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  • Category: Miscellaneous

    Credit Card Control Tips

    Credit cards are now an added attraction in wallets. Credit cards are advisable if we can use it wisely.
    Always remember credit cards are leading us to debts or making us a debtor where we have to pay back. Some tips to control credit cards can be dotted as follows

    1. Remember you are going to be liable to pay it back, before you receive a credit card.

    2. Always remember it is as good as cash which you are borrowing from someone.

    3. Do not prone to consumerism, consumerism is the habit of purchasing a product without confirming its utility. Offers and discounts may inspire a customer to purchase a product even if he is not getting a value for it.

    4. Proper accounting, before you use a credit card, enter the purchase in your personal accounting sheet ( If you do not have it , open it in excel )

    5. Go thru the credit card statement carefully to confirm your purchases as well as the charges.

    6.Purchase only value giving things using credit cards, example Gold

    7. Do not keep your credit card in your wallet always. Carry it after making a decision to purchase something worthy.

    8. Share the use of credit card with your family members or friends before using it.

    9. Do not accept the offers over the phone from the credit card companies which may lead to certain charges.

    10 Due dates. An important date to remember for a credit card user is the due date. Make a strict schedule to pay it three days before the due date ( Considering unexpected holidays, ATM disorders etc.)

    11. Create alerts in your mobiles to pay.

    12. Do not buy gifts using credit cards, it will destroy your self credibility. Buy gifts from your earnings to your limit than becoming a debtor for the gift.

    13. Do not use several credit cards, be selective.

    14. Do not use credit cards for holiday enjoyments or make sure you have enough money to pay for the same .

    15. I know a person who spoiled his life using credit cards in Bars,Clubs and Pubs. So say NO to it.
  • #579233
    Mr. Anil Kumar,

    It would be advisable to post such details in our articles section. Work on it to increase the length to at least 350 words, give a good title and summary, put in headings with HTML tags and follow the article submission guidelines. Do read: Content guidelines. In the forum we raise topics for general discussion.

    Managing Editor,

  • #579235
    The topic raised by the author is worth discussion and sharing experiences regarding the use of credit cards. I have taken a credit card long back for certain specific purpose i.e. paying the application fee online in US universities for admission of my son and later that of the daughter. The other alternative was to go to somebody else who was having a credit card.

    I do use my credit card selectively but have never paid a single paisa interest to the credit card company as I was able to pay the bill well in time. There were occasions when the credit card company was having a balance in my favor e.g. when an expensive ticket was canceled due to certain reason and the amount was credited in the company's account after payment of the bill. Sometimes e.g. buying jewellery during weddings etc. credit card comes handy as carrying large amount of cash is fraught with danger and debit cards have certain set limits.

    Let us encourage each other in sharing knowledge.

  • #579241
    You provided really good points. I agree while spending we doesn't think much . People use credit card more then debit card is because of attractive offers provided by banks. But we need to pay 15% tax if you spend by credit card while paying back . So when one is using credit card they need to pay tax double time. First we are paying while shopping second we need to pay tax again when we are paying bill. So it is good if we limit use of credit card only during emergency.

  • #579245
    Another useful thread from the author. I would suggest him to post these as articles. More people will be benefitted.
    “Whenever I feel the need to exercise, I lie down until it goes away.” - Paul Terry

  • #579246

    Sure, shall transform it to an article.

    Thank you for your guidance.

  • #579255
    Your article should serve as an eye - opener for the newly acquired credit card holders and they should not fall in the vicious traps by lavish marketing - policies. The sole purpose of the companies are to lure the the guillble customers into the debt trap and since the payments are not to be made immediately, the customers are tempted to buy the articles even though this may not be of immediate necessity. In facts, offering of discount may tempt you to buy something but the ultimate effect would be devastating by the way of enormous payment to be paid to the credit - account.
    Please have the credit card for meeting the urgency fund such as bill payment to super Hospitals or for making payment to university - fees in order to meet the casual requirements. Such prudent approaches will definitely make your investment purposeful and in no way, you will repent for it.

  • #579295
    Anil this sharing could have been done in the article section of this site and that is the right place for such tips having importance in the context. You would be recognized and even earn cash credit for that.
    K Mohan
    I consider myself as the learner everyday

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