Debit , Credit Card , Fixed Deposit and my thoughts

Who don’t wish to have credit Card?

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

As per my knowledge : :slight_smile:

There are mostly 3 Types of Card -

  1. Prepaid Card :
    Prepaid card is not linked with Bank account , so before use you’ve to add money in it .
    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 usage upto 2.7% , not useful for general user, Not acceptable at many places. Can’t pay PayLater , loan dues.

  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 on virtual card .

Cons : yearly charges , 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 in 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 , upto 50 days* intrest free usage , improve credit Score if repayment on time ,

Cons : addict to using for EMI which is most of time unbalance your monthly income , heavy anual charges ( some are free) , to cash out tooks upto 3% charges . Loading in wallet is also chargeable , can’t pay load/PayLater due .

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 : there are not credit card so it act as " Personal Loan " which may small negative impact on Credit Score.
    Example: UniCard , Bajaj EMI Card, Dhani Freedom card etc.