The best Credit cards - seriously??

We all have heard as to how good the credit cards are for us and that we should use them a lot. But the catch with credit cards is that as we use them more, we tend to spend more. Call it the "spend as much as you can" syndrome or call it anything you want to, but the banks and the corporates are all going out on a publicity blitz to make you 'want' to spend more using their cards.

Now we have a study done on which credit cards are the best and so on, come on, you have to be joking. The bottom line is that by and large most of the credit cards are actually bad for us and there are only a few that are okay. They are okay in the sense that they do not charge much of a service charge and that there is not much of a cutoff date for repayment so there is not much of a interest charge to begin with.

Take the Citibank card, if you have been using this card, then you know the way that it works. Every time you spend on it, you will incur a service charge and then if you fail to pay the principal within a very short amount of time, the interest due on the Principal will incur an interest itself. That is, they will charge you interest upon the interest that is due and that speaks for itself. So in the end, you will have to either take out some more cards to cover the charges due on the original one and soon, you will be floating in debt.

And when that happens, who will you approach for a loan, the bank that gave you the Credit card in the first place. So in the end, the credit cards, almost all of them, are good only for the banks that issue them. So take care!

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