Dec 15, 2004 11:01 AM
4101 Views
(Updated Dec 15, 2004 11:01 AM)
Title: Credit Card Usage
Review: I am writing this after reading some of the views expressed by members regarding the use / misuse of credit cards. One thing straight up:CREDIT CARD ISSUERS ARE NOT THERE TO PUT YOU INTO DEBT.How you use your card is solely your responsibility.
Not anyone else's. What is the first thing you should do when you recieve the neat package containing your credit card? Sign on the reverse and find the nearest store that will except it? NO!NO!NO! THE FIRST THING YOU SHOULD DO IS READ THE CARD MEMBERS AGREEMENT AND TIPS ON USAGE.This is uaually in the book which comes along with the card.
How many card users know exactly how their money is adjusted?eg.do you know that interest is adjusted first and then cash withdrawls and finally charges?This is why paying 5% of your bill and revolving the balance lands you in trouble. I also revolve my balance, but I make sure I pay atleast 75% of my dues.Do the math dude, when you pay 5%, you pay almost nothing at all.And then my friend you start getting into a debt trap!
Your fault not the card issuers! Here are a few tips.
1. Read the card members agreement and usage guide even before you touch your card.
2. Follow proper procedure laid down in the manual.eg.picture this: you are sitting in a restaurant and the bill arrives.What do you do?Reach into your wallet, pull out your credit card and put it into the bill folder.Right?WRONG!WRONG! WRONG! You must always get your credit card swiped in your presence.
This is what may happen.The billing clerk may swipe your card more than once.He may note down your card number, exp date and the three digit number on the signature panel.Believe it or not, this is all he needs to rob you blind.
3.Your cards not a licence for you to spend more than you can actually afford.do that and you woll be in trouble.
4.Personally, I am not convinced about the safety of online usage.Thatys a call each one of us have to make.For this HDFC BANK has a produst called netsafe.Find out about it.
5.Fillin all gaps before you sigh the charge slip.
