Only 4% of them have credit cards in India

[vivek.krishnan]

duhh, why?

Yeah. Why? I guess you are cool if you pay before due date and never withdraw Cash at ATM's!

I guess people are creating wrong notion saying.. Credit card is dangerous like Antibiotics, Use it whenever required. whats wrong!

I have never been one to tell people to shy away from CC. If you have access to a CC, and are use it responsibly, it is good.

My point was that SBI CC is something to avoid because

A. They rejected my card because their quota got filled, and that too twice (they told me it was a error the first time)
B. Personal advice from a friend + customer support is pretty much non existent or useless.

 

[swatkats]

B. Personal advice from a friend + customer support is pretty much non existent or useless.

Yeah, charged twice and it took 30 days to adjust that amount.

 

[nRiTeCh]

I just used sbi card when I got it and they levied some taxes on my overall spends. I never got what was that for and thereafter never ever used it. Its still lying in my cupboard. Is it so that it aint lifetime free hence some charges?

I regularly use axis or yes, hdfc and icici are kept reserved for wife.

Till date shopped like hell on axis almost beyond 1.3 lacs in single cycle but never got levied such taxes.

 

[Harald]

I think most of the developing countries have the same situation. People of these countries are not interested in credit cards due to lack of enough money and unemployment. But people use debit cards quite often in these regions. Banks need to develop the awareness about the credibility of the credit cards.

 

[Ramadhir Singh]

- Why ICICI has low credit card users? Bad mouth publicity of using Goons to recover?

HSBC is the worst. The nightmare i experienced can never forget in this life.
HDFC is just SBI version 2.0, the sloth scene in the movie zootopia is perfect example of their quality of services. (SBI is simply out of question, unless you have 36hours per day in your life).

Can a guy with
- 1.3 Lakhs/annum take home salary ... Get a credit card?
- 3.3 Lakhs income and a freelancer with ITR .. Get a CC??

unfortunately No. minimum 300k per annum. if anyone has less than this should not even bother to apply, it will hit their CIBIL score very hard. Forgot those agent, they make money per application, they are least bothered by anyone CIBIL score.

Also its not advised for this income group for having credit card, entire saving or possibility of any saving will do down the drain. But regardless the income group CC are anti-saving instrument.

 

[nRiTeCh]

Can a guy with
- 1.3 Lakhs/annum take home salary ... Get a credit card?
- 3.3 Lakhs income and a freelancer with ITR .. Get a CC??

Not 1.3 but yeah my teamates who earn roughly 18-20k have secured axis and hdfc credit cards. Though credit limit is 40-45k at least they got one. Anyways it's rare for most people to spend 40k pm that too on cc unless he is much shopoholic or only lives and dies by cc.

 

[swatkats]

For Starters: Know all about credit cards


Credit card is used for shopping and to pay for your expenses. Hence, it has to be completely linked to your lifestyle.

If you have a car and drive regularly, a credit card with discount on fuel would be ideal for you. Or if you are a frequent flier, a credit card that offers you more flying miles is the one you need to have.

And then there are credit cards that give you access to premium lounges, and other such luxurious experiences too.

So decide on a card that is in sync with your lifestyle and financial behaviour.

The charges

All credit cards come with a cost such as joining fee, annual fee, interest rate and other charges.Joining fee can start from ₹299 and go up to ₹3 lakh for super-premium cards. The annual fee can range between ₹100 and ₹25,000, and usually comes with a clause that says if you spend more than a certain limit, the charges will be waived. Credit cards also charge an interest rate in the range of 22%-48% an annum, in case you default. Other charges include cash advance transaction fee, late payment charges, overlimit charges and card replacement fee, among others.

Reward points

All credit cards can earn you reward points. Every time you swipe the card or make a purchase online, you will get reward points. However, each credit card service provider values reward points differently. Usually, it ranges between 1 and 8 points on every ₹40 to ₹150 spent, depending on the type of card. When you redeem the points, one reward point could be worth 25 paise to ₹1, depending on the type of credit card. Credit card companies also give various offers on dining out and shopping. However, make sure that you don’t over indulge and always pay your bills on time.

https://www.livemint.com/Money/51ffJMCrqGfZsQ6pDdLieP/Know-all-about-credit-cards.html

 

[nRiTeCh]

Well not all cards are chargeable with annual fee. You missed on lifetime free credit cards category where you use the card or not, you aren't charged a penny for it.

 

[Abrikol]

I am not surprised by these figures. Almost every bank gives you free debit card with every bank account you open. Besides that, people are wary about using credit cards because of the interest rates. What do you guys think?

 

[nRiTeCh]

I am not surprised by these figures. Almost every bank gives you free debit card with every bank account you open. Besides that, people are wary about using credit cards because of the interest rates. What do you guys think?

Almost?? Its been yrs bank gives you Debit card with the kit itself. Without debit card its way too difficult to withdraw money by standing in queue. This option is considered obsolete now unless its a very huge amount which cannot be withdrawn from atms or unless otherwise.

