Standard Chartered reduced my credit limit from 3.75L to 10k

[Ram1]

Over the course of one month, SCB deducted Rs. 1 from my account three times under the description '27Z Block Zeroization' without my knowledge. Even after one month, there was no resolution or explanation for these debits. I raised a complaint with the Ombudsman, along with an additional issue regarding a double inquiry on my CIBIL report, a matter I had been following up on for more than two months. Despite raising both complaints, SCB took another month to inform me that the issue would be resolved within 10 working days, only to close both my Ombudsman complaints without providing any resolution. After waiting for the specified period, there was still no progress, leaving me no choice but to file another complaint with the Ombudsman. This cycle continued, with my cases being closed without resolution until they eventually provided one.

Separately, a few months ago, I began receiving promotional emails at my work email address. Despite raising complaints, these were ignored, so I lodged another complaint with the Ombudsman after a month of inaction. It seems to me that SCB has decided to reduce my credit limit to 10K, potentially as an attempt to have me close my account myself.

Seriously scb is out of order and gone mad

 

[NUKE]

Seriously scb is out of order and gone mad

Truly, this has been the worst banking experience. In just 8 months, the card has caused significant stress, and the customer service has been extremely poor. I would strongly advise others to stay away from SCB if they value their peace of mind, as they can make unexpected changes to your account, from unauthorized debits to limit reductions, without proper resolution. Even the Ombudsman sometimes seems ineffective against their actions.

 

[Ram1]

Truly, this has been the worst banking experience. In just 8 months, the card has caused significant stress, and the customer service has been extremely poor. I would strongly advise others to stay away from SCB if they value their peace of mind, as they can make unexpected changes to your account, from unauthorized debits to limit reductions, without proper resolution. Even the Ombudsman sometimes seems ineffective against their actions.

Yeah mine too,
I applied ultimate which has base limit of 4L, shockingly they gave only 1L. Complained, no response at all.
Somehow used card for year and shocked to find that there's no useful redemption even croma, Uber gv removed.
Out of frustration, downgraded ultimate to smart card.
Now after just 7 months, they reduced my limit to 10K even though i did around 3L spends in last 6 months.

What a clown bank🤡

 

[NUKE]

Yeah mine too,
I applied ultimate which has base limit of 4L, shockingly they gave only 1L. Complained, no response at all.
Somehow used card for year and shocked to find that there's no useful redemption even croma, Uber gv removed.
Out of frustration, downgraded ultimate to smart card.
Now after just 7 months, they reduced my limit to 10K even though i did around 3L spends in last 6 months.

What a clown bank🤡

Truly a clown bank 🤣 I've never encountered such a pathetic experience, even compared to SBI, which handles matters better than this. I recently requested to close my card since keeping it makes no sense anymore.

 

[rogerthat]

It looks like SCB is doing some massive churning exercise to their credit card base since huge numbers of people are reporting this. I think SCB is rethinking their strategy in India just like Citi did. They are probably thinking of curtailing (or getting rid of altogether) their retail business including credit cards to focus only on HNI and NRI banking.

I am saying this because there seems to be no pattern in CL reduction based on the card spends or limits. It would be interesting to know if any of those who have their CLs reduced hold savings bank accounts with them. I have one with decent AMB and also an RD (third one in a row) and I haven't been hit with a CL reduction though I have hardly any spends on the card.

Anyway it looks like another successful case of a huge foreign brand abandoning India. Not long before we are back in 1964.

 

[Bionick]

I think SCB Smart card is affected most.

 

[iamnisanth]

I hold three credit cards from SCB - Smart, EMT & Titanium. My limit is 5,17,000 and still intact. I have raised closure request for Titanium yesterday. I am planning to close EMT in next 2 months once I get the 10x points from targeted offer. SCB seems to be shifting it's focus away from credit cards. Total outstanding credit cards in Aug'24 were 1075643 which has reduced to 990010 in Sep'24. The outstanding credit cards were over a million consistently for a year until it dropped below one million in Sep'24. They are definitely going to lose more.

 

[Ram1]

I think SCB Smart card is affected most.

This is interesting, mine too smart

 

[RajMahadik]

74k to 34k today.

 

[aniketkr.sharma]

74k to 34k today.

Mine was 2.78 lacs and after there system fault it was 10k, I immediately cancelled my smart card

 

[V360]

Mine was 4.36L and reduced to 10K on Ultimate - closed the card immediately 🙂

 

[Bionick]

10k on Ultimate..???

 

[aniketkr.sharma]

10k on Ultimate..???

There system got some wrong codes inside it, they will definitely realise after loosing there customers

 

[RajMahadik]

Mine was 2.78 lacs and after there system fault it was 10k, I immediately cancelled my smart card

Yes smart rewards card got affected

 

[lineageos]

Such a shitty bank, I have reward points left to redeem, won't be able to close before reaching 2500.

 

[aniketkr.sharma]

Such a shitty bank, I have reward points left to redeem, won't be able to close before reaching 2500.

Do a wallet transaction and grab your money and close the card asap