extra for a new card later on I found new card issue fee charged. Later they told me that they would reverse the charges as I stopped making my due payments on time.
                                        3) I closed my a/c with them my mail and they issued me a new card without even asking if I wanted a new card & again charged me for the new card.
                                         
                                         I haven't made any payments for these and they have added finance charges along with the above charges and interest.
                                         
                                        The total was R1898 in my March 2008 statement & has become Rs 2357.99 in my April 2008 statement for expenses which I have not incurred.
                                         
                                        Today I receive a call from their recovery agent to make the payment or else i would be issued an legal notice.
                                         
                                        What do i do?
                                         
                                        aditya


                                        Anjali Rego <anjalirego@...> wrote:
                                        ok i shall send an e-mail. icici bank has sent a letter to customers saying that from july 1, the minimum balance will b increased from 5000 to 10000. do you work for icici?

                                        On Wed, Apr 9, 2008 at 6:48 PM, rajeev kumar <yadavrajeev_ 2005@yahoo. co.in> wrote:
                                        All cases related to grievience with ICICI bank should be addressed to me on my id yadavrajeev_ 20052yahoo. co.in.A meeting is likely to be fixed with top officials of ICICI very shortly where i would take up the grieviences and sort them out.
                                         
                                        In case nothing is achieved,i would file consumer complaints in large numbers.An early action would ensure your welfare.
                                         
                                        Rajeev Yadav
                                        9811242471


                                        veena hassan <papachchi@yahoo. com> wrote:
                                        Thank you for htis information Ranjeet
                                        Veena
                                        --- Ranjeet Kumar <ranjeet@biharbrains .org> wrote:

                                        > Dear members,
                                        >
                                        > Ge [general electrical ] is one of the biggest
                                        > company from usa and have business in all area. In
                                        > financial sectors in india it works under nbfc [non
                                        > banking financial corporation ]. As in india as per
                                        > the rbi norm, only bank can issue credit cards
                                        > /plastic cards so ge has tie up with sbi to issue
                                        > cards. All operation etc including credit risk lies
                                        > with ge and only sbi name is attached where sbi gets
                                        > hefty fee from ge. In returns sbi lets use ge use
                                        > their brand, banking license and infrastructure for
                                        > marketing and selling of product.
                                        >
                                        > Ge is also known for its six sigma implementation.
                                        > It has its own insource bpo called genpact in
                                        > gurgaon.
                                        >
                                        >
                                        > best regards,
                                        > Ranjeet Kumar
                                        > American Express banking corp
                                        > [this mail is sent by mobile]
                                        >
                                        > -----Original Message-----
                                        > From: Moiz Rampurawala <moizer@hotmail. com>
                                        > Sent: Sunday, 6 April 2008 4:15 PM
                                        > To: adhikaar@yahoogroup s.com
                                        > Subject: RE: [adhikaar] Re: ICICI credit card
                                        >
                                        > Hi to all!!
                                        >
                                        > GE I believe means Government Enterprise.
                                        >
                                        > Regards,
                                        >
                                        > Moiz E.R. e-mail: moizer@hotmail. com
                                        >
                                        >
                                        > To: adhikaar@yahoogroup s.com
                                        > From: anjalirego@gmail. com
                                        > Date: Fri, 4 Apr 2008 16:02:40 +0530
                                        > Subject: Re: [adhikaar] Re: ICICI credit card
                                        >
                                        > Hi
                                        >
                                        > Thanks a ton to all especially Sharad who have
                                        > enlightened me about the goods, the bads and the
                                        > uglies of credit cards. I have decided to hang on
                                        > for a while and may be apply for a card once again
                                        > after a few months. Siddarth what is GE?
                                        >
                                        > Regards,
                                        > Anjali Rego
                                        >
                                        > On Thu, Apr 3, 2008 at 9:59 AM, Sidharth
                                        > <sidharthbbsr@ gmail.com> wrote:
                                        >
                                        > Hello Anjali,
                                        >
                                        > You got it wrong.
                                        >
                                        > RBI does not maintains any list on "Not Credit
                                        > worthy" individuals/ professionals.
                                        > It's the bank's internal norms and it get updated as
                                        > per prevailing ground realities.
                                        > And different banks have different norms/filters.
                                        >
                                        > You are right about your need to have a Credit Card.
                                        > They have become indispesible now a days.
                                        > So you can try other Banks. Get in touch with the
                                        > bank where you maintain your account.
                                        > I also presume that the Nationalised banks are not
                                        > so rigid on these parameters,
                                        > (Except SBI Cards which is actually GE).
                                        >
                                        > Good Luck.
                                        >
                                        > Sidharth
                                        >
                                        >
                                        >
                                        >
                                        > --
                                        > "Live each day as if it were your last. Then you
                                        > will have no regrets and no enemies but peace of
                                        > mind"
                                        >
                                        > Connect to the next generation of MSN Messenger Get
                                        > it now!
                                        >
                                        >
                                        >
                                        > ------------ --------- --------- ------
                                        >
                                        > Yahoo! Groups Links
                                        >
                                        >
                                        >
                                        >
                                        >

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