Banks and credit cards
BANKS have been issuing credit cards to customers with hefty credit limits.
While they conduct a thorough investigation before issuance of credit cards to protect their own interest, they have shown little consideration for the threats to the credit card-holders.
The credit card-holders should be aware that in the event of card and mobile phone snatching, it would take at least 10 to 15 minutes to have the card blocked.
This is ample time for the snatcher to purchase high-value cellphones, electronic gadgets, etc., up to the limit on the card.
It would then be a surprise for the card-holder to find out that though he did not sign the credit card slips, he is responsible for the transactions up to the time the card was blocked.
Non-payment will affect the card-holders’ credit status maintained by the State Bank.
The banks have covered themselves by including this in the fine print of their credit terms.
I was compelled to write this letter after my bank told me that my credit limit cannot be reduced.
Also, obtaining insurance cover is only a reactive measure as the crime is effectively being funded by insurance money.
The banks should realise this fact and allow customers to keep limits at their desired level. Another option is assigning per transaction limits or capping the value of transactions conducted in one day.
The State Bank of Pakistan, as the regulator, should also seriously look into this matter and issue suitable instructions to the banks.
ATIF KALUDI
Karachi
What happens to credit maintained by state bank if the credit card holders run away to overseas?
or he becomes President of Pakistan.
There is no set criteria for issuance of credit card in the bank and it is issued only at the discretion of the staff of the concerned bank. I was availing this facility satisfactory from Bank AlFalah from the last ten years serving in a private job. Once on renewal of the card I told the staff member regarding my leaving the service. My credit card was blocked and not renewed I presented my pension certificate but the staff did not agree untill i requested to close the account. The account immediately closed and confirmed in writing. Despite of this I have been receving monthly bill of the credit card from the last many months. To whom I should blame.
well said Asim
Since its a criminal act to defraud the creditors , under article 248 , being the president , the person becomes holder of immunity under the Constitution and under the international law is protected under the sovereign immunity , thus can not be tried any where for this criminal act in the world for 5 long years and then being the propagator of “democracy is the best revenge ” the person will ensure that either to keep the presidency as permanent address as long as it is constitutionally possible ( 10 years ) or bring in the democratic reforms and initiate an other amendment to the basic constitution that will remove the 2 terms bar and then strive to win the presidency every 5 years or till your life desert you while still holding the national and international immunity …. being the land of Pures 180 millions ( add hypocrite ) its not beyond impossible