Is there any loss in using credit cards?

Question

Credit card holdres have been given a chance to pay back the money for what they purchased within 30 days having no interest. If i have purchased a thing and i returned the money within the time. Thereafter, i dont want to use that card. Is there any need to pay any amount on behalf of having a credit card.

Answer 1

In India, many banks are providing cards withourt annual fees.As long as you maintain credit discipline, there are no problems.

But, once you avail revolving credit facility your nightmare starts!! All banks charge about 25-36% pa on credit overdues.

It is better to convert your sales into EMIs than to avail revolving credit facility if you want to use your card for big purchases..

Answer 2

There is no any loss of having a Credit Card with you but you should use the card Wisely. Wisely means that you should remember that you will have to pay back the payment what you have purchased on your Credit Card.

Second thing the payment due date is not within 30 days of your purchase but if simply speaking you can get credit upto 20 to 50 days. It means if your date of billing is 20th of any month and you are purchasing anything on 21st then you will get credit upto 50 days. But if you have purchase anything on 19th using your Credit credit then you will get credit of 20 days only. Please get it clear from your agent also and use the card accordingly.

Answer 3

Credit card using is not bad, if you do using it in your essential & emergency (finalcial) time. Any bank's credit card is important. If you do usingit properly, then, you may got another credit card. Now, for an example, if you purchaseany goods, please do try to pay back withen 30 days, there will be no charges or interest you should have to pay. But, after 30 days, the bank's will charge the interest . If you do not use it properly, then, you will have to pay higher rate of interest annually , it may36% or more.In this context of credit card you will get more facilities :-
(1). personal insurance, mediclame, Hospital expence
(2). You may get an OD facilities from any forign banking ,
(3).you can book an air ticket, Rly ticket,can pay you electric bill, Phone bill, Taxbill etc.
A credit card means, that a bank gives you a loan, whichis usecurred loanDo'nt misuse.Further I am requesting that please doavoid to withdraw cash from any ATM centre.
It is loss for you.

Answer 4

1. You end up in to correspondence
with the bank and state that you have
already paid the due payments.
2. In case you loose it, it will take
several months, before the bank acts.
3. There are many hidden charges,
which the bank may not tell you.
4. There are about 15000 cases filed
everyday in Consumer Courts in all
banks.
5. There Free Additional cards are
a bait to fleece you.
6. You shall have to quarrel with the
bank all the time for not sending
statements.
7. With your own cash money in pockets,
you will not quarrel with any one.

Answer 5

A lot,by way of service charges.your ability to buy anything that is not required to you sincerely. and above all ,giving a sense of false courage that you could make up what ever you spend.apart from just charges or interests, you may have these moral conflicts each and every time whether to buy or spend, if you do it with cash on hand.with credit card you feel like a rich man , nothing else.

Answer 6

If I am to clear your doubt rather ///yes you too can use your cc wisely paying at no int or negligble rt of int.. u've got to pay back the amount in full within the specified graceperiod or even before the next billing date if your to be more clear.. just aim the next billing date and settle the obligation.. that is the answer for your question...

Answer 7

Banks are charging the fee annually, you have to pay the bank charge. Otherwise you have to cancel and get the balance amount in the fee you paid to be refunded.

Answer 8

No.
Loss if you loss your CC
or forget to pay in time.
Should be used in emergency