https://www.desidime.com/comments/permalink/10361334
Credit card defaults rising??
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Acc to article Some low single digit volume -value of credit card users are abandoning CREDIT CARD DUE PAYMENTS straight away making them DEFAULT even before REVOLVING
SBI CARDS has this issue majorly acc to article
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https://www.desidime.com/comments/permalink/10362097
The reason I can think of is deceitfully pushing it to users who are not even aware how the product works. That's why first payment itself is not repaid due to lack of knowledge.
Thank god the new rules don't let annual charges be charged without activation, earlier gullible people who thought there is no debt because they haven't spent were in for a rude shock when joining fee and interests on non payments build into thousands of rupees.
https://www.desidime.com/comments/permalink/10362106
Card fee can be waived off but if they make purchase that is actual loss
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Well nothing surprising with SBI Card
why?
because their agent sell SBI card saying, take no cost emi, its free in SBI card they say
but actually what happens,
people buy stuffs on craze in the name of no cost emi, 10 products, usually with one credit card without emi they could only use it for 1 or 2 product because of the limit. but EMI made it possible to get 10 products with the same limit lol
and after math is THEY CAN'T REPAY xD falling in Debt trap and finally abandoning and trying to escape, fault of SBI card sales approach (with respect SBI Card i am thinking just this is the main reason)
VU+ for awareness of this post info to many who uses credit cards to take informed decisions
Bro listen to my recent incident. One uncle is trying to withdraw cash on SBI ATM for more than 10mins. While I was trying to leave he asked for my help. It was a Simply Save CC. I told him it's a credit card but the poor uncle didn't even know what a credit card is. When I asked how he got the card, he said the agents sold the card saying it's an ATM card. Thank God ATM withdrawals are turned off by default otherwise couldn't imagine what he would have been going through now