Before Applying for a Credit Card

| Posted: 01-09-2007 | Comments: 0 | Views: 21 | Rating: (50)

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Credit cards are one of the most convenient ways to purchase these days. With just a push of that standard and trusted credit card, you are able to do many things like shopping, buying your needs when there is no cash available, and even travel. No doubt, most of us today opt for credit cards. Its user-friendly feature is perhaps is biggest selling point plus, of course, the points you can earn from each use. In creditspeak, accumulating points means receiving a gift certificate or a money back perk at a later time. This means being able to purchase something for your personal pleasure.

Nevertheless, no matter how good these all may sound, it still remains a contending factor that every month (or depending on the agreements struck between company and client), you will be receiving a billing statement. Commitment to pay at a regular basis should, therefore, be included in one's list of things to consider. Having the most convenient way to have a purchase any time of the day you want is not in any way an excuse to be financially irresponsible. With or without a credit card, it is always wise to monitor your spending and live within your means. Many times, credit card holders forget about this, so they tend to be complacent about their spending.

Before deciding to apply for a credit card, make sure you know the details of the credit card you are applying for. Don’t be afraid to ask questions about the company's interest rates or it's point system or how regular will the billing be. It is by asking these questions and similar ones that you will be able to know just how capable are you in paying. If it is something beyond what you can cope financially, then better change companies or reconsider your application. There is always a right time to say, "No", you know. Amd sometimes, asking questions credit companies usually don't want to hear helps in your understanding of how the entire credit process works.

Having a credit card is one sure way of improving your credit history, especially if you are planning on a mortgage or after a bankruptcy, chances to get approved are slim when you had a low credit score due to a previous bankruptcy. While most banks will be hesitant to allow you to open an account under these past conditions, some banks would approve of it especially if you opt for a secured. Now, this is called secured because in case of non-payment, another thing of value would be placed as mode of payment instead. Those from a bankruptcy are most likely advised to apply for a secured card instead.

While there are several risks involved with credit card applications, its advantages seemed to be hailed over the disadvantages involved. One risk here is because you are free to spend anytime, your debts are likely to increase. The end of the month sees you shocked at the sudden addition to your monthly bills. Consider also the associated fees, which might be included in its application. A last point that needs to be made is that once you got approved and you have the credit card with you, make sure you don't misuse it. Bad credit may result from it. You don’t want the credit card company to call you in your house and office, would you?

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Misuse of Credit Card Data by Makemytrip
By: Rakesh Singh | 17-09-2008
I had shared my HSBC Credit Data for booking of Internation Airticket through Customer Service Representative of Makemytrip over phone. for Jet Airways Flight from Kolkata - Delhi - London on 18th Aug 2008. [Ref. Reservation Code WKKVC] I discovered on 5th Sep 2008 that my Card data has been used to make some Bookings favouring "Shree Raj Tours & Travels" , Mumbai on 31-Aug and 01-Oct worth Rs. 38,000/- (approx.) I have been mailing everybody since then including Customer Care Representatives and service@makemytrip.com about the case. I got a mail today after investigation from Makemytrip that these bookings have been done by some Agent in Mumbai and makemytrip has no role here. I feel seriously betrayed by Makemytrip for sharing my data first and not helping me salvage the money or catch the culprit and totally disowning the incident. I fear now that I shall be forced to pay the due amount of Rs. 38,000/- I am in a Foreign location and donot have enough cash to repay the wrong amount on Credit Card. After informing HSBC about my Credit Card misuse, my Card is blocked and I am literally having a very tough time financially without the Card which is cancelled since 05-Sep-08. Forget the agony of mails, Phone calls to banks, Makemytrip, Raj Travel anf Family members for follow up Please advise suitable action at singhden@gmail.com

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