Use Credit Cards Or Avoid Them ?

Use regularly.

Keep control on your spending

@bobby_123 ... in my opinion, one should use it as much as they can but only for their own expenses and occasionally for their friends/relatives.

People create situations where they can pay via credit card and I guess because of this, some of them even land in trouble and get notice from Income Tax department. Then there's revolving credit and what not. Even that's debatable, if someone can handle all this efficiently, good for them but certainly not an example to be set for people new to this space.

In short, if someone is a disciplined spender and can keep track of their finances, credit card is a good thing, in fact the best thing 😇

P.S. I hold 13 credit cards and happily use them to their max. potential and track payment via Excel spreadsheet.

@bobby_123

everything on cc

How to get credit card, I have excellent credit score but don't have any income..

I have 10 cards and started using credit cards since 2006.

It has been great experience and many of my friends till now haven't used cards because of fear, misconceptions.

I used google calendar repeating tasks for payment reminders , now cred app also helps.

I used to keep excel sheets for statements with Reward Points calculation. Did it for few years and realised that there was hardly any mistake in calculation by banks so haven't bothered much since last few years now.

If u have money then use credit card get rewards and pay the money same day via cred, mobikwik.. if u don't have money don't touch them u will pulled into a debt spiral

@sumanthbhe @enticer86473 @rockingneo @underworld8325317

here's the sample template of CC Bill Payment tracker from August month : 
https://docs.google.com/spreadsheets/d/1r67tfqh...

Using CC since 2003, at one point, I had 27 cards, now 8... I use them as pee requirement and have aligned all cycles such that all of them have 21 to 20 billing... I get salary on 5th and pay on same day as mostly 7th is the due date.

I easily manage spend by using an Excel file, which has my MF tracking,  fixed expenses like school fees for kids, insurnace premium, and other tracking. I track all bank accounts of mine and family, home loans, wallets,etc. through that file. First made in 2005 with a simple table, now with 15 tabs and huge interlinking, update it once a week to track my overall expenses and not only CC related... at any point, I have a budget made for the next 12 to 15 months for fixed and known expenses, which helps to plan better... I am a finance guy, so may be it's inbuilt...

@sahil1033 How can we optimize for 750 HDFC Platinum DC cashback?

I know about 400 cashback. Not 750.

If you have very strong self control on your expenses then you can.

One of my close friend over the years got so addicted to spend using credit card that from last 1 year he's credit card  bill is always 1.5-2X of his salary.

He do things which he can't afford. He went to international trip despite his high cc bill, buys expensive phones, go to expensive pubs  and from last 1 year he's just rolling over his CC bills using various wallets and losing 2-3% every month in the process.

Most of the times he's always dry on cash, his salary gets completely over in the 1st day itself to pay CC bills.

If you don't know how to use it, don't use it, credit cards are always better than using your own money

If you cannot pay all your credit card bills in full every month then STOP using them. A credit card is the absolute worst way to borrow money / take a loan on interest.

If you can pay your credit card bills in full every month and have the willingness to evaluate every entry in your statement for a cost-benefit analysis then continue to use them.

I'm managing a spreadsheet which is simple and easy to manage for tracking all the expenses and bills for my CC's, below is an example of what it looks like.

Couldn't see the link anywhere:(

Main point to remember -

Best for People who can use their CREDIT CARD as a DEBIT CARD.

The question should be who is spending more, one who spends with CC or who uses cash. I tried 3-4months with cash and my spends cut by 4-5K every month. CC , we don't know the pain of swiping which we feel and when we touch and count the cash. Of course its personal though.

Lets say i buy grocery from D-mart as its the best place to spend 1500 4 times using amex CC. after 4th swipe if we fall short of 1500 which is case many times i grab chocolates or something near to counter to make it 1500 there by buying unnecessary things and spending 150-160 more every time. Net net unless someone plans well ahead or lives in joint family who have more than 25K spends a month or runs a small shop or business or do rotation business, its not possible to use all CC to their max potential. My personal opinion.

My first cc in year 2000 with SBI and Standard Chartered.

I had no issue with managing my 4 credit cards. Using them maximum, being careful regarding payments on due dates and availing offers on these cards is what I follow. Another rule I have is never live on credit cards. So far very good experience with these cards.

It's simple for some credit card is good & for some not. If are not enough earning & keep spending credit cards then at some point you will will trapped in debit. So spend it wisely.

if you can control these things than its fine to keep credit cards ... else big no 

1. Pay always on or before time ..  
2. Don't overspend or lavishingly  which you can't pay later , see your income first 

3.Try not to get EMI's . more than 1 at a time ... it creates unecessary burderns , interest as well extra charges 

else credit cards will trouble you like any ghosts .. 

I think one credit card is good enough. More than one change our expense habits.

Requesting dimers like @sahil1033 @InvestPotato @arorasid should discuss and develop a common excel which will help to track bills and cashbacks. if possible as mentioned by @arorasid there should be a master excel where everything is available.

As I do biz I have more than 20+ cards and usually spent on air ticketing bill payments and  many other online  spends and my spending is around 2.5L per month .. usually I m decreasing my spending from my cards and increasing usage from frnds and family cards

Don't be penny wise, pound foolish. The amount of time you would invest in searching offers, tracking cashbacks, maintaining expense spreadsheet to save pennies, will yield huge returns if invested on yourself (learning, networking, upskilling, fitness)

As provided with the content with OP that credit card is always good when used as debit card and I always prefer to use like this.

I am currently holding 4 unsecured credit cards which covers the sale offers. 

I have a rule "don't buy a product if you don't have that amount in your account" and strictly no EMI.

Hi

I never used credit cards, I have my debit cards and that's more than enough to manage all my expenses and needs and I don't like buying thing by taking a credit or loan.

Its Good to Avoid for your peace and happiness in Life

Use credit card with discipline..

Any tips to get the AU Zenith card reissued without charges please