Also people should opt for credit cards as now bank started auto deduct facility from linked account where one doesnt have to keep track of bill date and worry about missed payments.
But sadly most people still got mindset that credit cards screw their lives with unwanted issues etc. which isnt true.

 

[Zaibatsu]

I think most of the developing countries have the same situation. People of these countries are not interested in credit cards due to lack of enough money and unemployment. But people use debit cards quite often in these regions. Banks need to develop the awareness about the credibility of the credit cards.

Being interested or not is simply out of the question. They lack eligibility. One cannot get a credit card without proof of paying tax. And secured credit cards, one won't get them anyway because they're useless since noone would pay a bank extra just to get 85 % credit limit. It's like a namessake credit card, where it works worse than a prepaid card

 

[sandeepsachin]

Although that is what is the norm, but in my case at least my secured credit card from HDFC Bank is still working despite me closing the FD a long time back.
In my case, I was shown and able to use the closing option via netbanking.

Wasn't a lien marked on the fixed deposit? Or was it removed based on your good track record?

 

[Zaibatsu]

Let me give you a sneak peak in to my Swiggy ordering history. You would get a very small idea of how much I spend everyday, and yet not eligible for a credit card? Why? Because I don't pay tax? Services like LazyPay and Flipkart Credit say I'm eligible to use their services due to their AI checking my transaction history and determining my eligibility

 

[rdst_1]

Wasn't a lien marked on the fixed deposit? Or was it removed based on your good track record?

No idea how and why it worked. I closed the FD online so that must be the loophole.
Maybe you are right and they never placed a lien on the FD in the first place.

 

[swatkats]

Let me give you a sneak peak in to my Swiggy ordering history. You would get a very small idea of how much I spend everyday, and yet not eligible for a credit card? Why? Because I don't pay tax? Services like LazyPay and Flipkart Credit say I'm eligible to use their services due to their AI checking my transaction history and determining my eligibility

You don't pay tax means you do not have income. If you do not have income How will you Repay?

If you seriously need a credit card, Put 20k in FD for 6 months and get one!

 

[Zaibatsu]

You don't pay tax means you do not have income. If you do not have income How will you Repay?

If you seriously need a credit card, Put 20k in FD for 6 months and get one!

Same way I'm paying for my daily online transactions, by transferring money from parent's account and maintaining daily transaction history. It should be based on average daily transactions, not income eligibility. A 21+ age eligibility is fine but income proof is too much. Why do I keep receiving loan offers and credit card offers in my Gmail account then anyway? And whenever I go to a mall, agents keep begging me to apply for their credit cards

 

[vivek.krishnan]

Same way I'm paying for my daily online transactions, by transferring money from parent's account. It should be based on average daily transactions, not income eligibility. A 18+ age eligibility is fine but income proof is too much

Then get a credit card on your parents name! A CC is basically a line of credit, akin to a short term loan. If you take a loan, do you think that because you can show spends you will get a loan?

What you are referring to is micro credit. This is a calculated risk and the amounts are quite small.

 

[Zaibatsu]

Then get a credit card on your parents name! A CC is basically a line of credit, akin to a short term loan. If you take a loan, do you think that because you can show spends you will get a loan?

What you are referring to is micro credit. This is a calculated risk and the amounts are quite small.

I get your point. But then why do I get spammed with credit card and loan offers in my email? And whenever I go to a mall, why do the salesman keep begging me to apply for their credit cards? I think it's a pathetic attempt to make me show my income proof

 

[vivek.krishnan]

I get your point. But then why do I get spammed with credit card and loan offers in my email? And whenever I go to a mall, why do the salesman keep begging me to apply for their credit cards? I think it's a pathetic attempt to make me show my income proof

Really? You are basing your point on this?

This is a fundamental disconnect between the pre-sales/sales/marketing teams. They will want to build up their database in the hope that one day they might get lucky.

Also, next time the sales guy asks you, just tell him you have no income and see how fast they move on. I do the same for stock-market/equity/debt/crap calls (which I think are illegal, BTW) that I have no money and am jobless. They rarely bother calling me back.[DOUBLEPOST=1530161236][/DOUBLEPOST]

I think it's a pathetic attempt to make me show my income proof

They do not need your consent for income proof, all they need is your PAN card. Data collection/protection laws are quite weak here and no consent is required.

 

[Zaibatsu]

Really? You are basing your point on this?

This is a fundamental disconnect between the pre-sales/sales/marketing teams. They will want to build up their database in the hope that one day they might get lucky.

Also, next time the sales guy asks you, just tell him you have no income and see how fast they move on. I do the same for stock-market/equity/debt/crap calls (which I think are illegal, BTW) that I have no money and am jobless. They rarely bother calling me back.[DOUBLEPOST=1530161236][/DOUBLEPOST]

They do not need your consent for income proof, all they need is your PAN card. Data collection/protection laws are quite weak here and no consent is required.

I know right. I have been trolling & fake calling people for almost 1.5 years now. And yet noone has caught me yet. Indian government has no way to protect shit electronically