Read on Twitter
1/13
A thread on
#CreditCards a " Yes" or a "No" ?
Decided to write an honest opinion on the usage of credit cards & whether it is "As bad as it made out to be" or "That good as claimed" !!
Disclaimer: This is MY experience & my opinion on the issue addressed at hand .
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A thread on
#CreditCards a " Yes" or a "No" ?
Decided to write an honest opinion on the usage of credit cards & whether it is "As bad as it made out to be" or "That good as claimed" !!
Disclaimer: This is MY experience & my opinion on the issue addressed at hand .
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2/13
Points in favour
1) #Convenience !!
2) Lot of reward points .Yay!
3) Usage at airport lounges & movie tickets & the likes (subject to T&C)
4) Extra time to repay the debt. Duh !! Who doesn't like that!
6) Kind of a status symbol . Mere paas AMEX card hai ,
hain....
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Points in favour
1) #Convenience !!
2) Lot of reward points .Yay!
3) Usage at airport lounges & movie tickets & the likes (subject to T&C)
4) Extra time to repay the debt. Duh !! Who doesn't like that!
6) Kind of a status symbol . Mere paas AMEX card hai ,
hain....
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3/13
Points against usage
1) Too much convenience results in thriftness. We end up spending much more.
2) Reward points come with a host of T&C. Are we actually being rewarded also ?
3) Freebies to keep our inflated ego in check . Many a times changed/stopped overnight!
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Points against usage
1) Too much convenience results in thriftness. We end up spending much more.
2) Reward points come with a host of T&C. Are we actually being rewarded also ?
3) Freebies to keep our inflated ego in check . Many a times changed/stopped overnight!
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4/13
4) Annual charges , theft of card .
5) Extra time to repay the #debtat a EXTRA HIGHER COST if defaulted !
6) Default shall result in CIBIL score plummeting . What status left ?
I guess I have covered most of the debatable points.Both of them are right in their ways.
4) Annual charges , theft of card .
5) Extra time to repay the #debtat a EXTRA HIGHER COST if defaulted !
6) Default shall result in CIBIL score plummeting . What status left ?
I guess I have covered most of the debatable points.Both of them are right in their ways.
5/13
But then we are forgetting the most important point ...
Instant liquidity + Convenience .
This is much needed especially during emergencies . At that time having a Credit Card helps immensely over F.D's.
Let me cite an example. .
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#InvestmentPointers
#Emergency
But then we are forgetting the most important point ...
Instant liquidity + Convenience .
This is much needed especially during emergencies . At that time having a Credit Card helps immensely over F.D's.
Let me cite an example. .
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#InvestmentPointers
#Emergency
6/13
A few yrs ago my dad had to be admitted at 2am due to a stroke & a massive attack . July rains are brutal here & the hospital ( a great one but without humanity) demanded 3lakhs as upfront deposit .I was alone but
things went on smoothly thanks to the Credit cards . +
A few yrs ago my dad had to be admitted at 2am due to a stroke & a massive attack . July rains are brutal here & the hospital ( a great one but without humanity) demanded 3lakhs as upfront deposit .I was alone but
things went on smoothly thanks to the Credit cards . +
7/13
Imagine the consequences had the card not have been there. The Golden hour would have passed ... Things could have gotten messy.
Anyway...
This here is EXACTLY why I prefer Credit cards . Now the next thought that would spontaneously arise in our minds. It being ,
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Imagine the consequences had the card not have been there. The Golden hour would have passed ... Things could have gotten messy.
Anyway...
This here is EXACTLY why I prefer Credit cards . Now the next thought that would spontaneously arise in our minds. It being ,
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8/13
" Why keep a card only for emergency ! We have medical insurance ! We have F.D 's ."
This looks good in hindsight. But 99% of the times things don't click instantly during emergencies . For planned surgeries , YES.
For emergencies , sadly NO.
Trust me .
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" Why keep a card only for emergency ! We have medical insurance ! We have F.D 's ."
This looks good in hindsight. But 99% of the times things don't click instantly during emergencies . For planned surgeries , YES.
For emergencies , sadly NO.
Trust me .
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9/13
Also let us all think practically for a minute here .
Isn't use of cards convenient for us youngsters & people who are well versed with using them ?
So then what exactly is the issue?
The Card or Is the issue in us for not being disciplined enough ?
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Also let us all think practically for a minute here .
Isn't use of cards convenient for us youngsters & people who are well versed with using them ?
So then what exactly is the issue?
The Card or Is the issue in us for not being disciplined enough ?
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10/13
#discipline
#financialplanning
#Smartusage
The trio along with Credit cards make life so much simpler & hassle free !
PROVIDED ..... ( Yes , everything is subject to T&C
)
1)We draw a decent salary.
Makes little sense to own a credit card otherwise !!
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#discipline
#financialplanning
#Smartusage
The trio along with Credit cards make life so much simpler & hassle free !
PROVIDED ..... ( Yes , everything is subject to T&C
) 1)We draw a decent salary.
Makes little sense to own a credit card otherwise !!
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11/13
2) We know to differentiate between #Needs & #Wants .
3) We use it EXACTLY like a Debit card ,but in lieu of it .
( i.e - We know we have the money to repay the debt . And NO, it WON'T be from a future income . Our bank account must reflect it !!) .
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2) We know to differentiate between #Needs & #Wants .
3) We use it EXACTLY like a Debit card ,but in lieu of it .
( i.e - We know we have the money to repay the debt . And NO, it WON'T be from a future income . Our bank account must reflect it !!) .
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12/13
4) We use it FOR OUR advantage and NOT LET IT USE us ! Mind control being the key here .
Frauds too can be avoided ( though not altogether .. but there are recourses available . )
5) Various apps are available that help us keep track of the expenses & repayment date.
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4) We use it FOR OUR advantage and NOT LET IT USE us ! Mind control being the key here .
Frauds too can be avoided ( though not altogether .. but there are recourses available . )
5) Various apps are available that help us keep track of the expenses & repayment date.
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13/13
To sum it up !
A credit card if used SENSIBLY is an added advantage .
However it is a CREDIT CARD afterall & NOT A MONEY PLANT that shall generate cash before the due date .
Afterall , Credit cards are meant for those who DON'T ACTUALLY NEED ANY credit !
The end.
To sum it up !
A credit card if used SENSIBLY is an added advantage .
However it is a CREDIT CARD afterall & NOT A MONEY PLANT that shall generate cash before the due date .
Afterall , Credit cards are meant for those who DON'T ACTUALLY NEED ANY credit !
The end.
