Everyone please be responsible with your credit. Don't buy things you don't need with money you don't have. I saw this post on reddit and found it to be a good enough warning to make people aware so that you don't end up like them.
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Warning for people who are new to Credit cards.
- Thread starter SmartyAadi
- Start date
- Replies 32
- Views 2K
Good warning...
Just as a general principle... We need to spend according to our earnings.. not according to our sanctioned limits...
Applies to everything , not just CCs ...
Yes sir. As a general thumb rule, I pay bills via cc only if I am able to easily pay, via DC and that too with some good amount being left after txn in bank.
ThriftyPlasticPundit
TF Premier
Please anyone new to credit card world! DO NOT get caught with rotating money to complete milestone. I understand if there is a genuine need of money but dont make a habit of it.
All the rewards & casback we get because their are dumb heads! Who doesn't follow the above quote.
The path to hell is paved with good intentions
Having a credit line extended to you for use anytime and being dependent on the credit line for survival are 2 different things. You will just be 1 bad month away from spiralling into a severe debt trap if not used responsibly.
As is generally mentioned for investments, have your necessities like Emergency funds etc sorted with good saving rate before playing the saving game with credit cards.
As Uncle Ben said, "With great power comes great responsibility"
Pata bhi nhi chala kab vo story inception ka script ban gaya 🙄
Ek loan aur lo aur Vijay Mallya ki tarah London chale jao. Ab yahi option bacha hai.
Ek loan aur lo aur Vijay Mallya ki tarah London chale jao. Ab yahi option bacha hai.
Simple rule to follow, before making big transactions over credit card, just check you have that money or not. Trf that money to other acc and forget that it even exists till the payment date arrives. I transfer my dues on every sunday to other acc.
panchabhut
TF Legend
The "limit" is not what the banks determine but is determined by the ability of a person to pay back.
That said, a high credit limit can be a god sent at times of emergency, particularly medical emergency, when person does not have the time for arranging other sources of fund immediately.
That said, a high credit limit can be a god sent at times of emergency, particularly medical emergency, when person does not have the time for arranging other sources of fund immediately.
onlineramarao
TF Buzz
Other side of the coin.....
He did a good job by utilizing the credit. If he had not taken those loans, he would not have enjoyed his life during those days, be it enjoying with friends, bike etc.
Any student (who is planning to work after his graduation) will earn money exponentially after graduation.
So always take available loans and enjoy the student life.
He did a good job by utilizing the credit. If he had not taken those loans, he would not have enjoyed his life during those days, be it enjoying with friends, bike etc.
Any student (who is planning to work after his graduation) will earn money exponentially after graduation.
So always take available loans and enjoy the student life.
I hope that this is just you, being sarcastic. 🤣🤣
Deleted member 21942
TF Legend
Karan: Should I make Student of the Year 3 based on this script? 🤔
Get credit cards only to buy things that you can buy with cash in hand.
Use credit cards just to get that extra 45-50 days to repay.
Consider reward points as just a cherry on the cake.
Because,
Credit cards help you build your credit history.
Gets you a good credit score.
Gives you some small perks like BOGO movie offers, lounge access, cashback and reward points.
Gives you a mental pleasure that you have a feeling of being someone special.
But,
If you miss the payment, be ready to pay heavy late fees.
Hit on credit score and it goes down much faster than it came up.
Downward spiral on your financial discipline.
Take care, stay safe.
Use credit cards just to get that extra 45-50 days to repay.
Consider reward points as just a cherry on the cake.
Because,
Credit cards help you build your credit history.
Gets you a good credit score.
Gives you some small perks like BOGO movie offers, lounge access, cashback and reward points.
Gives you a mental pleasure that you have a feeling of being someone special.
But,
If you miss the payment, be ready to pay heavy late fees.
Hit on credit score and it goes down much faster than it came up.
Downward spiral on your financial discipline.
Take care, stay safe.
When I was 18 and got my first credit card I used to rotate money into my bank and gamble it on futures. At that time I got very lucky and made quite a bit in the crypto market. I still do futures trading on Binance but I actually do it after researching and only take calculated risks. If I wasn't lucky at that time and got liquidated I could've easily lost my 140000 and got into major debt for no reason.
For all my ccs, I always disable atm cash withdrawal option and set a much lower spend limit than my CL for online/pos/contactless based through the app/netbanking. If and when I need access to the higher CL in emergency, I will enable it on a case to case basis.
Hi all,
I'm new to TF community and to credit cards world. I have recently started learning about benefits of credit cards and holding 10 credit cards at the moment. I have created an excel sheet to note down due dates of each card.
I want to understand how experts here effectively manage various benefits of their cards? Like which card would be best for ordering from zomato, for booking flights, for offline payments, etc? Do you note down this somewhere and update it periodically? I'm finding it really difficult and time consuming.
Are there any apps which can be helpful here? For ex. I have found dreamfolks to be very useful for keeping track of lounge accesses of all my cards at a single place.
CC @Subhankar @bhavyegoel
I'm new to TF community and to credit cards world. I have recently started learning about benefits of credit cards and holding 10 credit cards at the moment. I have created an excel sheet to note down due dates of each card.
I want to understand how experts here effectively manage various benefits of their cards? Like which card would be best for ordering from zomato, for booking flights, for offline payments, etc? Do you note down this somewhere and update it periodically? I'm finding it really difficult and time consuming.
Are there any apps which can be helpful here? For ex. I have found dreamfolks to be very useful for keeping track of lounge accesses of all my cards at a single place.
CC @Subhankar @bhavyegoel
Which card is best? One of the cons of having multiple cards, needs to track and update periodically and yes time consuming.
I don't think those 10 cards are actively needed for anyone. If you want simple then prefer not more than 5 cards.
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