Tan Kin Lian's Blog: Cancellation of Credit Card

Thursday, July 26, 2007

Cancellation of Credit Card

I received a letter from my credit card company with the following announcement, effect from 1 May 2007:

* the late payment fee will be increased from $35 to $45
* the fee for each returned or failed GIRO arrrangement due to insufficient funds will be adjusted from $25 to $50.

I find these fees to be unconscionable. (I was not aware about the fees earlier). I called the credit card company to cancel my card. I also destroyed the card immediately.

The call center of this credit card company was most unfriendly to the customer. I have to hear a lot of irrelevant announcements, and to press many buttons before I could get through. This is another reason to cancel my credit card.

6 comments:

Anonymous said...: Can u reveal that credit card company? because one of my friend is having so many singapore credit cards. I'll ask him to do the same what U did....
The Cat Health Info; July 26, 2007 11:43 PM
Tan Kin Lian said...: You should ask your friend to call all the credit card companies, and ask about their charges.

If all consumers take this action, then the credit card company will realise that they have to act fairly towards their customers.; July 27, 2007 12:11 AM
Anonymous said...: Why do you need to call the card center?
I thought most CEOs will have their own personal relationship manager who can help?
Like I would call my UOB infinite relationship manager to do the cancellation without the hassle of calling the card center.; July 27, 2007 1:11 AM
jiante said...: There are cases where you have multiple credit cards and when you pay your credit card bills, the bank only credits the first card, leaves a negative balance for that card and registers that the rest of the cards as 'unpaid' balances.

So in the next month, the second and third credit card gets an overcharge bill of $45, while the first card's balance is deducted as you have 'overpaid' for your first card's bill.

This is extremely ridiculous as you have already paid your bill for all three cards.

It has not only happened to my mother, but also to my collegues.

My mother went to the bank and fortunately, they waived the charges. When she wanted to cancel the card, the bank mentioned that there are still points left and she can redeem it before she cancelled it. Hence, she didn't cancel it.

I hope the bank will do something more instead of wasting people's time to go to the bank to clarify with them. It is really unfair to charge them an overcharge of $45 for nothing.; July 27, 2007 8:26 AM
Anonymous said...: Why don't you just get one card to simplify things?; July 27, 2007 10:27 AM
Walter said...: I cancelled my CIMB card a few months ago and clkeared all charges. In the process, the bank found it had asked me to overpay and then refunded me the difference.
Last month, I suddenly received a statement stating that I owed them 10cents. I called them and the CSO said she would get the matter cleared up.
This month, I received another statement that I now owed them late and finance charges. Because of 10cents. This is extremely ridiculous. What are my options?; August 28, 2010 11:41 PM