HSBC Credit Card
Overlimit fees

I have a credit card (visa card) from HSBC. I have specified the credit limit as 30, 000.By mistake once it crossed the limit (Rs 32500). They have levied a charge of Rs 550 for that overlimit amount

From the customer point of view

1) They should never allow overlimit. They have in the past declined a transaction as limit was not sufficient

2) Even if they allow, there is a huge fine (Rs 550 each month). They told me that even if there is a Rs 1 overlimit there is a fixed Rs 550 fixed charge that needs to be paid. This is absurd

This seems to be extremely unfair practice. What is the logic of a credit limit if u have an overlimit over and above that? This is a way of charging people and is a fraudulent practice.

My details:

Akash Jain

Ph: 9819023373