Credit cards

pramalkumarsamanta By pramalkumarsamanta, 27th Apr 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/cp-3mcvd/
Posted in Wikinut>Money>Credit Cards

Credit cards provide ready available money used for purchasing the fashionable articles ,cosmetics,and meeting the costs of hotel bills,air fares, etc These are the unsecured loan sanctioned within a certain limit. If not properly used ,credit cards may create a debt trap for those card holders and trouble if the payments are not made in time..

Introduction

The credit cards are issued by the Nationalised banks like State Bank of India as well as the private banks like ICICI, HDFC, AXIS, American express, HSBC,and KOTAK MAHINDRA etc. Initially they approach its own customers having savings bank account or current account . The bank authorities also approach the potential customers of other banks so that credit cards may be issued to them. Credit cards issued are of many types like VISA card, MASTER card and PLATINUM card. These cards are internationally accepted. The bank authorities prefer the salary slips and copies of Form 16 for last three years so as to enable them to calculate the limit of the sanctioned amount. The provision of such sanctioned limit appears to be restricted to 60% for purchase of the goods and 40% for liquid cash..They issue such cards without any processing fees. But the cards are, when used , charged a nominal fee. When the cards are in use, they charge an exorbitant interest , if dues are not paid in time. If the dues are not cleared, the authorities calculate all the unpaid dues with interest and claim for payment. It is a vicious circle cropped up in clearing the dues. Credit cards are comfortable for those who are thorough about the terms and conditions of these cards. They are very particular in dropping the cheque in the drop box of the bank on or before the date of payment. Credit cards should not be used perfunctorily. Careful use of the cards may help to maintain the balance of payments. .

Advantages of holding credit cards

The utilities of retaining credit card are many and varied. You need not carry cash whenever you go on shopping .You may make the payment by swiping by your credit cards . Whenever you along with your family or friends go to hotel and restaurants for celebrating the birthday party or special occasions , you may make bill payment by your credit card. They are very helpful while you go on online shopping .It is very easy to select your item and provide your 16-digit number and cvv number to the online merchant for payment. It is also very helpful if you want to book a ticket ,whether for railways or airlines. Credit cards are most useful if you purchase rare online books. Whenever you require money, you can go to ATM to draw the amount. Credit cards are solace to the card holders in times of crisis.

Conclusion

When credit cards are not properly utilized according to budget estimates, it may create a financial problem. Total accumulated dues may carry huge interest and subsequently it will be a burden on the defaulting card holder .The bank authorities create pressure on the defaulters to clear the outstanding dues in no time. The banking authorities are satisfied if you pay only 5% of the total outstanding dues. In many cases the banks deploy musclemen who use to frequent the houses of the cardholders to abuse him socially for not clearing the dues. The bank authorities have no sympathy if they detect that the defaulting card holders are not habitual offenders. Circumstances have forced the card holders to such a position that they are unable to clear the outstanding dues. In the long run the credit cards are blocked.But the liabilities that have been accrued will have to be cleared within a reasonable time.

Tags

Credit Cards, Exorbitant Interest, Habitual Offenders, Online Shopping Budget Estimates, Perfunctorily, Potential Customers, Swiping, Vicious Circle

Meet the author

author avatar pramalkumarsamanta
I am a retired government officer.I am a postgraduate in life sciences, I have a passion for writing on any topic.

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Comments

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17th Jun 2015 (#)


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