Banks are flooding the market with credit cards with flimsy promises and there are thousands who easily fall prey to the marketing gimmicks of banks that issue plastic money. These banks issuing credit cards advertise sugar coated offers galore that have a hidden agenda, terms and conditions which even the educated fail to read which are unfamiliar to even educated masses for default of Rs 200 one may end up paying Rs3,000 as late fee. Some people are issued credit cards without even applying but only through someone or the other proposing. I noticed that bank doesn't send statements if it above Rs 30,000, they send the next statement with late payment charges.
It is risky to leave the card for even a few seconds, usually the waiter takes the credit card to the cash counter this gives ample opportunity to copy all information from the card including security number so people should be made aware of this marketing gimmicks of the banks by RBI or other regulatory authorities. The common man is paying a heavy price for using plastic money. It is time the regulatory authorities address the problems faced by people using credit cards.
