OUR FINANCE MINISTERY HAS TURNED BLIND EYE FOR THIS HUGE RATE OF INTEREST ON CASH WITHDRAWALS OF CREDIT CARDS WHY 2.95% PER MONTH? NO RBI/NO FINANCE MINISTRY QUESTIONS THESE banks!
Education makes everyone more ability to forecast the future. Ofcourse it is true if a bank cheats an un-educated youth or old one by highlighting only the benefits & hiding the facts but the younger generation of today never bothers about the future and enjoys today's requirement for mere attraction or even it can be taken as popularity. It is very well understood that the bank has to produce the necessary documents if it is demanded before making agreement. Hence it is disagreeable to one who weighs always the merits & dismerits of any issues.
Re: Credit card debt
by PRASAD ANL on Feb 15, 2010 08:55 PM
for cash withdrawal interest rate is 2.95 percent per month on credit cards. per annum it will be 36% IT IS THRICE MORE THAN CLEAN RATE OF INTEREST OF NATIONALISED BANKS! HOW RBI PERMITTED THIS TYPE OF MARWADI (PAWN BROKER RATE) FOR CREDIT CARD CASH WITHDRAWALS? SO CREDIT CARD HOLDER HAS TO PAY MORE INTEREST THAN THE PRINCIPAL AMOUNT! THIS IS HOW OUR FINANCIAL REGULATION/RULES PROTECT COMMON MAN!
Re: Credit card debt
by PRASAD ANL on Feb 15, 2010 08:55 PM
for cash withdrawal interest rate is 2.95 percent per month on credit cards. per annum it will be 36% IT IS THRICE MORE THAN CLEAN RATE OF INTEREST OF NATIONALISED BANKS! HOW RBI PERMITTED THIS TYPE OF MARWADI (PAWN BROKER RATE) FOR CREDIT CARD CASH WITHDRAWALS? SO CREDIT CARD HOLDER HAS TO PAY MORE INTEREST THAN THE PRINCIPAL AMOUNT! THIS IS HOW OUR FINANCIAL REGULATION/RULES PROTECT COMMON MAN!
Education makes everyone more ability to forecast the future. Ofcourse it is true if a bank cheats an un-educated youth or old one by highlighting only the benefits & hiding the facts but the younger generation of today never bothers about the future and enjoys today's requirement for mere attraction or even it can be taken as popularity. It is very well understood that the bank has to produce the necessary documents if it is demanded before making agreement. Hence it is disagreeable to one who weighs always the merits & dismerits of any issues.
Best way is to avoid cards, Reason: 1) They tempt to puchase more then you could afford 2) Purchases made through CC are costly by 2.5%. You earn just .5% through points given by card companies but you pay more by approx 2.5%( because these are charges made by reatialer to Credit card co. 3 ) Card make Credit company rich and to huge profits.
Re: Avoid Cards
by prasanna bg on Feb 11, 2010 09:47 AM
2) Purchases made through CC are costly by 2.5%. You earn just .5% through points given by card companies but you pay more by approx 2.5%( because these are charges made by reatialer to Credit card co
>>> I dont quite agree to this point, when i make purchase of 2000 INR in a shop i pay either 200 INR in cash or Credit card, they dont charge a extra paisa !!! Its only in some shop like when u buy a mobile from credit card or even debit card they charge extra 2.5% and GOD knows why !!!
Best way is to avoid cards, Reason: 1) They tempt to puchase more then you could afford 2) Purchases made through CC are costly by 2.5%. You earn just .5% through points given by card companies but you pay more by approx 2.5%( because these are charges made by reatialer to Credit card co. 3 ) Card make Credit company rich and to huge profits.
Learn to live within your means,or as they say, cut your coat according to the cloth. Do not get carried away by what other people have, or wear, or drive. To copy others is a sure way to misery. Control your urges to compete with others in materialistic terms. Then your life will be peaceful and you do not need a credit card ever.
Learn to live within your means,or as they say, cut your coat according to the cloth. Do not get carried away by what other people have, or wear, or drive. To copy others is a sure way to misery. Control your urges to compete with others in materialistic terms. Then your life will be peaceful and you do not need a credit card ever.
