Did credit cards succeed in their operation.
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Now that creditcards have become integral part of any earning family, the question did the credit cards succeed in their motives.
lets see what are they
1. Govt. perspective everything will now be in electronic and traceable.
2. The visa and master card successfully proved their dominance in emerging indian market.
3. The customer spend behaviour changed drastically.
4. We are slowly into the hands of west. Why? Just see how Russia is suffering.
5. Cashback offers, points etc trapped us into ever spending nature.
6. There are un necessary things bought. Just imagine buying a stupid thing in cash. Giving a lakh rupee in cash and just swiping card has different experience.
how many feel the same and still avoid using cards.
i practiced using cash for past 3 months instead of cards and save ~30k. Wow man.
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LOL. Use UPI, RuPay debit cards.
If you save 30k on cash then you will save more than 50k on UPI, RuPay debit cards.
For example -
Grocery purchase – You will get huge discount offers on Jiomart, Amazon fresh etc but discount/cashback offers only apply through electronic payment modes. Use UPI and RuPay debit cards.
You are right Cashback offers points trapped us into ever spending nature but this thing only apply on credit cards. you can also use Prepaid cards like Junio RuPay cards or Dhani Freecashback cards etc.
Note – Use eWallet Prepaid cards, i am not recommended you to use Credit cards and BNPL cards.
It really depends on how you use. As said earlier it’s a double edged sword. It helps government to collect taxes. For eg. Restaurants charge you 5% GST on food bill, if you pay by cash they don’t show that bills in sales. And if you pay by card/UPI etc they are forced to show the sales, pay GST and pay income tax. I always make sure of paying restaurants by card only. I am paying taxes, why should they not pay ?
thats the overall issue. If you dont demand a gst bill the shops have multiple current accounts with different names registered and they will be in composite schema its a big topic, deal with it later.
pay by cash demand for a gst bill.
Because of the war effects of russia and just because they need paymenygateways not controlled by west. Just this reason makes them close to evil countries.
while you calculate household budgets by looking at savings, the companies look for something else.
I agree with OP on a lot of aspects.
Being in the financial services and investment banking industry for last 3.5 years, I can confidently say that our entire business model exists because people want to buy things they can’t truly afford.
Here you go… I hav 12 credit cards.. My spending in cards is less than 7k in a month including bills, groceries. It all depends on how really you wanted to make use offers.. Even though there is offers, hav a rule- buy what you need, buy only when you need
I use credit cards only because I am using banks money and not others. In case of any fraud or charge back, my own money is safe. For international transactions, mist banks are buyer friendly.
For my expenses, use only how much you need and always look at outflow of cash, whether it is ok? If you need INR 20 worth items, is it worth spending INR 100 minimum order online and buying it or go down and buy it.
For me Credit cards, Virtual Prepaid cards, Debit Cards, E wallets, Pay later is blessing as it’s my daily bread earning by rotating money. I run my shop and Travel agency both depending on all these credit lines and cards. Always get lower price than wholesalers. I save time , save fuel, save money ,save energy. I don’t have to buy in bulk.Just single item that too even too much lesser than wholesalers. Flights ,trains tickets hotels at lowest price just because of Credit cards. Too much transactions that I have to tally my statement every 2 days. Annual transactional turn over total is 64 lacks. 50 Percent contribution goes to Desidime. 25 Percent appreciation for contribution goes to @abhishek012
Closed @ 54L this year 
UPI sucks big time , never used nor will bother to use . The time to get failed transaction back is not worth it . They fail so frequently.
Plus why pay from my own pocket when I can use Banks money free for 50 days ?
Plus I can park the same money in some liquid funds to get interest
Btw CC are only for the most credit disciplined . Most people dont fall in this criteria and I thank god for that. Coz if they did CC business would have been long gone
Min payment guys are the real heroes . Salute 🙌🏼
UPI is best payment system in the world. 😀
Use Paytm bank UPI, superfast transaction and if by chance your transaction will get failed then super fast refund, 99%+ success rate.
and last thing all transaction proceed by bank, UPI is just a platform, if your bank server or acquirer bank server can’t handle digital transaction then UPI can’t do anything.
Same way, credit card transactions are also proceed by bank.
I feel amazed wen ppl post abt getting enhancement in credit limit… I fail to consume even 20% of limit and I keep the limit to lowest so as to avoid risk in case of fraud
There’s a benefit actually. You can use the balance for emergency purpose, say hospital. And for example, 1lakh credit limit & buying 50/80k Laptop will make your credit utilisation ratio 80%. And let me tell you CIBIL report makes a persistent record of highest credit used & total credit limit (say for ICICI). Even if banks increase your limit it’ll forever be in your credit report that highest credit used is 80k. Later if bank increase your credit limit say to 8 lakhs then 80k will seem only 10%, but if you keep your limit to only 1 lakhs, then for lifetime your credit utilisation ratio will be 80%. And new bank may not give you good card / good limit.
As Warren Buffett said- “If you buy things you don’t need, soon you’ve to sell things you need”
wait rupay will eat all debit card market, next is credit card market, it takes time bro, also giving benefits like visa and mastercard US giants is very tuff . Giving offers is only thing they can attract masses, as most will be switched to rupay ppl will hardly swift to visa and mastercard. who takes pain of chaining variants
HAHA, RuPay credit card only capture premium credit card market share and very few super premium credit card will launch.
Super premium and Ultra premium debit/credit card market share always dominate by Visa/master/Diners club/Amex cards.
RuPay will only dominate once NPCI hive off RuPay into a separate entity and make for profit org.
also its true we spend a little extra but try to spend on items you will buy in future for sure and use cc whenever offer comes.
I have 15+ credit cards, but I will use credit card only if I am getting minimum 10% additional discount or any other offer else I will use only cash.
CC companies need to come to me with offer else I wont spend on CC 😄.
For the want of a nail the shoe was lost,
For the want of a shoe the horse was lost,
For the want of a horse the rider was lost,
For the want of a rider the battle was lost,
For the want of a battle the kingdom was lost,
And all for the want of a horseshoe-nail.
Benjamin Franklin
Credit card is a double-edged sword… It depends on the wielder on how they use it…