It all depends upon how you use your credit card. If used judiciously, this could be the best way of spending because 1. You need not carry cash in your pocket thus avoiding risk to your life and ofcourse money, 2. It gives you a credit period of around 30 days to 52 days, 3. A single cheque issued at the end of every month for so many transaction. One should take care of 1. Need based shopping, 2. Payment in full well before due date of payment. If you lapse somewhere, I can assure that it may disturb your life day and night.S.K.Virmani
By
Grahak Jago, Freelancer, NGO
| 05 14 2011 05:16:34 +0000
If bad things are also used properly they produce far more better results. Credit card is a wise instrument toward smart purchase, there are many good reasons to use credit card: 1. No need to carry cash for purchases. 2. The credit card statement records all your purchases at a single place. This allows you to track your purchases and plan for it wisely. 3. You can even order on phone through credit card. 4. Credit card customers are allowed emi payments without any interest, by which they can buy good things and pay thereafter. The list goes long but still if anyone can have a control over their purchases and who know how to manage their finance for them credit card is a gift.
By
Sharad Kiyal, Financial Planning Advisor, Aviva Life Insurance
| 04 20 2011 12:38:44 +0000
Why we are making comparison with feature of product with our(human being) internal behavior.. Our life is too fast as comparison to past. Credit cards / debit cards make easy to spend & saves the time too... Now you can say that what is the use of hi-tech computer/internet while our forefathers never used it.. They also used loans against "HUNDI" or promissory notes to "ZIMIDAR" for excess expenses before the income. But not all the human beings are same. Same at present all are not using credit cards for excess spending....
By
Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.
| 04 19 2011 19:34:20 +0000
Yes I will fully agree with this, Credit Card is easy to carry & moreover you can pay utility bills, mobile bill & do reservation of trains & shopping etc. from the comfort of the home. No need to go anywhere. and carry heavy cash which is risky now a days. Govt. should promote creditcards like in west.
By
Sunil Kapoor, Accounts Executive/Accountant, Adani Wilmar Ltd.
| 04 19 2011 05:22:37 +0000
CREDIT CARD IS A BOON IF USES WISELY.....IT IS HELPFUL IN CASE OF EMERGENCY......U GET A PAYMENT PERIOD OF UPTO 48 DAYS TO MAKE PAYMENT......AND IF ONE IS SMART ENOUGH THEN HE/SHE CAN PURCHASE GOODS AT THREE MONTH EMI WITHOUT PAYING INTEREST.........
By
Manish Lalla, M.M.S student, H &GHM INSTITUTE OF MANAGEMENT
| 04 17 2011 14:00:02 +0000
In my opinion Credit Cards requirement is the necessity of the hour. But it should be used efficiently and you should be in a capaciy to repay the amount that you are using within the cycle of 45 to 50 days failing which you will be in a very difficult situation. Meantime, my suggestion to these companies is that, they can charge the interest on monthly rests for the balance outstanding amount only instead of charging the interest for the entire used credit limit, even if he repays 50%.
By
laxminarayana , Branch Manager/Regional Manager, Karnataka Bank
| 04 04 2011 16:59:03 +0000
In a market economy credit cards are cashless transaction tool, for online payment etc, it creates a credit & payment history, or how greedy dishonest stupid a person can be with money i.e. credit. I have being using it since 9 years, thank you Citi Bank.
By
Joydeep Dasgupta, Business Development, New Horizon
| 04 04 2011 14:06:38 +0000
I agree with Mr. Sudershanrao. Wise planning may help unnecessary interest payment. Credit cards, not merely, lending you money. But,It also makes your life very comfortable & easy. It is an effective instrument to do transact on-line purchases (air ticket, electronic goods, books, railway tickets, payment of mobile phones, EB bills, money transfer to friends etc). All the more it is a money-less , system giving you full freedom of life. I totally felt it when I traveled in HANG HONG. No need to carry even a single cents of money in your pocket. Enjoy the benefits of Credit card & do not feel that it is for Loan purchase.
By
KALIYAMOORTHY , Oil & Gas Area Coordinator, Undisclosed
| 04 04 2011 13:41:02 +0000
In market economy money is a commodity, credit is a money that is not earned, which you will earn and pay, or cheat and runaway, which means you are either a rouge, cheat or you don’t want to earn, having some trouble creating money or maintaining the same or, a responsible, a powerful, a useful, a helpful, creative, industrious fellow human, an asset for the society. Western economies are mostly credit economy, in those countries citizens have a (SSC) social security code, financial institutes who give credit, maintain the credit payment, non payment history which is tagged to SSC. Credit cards, aren’t Indian concept, it requires high order of Maturity Integrity, Understanding, Knowledge, to comprehend the value of a credit ( card ), it is no chew and spit anywhere, or promise to return and runaway, change phone number address delete email id etc. or no call no show. Rathin da, this is one reason why USA with apopulation of 30 cr 300 million, control the whole world. They are ahead of us.
By
Joydeep Dasgupta, Business Development, New Horizon
| 03 29 2011 15:23:53 +0000
It all depends how carefull you are in handling it. I read one analysis which cautioned that if you always pay the minimum amount, you will require 21 years to get rid of the credit.Pay always the maximum you can afford, because they charge a vulgarly high value of interest! It helps only in case emergency!
