Quote from: leonair on Today at 04:34:51 AM

Quote from: coinerer on April 15, 2023, 05:13:27 PM

Quote from: leonair on April 15, 2023, 09:10:51 AM

Quote

i am weak at economy, is it wise decision to use credit card?

I don't think it's wise to use credit cards. Because it takes loan from our bank And if you fail to repay it on time, you have to pay a high amount of interest. In this case I think it is better to use visa/master card instead of credit card as you can spend your personal money without being accountable to anyone or paying interest. Using credit card can increase our unnecessary expenses but when you go to spend your personal money through debit / visa / master card your unnecessary expenses can be reduced.

I don't think credit card will add unnecessary cost to us because when one buys something using credit card he knows that he is in debt to the bank. so in this case he calculates and always reduces the unnecessary expenses and uses the money from the credit card only for the needs. And another advantage of credit card is that one can enjoy EMI facility by using it, in this case a person does not have to pay high price at once to purchase any high priced product or to accept any offer. You can pay that desired amount for the last 6 months to 1 year. so I don't think using credit card is a bad decision

I can feel EMI as a big advantage but I don't see any other good benefit in using credit card. Credit cards are used by those who have a good source of income or bank FDs are applicable for credit cards. So since they have enough income they don't feel anything bad for spending money. so I don't think credit cards will ever reduce unnecessary spending for that person. on the other hand, credit cards will increase unnecessary spending. so credit cards are not suitable for those who want to lead a routine life and want to servings for futures

Apart from EMI, credit cards have many other important uses. Suppose you need a product very much or it is very urgent for you to purchase something from online but there is no money in your bank account at that time. then you can process it using an immediate credit card and get a period of around 30 days to pay off the loan smoothly without any interest to the bank. so I never see any downside to credit cards. I am a credit card user myself and never faced any problem. And I didn't notice any unnecessary spending going up for me to using credit card