'Credit cards are like dogs -- faithful'

We asked Get Ahead readers to send in their opinions on the credit card vs debit card debate. Here are a few responses from readers about their credit card experiences:

'Credit cards have pulled me out of trouble so many times'

I am telling you about my experience about the credit card. I was a student in New Zealand then. We had limited means of money and at times we even withdrew cash as it was our last source of money. This was the case with several of us. We used them to buy emergency tickets to India, emergency car fines (else prison), emergency payments for college fees (else visa would gets lapsed).

Can you tell me that in a foreign country, where you do not have a job etc, who will give you money to use with no interest for 55 days? 55 days here means like 1 day short of 8 weeks and salary is paid weekly.

My credit card limit was like Rs 80,000. This has pulled me and others out of trouble so many times.

                                                                                                                                                                    -- S Singh

Credit card is nothing but 'silent killer or sweet poison'

I am having 3 different credit cards of 3 banks.  But I would like to inform you that though now-a-days it is status to have more credit cards, it is really burden for a man & he may get caught in an interest burden.  So credit card is nothing but 'silent killer or sweet poison.'

                                                                                                                                          -- Prashant kulkarni, Pune

'I never go beyond my permissible limits'

I have been using credit card for last about 5 years.  The very first card I had was that of SBI.  I used it for about a year and a half and then got it cancelled for some problem.  I cancelled the card because the bank declined my request for issuance of a free card for my wife.  From the usage of this card, I could get a nice bag redeemed from the reward points that I had earned.

The next card was an HDFC card.  I used this card for about a year and then cancelled it too for some problem, which I do not remember now. 

At present I am using BOB (Silver) Card for last about 2 years.  I never go beyond my permissible limits as far as usage of the card is concerned.  I use the card for purchase on the date immediately following the date of my bill so that I can get the maximum credit ie 45 days. 

I make all my payments online and in full. I never carry forward the amounts.  So far I have had problem with BOB card only once. 

For some reason, I dropped a cheque in one of the branches of BoB itself.  However, the payment was credited to somebody else's account and was reflected as outstanding in my account. 

I gave a good amount of fight through numerous letters and finally the company reversed all penalties and other levies thereon.  I am very happy with the credit card that I am using presently. 

The only minus point I find with this card is that it levies service charge if fuel is purchased from the designated pumps in short of Rs 300.  I own only a motorcycle and would never need to refuel it for Rs 300 in a single filling.  So I have to pay in cash for fuel purchase. 

It would be nice on the part of BOB cards if it considers this point liberally and allows small fuel purchases also without levying service charge.

                                                                                                                                     -- Sunil S Misal, Gandhinagar

'Credit cards are like dogs -- faithful animals'

Nobody will help you in crises; even your parents or friends who can help you may not be in a position to help at times due to various reasons.

But your credit card lies in your pocket is like a faithful Dog. Use it wisely. Never forget that there is also an account for your card which you have to take care of. Even if you've cleared all your bills, keep an eye on the monthly statement to know the status of your account.

Never, forget your bill generation date and payment date. If you don't get a statement there is n number of ways to get the information. Take one effort of paying it on time and stay rest assured. It will handle it in a very organised and detailed way. 

                                                                                                                                                      -- Ajay R. Koyalkar

'It is heavenly to use credit cards'

Credit card, when used very very carefully, has all the advantages in the world. First, a guarantor is needed when any bank or financial institution is approached for a loan. Next, they will cut a certain part of it and convert into shares. Most probably, it is 10% of the loan amount.

This is not the case with credit cards. Swipe it and the payment is made followed by handing over the goods. No hard cash.

SBI card offers a Flexi Pay Plan wherein any transaction has to be reported within 10 days for conversion to Flexi Pay Plan. Although with a flat rate of interest of around 10% it is still affordable to use credit cards and Flexi Pay Plan.

Further, online shopping sites require Credit Cards for realisation of payment which is done within a few hours. These online shopping sites are actually 'window shopping' sites where one can get to know the prices of commodities, rather than asking for them in shops.

I have reversed many a dues and penalties of SBI Card through helpline numbers. I would get my statements late and would be charged for late payments. Reminding the card company of such dubious policies and the RBI directive to these companies not to charge penalties to customers in case of late statement delivery, they have accepted requests and reversed any penalties.

With the increasing amount of credit facility, every 2-3 years, and with the Flexi Pay Plan, it is heavenly to use credit cards, of course, within ones limits and careful planning.

I, for one, have brought many goods like laptop, mobile, furniture, vacuum cleaner, etc. through credit cards.

                                                                                                                                             -- Vinay khedekar, Pune