People should be properly educated about Credit Cards

[Kakashi2020]

A Credit Card's primary function is to extend credit to prequalified people who needs to pay for an item or a service at any given time. Basically it's a quick credit and loan facility and more and more people nowadays sad to say are getting swallowed up in credit card debt. A major factor why this is happening is because of lack of knowledge and education on the proper use of credit cards.

Who's fault is it, the credit card company or the credit card holder?

 

[alvina clair]

Yes, people need to be self-educated about the credit cards because a concerned bank offers so many advantages on purchases of electronics, etc. So a cardholder must know all the policies and advantages of the credit card. You can easily get your debts cleared by managing the purchases and services provided by the credit cards.

 

[Jelineex]

Yes, its always an advantage to put limits on credit card. One should understand the nature of it and knows when to use it. Its like having a privilege and a responsibility as well. Its always a sole responsibility of the card holder to take the obligation. Its a lot of discipline and beware of its huge interest upon negligence of its due amount. Its not a good deal. ( Ha.Ha.Ha )

 

[adityaroy8744]

I would say it depends upon the situation. At times banks highlight all the goodies, and we fall for the bait. We do not take care to go through the terms and conditions or the payment plan in full and end up getting trapped. However, there are other banks which are transparent in their dealings. For example, the other day, I was enquiring about the Signature credit card from the Emirates Islamic bank. The bank representative was well informed and kind enough to take me through the entire process of application, charges involved, and other terms and conditions.