A story in rediff reminded me of the decision I should implement with HSBC credit card. For long time in US as well as India I did not want a credit card and did not posses one. It was a blissful life, most of the things could be accomplished through the debit card and official work could be done through the corporate card. My experience with the credit card is two fold –
1. It gives inflates sense of buying power.
2. The sub-clauses, fine print is all convoluted and against the customer. In India recently it was reported that most of the banks process the payments slowy so as to “levy” the charges etc.
In my case in month of april 2007 I knew I had overspent and did not want to delay the payment so dropped the payment for that month earlier than 10th april, which somehow the company failed to connect to me and came back after the due date to ask for another cheque and I was told no late payment fees etc will be charged. They took another cheque for same amount. By that time I came to know I have been charged late fees and something etc. This is after confronting on 22nd april about earlier cheque not being encashed by them or the fact that latter cheque too has been given.
I have decided to end the card and not plan to get another. Reason – no timely statement, no timely encashment of cheques given on time.