May 31, 2011 5:56 pm
I don’t have a credit card yet but thinking of getting one in coming weeks. Please share some direction on selecting one based on your experience.
– Take a card which is lifetime free
– It should have NEFT payment system
– If you are net savvy, then if it has online portal enabled then much better
– Do not try to pay credit card bill through cheque, even a small mistake from either side while processing it will make your life messy.
– Treat it as convenience to carry it instead of cash not like the money you have in your hand till the credit limit on the card.
I would say go for a lilfetime free credit card from one of your current private banks. Private banks, because mostly these are the ones offering lifetime free cards. Call your private bank’s toll free number and ask them.
Also, make sure that you use the credit card simply because it adds the convenience of not carrying cash. If a credit card is going to increase your tendency to spend unnecessarily then don’t go for a credit card. You might already know all this but always remember that the money you spend with a credit card is like a loan to be paid off at the end of the month.
Lastly, make sure you make the full payment and not just the “minimum amount due” at the end of each month. Anything you don’t pay at the end of each month will be charged vulgar interest rates.
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