Debit , Credit Card , Fixed Deposit and my thoughts

Niyo Ideas & Feedback
#1

Who doesn’t wish to have credit Card?

Hoping in future you’ll introduce : Credit Card and Fixed Deposit

Summary

As per my knowledge : :slight_smile:

There are mostly 3 Types of Card -

  1. Prepaid Card :
    Prepaid card is not linked with Your Bank Account , so before use you’ve to add money in Wallet.
    Example : Dhani Card, Mobikwik Blue Card ( prepaid Amex Credit Card ) , Paytm wallet debit Card etc .

    Pro :

  • safe to use ,

  • No hesitation to use ,

  • No fear of showing main card ,

  • No charge on issuance ,

  • Virtual is free ,

  • Free replacement on virtual card.

    Cons :

  • Extra charges on usages upto 2.7% somewhere.

  • Not useful for general user,

  • Not acceptable at many Sites/Places.

  • Can’t use to clear Bill of PayLater , loan dues etc.

  1. Debit Card :
    This card is linked with Bank Account .
    It’s > “Old is Gold” type .

    Pros :

  • Acceptable at all place and every country.

  • No Extra charges on every platform.

  • Virtual is free,

  • Free replacement of virtual card .

    Cons :

  • Yearly maintanence charge ,

  • Mostly physical card only ,

  • Replacement charges.

  1. Credit Card :

Credit card is not linked with your existing account, on general you can say there is no bank account is inherent with your credit card .
But technically , for calculation , maintenance and repayment is has virtual account which cannot use anywhere.

Credit Card is type of Loan , and it reflects in your Credit Score .

Pros:

  • EMI Available.
  • Upto 50 days® intrest free.
  • Improve credit Score if repayment on time.

Cons :

  • Addict to use for EMI (mostly Unbalance monthly saving) .
    *Heavy anual charges ( some cards are free).
  • To cash out takes upto 3% charges (Negative). * * Loading in wallet is also chargeable.
  • Can’t use to Pay loan/PayLater bills .

:frog: There are 2 types of credit card -

  • Secured Credit Card : Need certain amount of " Fixed Deposit " .

  • Unsecure Credit : No need to any " FD" . You can use freely as upto limit .

Note :

  1. Don’t use more than 30% of your credit card limit , this may bad impact on Credit Score/CIBIL .

  2. EMI Card , PayLater , Loan Card :
    These are not credit card ( Called Credit Line instead)
    so it act as " Personal Loan " which may small negative impact on Credit Score.

Example: UniCard , Bajaj EMI Card, Dhani Freedom card etc.