I personally feel one should not use a credit card. Its a trap/temptation. You end-up buying things which are not necessary and a huge bill. If you dont have the money to pay, you pay the minimum charges. For example if you have an outstanding amount of Rs.10,000. Minimum would be 5%. That is 500. The balance is charged interest in your next bill. That will be 9500 x 2.95% = 280.25. So your next bill will be 9780.25. Again if you pay the minimum bill, that is Rs.489.01 your balance will be 9291.23. Again you are charged 2.95% and again you pay the minimum. this goes on and on and on.
RE:Never Ending mess!!!!!!!!
by amul kamdar on Apr 17, 2007 12:34 PM Permalink
intrest is not charged for the full month. intrest is charges on the due amount from the dated of purchase....
RE:Never Ending mess!!!!!!!!
by Rakish Poulose on Apr 16, 2007 09:50 PM Permalink
Use a credit card only if you have control over your expenditure. If you are tempted to buy all that you can, don't use a credit card.
