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Banking & Insurance Professionals

 

Why credit cards are decreasing in popularity today??

Started by : Rashmi Patil, Financial services   12 07 2010 06:55:55 +0000
Industry : BankingFunctional Area : India(Markets)
Keywords : credit cards visa debit cards master card credit cards decreased popularity
Activity:  18 views;  last activity : 06 03 2011 13:59:09 +0000

Nobody seems to be using credit cards today....sales of credit cards have gone towards south...However, credit cards could still be a good option for making purchases, especially online, if a cheap deal can be found.  As there are so many types of credit card available on the market, it may be worth checking your options using a price comparison site.  But today hardly people are using their credit cards. Why credit cards are decreasing in popularity today??
 
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1 2 3 4 5
1 tcmsrinivas due to high interesr rates and penalites
2 Due to financial stress
3 many shops not encouraging credit cards
4 Insensitiveness & exploitation
5 Due to additional extra service charges
6 "Modus of Sturcture not clear"
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tcmsrinivas due to high interesr rates and penalites

idea posted by cmsrinivas Sales/BD Manager-Debt Instruments, leading NBFC
due to high interesr rates and penalites people now not using credit cards
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by Ramesh Ganesan, Associate/Senior Associate, Saud Bahwan Automotive LLC  | 06 03 2011 13:59:09 +0000

Credit card encourages person to overspend and his incapacity to repay is capitalized. the scrupulous use will entail no charges

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by SHRIKANT MANOHAR DANKE, Project Manager, Phadnis Infrastructur Ltd  | 12 08 2010 06:10:55 +0000

Due to confusing penalty & late payment structure for card holder.

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by m k mathai, senior manager, canara bank , broadway ekm  | 12 07 2010 15:04:07 +0000

yes, the unreasonably high charges if you opt for instalments. yes , the arbitrary penalties if you miss the pay date even by a few hours

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Due to financial stress

idea posted by Rashmi Patil Financial services

Conscious of the need to repay credit borrowed, consumers are increasingly choosing their debit card over credit card.  Contrary to expectation, the possibility of greater financial stress during the recession and beyond has not driven people to rely more heavily on their credit cards.  Credit cards are perhaps decreasing in popularity as consumers are concerned about accruing large amounts of debt.
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many shops not encouraging credit cards

idea posted by m k mathai senior manager, canara bank , broadway ekm
strange but true. many shops say pay cash and we will give you discount. a few even charge extra if you pay by credit card. probably because of the charge the shops have to pay to the credit card company.
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Insensitiveness & exploitation

idea posted by S. Muralidharan Executive Director, Knowledge Foundation & Campus Around the Corner
Insensitive to customer sustenance and exploitative approach has resulted in decreasing popularity of credit cards.
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Due to additional extra service charges

idea posted by Chandra shekhar Technical Writer/Quality Assurance, CMMI 3 Software Company, Hyderabad
i really dont prefer credit card.... its just like a mirage...
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"Modus of Sturcture not clear"

idea posted by Ankit Shah Sr. Manager - Risk Advisory
Structure of interest being charged on late payment being not clear.
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