By
Dipak Bhattacharya, Chief Engineer, A private Ltd Consulting Co. in Delhi
| 03 27 2011 18:15:21 +0000
yes we need credit cards. They are a very useful source of reserve cash when we are in dire need of one. The only disadvantage is being impulsive and foolish while using credit cards as we are always of the idea that ready credit is always available.
By
Kiran Sethumadhavan, Partner, Sunrise Associates
| 03 27 2011 14:46:48 +0000
Yes we need credit cards. If a pregnant woman not having a balance in the mobile phone to call to a doctor for her pains, she can take the airtime or she can take credit the balance in her account so that she can utilize the service. So the creditcard is same like this :). But as Roy said, debit cards are more friendly than the creditcard if you have balance in the debitcard. :)
By
Nagesh Mekala, Director - BD, Dextical
| 03 26 2011 14:50:31 +0000
Due to globalisation we try to ape the western countries. But having a credit card transaction we need to be careful about using it and also be careful about protecting the card. But in the case of cash transaction now a days its become very cumbersome and lot of cash cannot be carried with us. Think about the amount of paper required to print the currency notes and we need to be careful while carrying it and the card makes it easy. In the case of credit card we get free credit upto 45 days if we calculate and remember the statement dates and payment dates and the credit limit then nothing can beat cards
By
Rekha Ramanan, General Banking, IndusInd Bank
| 03 26 2011 14:20:31 +0000
Eventhough I partially agree with the arguement that Our Frorefathers never required the cards, but in this case if we go more generations back then in the stone age man never required many things that we use today from morning to evening After Industrialisation and globalisation, the world has become open market now, Even now people buy products in India that are assembled in different countries, We need to travel in different countries and regions in such cases the currencies can not act as barriers If you use your Credit card sensibly then you can acheive many benefits, discounts, travel insurances etc The winning mantra is purchase wisely what is required and pay on time, never ever try to take loan on card ( and that should be last resort if anyone requires) Nowadays, its pretty strange to carry big sum and go purchase jwellery or car today, Also be choosy of the Cards that you use so that you get reward points for your familly ;))
By
ABHIJIT KULKARNI, Project Manager, BNP Paribas
| 03 26 2011 11:55:28 +0000
use of credit cards or plastic money increases the velocity of money in an economy and which increases the GDP of the country as GDP is equal to product of total money supply and velocity of money.so use of credit cards is very important for sustainable economic growth. There are some side effects which we have to manage to maximize benefits out of it.
By
Danish khan, Business Analyst, cognizant business consultancy
| 03 26 2011 11:32:36 +0000
Any Nationalised bank supported creditcards are good.Since loans are hard to come by at times of exigencies these credit cards come handy. As said by Praveen Sharma ji-good for people, who have control over the expenditure and use credit card to avail interest free credit.
By
kasturirangan.r , INSURANCE ADVISOR, Life Insurance Corporation Of India
| 03 26 2011 06:46:55 +0000
It is bad for the people, who thinks that the credit cards are there to offer them the credit. But it is good for people, who have control over the expenditure and use credit card to avail interest free credit. I am using credit card since 1994 and finding it quite useful. With the help of credit card, I am with limited cash in my pocket. Secondly on monthly basis I have complete statement of my expenditure.
By
Praveen varma, Sr Manager, Reliance Industries
| 03 21 2011 10:09:49 +0000
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The credit cards started with an idea of advance spending and for convinience of not carrying money. The banks taking undue advantage of absence of any other convinient system charges hefty interest rates, But now no more beware the mobile banking is coming in next 5 years and credit cards will be a thing of past....
By
Shailesh Vadalkar, Business Analyst, Al Rostamani Pegel LLC
| 05 12 2011 06:49:32 +0000
Because people are careful by using it less and less, these days the credit card banks are innovating novel methods of duping the people.They are pleading for insurances;never fall in any of such traps, you may have to suffer heavily. The business is so lucrative, every bank is throwing the plastics with more and more ego-enhancing picturesque cards associating names like silver, gold, platinum etc.etc. First, they will beg for giving you the cards, no better than a beggar.Then once taken by you, they will dump charges on your accounts ruthlessly and make your life miserable!
By
Dipak Bhattacharya, Chief Engineer, A private Ltd Consulting Co. in Delhi
| 03 27 2011 18:25:36 +0000
You purchase the universe with that credit card and end up being a big liability to the universe at the end of it. So what have you gained using that plastic? Nothing but misery. Debit cards are a far better choice than credit cards. It reflects the real purchasing power of an individual and not those credit card bills that chase you till you are done on this earth.
By
Saibal Ray, Sr. Process Engineer, KPIT Cummins Infosystems
| 03 26 2011 10:07:39 +0000
No, extra burden on your shoulder, this is a policy of the Banks to do away with your money and you would never know about the hidden charges and the funda of minimum monthly payment...it just squeeze your pocket and leave you with no other options.
By
konkan SINGHA, Head- Talent Acquisition (IT), OptedJobs
| 03 26 2011 07:39:20 +0000
It may be true at the time of using the card, what about while clearig the credit card dues? .... is it true when we consider it for whloe life?
By
RAMANATHA PRABHU N, Chartered Accountant
| 03 21 2011 08:46:02 +0000
We should spend as much as we have and save too.. Instead we go ahead with this option spend more than we have and put ourselves into debt. It is not neccessary ..
By
Leena Khade, Banc Assurance, Deutsche Bank
| 03 21 2011 07:42:47 +0000
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