This week we had an interesting tweet chat on #MoneyViewChat and the topic was credit cards. Often a bane of many a spender, a credit card is a financial instrument that if managed well can help you with convenience of payment and even debt as long as you pay off your dues on time. Not to mention the benefits of reward points, hotel vouchers and airline tickets that many platinum cards now offer. So here is the recap of that chat:
Starting off with our first question.
Q1: Do you own or plan to own a credit card? #MoneyViewChat pic.twitter.com/P7nWTOMiub— Money View (@MyMoneyView) October 13, 2016
@MyMoneyView A1
When I Start Shop For My Sister To Give Her Surprises
Pay Online Using Credit Card & Deliver To Her Doorstep#MoneyViewChat pic.twitter.com/Wk6xpAPTFW— Pavni Sharma (@pavnisharma17) October 13, 2016
@MyMoneyView A1 .Yes i have a credit card of @HDFC_Bank #MoneyViewChat
— avinash ro (@Nps007Kumar) October 13, 2016
@MyMoneyView A1 I own multiple cards. #MoneyViewChat
— Varun (@_varunparikh) October 13, 2016
@MyMoneyView #MoneyViewChat No, I don’t have credit card but thinking to get one.
— nand kishor singh (@NanduLoudySingh) October 13, 2016
@MyMoneyView have 3 of them#MoneyViewChat
— Amit Vishnani (@AmitVishnani1) October 14, 2016
Considering how popular credit cards are these days, it was no surprise that most of our participants owned credit cards, some even multiple cards.
Seems like all our participants own a credit card. Moving to our next question.
Q2: What do you use your credit card for? #MoneyViewChat pic.twitter.com/uw6uqwUPwC— Money View (@MyMoneyView) October 13, 2016
@MyMoneyView A2 – well I mostly use my credit cards for online shopping and EMI 🙂 #MoneyViewChat #CreditCards
— Nakul.M.Dev (@nakulmdev) October 13, 2016
@MyMoneyView I use it to redeem the reward points. That way I never pay for my Movie tickets 😀 #CreditCards #MoneyViewChat
— Minna pauly (@Minnz89) October 13, 2016
@MyMoneyView I use my husband’s credit card for shopping, filling petrol and booking movie tickets #MoneyViewChat
— umme athiya (@uathiya) October 13, 2016
@MyMoneyView #CreditCard#MoneyViewChat
To pay bills when we r travelling 🙂
— Kabra Mala:)? (@maladarak) October 13, 2016
A2 A lot of purchases both online and offline. Groceries, apparel, furniture, jewellery — you name it. Very convenient. #MoneyViewChat https://t.co/ew8iabK5HC
— Rachna Parmar – Author Air fryer Recipes Cookbook (@rachnaparmar) October 13, 2016
Credit cards are used a lot for both online and offline purchases by our community. From apparel to furniture, groceries to paying EMI, they are used everywhere.
Time for our next question.
Q3: How did you go about choosing your credit card? #MoneyViewChat pic.twitter.com/9dJH0yfFgf— Money View (@MyMoneyView) October 13, 2016
@MyMoneyView A3 Rewards, Rewards, Rewards, Customer Service. #MoneyViewChat
— Varun (@_varunparikh) October 13, 2016
@MyMoneyView A3. Amazing offers on credit card made me tempt for it
#MoneyViewChat— Krish (@krixz6339) October 13, 2016
@MyMoneyView
A3
When I See Amazing Offers On Credit Card#MoneyViewChat— Kiran (@fotokiran) October 13, 2016
@MyMoneyView A3 Max cashbacks, online deals & reward points, no or bare min annual fees, brand name, offers free movie tkts #MoneyViewChat
— Deepesh (@deepeshg9) October 13, 2016
@MyMoneyView
A3) Credit Limit and offers the bank gives#MoneyViewChat— KAMAL JIT MEHRA (@kamalmehra67) October 13, 2016
@MyMoneyView
A3) Cards that earn rewards,Limit of credit card,service of bank and How much does it cost to open an account
#MoneyViewChat— avinash ro (@Nps007Kumar) October 13, 2016
We saw some detailed replies to this question. Right from credit limit offered, customer service to annual fees, offers on credit cards and fees and penalties, our audience had a wide range of reasons for choosing their credit cards.
Now a serious question.
Q4: Any unpleasant experiences related to the usage of #CreditCards? #MoneyViewChat pic.twitter.com/7xjakhLwex— Money View (@MyMoneyView) October 13, 2016
@MyMoneyView a4) So far so good no unpleasant experiences as such, if you know how to use it safely #MoneyViewChat https://t.co/RxbMmpjOYf
— Snehalata jain (@snehalataj) October 13, 2016
@MyMoneyView A4 – I had this one experience, where I got broke just before my bill payment due date. 🙁 #MoneyViewChat #CreditCards
— Nakul.M.Dev (@nakulmdev) October 13, 2016
@MyMoneyView When I missed the bill date and ended up paying quite a bomb as interest 😛 #MoneyViewChat #CreditCards
— Minna pauly (@Minnz89) October 13, 2016
@MyMoneyView A4: While making payment of credit of my Teacher there is no option to pay via PNB but other bank are listed #MoneyViewChat
— nand kishor singh (@NanduLoudySingh) October 13, 2016
Most people had the bad luck of missing out on their credit card payments and then ended up paying hefty penalty. Tools like Money View App and auto debits from your bank account can help safeguard against this problem.
Time for our last question.
Q5: What are some helpful credit card usage tips? #MoneyViewChat pic.twitter.com/pQqRbi4cNs— Money View (@MyMoneyView) October 13, 2016
@MyMoneyView
A5
Be Vigilant About Fraud#MoneyViewChat pic.twitter.com/1NvZnKmpy6— Pavni Sharma (@pavnisharma17) October 13, 2016
@MyMoneyView A5) Use reward card
stay under your credit limit.
Pay off balance every month
Never skip a payment. #MoneyViewChat— umme athiya (@uathiya) October 13, 2016
@MyMoneyView
A5. Wait for good offers o come and then make most use of the card. this will help you save some money#MoneyViewChat— Amit Vishnani (@AmitVishnani1) October 14, 2016
@MyMoneyView A5. Keep reminder of payment. Keep note of messages when u transact. Tally the records#moneyviewchat
— #DilDekeDekhoOnSAB (@jyotishsb) October 13, 2016
@MyMoneyView A5-Vigilant about fraud
Decide a rewards card
Learn about other card benefits
Be buddies with yur card issuer #MoneyViewChat— avinash ro (@Nps007Kumar) October 13, 2016
All our participants had useful tips to use credit cards safely. Some of them were – beware of fraud, pay your dues on time to avoid paying penalty, always spend within credit limits, utilize your reward points, track your spend among others.
With this we rounded up yet another interesting session on #MoneyViewChat. Do join us every Thursday between 7-8 pm for some fun chatter on all things finance.