Credit cards: Read the terms & conditions carefully

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: Read the terms & conditions carefully

I am having 4-5 Credit cards from different banks. Now, whenever I receive any call from DSAs of banks to have another card my humble answer is 'No'.

I used my credit card rashly few years back when my knowledge was almost zero. I lost a few bucks as surcharge too and all this opened my eyes to use Credit Cards wisely.

Nowadays I use them smartly and always make sure that their payment is done on time.

I suggest all credit card users to know their cards better and go through terms & conditions carefully before using their cards. Check your statement and make sure payments are done on time.

                                                                                                                                                          -- Kamal Thakur

One should treat credit card like a friend

You apply the same yardstick of borrowing money from credit card as you would do with a friend.

Generally, one should avoid borrowing money from friends, and if at all necessary should be done in a very rare and extreme emergency situation and pay back promptly as soon as you have enough cash.

I remember an incident when credit card saved me from big embarrassment when I was travelling on a business tour. I originally planned for only 3 days tour but due to emergency had to stay back another 4 days with almost little money left in my pocket.

I used my credit card and got reimbursement from my company when I returned. Imagine the situation when I do not pay back the money so reimbursed from the company and use it to buy some gadget instead.

My budget will be in a mess next month if I do so. My mantra for wise use of credit card is use it if you consider the amount spent as liability and not the items so procured as asset, pay back promptly and never carry-forward your balance.

                                                                                                                                                                     -- Rupesh

Credit card helped me pay for my surgery

I am using ICICI Bank cards for more than two years. I find no problem with the bank. They are very transparent.

Once I got admitted for a surgery. Though I had mediclaim, I couldn't claim reimbursement due to some reason.

Hence I paid on my credit card, converted into 6-months 0 per cent EMI. Within 2 months I got the money from my insurance company. I had 4 months revolving cash with me.

                                                                                                                                                                 -- K Baburaj

Why don't we get a separate CVV?

I want to know why credit cards have CVV (Card Verification Value) number written on the back of card and it is non changeable number. In case of loss of card or when you give it to some shop or restaurant they can get all details of it and later on can use for online shopping.

Why we don't give CVV number separately or make it changeable or some other information should be required at time of online shopping which is not present on the card?

                                                                                                                                                            -- Anand Singh

Plastics worked but I always paid the full amount in due time

I have been using credit and debit cards since 1992. I personally am benefited in many ways using both the types.

I gathered mileage and got free air travel using credit cards, got different discounts, and had convenience of cashless mobility in different occasions. Plastics worked but I always paid the full amount in due time at the earliest.

                                                                                                                                                        -- Sukhen K Mitra

I might be in the defaulters' list...

I had a problem with my Credit card payment in 2000. It was a due of Rs 35k and the collection agent settled it at Rs 10k.

They wrote in their receipt full and final settlement and promised to send the final settlement certificate .However that did not happen. I did not bother at that time and also I was in Bangalore then. As I understand now I might be in the defaulters list of Sify etc.

How can I get out is this problem? Please advice. If I go back (Standard Chartered) would there be a solution?

Also if once you are in the defaulters list will it be that you cannot rectify it later or get considered for a loan later EVER?

                                                                                                                                                  -- Saugato Siddhanta

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.

 Also read:

Credit cards are like dogs -- faithful

Credit cards vs debit cards: Take your pick

'Credit cards are sugar-coated posion'

Credit cards: 'A beautiful tool to manage cash'

'Credit cards are silent killers'

Credit cards: 'Never make impulsive purchases'

Credit cards: Beware of 'conditions apply'

'Who said credit cards are silent killers?'

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.