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Credit cards: 'I pay my bills regularly and in full'

August 20, 2007
We asked Get Ahead readers to send in their opinions on the credit card vs debit card debate. Here's what Siddharth Dassani from Vizag has to say about his credit card experiences:

I am a great lover of credit cards and at the moment I have cards from 8 different banks. However I primarily use 2 credit cards - ICICI for petrol purchases and HDFC for all other transactions. I think that if used judiciously credit cards can be very useful. To me the golden rule of credit card is that 'you should purchase by credit card what you can purchase by cash'. Never go overboard and make impulsive purchases which you will regret later.

In fact I was surprised to read the poor comments because I have had great experience with HDFC Card. I pay my bills regularly in full and never carry forward any amount.

Once by mistake I dropped a cheque for payment without signing which bounced. I saw it through Net Banking and immediately paid the full amount in cash. Although the payment was received after due date based on previous history the Bank agreed to reverse the charges although it was my mistake. So I think that if we maintain clear payments we should not face any problems.

My only problem is the umpteen calls I receive from some Banks (ABN Amro, Standard Chartered) trying to sell their premium cards. This is despite me registering on their 'DO NOT DISTURB' list on internet.

Disclaimer: This is a reader-driven feature. The views expressed by the readers are their own, and not that of Rediff.com. Rediff.com has not altered the material presented here and does not endorse it in any way.

Reader invite: Dear reader do you have an opinion on the debit card vs credit card subject? What do you think is more convenient to use and what are the pros and cons of using each of them? Share your experiences of using credit cards and/ or debit cards with getahead@rediff.co.in, and we will feature the best entries right here.

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