Planning to get a credit card. Help!

[Riyad]

I am planning to buy a credit card but I don't know much about how it works.
I will deposit 1 lac taka as FDR for six months. They will give me a secured credit card with 90,000 tk limit against my FDR.
My FD will auto renew every 6 month, so is my credit card.

I have some questions to those who use credit cards.

If I buy a product with 0% EMI scheme is it good or should I buy a product with cash discount with credit card and then later convert it to EMI with low rate?

I want to buy a Smart TV worth of tk. 38 K (discount price) but if I buy it under 0% EMI scheme they charge regular price of 42 K. It means 4 thousand more than discount price. If I buy it with credit card with no 0% EMI and later convert it with low cost EMI will it be better than 0% EMI?

 

[PakSword]

I am planning to buy a credit card but I don't know much about how it works.
I will deposit 1 lac taka as FDR for six months. They will give me a secured credit card with 90,000 tk limit against my FDR.
My FD will auto renew every 6 month, so is my credit card.

I have some questions to those who use credit cards.

If I buy a product with 0% EMI scheme is it good or should I buy a product with cash discount with credit card and then later convert it to EMI with low rate?

I want to buy a Smart TV worth of tk. 38 K (discount price) but if I buy it under 0% EMI scheme they charge regular price of 42 K. It means 4 thousand more than discount price. If I buy it with credit card with no 0% EMI and later convert it with low cost EMI will it be better than 0% EMI?

My advice.. don't apply for a credit card ever..

 

[Beethoven]

My advice.. don't apply for a credit card ever..

why???? any specific reason behind it???

 

[El Sidd]

Close this stupid thread.

 

[Clutch]

Close this stupid thread.

Stupid is as stupid does.

 

[KAL-EL]

Not sure if PayPal credit is available in Pakistan, but anything $99 USD and over is automatically given 6 months of no interest if fully paid by the end of 6 months.

 

[Desert Fox]

My advice.. don't apply for a credit card ever..

Depends on how one uses it. Ideally credit cards should be avoided, but in today's consumer culture credit cards are not avoidable unless one has tons of money which the average person does not.

 

[PakSword]

Depends on how one uses it. Ideally credit cards should be avoided, but in today's consumer culture credit cards are not avoidable unless one has tons of money which the average person does not.

jitni chadar utnay paun..

 

[Wolfhunter]

I am planning to buy a credit card but I don't know much about how it works.
I will deposit 1 lac taka as FDR for six months. They will give me a secured credit card with 90,000 tk limit against my FDR.
My FD will auto renew every 6 month, so is my credit card.

I have some questions to those who use credit cards.

If I buy a product with 0% EMI scheme is it good or should I buy a product with cash discount with credit card and then later convert it to EMI with low rate?

I want to buy a Smart TV worth of tk. 38 K (discount price) but if I buy it under 0% EMI scheme they charge regular price of 42 K. It means 4 thousand more than discount price. If I buy it with credit card with no 0% EMI and later convert it with low cost EMI will it be better than 0% EMI?

Take my advice and don't get one, Credit Cards are what we call cyclical debt traps!

Not sure if PayPal credit is available in Pakistan, but anything $99 USD and over is automatically given 6 months of no interest if fully paid by the end of 6 months.

Paypal is not available in Pakistan for safety reasons, I tried to buy some gems from a seller on Ebay and he was using a third party pay pal account in Germany, he was very apologetic because it looked fishy, but I trusted him and got some really nice raw emeralds.

 

[Desert Fox]

jitni chadar utnay paun..

Jab chapal hai chadar ki kia zarurat hai?

But realitsically speaking most people are immersed in this consumer culture and thus will opt for credit cards. It is just part and parcel of our post modern societies and globalism is spreading it (funny how so many Pakistani liberals and "progressives" push for globalism).

If we want to end credit cards then we must bring an end to consumerism created by materialistic greed of people.

 

[prashantazazel]

Credit cards should not be used for taking actual credit or emis. A financially smart move would be to use them for ease of payment and rewards. Only use the amount that you can completely repay at the end of each month(billing cycle).

Emis will increase your net outgo due to processing fees and taxes.


Buying with cash is generally the best bet. If you're getting discounts on top of it, then it's a no brainer.

 

[Hakikat ve Hikmet]

Credit card -> live on loans -> die leaving behind loans

 

[PakSword]

Jab chapal hai chadar ki kia zarurat hai?

But realitsically speaking most people are immersed in this consumer culture and thus will opt for credit cards. It is just part and parcel of our post modern societies and globalism is spreading it (funny how so many Pakistani liberals and "progressives" push for globalism).

If we want to end credit cards then we must bring an end to consumerism created by materialistic greed of people.

It took me 12 years to realize that it's not the bank which is paying for my goods, it's me... But after 51 days.

Anyway, from the moment I started using my debit card, I started saving as well. Because I am using the debit card according to my earning limit, minus a safety cushion. This safety cushion converts in saving in the next month. We can open another bank account and transfer that saving into that.. That bank accounts debit card and cheque book should be destroyed as soon as one gets it. After a few months, the person has enough to buy anything that he was planning to buy using a credit card in the first month generally, without worrying for the repayments with interest.

Only a few months delay and you are there.. .