Hi All,
I am aware that there are a lot of people who get very exicted about a credit card, the reason being that they have instant cash, anytime and they can purchase whatever they need. But there is a lot more worries that come up after you experience seeing the statements that you receive every month.
It is really good that you own a credit card, but be careful and if possible, if you have one already and are strugging to get rid of it, there is one way... pay the total balance amount in one shot and close it.... Never think of closing a credit card balance by paying xxxx amount every month, mind you...the bank will bankrupt you!!
I feel that a credit card will be useful to someone who uses it today, and clears the amount in 2 - 3 months. Of all the banks that I have seen, everyone offers a free transaction period, i.e interest free period that differs anytime between 30-60 days, make sure you pay back the amount within this period.
Also, many of us have noticed the point that many banks charge the Annual fee twice a year!!! which is very ridiculous. So, keep an eye on that. I remember an incident as such that happened to one of my friend who was charged unnecessarily and after a fight back, that amount was not charged.
Nowadays, it has become a passion for some people to use a credit card, especially for those who are youngsters, working for contact centres, BPOs. A credit is like a whrilpool that arracts some one, but if you enter into it, you are GONE!!!
So be careful if you go in for a credit card. Think before you apply and accept it. And if you use it, remember to pay back the amount in large lump sums to clear the total balance as soon as possible. NEVER TRY TO GO FOR PAYMENT AS PER ’’MINIMUM PAYMENT OPTION’’.
BANKS STEAL YOU LEGALLY!
Thanks for reading..
Panidhar.