ICICI Bank
Credit card settlement payment

This complaint is regarding the late payment charges levied on my credit card. I had done a purchase for Rs.800 around May and I made the payment for this purchase late. So the bank had levied late payment charges and interest and so on and now the amount payable in Feb beginning was apprx 3600. When I called ICICI bank, the settlement team asked to raise a request for settlement and demanded 1000 Rs to be paid for the credit card. I did raise a request but regarding the settlement, the team asked me to wait till the request is processed otherwise the amount I pay will be taken towards the interest. Now if I call them on Feb 18th, they say that the settlement amount of 1000 is no longer valid and I need to pay 2100 Rs to settle the card.

This is completely autrocious and when I ask them how the amount can grow from 1000 to 2100 in 2-3 days, they say there was an offer (which they are not ready to explain) before and it is no longer valid. Also telling this new settlement amount, the customer care person asked me for my ICICI savings bank account and told that without knowing that she cannot quote the settlement amount.

My question, why should we pay double/triple times the principle when we had paid the amount fro which purchase is done and what is the basis of this settlement calculation.

Company: ICICI Bank
Country: India

  <     >