I was Victim of credit card, earlier credit card started distributing Card with very ease,knowingly and unknowingly we start purchasing many good then repayment become problem, then started paying minimum balance and here trap start, end up paying more than actual money used some time payment got delayed then penalty tax and etc some how after long time we manage to settle that amount amount was not more than 25000 but end up paying more than 60000 in 3 years.
Dont fall in their trap never buy on credit card many time we end up buying more value product that actual estimated,better buy on cash or debit card, it will keep your budget in limit.
In my opinion, there is a mistake in the last paragraph, at least in respect of some Indian banks. If you do not pay the full amount due, irrespective of the amount paid, the card issuer charges interest on the entire outstanding balance!! Never think of paying part amount; pay the outstanding in full. If you cannot afford it, DONT USE Credit card...
Can someone tell me what benefits these credit card companies get from the customers who pay their entire amount on time ? And on top of that they give free points for every 150/200 Rs spent on the card. Dont they end up losing money by doing this?
This practice is not good and Government should discourage such practices, they should have some maximum rate of interest such as 18% and should not allow to charge such a high rate.
