Credit Card Knowledge
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My brother in law is a middle class businessman and I am middle class job holder. I am having 8 top cards with 6.7 lakh limit combined. I have earned 25k to 30k cashback over past two years as per my spending pattern. I am yet to use lounge access and also movie benefits are used less. So I can earn more from credit cards. However, I never overspend and always pay cc bills on time.
Meanwhile my brother in law has only one credit card from Indian Overseas Bank for some years now.. I could not find reward structure of his IOB card. He has credit limit of only 25k. Yesterday he was asking me how to withdraw full money from his card. I told him I have tricks to transfer money from cc to anyone and also bank will give cashback. However I don't know his reward structure. I told him to use 30 percent of credit limit and he should increase his limit. He made a call to his friend in IOB bank and asked how to increase credit limit. His banker friend told him what you will do with increased limit? Increasing cc limit is useless.
This is the condition of financial literacy in India. Now you know why so many defaults happen in credit card.
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The shocking thing is that - the banker friend is also stupid. By the way, who on earth takes IOB card when there are so many fantastic cards
These two real life story gives lot of credit card knowledge
He meant IOB reward structure is so bad. Even if he goes for LE it is of no use. Tell the card variant name.
His banker friend tells him, what is the use of limit enhancement?
What a guy, he has friends in bank and all he gets is IOB card. I got 8 top credit card from top banks without any friends help. Just imaginate what card could I have got if I had friends in bank.
I doubt he know how to use credit card properly
I could not even find card variant name. I told him to get SBI CB card but his luck is elsewhere.
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people in this country think credit card is like their extra bank balance but it reality its super high interest short loan ,even well-educated people fall in credit card debt trap due to financial illiteracy