Do you suffer from frequent loss of money to banks by overspending, thrift spending and moody spending? As democracy dictates that poor get poorer and rich get richer so do the usage of this credit cards propogate – debt.
Every bank charges only 2.5% interest on outstanding amounts beyond 45 days. Simple back of envelope calculation is showing 30% interest per annum. Most people fall for this 2.5% and allways keep paying the minimum balance. The net result is a hugh interest of 30%. The traditional marwari money lenders are more friendly at 25% per annum.
As an immideate debt resolving mechanisum, take a personal loan which is comparitively cheap at 18% and payoff the card. Surrender the card or better dont carry it around. You will start noticing the big savings in a couple of months alone.
Dont again fall for that cash back business. If you are to be eligible for that cash back you need to shop for so much money, that would actually increase your debt!
Why,why do these card companies charge such high interest rates? The citibank officer answered that frankly and said “we charge more for regular payers so that it offsets the losses of the non payers“.
Throw that card away and enjoy the freedom.