Credit card

credit cards are completly useless unless you want to put your self in debt like everyone else in this country im 27 and iv never had one and you might ask how do you get credit then well pay your bills electric bills and loan payments or get a prepaid visa they report to the credit bureu and you can never go negitive i was always taught if you want something badly enough u can save the money for it i also never use checks they are just another way to get u in trobble some people say they get them for emergancies whitch is a nice thought but it never turns out to be just that my advice never get one !

Frankly, credit card is a nuisance , but a necessity also. For obtaining a credit card, u hv to be either working or a Dependant of major card holder. If u are working, then u can fill up the form of the bank and credit card will be issued to u after getting clearance, with cash limit as per your income status.

Credit Card , as the Name Goes is a Plastic card issued usually By a Bank that gives you advanced credit for purchase based upon your financial stability. This Card bears the symbol of International Financial Networks like VISA,MasterCard,American Express , Diner's Club etc. with which the issuer has a Understanding and Link . It is a better Alternative to cash ,If used wisely . When you purchase any item against your credit card, the Merchant usually swipes it in a Swipe Machine , Provided to him by his beneficiary bank. On Swiping , The information present in the Magnetic Tape ( details about your card and it's banking Limits and Issuer bank etc) is read upon by the machine and fed to the Common Banking Network. It then checks upon the genuinity of the card and also checks and verifies for Credit Limit as against the amount of your purchase. If everything is Ok , it validates it and Provides a receipt of the transaction , which the merchant provides to you . You need to acknowledge the receipt of payment in the merchant copy and another copy called the customer copy would be given to you. Your credit limit would instantly be adjusted against your purchase . Banks Send statement of Usage every 30 days , in which your purchase details would be mentioned. You need to ensure the correctness and would be required to either pay the full amount due or a minimum Amount , Usually 10-20% of your purchases , within the specified date . If you opt for Minimum Amount , then the Remaining Amount would be charged a Monthly Interest As specified by the bank,that would be adjusted to your credit in the next statement. It is always desirable to Use the card wisely and if possible pay the full amount . unwise usage and Abusing of the card would lead to more interest charges and that would add up to your payable amount . Non payment of Minimum amount or late payment also attracts heavy penalties , that may ruin your finance over a period of time . Credit cards are primarily meant for purchases for which the payment can be made at a later period in full . It's primary purpose is itself acts as a lure people to spend more ,which many use it without understanding and end paying huge penalties. Use it wise and save for the better. !!