Do you think Credit cards are a danger to society?

@CrazyBoy • Oct 22, 2024

Oct 22, 2024

1.2K

Many of my friends are businessman and somehow believes that Credit Card are so much of a danger to the society. They or their dad's believe that credit cards calls for debt and that is not good for one's future.

I am working in software engineering and working on financial software's (especially credit cards) since last few years and end up laughing on them as I believe that we shouldn't spend a single peny in form of paper money and work only with credit cards.

How many of you (CEan's) use the credit card on daily basis?
I was interested to see that how many CEans think that Credit Card's usage should be minimal for a personal?

-CB

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Kaustubh Katdare

@thebigk • Jul 5, 2013

Credit cards are just a form of money spending tool. Not sure if those words make any sense, but the thing is money system a few people have invented is a big fraud and is a danger to the society. But in a given framework, credit cards, if used sensibly could solve lot of problems. I don't like credit cards, but the fact is I must use it to pay server bills.
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lovebox

@lovebox-ZyXFqj • Jul 5, 2013

Credit cards are a tool of convenience and can improve one's efficiency if used sensibly. Otherwise, it just ends up luring us into spending money which we regret later.
I had heard this somewhere: "Life on credit sometimes causes the reality to go out of focus".
Perhaps true, perhaps not. But personally, I avoid using credit card as much as possible.
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Ankita Katdare

@abrakadabra • Jul 5, 2013

On a personal level, I am against using credit cards. The basic concept of credit cards works as – "spend now and pay later!" It is important to understand the spending power that your card holds and hence to use it intelligently. It is easy to fall into a debt trap if you do not use your card wisely.
Most people we know are not in control of there spending power. Especially the freshers in IT Industry who are exposed to a few thousands of rupees every month suddenly after their pocket-money phase, might end up in huge debts.

Some of the Credit card companies sometimes indulge in unethical and unruly debt collection practices, which is an added burden.
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Anand Tamariya

@anand-tamariya-DnfjEX • Jul 5, 2013

Credit cards are convenient and that's always my first option for payments. I don't see them as danger to anyone. People who complain about falling in debt trap because of credit card should RTFM!!
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Anil Jain

@CrazyBoy • Jul 5, 2013

WOW !

Most of the persons thinks that we shouldn't use the credit cards. I am just wondering that are we really living in 21st century,

Once I will get some time, I will write an article for how the credit card works and how we can use them for our benefits without going in a trap. That would be my bit to educate the folks who doesn't think Credit card usage is great.

meanwhile, what about the other CEan's thinking for Credit Cards?

-CB
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Sarathkumar Chandrasekaran

@sarathkumar-FEGRPw • Jul 5, 2013

I use it a lot and it is the most convienient thing I had ever.It has helped me in many emergencies and I always prefer a card to paper money.

Imagine the number game »
I found that about 24 trees were cut down to produce 1 tonne of printing and writing paper.
I imagine that doing transaction by online banking or credot cards or debit cards increase the life cycle of paper money as it will be rarely used and leads to decrease in cut down of trees to make ruppee paper.
Do You accept this thought? Feel free to argue?
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Ashraf HZ

@Ash • Jul 6, 2013

Credit cards do encourage dangerous spending habits. Sometimes habits are hard to kick, no matter how much advice you listen to 😉

Only use credit card for emergencies and always pay on time.

If you want to use cashless payments, you can still use debit cards tied to another accounts. At least you can control it better and not be under the vicious interest traps set by credit card companies.
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lovebox

@lovebox-ZyXFqj • Jul 6, 2013

CSK AUTO
I use it a lot and it is the most convienient thing I had ever.It has helped me in many emergencies and I always prefer a card to paper money.

Imagine the number game »
I found that about 24 trees were cut down to produce 1 tonne of printing and writing paper.
I imagine that doing transaction by online banking or credot cards or debit cards increase the life cycle of paper money as it will be rarely used and leads to decrease in cut down of trees to make ruppee paper.
Do You accept this thought? Feel free to argue?
No arguments pal, but just want to state that I too can save the same number of trees by using my Debit card in place of a credit card. Perhaps the same number of trees plus some more resources by using mobile phone based payment systems.
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Jeffrey Arulraj

@jeffrey-xA7lUP • Jul 18, 2013

Whenever I find a person trying to prove to his friends that He is better than them Economically he swipes a credit card

This is foolishness on their part. If people use the positive of Credit card it is the best replacement of paper money to the best of my knowledge
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mail154

@mail154-dIBzbF • Jul 18, 2013

I Don't Believe In Replacing Money. But Nowadays It is used as a tool to establish and showcase their financial superiority over the circle they belong to. It Will Be Very Much Useful If We Use It Efficiently.The Basic Concept Spend Now Pay Later Attracts a Large No. of Customers. But If Often Involves Many Risks. I Don't Think It Pushes Into Debts. It Depends upon The Person Who Handles It. But There Should Be Awareness on Fraud things. So That people can use it efficiently.
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Abhishek Rawal

@abhishek-fg9tRh • Jul 18, 2013

Credit cards, danger to society ? Nope. But like most CEans said, it surely parses the bad-habit of shopping. And if you don't have control over your bad-habit, you might end up in debt.
Better wait for few days & shop with debit card ?

My college faculty told me that a private bank earns 2% of the money from the money spend by people using credit card.Nice business.
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Anoop Kumar

@anoop-kumar-GDGRCn • Jul 18, 2013
Credit cards are easy to use and secure, only thing is we need to control our shopping habit.
Imagine a credit card as debit card and you can get most out of it 😀.
There are lots of offers on credit like 0% interest, 1 on 1 movie ticket, cashback and discount. Simple example is when I have buy something about 25k (like mobile, laptop) and there is facility to pay in next 4 months without any extra money why should I pay immediately.

Here are few things I learned
- Treat credit card as debit card and consider that money is already deducted from your account.
- The day you receive credit card bill, schedule the payment at last day (ICICI have option for schedule payment)
- Go for movie in 1st week of month, you will 99% likely to get 1 on 1 ticket free or Rs.100 discount at bookmyshow. (watching movie in IMAX at normal rate feels awesome 😁)
- Seek for 0% EMI option if you are spending more than 10k, even if there is surcharge 2.5%. you are already getting 4% interest in saving bank account
- Create a virtual credit card if website is not trustable or any international payment.
- Analyse credit card bill to see if your overspending.
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