Sep 11, 2008 04:19 PM
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Even though I haven't used the plastic money earlier, I was totally against Credit Cards. Somehow the word Credit Card had a bad connotation in my dictionary. Few of my friends told me that without trying a Credit Card how can you term it as bad, so I thought, I should give a try before concluding something. An year back I started thinking about going in for a Credit Card. This was the first time I thought of going in for a Credit Card, but, I had loads of information collected over many years through word of mouth from all my near and dear.
Like every mobile user, even I had many calls from the marketing agencies and direct sales guys for Credit Card. It includes HDFC, SCB, ICICI, Citi Bank, ABN Amro etc., I started doing research and found out SCB and ICICI are doing some what okay when compared with other banks. Then I started what type of card do I require. Later, I shortlisted two cards, one is ICICI Gold and the other one is SCB Titanium. At last, I went in for SCB - Titanium card with 1% Cash Back offer on all purchases made above Rs. 1000/- and 5% for all petrol purchases & telphone bills.
Even after receiving the Credit Card I didn't used it for the first few days, as the booklet, which came along with the Card said, an annual fees of Rs. 750/- will be levied. So, I wrote an e-mail then fax, then phone calls to the customer care center, from where I got an immediate reply saying that your card is a life time free card as promised. But, I didn’t had any proof, so, I insisted them to send a mail or letter to me. It went for top official approval [I have been told so by the CSE], then one fine day a CSE spoke to me and said that the letter has been dispatched to my house address. I was waiting for the letter for more than 15 days and then after many calls and e-mails I received the letter. At the end it's now more than 1 year I am using the card. Like the bank promised I have been given the cash discounts in my bill amount [Restricted to Rs. 500 per month]. They are keeping their word till date. Currently the service and offers are working fine for me with Standard Chartered Titanium Card. Till date I have only one Credit Card and I am using it wisely. Thanks to the bank, even they haven't created any issues, knowingly or unknowingly.
The card gives, free lounge access at domestic and international Clipper lounges across the country. This would be required only if you have a connecting flight and you have some time to spend at Airport, as I haven't used this I would not be able to comment on this.
Few of the issues that everyone will be facing:
1) Sometimes this month's cash back will be shown in the next bill.
2) If you pay cash to towards your bill amount, you will be charged more as teller charges
3) You will be receiving loads of offers, which are not at all worth
Few tips to choose your Credit Card:
1) Don't go in for all sorts of Credit Cards from each and every bank. Choose one or maximum two according to your needs [If necessary and according to statuatory & legal requirements].
2) According to your bill date, use wisely.
3) Have cash or bank balance equivalent to your expenditure through Credit Card.
4) When the bill reaches you, pay it without any due.
5) Keep track of happening in your Credit Card, and always ask for written communication from the Bank Staffs.
6) Never increase your Credit Limit unless and until required. [Remember, increasing credit limit is not a status symbol]
