credit card
- Thread starter Vivek3117
- Start date
Bharatiya Nagrik
KF Mentor
Bro, please don't misunderstand my comment. It is just my opinion. Just trying to make you cautious about CC. Credit card is not for earning money. It is basically to help you earn rewards and cashback on expenses you are anyways going to do even if you did not own a credit card. If not used properly then it will be a bad debt trap. Many people have lost a lot with improper used of CC. Stay away from jugadu schemes if you are serious about using credit card for long term.
Vivek3117
KF Rookie
okay brother
kausikghgeol
KF Ace
I books flight tickets, train tickets, recharge mobile data etc. of customers
using my Credit card. I paid the amount after some days with rewards or cash back, though I received the amount instantly from the customers. By that monthly avg. 8-12k extra money you can earn.
Vivek3117
KF Rookie
coolI books flight tickets, train tickets, recharge mobile data etc. of customers
Credit cards are for personal use and if they see too much transactions of similar nature like they see multiple payments on Airtel site or any third party app which is used for making payments, the card company can block your card for commercial usage. This is also one of the reasons why card companies devalue the card as they want to limit the abuse.I books flight tickets, train tickets, recharge mobile data etc. of customers
kausikghgeol
KF Ace
May be. myself and many others uses from last 3 years, no problems arises. Its our choice.
. Thanks for your concern about card companies. My concern is not for card companies but the users whose benefits get reduced when the card companies devalue card for everyone.May be. myself and many others uses from last 3 years, no problems arises. Its our choice.
kausikghgeol
KF Ace
Credit card devaluates because profit from credit card after giving benefits offered by a credit card decrease over time.
The more use of a card will benefitted more for the card company and obviously.
If defaulters will be more, then the card company will more profitable and that is the actual benefitted for them.
Banning the commercial use of a card is given by the card regulatory body only, card company wants more use of it actually.
If defaulters are more, then the card company will be more profitable!! Where are you reading all these? Defaults will straight away eat away from Profit. Banning the commercial use is banned by regulatory body RBI has come only in Feb'24 however the commercial use was never allowed by card companies as it works out to abuse. If a card company gives some sort of reward for utility payment they assume the amount would not be too high, however if some person uses to it pay bills for 3rd parties, card company need to pay more rewards, which is never the intention as they do not earn much on certain categories. With such abuse banks like Yes Bank and IDFC have now put a limit on it and beyond that they will charge 1% extra to dissuade the commercial usage. Nonetheless, your card, your wish...though when the companies ask for details they would ask for a long period. Good luck!
kausikghgeol
KF Ace
Yes Thanks for your concern.
