How credit card companies fleece you

Don't give away your card details

Their well-trained marketing personnel attack our un-suspecting psyche, promising life-time free card and freebies. Temptation to grab a card and spend proves irresistible. Spending beyond our means is no problem since we can pay in instalments.

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It is the beginning of your personal disaster, unless you are careful to get out before it gets to your throat. The card companies love such customers who pay in instalments for their profit flows from fleecing the unwary customer. Mind you it is a great product if restricted to judicious use staying within the confines of one's cash flow capability.

However, delayed or instalment payment turns it into a weapon of mass destruction.

Text: Ramesh Lakshman

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