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WHAT IS THE BEST CREDIT CARD IN SL???
- Thread starter ZAN
- Start date
My Dear Zan, I'll make one thing clear before anything, there is no Good in any credit card.
A CC can only plunge your life into debt trap for a long time in your good life. First of all try to understand the basic requirement of getting your self a CC. Is it for your daily expenses or is it for your long desired expenses or maybe it's for those unforeseen emergencies...what ever the requirement always remember "IS IT WORTH IT"? Maybe if your choice is the last option, well that's a wise thought, but then again, isn't it better you take a life insurance than a CC.
A CC will have so many charges/payments tagged along with it to add extra burden, plus to make it more attractive your host bank will throw you extended credit lines.All this will tie you up in higher debt.
A small point to make it clear;
Average CC monthly interest in the local market = 3 - 5% (per month)
Therefore, your annual interest rate = 36 - 60%
Average Personal Loan interest rate in local banks = 19 - 24% (This is per Annum/year)
So you do the math & understand what's better.
Added reading - http://moneyfor20s.about.com/od/creditcards/tp/needacreditcard.htm
Best of Luck!!
A CC can only plunge your life into debt trap for a long time in your good life. First of all try to understand the basic requirement of getting your self a CC. Is it for your daily expenses or is it for your long desired expenses or maybe it's for those unforeseen emergencies...what ever the requirement always remember "IS IT WORTH IT"? Maybe if your choice is the last option, well that's a wise thought, but then again, isn't it better you take a life insurance than a CC.
A CC will have so many charges/payments tagged along with it to add extra burden, plus to make it more attractive your host bank will throw you extended credit lines.All this will tie you up in higher debt.
A small point to make it clear;
Average CC monthly interest in the local market = 3 - 5% (per month)
Therefore, your annual interest rate = 36 - 60%
Average Personal Loan interest rate in local banks = 19 - 24% (This is per Annum/year)
So you do the math & understand what's better.
Added reading - http://moneyfor20s.about.com/od/creditcards/tp/needacreditcard.htm
Best of Luck!!
Use a card from Sampath... & see the difference. These days 10% discount for the total bill @ Cargills; 12.5% discount @ Hammedia, Nolimit, Pallu, Glitz, ABBA, & and many... foriegn tours for 24 months installments (1st Installment is absolutely from the bank....). Coming soon... Fabulous discount @ Hotel Fortress & more discounts @ Amaya Hotels with remarkable rates. All these facilities for a monthly fixed interest rate of 3% & an annual fee of Rs. 750 for a classic Card.
I earlier used Standered And Charted card, but they are so poor in terms of customer care and they charged a massive late payment fee, so i recently shifted to sampath, Actually Sampath card is good cz they give cards for any amount of monthly income unlike other banks.
SAMPATH CARD is good among local banks, They offer lot of discounts and offers. HSBC has lot of offer but rates and rate calculating is big mess.
