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A Short History Of Debt


A Short History of Debt

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Your Rights As A Credit Card User


wealthymattersThe Banking Codes and Standards Board of India (BCSI) has prescribed self regulatory norms which credit card issuers have to follow while dealing with  their customers.So know your rights and insist on good service from your credit card provider.In case of need you can lodge your grievance with the Banking Ombudsman.

Here are the details of these BCSI  norms:

Information
The credit card provider is expected to give you complete details of the fees, interest charges, billing methodology, penalties, renewal and termination procedures and also provide you with a booklet giving all these details. A copy of the `Most Important Terms and Conditions’ has to be given at the time of application to the customer.

Yes or No
Once the customer has shown interest in applying or has already applied for a credit card, it is the duty of the provider to clearly state in how many days he/she will  know whether their application has been accepted or rejected. Read more of this post

Why Get Yourself A Few Credit Cards?


wealthymatters,comHere are the reasons to get a credit card:

1.There are some businesses which will accept payment by no other means.And asking to borrow someone else ‘s card is not always an option.

2.There are some societies where they are so ubiquitous that if you don’t have one you raise suspicion about your identity, character, creditworthiness and ability to pay for your purchases.

3.Stupid as it is,there are a lot of places where you are judged by your cards ,their exclusivity and their limits.This is a lot like being judged by your clothes,your accessories,the vehicle you drive and the accent you sport.A FU attitude is not always an option…… conversely, if you are feeling the need for a bit of power dressing,your cards will again come in handy. Read more of this post

Credit Cards In Urban India


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On What Do India’s Wealthy Spend Their Money?


wealthymattersWhat do India’s wealthy like to buy with their buckets of money?

Customized holiday packages, luxury watches, diamonds and jewelry, and home electronics (including fancy mobiles and high-end cameras) — in that order.They buy luxury cars, too, but not Ferraris and Lamborghinis as one would expect. More like Honda and Toyota, according to the study conducted by Kotak Wealth Management and rating and research firm Crisil Ltd.The wealthy here are defined as households with a minimum average net worth of 250 million rupees ($5.6 million) for the financial year ended March 31, 2011.

Researchers interviewed 150 super-wealthy individuals in India’s major cities of Mumbai, Delhi and Bangalore, and others like Hyderabad, Ahmedabad and Chennai to put together the study. Senior personnel at major global luxury brands, art gallery owners, product dealers and industry body representatives were also interviewed. Read more of this post

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