Standard Chartered Bank (SCB) Credit Card recent system upgrade is a scam

vikasgera

KF Rookie
SCB / Standard Chartered Bank credit card management software has undergone upgrades around 4-5 months ago. I am having multiple credit cards issued by Standard Chartered Bank. Recently, the bank has consolidated all card accounts under one credit card number (different from all the issued cards).
Probably there are instructions issued by authorities to consolidate credit limits across multiple card accounts issued by the same bank. I think it is a decent initiative to control the risk exposure of the banks.
While other banks have consolidated / shared spend limits across multiple card accounts, the card statements are still issued individually for each card account. The authorities have also prescribed to the banks to allow customer to change the billing date for a given card account. This is once in lifetime opportunity, or probably one change in multiple years may be allowed.
SCB has started to issue consolidated billing statement. Individual card spends, total dues, minimum due, charges are not visible any more.
I requested them to change billing date for card accounts but they simply declined my request. This is totally in violation of the guidelines and need to be corrected.
If there are any legal consultants who can help to file a claim for harassment I am ready to share details and also offer them a good share in the compensation amount.
 
I had two cards from SC Bank and used it for two different purposes. One was LTF and the other one was with yearly fees. With the upgrade, it became difficult to track the spending and due dates. So, I closed both. Believe me, it was the best decision made. Their customer services are not great. And it is a small player in India banking sector. So better off, going with other banks.
 

vikasgera

KF Rookie
That is the choice I can make too. But rather than giving up on the bank, why not join hands with aggrieved customers and file charges through common legal consultant. We would never be able to change the system if we continue to give up on institutes which practice outright disregard for law and guidelines.
 
That is the choice I can make too. But rather than giving up on the bank, why not join hands with aggrieved customers and file charges through common legal consultant. We would never be able to change the system if we continue to give up on institutes which practice outright disregard for law and guidelines.
I can join but going up against an MNC bank is not worth it. India is not a big market for SC. And they want to capture HNI business only. They have started to reduce limits for existing customers and not providing new cards. I think it is to do with the market conditions, RBI rule and changes in top management. They have a new India CEO (recently announced), so I think changes are expected.
 
I closed my smart credit card and Manhattan credit card which was both Ltf. They don't deserve any business. Standard charted is still living in ancient ways.
 

oli.ferns

KF Rookie
I closed my smart credit card and Manhattan credit card which was both Ltf. They don't deserve any business. Standard charted is still living in ancient ways.
if using emi payments on sites like headphonezone or policybazaar, I think stan chartered is the lowest at 11.88% for 3 months tenure and lowest processing fee
 

vikasgera

KF Rookie
Agree that they have some of the best offers for EMI or Dial-a-loan offers. But they are not interested to grow that business as one other user pointed out.
I have raised my grievance with PM Grievance portal. shall wait for their action before deciding on the next move.
 
Agree that they have some of the best offers for EMI or Dial-a-loan offers. But they are not interested to grow that business as one other user pointed out.
I have raised my grievance with PM Grievance portal. shall wait for their action before deciding on the next move.
Raising to PM Grievance portal is good but I believe you should also Lodge Complaint with Banking Ombudsman of RBI.

Yes these are MNC banks but yet RBI still remains their Godfather.
 

AnmolSrma

KF Rookie
SCB / Standard Chartered Bank credit card management software has undergone upgrades around 4-5 months ago. I am having multiple credit cards issued by Standard Chartered Bank. Recently, the bank has consolidated all card accounts under one credit card number (different from all the issued cards).
Probably there are instructions issued by authorities to consolidate credit limits across multiple card accounts issued by the same bank. I think it is a decent initiative to control the risk exposure of the banks.
While other banks have consolidated / shared spend limits across multiple card accounts, the card statements are still issued individually for each card account. The authorities have also prescribed to the banks to allow customer to change the billing date for a given card account. This is once in lifetime opportunity, or probably one change in multiple years may be allowed.
SCB has started to issue consolidated billing statement. Individual card spends, total dues, minimum due, charges are not visible any more.
I requested them to change billing date for card accounts but they simply declined my request. This is totally in violation of the guidelines and need to be corrected.
If there are any legal consultants who can help to file a claim for harassment I am ready to share details and also offer them a good share in the compensation amount.
I closed my SCB card, initially I had a credit limit of close to 4L, overnight without any default throughout my relationship with SCB for over 5yrs, they revised my limit to 10,000/-, and honestly I didn’t want to keep a paperweight in my wallet just to hold 10,000/-. Cherry on the cake was the customer service, they have we don’t give 2 hoots attitude.
 
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