Hello TFCians,
Recently, I applied for the IDFC First Mayura Credit Card just for review purposes, as this card is not value for money, as I mentioned in my review article. I only planned to hold it for the first year. I've written a detailed review of this product, which you can check here:
https://www.technofino.in/community...eview-is-it-truly-a-super-premium-card.31050/
After applying for the credit card, my application was approved within seconds, and the Mayura card began reflecting on my IDFC First mobile app within minutes. I hadn't activated the card, nor had I created a PIN. Essentially, I just applied, got approved, and did nothing further. Five days later, my Mayura card was delivered. Upon checking the IDFC First Bank app after delivery, I was shocked to find a charge of ₹7,078.82 on my Mayura card.
View attachment 68278
According to RBI guidelines, the bank cannot charge a joining fee until you activate the card. I decided not to activate the card and raised the issue with IDFC First Bank to understand why they weren't adhering to the guidelines.
To my further surprise, the next day, I received an SMS from CIBIL informing me that a new account had been added to my CIBIL report. When I checked my report, I found that IDFC First Bank had added the IDFC First Mayura credit card account, even though I hadn't activated the card yet.
View attachment 68277
As per RBI guidelines, the bank cannot add a newly opened credit card account to CIBIL or any other credit bureau report until the customer activates the card. But IDFC First Bank is doing the opposite. I don’t understand how such a well-established bank can fail to follow such basic guidelines.
While I know the rule and won’t accept any justification from the bank, many people may not be aware of these regulations and could be misled by the banks themselves. The RBI should take strict action against such banks to ensure they adhere to the guidelines, and banks must start following the rules out of fear of stringent action from the RBI.
