The pros and cons of having a credit card.

[ankitgokani]

well americans use the policy buy today pay 2mrw thats credit cards so wea indians are also moving in that direction so lets discuss its pros and cons

[aditi singh]

well, the basic fact is that with so many credit card frauds taking place, it is actually quite risky to use credit cards nowadays

[deepakraam]

Always plastic money is a very useful tool.But one of the most important point to keep in mind before using plastic money is please learn huv to use the credit card and learn about the interest rates,billing date,credit limit,cash limit.If you are not aware of the details of your credit limit,you mite even go bankrupt.So please try to use judiciously the credit cards.This adage "Buy today and pay tomorrow" holds true as long as you know your billing date.Else you will end-up paying 60 days interest.Try to avoid loans or EMIs in your credit card.Even don't try to take cash using ur credit card.Try to read the documents given by the Bank when you get a credit card.90% of the cases,I have seen will not even care about what is being written in the "Terms and conditions" column.Please spend time to read that.You will get a good knowledge about huv the credit card industry is surviving.

So,Credit card is a boon when you know huv/when to use and it is a bane when you don't know about its usuage and you still use it.

-Deepak

[ms_partani007@yahoo.co.in]

well americans use the policy buy today pay 2mrw thats credit cards so wea indians are also moving in that direction so lets discuss its pros and cons

I am with the opinion that this policy is in no way fruitful to an Indian.
It will lead the consumers to the direction of Over debt trapped. Btr see the Movie TARARUM PUM. This has been showed in very xcelent manner

[abhinavgupta85]

i think with the increase in use of credit cards black money will be wiped out of system. everything will be recorded...hw much u spend on movies, in restaurant on fuel, etc. ur whole purchases even of small things can be recorded nd compared to ur declared white income.

[born2rule]

i hardly believe credit cards are beneficial
it shells out more money than we could usually spend..

[snighdha gupta]

well i think the true value of credit card depends on the financial management of each individual, they can make things simpler and they can also compel to spend more than what the budget allows for.

[rahul_parab2006]

well every coin has 2 sides...so credit cards also have its pros n cons........

it is convenient to carry and use, Safer than carrying big cash, cash rebates, etc............r some benefits but when we look at its disadv, they r very risky ....... like, it may be stolen and used fraudulently, penalties for late payments may go up as high as 20% or more, not accepted in all stores & restaurants, etc. locations nationwide or worldwide,etc.........

So I would say that credit card is more risky than carrying cash with us......!!

[Invictus_Cain]

Credit cards r just a way to fraud people out of their money by the banks. The list of customers complaining about hidden charges is endless...

[squareleg]

Credit Cards shud be used to sound effect and to do away with carrying cash and enjoying Interest Free Credit and not as ppl project to keep more cards so that you can settle one card dues by withdrawal from another. That sooner or later creates a debt trap.

Many use it well. Only if u make a purchase settle the full dues by Cheque within the credit period and not to utilise Mimimum Amount Due coz tht way we pay somthing like 24-32% Interest and which increases our debt forever..

[jiss_fss]

I am with the opinion that this policy is in no way fruitful to an Indian.
It will lead the consumers to the direction of Over debt trapped. Btr see the Movie TARARUM PUM. This has been showed in very xcelent manner

I do agree, policy on the credit card issuance and usage is not strong in india

[squareleg]

Credit Cards shud be used to sound effect and to do away with carrying cash and enjoying Interest Free Credit and not as ppl project to keep more cards so that you can settle one card dues by withdrawal from another. That sooner or later creates a debt trap.

Many use it well. Only if u make a purchase settle the full dues by Cheque within the credit period and not to utilise Mimimum Amount Due coz tht way we pay somthing like 24-32% Interest and which increases our debt forever..

[cool_don]

i think credit cards have become integral part of our lifestyle.. i cant remember going 2 shopping without them.. its upto u how much u spend after having a card,,, i think its very good system..

[planets4me]

well i personally feel that credit card is just useless instrument rather it's show off material, but it's only advantage is that we don't need to carry heavy cash, either ways companies gonna charge hidden charges which many are unaware...

[sudipitm]

interesting post ...american use credit cards and we Indians are going the same way .....absolutely correct......80% of America is in debt ,there is a housing market crisis and there foreign deficits are at a all time high....now because of their superior money power there govt can easily pump in money and have the economy floating ...but not we indians ...we have been a closed economy and suddenly opening up to so much debt will bring the rising star down on its knees....i put a thumbs down for credit cards....debit cards are good and they work as plastic money too.....For India ...it has to be debit card

[pahuja.chirag]

Credit card is a very good thing if one uses it properly. one should know all the terms and conditions before buying a credit card