Whether the plastic money is an asset or a liability?

This article warns you of the dangers of plastic money, its advantages and disadvantages. The use of plastic money no matter has freed us from the bother of carrying cash but cautions are needed in its use. Carelessness in its case might land you in great troubles

Popular by the name of plastic money, Credit card and debit card are variously being used more than what cash was used to be used before its advent. Almost every bank extends this facility of providing debit card to its customers. These days, apart from husbands and wives, children too have Banks accounts and they too have started keeping debit cards. The persons carrying huge cash have always the fears of losing the cash due to its being stolen, lost in transit or being robbed of it. Debit card is a good option for them.

Credit card as plastic money

Talking of card, it is necessary to know about credit card. You can withdraw cash from Bank on credit even when there is no balance in your account which has to be paid back within a limited period. Some Banks extend the facility of paying back the credit taken in instalments. Here, it has to be understood clearly that no any Bank gives you money without any interest of its own as you know there is nothing like a free ticket on this earth. For booking online Air ticket or train ticket also, debit or credit cards are needed. Whereas plastic money is immensely convenient for the customers this also warrants great vigils failing which you can be trapped into lot of troubles.

Keeping customer care number- a must

For instance, if your plastic is lost, you will have to get the card blocked by telephoning on the customer care centre's number. But this job of getting the card blocked is not that easy. You must have the number with you of the customer centre. If your card is lost, evidently it would be difficult for you to telling the card number, its expiry date etc whereas you will need to provide all these information at the time of phoning the customer care centre to block the card. Don't forget to keep these details in black and white in the case of any type of plastic money somewhere in record. Although this situation worsens when along with your card, your purse and mobile too have gone. If in anything amongst everything gone contain all these details, the confusion and trouble compound enormously whereas the thief has the advantage of having the convenience of all your information.

Get the card blocked immediately after its loss

It so happened with my sister in-law once who lives in Kolkata. Upon the consumer court website, her one complaint is registered. As per the complaint registered, she being the resident of Kolkata had a credit card. She had to go to America where her sister was a green card holder. One day her purse was stolen from her car by breaking the window of her car open. The purse contained cash along with her credit card. When my sister-in – law discovered it, she immediately complained about this incidence to the police. By the time she was able to phone the customer care centre, 93000 thousand rupees was already withdrawn from her account which was the limit against her credit card. Through the credit card of Banks you can for sure do the shopping in the foreign countries, but in case of any trouble coming related to your credit card, you would have to register the complaint in India through phone.

Complaint lodging should be done quickly

My one friend had a zero liability card from a private Bank which meant my friend was not liable to compensate the Bank for the withdrawals done from his account in event of the card being lost or getting stolen.

But when my friend's card got lost while travelling in train and 55000 rupees was withdrawn from his account, the police refused registering his FIR and the Bank is refusing to accept the copy of the receipt furnished by the police against the written complaint handed over to the police. Thus, bank is demanding 55000 rupees plus interest accrued thereon till date from my friend.

To sum up, no matter with what promises the card has been given with whatever guarantees, you will still have to take the trouble of taking care of your card as you used to take care of cash you carried with you. At the time of using it, you have to take great care of it. A little mistake here or carelessness there might send your thousands of rupees down the drain.

Understanding is vital

You must understand the implications, ramifications and dangers of plastic money before deciding to possess it. Often times, the customers labour under the common complaint against the Banks that they deduct huge amount from their accounts in the name of credit cards the mathematics and language of which are difficult for them comprehend. They charge 250- 500 rupee on gold cards per year. But customers get accidental insurance for free and cash back of 1 rupee on every shopping of 100 rupees i.e. 250 rupees on the shopping of 25000 thousand rupees. When you buy petrol from a petrol pump, the ordinary debit card, you have to pay surcharge. The Bank takes this amount from you. This is not charged on gold cards. Apart from this, from the regular debit card of the HDFC Bank, you can make 5 ATM transactions from the ATM of other Banks. In addition to these transactions, if he transaction is done from the ATM of other Banks, 20 rupees per transaction is charged.

Precautions to be taken against the upkeep of the plastic money

At the times of using plastic money, if you maintain the following safeguards, you might emerge free from all the complications coming in due to it:-
  • Before becoming premium member, examine this there are no hidden cost involved in it. Often times Banks say you won't have to pay a paisa but deduct 500-1000 rupees annually from the account.
  • If you have several, don't walk outside with all of it.
  • No sooner than you get the card, put your signature on the back of it. Whenever you make payment through it, don't sign the receipt without thoroughly checking it.
  • If you have mobile banking facility, whenever you do any transaction, the message will flash on your mobile.
  • The number of your card, its PIN number, customer id number, Bank customers care number etc should be kept recorded with you for their uses in emergencies. In case of the card being lost or getting stolen, phone your Bank first, get the card blocked and register a FIR with the police.
  • Don't reveal your PIN number to anybody.
  • Keep your ATM PIN number changing at every 2 months of intervals.
  • Don't rely on guard if the ATM is not working.
  • Call the Banks call centre in case your card jams into the machine.
  • If you are using the ATM of other Bank, look for such machine in which full card doesn't go inside.

This rule is common in almost all Banks, but the charges vary from Bank to Bank. Though, it is better always to use the ATM of your own Bank. If your card gets jammed and if the Bank is open, somebody would come to attend to your problem, free your get and you will go to home at your peace last. If you are using the ATM of other Banks, use the machine, in which the card doesn't need to be inse

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