What is the status of credit cards in modern banking?

Question

What is the status of credit cards in modern banking?

Answer 1

     They have replaced the paper check system on a local level.

Internet access has relived the need to balance your check book.

Answer 2

modern way of looting money. in short day light robbery.

can you imagine 36% p.a interest charge plus 12.36% service tax totalling 48.36% chargable by financier. it is daylight robberry of hard earned money from poor and middle class.

in addition if you fail to pay one day late the late payment charge of minimum INR.400/- if you load this it will be somewhere from 120% to to 250% per annum.

the pity is for a late remittance of just less than INR 100/- there will be late payment penalty of INR 400/- which will work out 4800% p.a believe it it is true.

if you resist and contest against the charges they will threaten you to publish your name in CIBIL which is an other atrocious body which cannot follow any norms.

in short government licensed burglers the modern MNC banks

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it is better to use debit card only

Answer 3

The same as muggers in a dark alley. He! He!