Today there is a craze for Credit Card usage to avail the benefit of Cash Back offer available on Credit Card. Today instead of paying through cash one like to make payment either by Credit Card and Debit Card.
Debit Card is different from credit card. Debit card is linked to the saving account and current account. Credit card provides a credit period of 30-60 days for payment.
Positive thing is one has to pay minimum amount of payment instead of making a total amount due. This help one in a situation when there is a shortage of fund or cash flow to make full payment of total due amount.
On the other side of coin if a person makes delay in payment or forgot to make payment then its a hell for the customer. One has to face a high penalty and heavy interest payment with a negative credit history in CIBIL Report. Any delay in payment effects the credit history which affects the borrowing capacity or elegiblity to avail loan from finance industry.
Today different types of credit cards are offered by different banks/finance institutions. Every card is having different features. Say for 0% fuel surcharge, cash back offer and discount coupouns.
Its gives a pleasure to use credit card instead of carrying money to make any shopping and its now a matter of prestige to use credit card instead of using cash or cheque to make payment.
Using credit card should be avaoided as its create some billing issue and sometime leads to a fradulant transaction by third party in different ways. Payment through credit card on line should be avoided as much as possible.
Care to be taken at the time of swap of card at merchandise. Three digit password printed on back side of card is a password for online transaction. So one sholud note that one should not note this digit and credit card no at the time of swap.
Else enjoy easy payment and cash back on credit card.
Regards
Halaabol.