Credit Card Trends in India
Credit cards are the current trend. Everyone likes more purchasing power. Purchasing power does not only mean cash. You can purchase on credit too. This is the idea behind credit cards.
Credit Cards In India - More Purchasing Power
The requirements of youth have increased significantly in the past few years. You can find them shopping for textbooks. You can find them escaping to trips. You can catch them having fun at the local pub. More friends mean more expenses. But they do not compromise on money.
So where do they find financial support? Banks, of course! Credit cards let you bypass any financial restrictions that you may have. But more than a necessity, you find Indian youth using the credit cards as an object of desire.
Credit Cards In Youth - Social Glamour
Coming back to the trend, Indian youth loves to swipe the credit cards. Not only do they improve your purchasing power, you can also impress your friends with a line of credit cards. The more cards you have, the more wanted you are. Be it petrol, dinner, beer, or a beachside party, you can see the glitter of credit cards.
Credit Cards Simplify Life
Credit cards are simpler to use as compared to cash. You need to count money when you use notes, but not when you pay with a card. In this age of speed, who will like to count the notes? You can just put your card forward and your payment is made.
Credit cards also mean that you do not have to wait. Once you see something interesting, you cannot wait to get it. Now, you do not actually wait until you arrange the money. You can purchase it as soon as they see it. This is yet another reason why credit cards are more famous among the Indian youth.
Credit Cards In India - An Analysis
It is not difficult to obtain a credit card. It is, in fact, a type of unsecured credit for your needs. You can apply online and the banks will themselves come to your doorstep. If you have a credit card with good ratings, it is even easier for you to get more cards. This helps youth in procuring more purchasing power.
The year 2002 saw some 20 million credit cards being used in India. The figure doubled by 2007. The fiscal year 2006-07 saw approximately 100 per cent more transactions than the fiscal year 2003-2004. This means that the rate of transactions is increasing at a steady pace of 33 per cent each year.
Credit Cards and Indian Youth - Stay Free
As different consumer products are offering more and offers, people tend to go for them. Few years back, you had to consider the finance, but now as you have the credit card, you can straightaway purchase the item. This is often projected as financial freedom by the credit card companies.
If you take a deeper look at the business, you are actually taking a very small loan to finance your purchases. You have to pay interest on long term dues. You have to pay processing fee too, in most cases. Credit cards are financial freedom only if you use them sensibly. Stay free. Use credit cards sensibly!
Author:
Arun M Kumar
#103, Siricon, Near Ayapa Temple, ECIL X RDS,HYD-64
