Credit card is compulsory for everyone in this e-age, every thing is done online. I used credit card of HDFC, ICICI & SBI from last 7-8 years regularly. Yet I have not paid any socall bogus charges or interest charges. I pay payment online or direct debit to my a/c at last date fully, why part ? The bankers send SMS, Emails and Paper statement, why you ignore that ??? I don't give extra to Bank, actually the Bank give me Cash back ( hdfc value plus card ), rewards gift and many schemes. eg. if you buy cinema ticket through bookmyshow the hdfc card give you Rs.25.00 per ticket, the hdfc card also give rebate 15% on base fare of indigo, the value plus card give me cashback of 5% on railticket and 1.5% on many items. But read terms, check statement, pay timely.
Credit card is compulsory for everyone in this e-age, every thing is done online. I used credit card of HDFC, ICICI & SBI from last 7-8 years regularly. Yet I have not paid any socall bogus charges or interest charges. I pay payment online or direct debit to my a/c at last date fully, why part ? The bankers send SMS, Emails and Paper statement, why you ignore that ??? I don't give extra to Bank, actually the Bank give me Cash back ( hdfc value plus card ), rewards gift and many schemes. eg. if you buy cinema ticket through bookmyshow the hdfc card give you Rs.25.00 per ticket, the hdfc card also give rebate 15% on base fare of indigo, the value plus card give me cashback of 5% on railticket and 1.5% on many items. But read terms, check statement, pay timely.
Creadit cards are useful only in your good times. If you have a good track record & enough money in your hand, you are a valuable customer for banks. But it will not help you in your difficuilt times. Their attitude changes immediately. A valuable customer immediately become a liability.What the credit card companies done to satyam employes? When their company baankrupted all their credit balances removed by the bank. So it is good to keep an emergency fund by saving 10-15% from your monthy income.
The very intention of such intense publicity for going for a credit card by any bank/credit institution in India-for that matter elsewhere in any other foreign country too to some extent-is to bring its user under permanent debt trap by encouraging the revolving credit facility where by the card holder will be in the vicious circle of card dues for ever getting satisfied with minimum payment unmindful of the incidence of the interest & other incidentals that he eventually pays.Credit card is very useful for people who observe financial discipline & control their propensity to go for spree buying just because it is a deferred payment.Basically,it avoids carrying physical cash,the carrying of which too risk at times of travel & making bulk shopping entailing holding of huge amount of cash.One thing that any card holder should be cautious & well aware of is that he should be able to have the proof of legally earned & accounted for money since there is every possibility of Tax authorities to question about the source of income with which the card obligations are met.It is also essential that the holders do not come under the trap of marketing traps by the agents of the issuing banks to avail of the loan facilities etc..it is only to ensure a regular exorbitant interest income on the defaults made in repayment.In India it is high time that the regular squarers of the dues are given due preference over others & encouraged by way of clear discounts in the dues payable.
Re: Indian credit card holders beware!!!!
by Vimal Negi on Dec 01, 2009 09:36 PM
banks are not encouraging revolving credit facility..its the us the Indians who have this problem of going beyond means and defaulting on payments ...I have seen many who knowingly default on payments and negotiate later with Banks for waiving off late charges , interest incurred etc. with filmsy reasons that statement not recd. , they were out of station etc. ..c'mon its our attitude that needs to be changed not bank / credit institutes...
Re: Re: Indian credit card holders beware!!!!
by mallaiah anchoori on Dec 01, 2009 10:40 PM
Banks do encourage revolving credit & hence ,invariably ,in all their monthly statements of accounts denote the minimunm-5 to 10% of the total outstanding to be paid by that due date.If they have no sch intention & discourage revolving credit,they need not notify such amounts.Every bank/credit institution-especially like Standard Chart or HSBC squeeze the blood of the card holders.Satandard Chart is in regular habit of sending the statements belatedly o not sending at all only with a view to charge the late payment fee which they revert after pursuing with them & thereby try build an image that they are very considerate towards its customers.Vimal!In majority of the cases what you say is not correct.
The very intention of such intense publicity for going for a credit card by any bank/credit institution in India-for that matter elsewhere in any other foreign country too to some extent-is to bring its user under permanent debt trap by encouraging the revolving credit facility where by the card holder will be in the vicious circle of card dues for ever getting satisfied with minimum payment unmindful of the incidence of the interest & other incidentals that he eventually pays.Credit card is very useful for people who observe financial discipline & control their propensity to go for spree buying just because it is a deferred payment.Basically,it avoids carrying physical cash,the carrying of which too risk at times of travel & making bulk shopping entailing holding of huge amount of cash.One thing that any card holder should be cautious & well aware of is that he should be able to have the proof of legally earned & accounted for money since there is every possibility of Tax authorities to question about the source of income with which the card obligations are met.It is also essential that the holders do not come under the trap of marketing traps by the agents of the issuing banks to avail of the loan facilities etc..it is only to ensure a regular exorbitant interest income on the defaults made in repayment.In India it is high time that the regular squarers of the dues are given due preference over others & encouraged by way of clear discounts in the dues payable.
Credit cards come handy when you are really in need of money to buy an item which is urgent and not having sufficient money in hand. But judicious use of card is always recommended by looking at the billing cycle, payment due dates etc. If you follow it properly, I think it is one of the best thing that comes to your rescue in need. But remember to make the entire payment if possible otherwise pay only the minimum due on the due date. I have found HDFC bank very receptive to customer complaints and greievances and they try to help the customer. I do not want to mention the names of some other banks whose credit card service centres are not that friendly or helpful.
Re: ICICI Cards - Best Customer Friendly Credit Card.
by me critic on Dec 02, 2009 09:16 AM
hah - cannot believe. ICICI bank has lost its reputation terribly in the market. You are lucky so far dude!
The facility of free credit on Credit Card is beneficial only if combined with prudent use and timely repayment.
However, you are mistaken when you state that Interest Rate works to mere 34 % p.a. For illustration please read what is printed on the back of your CC Statement:
Monthly retail interest rate of 3.1 % is annualized to arrive at an APR of 37.20 %; cash transactions attract MIR of 3.49% (APR 41.88%).
Using credit cards since last 10 years ( in fact actually paid 500/- as annual fees for one ) and not for a single day regretted for it. Paying dues five days before due date without fail ( actually enjoyin' 35 - 40 days credit on most of the purchases !!) . All the gifts redemptions against reward points earned for usage , auto debit for all bills etc....what more can one ask for ? Just use it judiciously and you will reap the benefits.
