How is this bank for a savings account?
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Standard Chartered Bank in India
- Thread starter Sushubh
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Motorazor143
Regulars
Standard chartered had decent credit cards but they are hell bent to collect the yearly charges. I have been using their platinum card from last 3 years.yearly charges for first year was free and the second year i had to pay 750 rs + taxes as yearly fee. I called them and asked them to waive it off since i use my card very frequently for atleast 20k each month. They didn't oblige and i had to shell out the fee. This year i'm going to cancel their card if they don't waive off the fee. I would rather get a Indianoil citibank card and use my points to redeem for fuel. Standard chartered will charge 99 rs as handling fee if one needs to redeem the points..My dad has salary account with them from last 10 year or so. This year they debited his account by 250 rs + taxes as debit card fee which they never charged in the last 10 years.Having said all this we never had any complaints related to their service. Customer service has been very decent & prompt.
i do not pay anything for my stanchart titanium card. but i do pay close to 900 bucks for the debit card 
i get angry when the charges are cut once a year but try not to think about it for the rest of the year. biggest reason i pay for the expensive debit card is the ability to take out larger sum of money from ATMs. cheaper version has a low amount restriction. sucks.
i get angry when the charges are cut once a year but try not to think about it for the rest of the year. biggest reason i pay for the expensive debit card is the ability to take out larger sum of money from ATMs. cheaper version has a low amount restriction. sucks.Standard chartered had decent credit cards but they are hell bent to collect the yearly charges. I have been using their platinum card from last 3 years.yearly charges for first year was free and the second year i had to pay 750 rs + taxes as yearly fee. I called them and asked them to waive it off since i use my card very frequently for atleast 20k each month. They didn't oblige and i had to shell out the fee. This year i'm going to cancel their card if they don't waive off the fee. I would rather get a Indianoil citibank card and use my points to redeem for fuel. Standard chartered will charge 99 rs as handling fee if one needs to redeem the points.
Just curious, did they call you up for confirmation asking whether you would like to continue using their card before deducting the annual fee? Asking, cause I don't plan on continuing mine
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biggest reason i pay for the expensive debit card is the ability to take out larger sum of money from ATMs. cheaper version has a low amount restriction. sucks.
Why not use multiple debit cards of different banks? :-/ I have three as backup.
Just curious, did they call you up for confirmation asking whether you would like to continue using their card before deducting the annual fee? Asking, cause I don't plan on continuing mine
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biggest reason i pay for the expensive debit card is the ability to take out larger sum of money from ATMs. cheaper version has a low amount restriction. sucks.
Why not use multiple debit cards of different banks? :-/ I have three as backup.
too many bank accounts makes things complicated for a confused guy like me 
i do have an icici bank account. i have not used its debit card in years though. i have been considering shutting down stanchart's bank account for a while now. switching to icici full time. just too lazy to go ahead with this plan.
i do have an icici bank account. i have not used its debit card in years though. i have been considering shutting down stanchart's bank account for a while now. switching to icici full time. just too lazy to go ahead with this plan.Motorazor143
Regulars
No, They did not call me before deducting the annual fee. it just showed up on my monthly statement. I would have cancelled the card last year itself when they didn't oblige to my request of waiving off annual fees but i was travelling during the time. I will call them again this year and see if they are ready to waive off the fee and if they don't i will be more than happy to cancel the card.When i took the card their reward programme was quite good. I remember getting 1,000rs worth bigbazaar vouchers with 2,000 points. Now there is no good vouchers anymore.
call the bank. tell them you want to shut down the card. they would probably ask you why. tell them you do not want to pay. that's probably your best shot at getting the charges dropped. based on your credit history, they might waive the charges. but i guess, if you have been a nice customer... paying everything on time... they probably do not want you (and me for the same reason) 
customers paying on time do not make them money. we actually cost them money because they lose the interest money (up to 50 days i believe).
customers paying on time do not make them money. we actually cost them money because they lose the interest money (up to 50 days i believe).
To add a little bit, customers who do not pay on time are also a bit risky for them. The odd delay is fine. But a customer regularly missing/delaying payments would raise a red flag. The ideal customer for them is the one who revolves credit... Buys for 10000, pays 4000, interest for 6000 gets added, pays 3000, interest gets added, buys another 5000 worth of goods, pays 4000, interest gets added & so on... Plus has to pay annual fee cause he has no other choice & cannot pay 15-20k in 1st shot & close etc.
Motorazor143
Regulars
AFAIK credit card companies makes money from the merchant where you use their card. For example if i swipe the card at some retailer they need to shell out some percent of transaction value to bank( usually it's 2%). In fact some credit card companies like American express do not have revolving credit facility ie you need to settle your bill each month and there is absolutely no choice of partial payment like most of other credit card offers.
x720
Incoherent Poster
Amex does allow partial payment.
