This timely advice given to me at my tender age by my father when I was taking off in my life really stood by me many times. By following this advice, I  have earned the wrath of my close friends on a couple of occasions - as I could not help them with. At the end, I was happy - though I might have lost my status as their favourite friend, I did not lose my money and sleep.

This advice is the mainstay of my financial performance so far - I could build a comfortable life for me and my family.

Due to this strong basic fundamental, I have not been clamouring for holding credit cards in my life. The first credit card, I remember, was the one I secured when I was in Hong Kong more than two decades ago - that was issued by Bank of East Asia. When I returned to India, I fancied, Andhra Bank Credit Card for almost a decade. I changed my card only when my bank - Indian Overseas Bank - entered the card business in association with Canara Bank.

Well. Even after I left my bank - Indian Overseas Bank - couple of years before - I still preffered to hold only IOB Credit Card. Like their conservative back ground (remember they were founded by Chettiars - born businessmen and very conservative to the core), the limit for my operation under this credit card was also very small. I had no complaints - because I found this low limit very comfortable.

Suddenly last year, I started receiving tempting mails with attractive colours and offers from Citibank and ICICI Bank unsolicited. I hold my salary account  with Citi bank and my bank balance is sizeable there. I just applied for this Citibank Credit Card (life time card offer!). They enquired my other credit  card details and I duly furnished the details of my IOB Credit Card with a low limit. I should proclaim here that I never had any default in my life!

After about three weeks, I received a mail from Citibank stating my credit card application has been declined. I was shocked and surprised. Being a banker myself, I know, a person with my back ground should receive the best of treatment from any bank. But Citibank decided differently. It is my take that Citibank does things like that only.

Well. I do admit that this development affected me to a certain extent.  I wanted to immediately close my account with Citibank and transfer my balance to some other bank. My better senses prevailed upon me. I still continue to hold this account. Even now Citibank sends unsolicited mails every now and then offering life time credit cards. I just delete them from my mail box

At this point of time, ICICI Bank offered me life time credit card. I should narrate my connections with ICICI Bank here. They are located next door in  Chennai wnere I have my house. I maintain a well operated savings account with them with a decent balance. I am also a share holder of this bank. Though they do not perform well these days in the stock market, I still hold on to their shares.

Considering my other connections with the bank - my account relationship and shareholding interest - I decided to go in for this unsolicited offer. I received ICICI Bank credit Card in no time. I started using their credit card for all my purchases which I would have done normally through cash with the  sole aim to put through a sizeable volume of transaction.

For making payments for these card uses, I have been issuing cheques drawn on my above account with ICICI Bank. The bank was pestering me once again to avail their EMI schemes - indirectly forcing me to avail credit from them - of course caughing up sizeable interest - which would be an income for the bank. Since my principle is 'Do not beg, borrow or steal', I did not avail their offer at any time.

Probably, ICICI Bank was not happy with my transactions and performance. As they were not earning any income from their free life time card issued to me. So they played a trick - rather a very silly trick.

For my last transaction with the bank for an amount of Rs.5724, I issued a cheque drawn on my savings bank account with them. After a couple of days, I received a phone call from their call center followed by a mail that my cheque was returned unpaid as the signature was not in agreement with the one they had on record for my account.

I was shocked. This is the first time in my entire banking life - in India and abroad - a bank has the courage to return a cheque of his long standing customer (who is also a share holder of the bank) when the cheque was issued in favour of the bank towards settlement of dues to the bank. The ICICI Bank representatives who called me several times from Mumbai and Hyderabad tried to explain to me what banking is and how cheques are paid. I told them my banking experience itself is more than their age and hence they need not take the trouble of explaining to me the banking rules and regulations.

In fact, the bank was honouring all my previous cheques (issued for third parties even for large sums) without raising an eye lid. I realised that the bank might have felt that they were not earning anything on my life time card and hence wanted to return the cheque so that they can earn cheque return charges and also delayed payment charges.

Since I had to immediately leave for an overseas assignment, I could not pursue the matter with the bank. Since I did not want to delay the payment, I issued another cheque on the bank with the same signature. I understand, this time, the bank was magnanimous in honouring this cheque.

Since the bank - ICICI Bank caused me this agony and bad track record - in returning my cheque for the first time in my life - just to earn a few rupees  more - I have decided to take up the matter with the Banking Ombudsman at Hyderabad on my return very soon - personally arguing my case with the bank  representatives in the presence of Banking Ombudsman - I am  aware such a facility is available to every bank customer.

I will make the bank to realise that this kind of practices they indulge are no good - they only bring disrepute to the bank - if a bank loses its  reputation - it is very difficult to survive in the market and have the customer good will in the long run - institutions which are interested in their longevity will focus only on their reputation rather than on business. I only feel pity and sorry - that the bank started by the legendary Mr Vaghul should lose sight of their original vision and mission in such a short span of time.