Just for a few Fils
I have been a RAK Bank credit card holder since 2011 and it is extremely disappointing to see how the bank handles its credit card customers — even those who have an unblemished track record — both in billing and payment. In my credit card statement dated January 12, 2013, Dh883.12 was due for payment on February 6. However, due to an error while I was punching in my payment online, only Dh883 was paid. This was duly received by RAK Bank on February 3, three days before the payment due date, which means I paid the full amount, except for 12 Fils, and not just the minimum payment amount due. The shortfall in payment of 12 Fils resulted in a finance charge of Dh35.53 being levied on me in the next statement. After paying the full amount due of Dh18,872.85, including the unjustified finance charges, as per the following statement received on February 12, well within the due date of March 9, I registered a finance charge reversal request. When I followed up on the status of the reversal request on March 11, I was informed that my request for reversal had been turned down. While I fully appreciate that the finance charge reversal request is subject to the bank’s approval, I feel that rejecting the reversal request for an unjustified finance charge on an erroneous short payment of 12 Fils is an intent by RAK Bank to fleece the customer. I am bringing this unfortunate incident to Gulf News in the hope that through this channel, the matter can be duly represented to RAK Bank for immediate resolution.
From Mr Amit Capoor
Mr Ian Hodges, Head of Personal Banking, RAK Bank, responds:
Thank you for giving us an opportunity to justify our stance on the issues raised by Mr Capoor, RAK Bank customer. Finance charges are applicable on RAK Bank credit cards when customers make a payment less than the current balance as per the last statement, pay after the due date or have a cash advance, balance transfer or credit card cheque. Mr Capoor has been charged finance charges as he paid less than the current balance of his January 2013 statement. We have contacted the customer and requested him to ensure payments are made on time and in full to avoid finance charges. As a service gesture, the charges applied to his February 2013 statement have been reversed.
Mr Capoor responds:
I would like to thank Gulf News for taking up my issue with RAK Bank. The fin-ance charges levied by RAK Bank have been reversed.
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