Its an eye opener. That's the reason the Credit cards are offered free. You make one mistake, the amount spent by the CC Company for card is recovered with interest interest interest
dear sir/madam, By paying a little more than specified in the card statement you can avoid this problem.Say your card shows as Rs 34256 due.Pl make payment of Rs 34260(Rounded of to next Rs 10) and avoid the above problem. Ramani.
RE:RE:credit card-avoid interest
by Gautam Joshi on Jul 18, 2007 09:37 AM Permalink
Better still...read the amount properly and pay the exact amount. This article is meant to open eyes of credit card holder's who may not be aware of this clause. I have been using credit card since past 4 years and if you are careful you will not fall in to such kind of pitfalls. Thats why its good people are made aware of such pitfalls by articles such as these.
Best way to avoid problems is to pay the full credit card due in time ( read a week in advance ) and never leave even a single rupee due . Also maintain details of all ur credit card bills .I am an ICICI Credit Card holder and so far I have not encountered any problems as I pay my bills in time .When Paying Bills use the same bank Cheque i.e if using ICICI Card use ICICI Cheques, if using SBI Card , use SBI Cheque .
RE:Pay the Bills well in advance to avoid problems
by jailab eqbal on Jul 18, 2007 07:30 AM Permalink
what do you do when the statement for the month is not sent or posted late deliberately to reach you after the due date and interest on the amount charged in the next month's statement along with a late payment fee by these shylocks? learn to live with no credit card
RE:Pay the Bills well in advance to avoid problems
by karthik on Jul 18, 2007 07:33 AM Permalink
I prefer e-statements just to avoid this sort of postal delays.....
RE:Pay the Bills well in advance to avoid problems
by Gautam Joshi on Jul 18, 2007 09:46 AM Permalink
Very true if you are lucky enough to have a net connection and are net savvy enough having an e-statement facility is the best. Having a credit card is a facility. Some people can use it to their benefit and some people cannot. Being able to see the e-statement online is very easy and convenient and better still if you have a bank account in a bank and have the same bank's credit card and if they allow you to see the bank account details and credit card details online anything like it. You can even transfer money from the bank account to your credit card just by clinking a button and your credit card due is paid from your bank account. You can use these facilities to your benefit provided you know HOW to use them. For people who are naive and not computer savy are obviously at a loss.
RE:Dump your credit cards!
by Gautam Joshi on Jul 18, 2007 09:54 AM Permalink
Obviously you seem to be a person who does not know of any self control. Credit cards are a form of facility and if you know how to use it correctly it will not harm you but if you are a person who is not mature and self control can use a credit card to max the credit limit, going way over what you are capable to paying. Its good people are saying that credit cards are not good, but things worst then this are OUT THERE...like tobacco and tobacco is for sure harmful to people, and still people are smart enough to consume it...think about that...so I think it will take some time for a lot of us to mature and understand whats good for us and whats not...until then if possible keep on growing and learn as much as you can
RE:Stop Spending and start investing
by Bhausaheb Chaudhari on Jul 21, 2007 05:21 PM Permalink
Buy the stocks of ICICI and HDFC BANK instead of getting credit card for long term. These banks are making huge profit from credit card holders. None of my family member including my self are having credit card.
i was a having a HDFC card for 6 years, i had gone abroad for a 3 months, and had askd my father to pay money to credit cards if any or atleast pay when they call, all that i had to pay was 250 , they put a interest of 1700 on it for 3 months and cancelled my card with 12000 points in it, i felt insulted and humiliated, they never called my phone at home to inform that i had not payed even thou it was part of the credit card agreement which i had signed , they used the oppurtunity to cancel a card 6 years old with 12000 odd points in it
a loophole to enjoy 3 days more of free credit. credit card companies actually start collating all your purchase data 3 days back from your billing date i.e. if billing date is 4th of a month they will take into account only purchase made till 1st of the month. so if you make any purchase on 2, 3 or 4th of the month that wont be included in the billing statement . :)
