I recently encountered a concerning issue with BoBCard, which seems to be violating RBI guidelines on credit card activation and reporting. After applying for the Eterna Credit card, I got an approval, and the card was reflected in the banking app instantly.
However, here’s where things went off track:
1. Joining Fee Charged Before Activation: Despite not activating the card or setting a PIN, I was shocked to see a joining fee of ₹2499 + 449.82 (joining fee) charged to my account within days of receiving the physical card. As per RBI guidelines, banks are not allowed to charge any fees before the customer activates the credit card.
2.Reported to CIBIL Pre Activation: Adding to my frustration, the bank also reported this new credit card account to CIBIL before I even activated it. This is a clear breach of the RBI mandate that prohibits banks from reporting a credit card to any credit bureau until it has been activated by the customer.
This raises concerns, especially for consumers who might not be aware of these guidelines. While I can push back and escalate this matter with the bank, others might unknowingly suffer due to these unethical practices.
It's crucial that the RBI takes action against such violations, and banks should start adhering to the rules to avoid strict penalties. If anyone else has faced similar issues, please share your experiences so we can raise more awareness on this matter.
Has anyone else noticed this happening with other banks? What steps did you take to resolve it?
However, here’s where things went off track:
1. Joining Fee Charged Before Activation: Despite not activating the card or setting a PIN, I was shocked to see a joining fee of ₹2499 + 449.82 (joining fee) charged to my account within days of receiving the physical card. As per RBI guidelines, banks are not allowed to charge any fees before the customer activates the credit card.
2.Reported to CIBIL Pre Activation: Adding to my frustration, the bank also reported this new credit card account to CIBIL before I even activated it. This is a clear breach of the RBI mandate that prohibits banks from reporting a credit card to any credit bureau until it has been activated by the customer.
This raises concerns, especially for consumers who might not be aware of these guidelines. While I can push back and escalate this matter with the bank, others might unknowingly suffer due to these unethical practices.
It's crucial that the RBI takes action against such violations, and banks should start adhering to the rules to avoid strict penalties. If anyone else has faced similar issues, please share your experiences so we can raise more awareness on this matter.
Has anyone else noticed this happening with other banks? What steps did you take to resolve it?
