Credit Cards, good or bad?
By riztha2002 •
Recently a bank rep approached and advice me about the benefits of credit cards. He said the credit card process is so simple and added it is enough to sign in credit card application form. I wonder about the simple process and signed accordingly. Now, he keep calling and asking a lot of questions? I was really frustrated and request him to cancel the credit card but he is denying to do so and he is somewhat threatening me, “you have signed in the application form, u should collect the card”.
Presales activity is threatening and how could the after sales service?
having a credit card can be very tempting, so u need to have CONTROL when using it..
Credit card is the coolest thing in the purse to keep! But you should be aware when using it. And if you didn't understand don't ever ever try to get one! Sorry Bankers, but it is one of the reason to get you poor! It is wise to have one but this is only for the least emergency to use. Or else, you are in trouble. And if this credit card was given for free because you deposited a big amount of money, or invested your money, Honey, don't expect the availability of your cash in case you need it. These credit card will put you at the end of using it. Take it from my experience, when i am about to withdraw my money i invested, i was not able to do so because i was told that it needs one month for clearing., after one month of waiting, i was told again that money can not withdrawn it should be 45 days. Imagine the situation that you need your money in emergency, you can never have your money at the time you needed it. But incase it's already there, and you will need the money you deposited, you better go earlier...
"There's nothing we can do to change the past, if it teaches you a lesson profit from it then, forget it."
You edited your main post?
I avoid Credit cards like a Plauge
Guys, thanks for the advice...! Thank U indeed.
credit card depend on ur use!
but frm my side,it is better not to use credit cards...credit card ll lead to debt.
riztha2002 ....cancel the Credit Card
Since you have already signed the form and submitted company letter & Id copy. (He cannot give you a credit card only on the basis of your signature).
Maybe you have to pay QR200 to Qr 400. Pay it and get the matter over with else you will have to pay much more...even if you have not used for a single purchase.
Subscription fee (Which they waive sometimes)
They have Anual Fees.
Intrest Rate. (around 3% per month, which comes to more than 50% cumulative annually-Shocking!!!)
Default Penalty charges on monthly payment.
Most of the time the guy who sells you a Credit card doesnt know for himself the above.
If you are not good with money then foget the credit card, I remeber in the past when cheques first came out I used them to pay for everything literally at the end of the month I was always really shocked to see just how much money I spent.
Credit cards cost money, I prefer them to debit cards as it is easier to use when travelling i.e. if I want to rent a car in Europe they need the CC number or if booking flights over the internet you need a CC and it is comfortable. Hwever, if you are doing this you need to keep an eye on your finances.
stay away from it. Credit card is your passport to falling into the vicious circle of debt trap. What most people don't understand is that it gives you that feeling of purchasing power which is not actually yours. and it's not free, banks are money making institutions, not charity. They give it to you to scrub money out of you. Instead, get a debit card. atleast you will be spending what is actually yours.
As a customer, you have all the right to cancel or not even use the card. Don't believe the threats. You have not used it nor activated it so no need to bother yourself with it despite of his threats. If he is still very insistent and bordering on actual threats, you may call the bank and get connected through to his manager and report his action. I bet he'll shut up after that.
On the good side, the credit card is a nice purchasing tool to "tie you over" til your payday comes if you are short of cash. However, you have the option to always pay in full so that you won't get charged.
If proper discipline is done, the credit card is a good purchase partner to bring along.
Cheers,
Ronin
credit card is good as long as you pay 100% and no interest is charged. the problem is when only partial payment is made every month this is what gets you in trouble and you interest payment goes up
depends on how you use it...
if you already have one, my advice is use it only if you really have to and pay the whole amount on its due date if you can...
dont ever ever make the mistake of consuming all your credits, for the interest alone can drive you to bankruptcy
believe me...ive been in the situation before
its so easy to fall into the trap because of the convenience of using these cards
Well my freinds it's all upto you that how you make use of it. Just keep one thing in mind that it is type of facility and you have to pay the amount with in the given time frame. The reason I am explaining this to you is becasue most of the people forget this basic rule before using their credit cards and eventually slipped into serious problems. So whatever you do with your card must be in your control otherwise this card status will control your finances i.e. you might have to pay more than you have consumed.
Good luck and have a better life....
Live and let live...