Or the Rate of Interest should be Rationalized and the Credit limit should not exceed the application One Month Gross Salary. The Minimum Amount due should be enhanced to 10-15%.
For Genuine debtors, an easy Exit option or easy repayment should be given.
If any wants to take a Credit Card in the Future, I would suggest them to save Rs.1000-2500 per month for 2 years. Then use the same as a Credit card and discpline yourself to repay atleast 10% p.m. NO INTEREST WILL LEVIED, because you are using your own hard-earned money.
My advice for all is simple don't use CC even if you want to use. 1) add additional money which end up with un necessary usage of buying more. 2) normally end up in buying clothes and eating in big restaurant. 3) paying money become very difficult and hard to repay. 4) loses mental peace.
Looks like a session designed to teach 8th class students about the credit card and its usage. If you are journalistically bankrupt, rediff is the perfect forum.
Re: No use of this article
by Mahabir Impex on May 31, 2011 02:58 PM
useless article I thought it to give some safety instructions but total waste of time .
As the name suggests, you get credit (read LOAN). As long as you are careful how to use and when to pay back, they can be very helpful. Once you do not pay fully outstanding by due date or withdraw CASH, you start sinking.
Dear credit card users, Just take out your past 12 month statement and list down the purchases that are unnecessary or could have been avoided. For many the sum would be a shocking total. This is the best way to get to know the ev1l impacts of a credit card.
Re: Simple excercise
by Ram Singh on May 31, 2011 03:07 PM
u r 100% correct.. that is the same story. i have done the analysis already and got to know that i have spent about 40% of my sal in paying CC bills... :(
One of my friend had lost his credit card and realized only when he got an SMS stating that a purchase of 85000 rupees had been made on it. He immediately launched the complaint and the card was locked and bank had made him to pay 85000 rupees. D ear friends , never go for a credit card since it has lot of hidden danger. Always make use of debit card with secure PIN mechanism. Even if you loose you debit card, the guy finding it cannot purchase anything , since it will request for PIN to be entered in the swiping mahcine.
Re: Think twice better or never think about credit card is wise
by True Voice on May 31, 2011 12:39 PM
Now a days all cash counters have cameras. It is easy to trace who purchased the material if your friend has properly followed by lodging complaint.
Re: Re: Think twice better or never think about credit card is
by Bala on May 31, 2011 12:42 PM
Even the local daily had published the picture .. That did not help. What are you trying to say. Loosing a credit card is not an issue since we can catch hold of the guy using cctv footage. Is the message you are going to say.?
Re: Think twice better or never think about credit card is wise
by Di Pi on May 31, 2011 12:42 PM
Credit (or Debit) cards, unfortunately, even in this age use the age old stupid magnetic stripes (like tapes used for audio)that can be easily copied and provide low security while smart cards have been in place for many years now. Those involved simply do not upgrade the card technology. A shame.
1. First of all why do I need huge credit. A lost credit card is just equivalent to lost money equivalent to the credit limit. 2. You will happily pay the minimum sum and bank will make you to pay the rest with 3 percent intere plus sevvice tax etc. 3. You call the customer care. They deactivate the card and charge 250 for new card. More over they are not responsibl e for any purchase made before you launch the complaint. 4. Debit cards do have this advantage. 5. Cash advance is just equivalent to a personal loan of 36% one time charge of 500rs or some based on you card. 6. The add on cards will also ensure you spouse getting additcted to spending habit. 7. Why should I need to select one. 8. Balance transfer is just to make you spend more. 9. I can do this with debit card as well. 10. Just an eye wash. never for go for a credit card.
