Credit Card : Boon or Bane
What is a credit card? So basically, there two cards we are familiar with first is debit card and second is credit card. Every bank account holder has a debit card but some holds a credit card too. A debit card is a card that deducts money from your bank account every time you use it. But credit car does not deduct money from your account but it gives a quick loan for a shorter period to repay this amount to the bank within a prescribed limit which is usually 40 to 50 days. This period of 40 to 50 days is totally interest free and you don’t have to pay any amount to use this money. But every credit card has a credit limit. Every credit card holder has a different credit limit which is decided by a bank based on your income level, credit score and other criteria. Disadvantages of credit card ( 1) They promote impulse buying When you see something, you like you wanted to buy it but you could not afford at the moment or you don’t need the thing right now but you buy i...