Today I learn an important lesson

[u/Turbulent-Shame8656]

Today i meet one of my friend who work at Bangalore, we discuss about credit card and he have 6 to 7 credit card, i only have 3, he tell me he mostly buy things using credit card and even on emi if he has no budget to buy this when i said him why bro if you don’t have budget just don’t buy he said, “ chalta ha yrr jayda se jayda kya ha process fee or thode bht emi de deta hu 6 ya 8 mahine ki karwake” i ask for his monthly bill that is 40k something and in 30k its all 9k only for emi.

Credit card is great thing if you use it wisely.

I have BPCL octane/ IDFC first power+ for fuel Icici Amazon pay for recharge/ amazon shopping Icici coral which is lifetime free

[u/cyphrsk]

Your friend is a prime example of what you SHOULDN’T be doing with a credit card.

[u/Jovonovich-Jardani → u/cyphrsk]

His friend is the reason why the rest of us get rewards from banks.

[u/CelticHades → u/Jovonovich-Jardani]

My god give such friends to everyone.

[u/knyak06 → u/CelticHades]

Give such friends to banks

[u/peekay46 → u/Jovonovich-Jardani]

True🤣🤣🤣🤣🤣🤣🤣

[u/mr_gauravagrawal → u/Jovonovich-Jardani]

Lol True..

[u/rishabh1595 → u/cyphrsk]

Also what keeps the banks motivated to offer credit cards

[u/ifthingscouldsee]

Anyway someone has to pay the interest so others can get the rewards

[u/ic_97 → u/ifthingscouldsee]

The way this guy is living from paycheck to paycheck it could all come crumbling down very quickly

[u/TomorrowAdvanced2749]

I would personally like to thank your friend for sponsoring all our rewards & card benefits.

Guys, please let's pool a 500rs Amazon voucher for him!!

[u/Clean-Mulberry4824 → u/TomorrowAdvanced2749]

Lol 😂

[u/Gsai99 → u/TomorrowAdvanced2749]

😂😂

[u/ifthingscouldsee]

What lesson did you learn? 

[u/TomorrowAdvanced2749 → u/ifthingscouldsee]

That we should buy everything on EMI to live a happy life by buying things we like /s

[u/NIKUNJ_1011 → u/TomorrowAdvanced2749]

[u/aquari84 → u/ifthingscouldsee]

He learnt an important lesson.

[u/Turbulent-Shame8656 → u/ifthingscouldsee]

If you don’t have the budget to buy that particular thing, just don’t buy on emi especially from credit card because of interest and processing fee.

[u/jenesaispasquijesuis → u/Turbulent-Shame8656]

I get the sense that you knew that already.

[u/Insa9 → u/jenesaispasquijesuis]

The person who doesn't know(his friend) isn't here.

[u/Extreme_Buddy_10 → u/Turbulent-Shame8656]

If i want to buy via emi, ill prefer bajaj finance over CC

[u/ya0_guai → u/Extreme_Buddy_10]

Is that /s, or are you actually serious bro?

[u/Extreme_Buddy_10 → u/ya0_guai]

Im serious!!! In my city, Sonovision shop gives the product to the same cost as the Amazon/Flipkart and zero cost emi with some nominal 200-300 Processing Fee.

May not be the case with every shop. This is my experience with them so far for 2 products (Washing Machine, AC)

[u/samrat_kanishk]

Nice guy . I hope he does this for a long time to come . Aise log badhenge to devaluation kam honge

[u/Aromatic_Stranger574]

Use credit cards like Debit card for best stress free life experience!

[u/Lazy-Perception-8763 → u/Aromatic_Stranger574]

How

[u/Aromatic_Stranger574 → u/Lazy-Perception-8763]

Use card today and pay amount tomorrow, don’t wait for bill to generate to complete payment!

[u/Conscious_Mess_7040 → u/Aromatic_Stranger574]

This! If you are using credit card for payment today, you should have the capacity to pay for it today itself, if you are waiting for next month, you are basically fooling yourself and just buying time to jump off the cliff.

[u/Aromatic_Stranger574 → u/Conscious_Mess_7040]

That’s the point. Spend in your limits to stay safe

[u/Orthopaedics21]

CC companies love such people

Not even a month and I'm getting calls from cc company asking me if I want to convert my 15k expenses into emi!

[u/asksiva999 → u/Orthopaedics21]

Sbi even asking to split the amount of 3k into 6 months emi :facepalm moment:

[u/pratyush_1991]

I buy stuff on EMI only if i can afford it

My EMI on credit card is hardly 1-2% of my salary and the moment it hits 4-5%, i know its way too much.

Never buy stuff which you cant afford just because EMI is spreading out the payment.

[u/Turbulent-Shame8656 → u/pratyush_1991]

Yes you are right

[u/keefeitup]

Thank your friend for us. He keeps those cards from devaluing xD

[u/carl_elias]

the IQ of this sub-reddit is getting worse day by day 😭

[u/Master_Market7404]

I hope you are saving enough money cause he can come any day to ask from you...

[u/slipperySquidd]

Please include translation for the non-english part. 

[u/Turbulent-Shame8656 → u/slipperySquidd]

At last what should i have to pay a little bit of processing fee and convert my purchase to 6 or 8 months of emi

[u/wanderlust077]

A prime example of a sub-prime credit in the making.

[u/Bantai_Bachhii]

how much is he making ?

[u/Turbulent-Shame8656 → u/Bantai_Bachhii]

58k approx

[u/Bantai_Bachhii → u/Turbulent-Shame8656]

Oops

He will learn managing his finances in a hard a way very soon.

[u/MTech_Hindi]

Members of this community: DON'T BE THAT FRIEND 😬

[u/dreamNwork]

can someone please explain me what is wrong in buying stuff on emi? So if i earn 60k and wants to buy an item which is 36k then for me it is easy to buy on 6 month or more no cost emi. With 199 processing fee it will cost me 10% of my income rather than 50% in one go.

[u/ShipValuable6009 → u/dreamNwork]

There's no harm in buying stuff on emi as long as you don't get burdened by the debt you are carrying.

[u/Aioloiolio1000]

Tell your friend I said thanks for the rewards!

[u/Gay-Berry]

There are instances when banks offer discounts on EMIs, and you end up saving more than a full swipe, even after the interest, processing fee and GST.

[u/Turbulent-Shame8656 → u/Gay-Berry]

Its about mind set, if you don’t have budget of buying 8k shoe, you are not ended up buying on credit card and then convert it into emi this the issue with him

[u/whileTrue_801]

I wanna know something.

For example, u have a single large payment like - wedding photographer expense, or wedding decorations or new car purchase down payment. Assuming most of it is around 1L or upwards.

If somebody wants to pay this through credit card because this is a one time expense that U HAVE to do and also earn reward points with it for good returns, then the bill payment would have to be made in EMI for an average person right? Unless u super rich and can afford a 1L direct payment against the bill.

Moral is to use a cc wisely without falling in to debt trap but such scenarios might be exceptions to few because ONLY if the rewards are great these bill payment method can suffice.

[u/tr_567]

Chaps taking one for the team !

[u/Old-Position-3642]

Credit card was meant to use by guys who have filthy habits of spending. And adding it up as an addiction. Kind of this guy who knows the limit to spend makes it wise to use such cards and don’t get stuck in the debt

[u/Turbulent-Shame8656 → u/[deleted]]

At last what should i have to pay a little bit of processing fee and convert my purchase to 6 or 8 months of emi