podcast

ഇൻഷുറൻസ് പോളിസി എടുക്കുമ്പോൾ ഏത് തരം പോളിസി എടുക്കണം

This Podcast is about the basic insurance policies. In this Podcast Mr. Nikhil is talking about five different insurance policies for the common man’s knowledge.

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podcast

Personal Finance Basic Survey – Analyzations

We conducted a survey regarding ” Personal Finance Basic Survey”, the summary and analyzation (various financial problems faced by the people) of this survey is discussed by Mr. Nikhil in this Podcast.

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podcast

NRIയുടെ ലാൻഡ് ഇൻവെസ്റ്റ്മെന്റ് | Land Investment

Are you an NRI at a point of making critical property buying decisions ? Will you be retiring in your homeland some day ? If so, what are some of the factors you’ll need to look into before taking the leap ?

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podcast

ലൈഫ് ഇൻഷുറൻസ് എടുക്കുന്നവർ ഈ കാര്യം അറിഞ്ഞിരിക്കുക

Mr Nikhil is discussing single premium insurance policies. The advantages, disadvantages and things to note before taking a single premium policy are explained in the video. He also lists the category of people who benefits most from single premium policies in this podcast.

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podcast

5 Tips for NRIs for a Happy and Prosperous Life.

Mr. Nikhil gives five tips, to help NRIs lead a happy and prosperous life. Need for upskilling , enhancing knowledge, prioritizing health & happiness, investing in finance and preparing a will, well in advance are discussed in this podcast.

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podcast

What is the difference between NRE & NRO account ?

Know the difference between NRE and NRO accounts from this podcast episode on Money Talks with Nikhil.

The benefits of NRE account, why you should convert your resident account to NRE account, the uses of NRO account and the difference between the two are discussed.

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podcast

What is Peer to Peer Lending?

Know what Peer to Peer Lending (P2P lending) is from this podcast episode on Money Talks with Nikhil.
Learn how this instrument will help you to diversify your investment portfolio.

Blog English

Are Credit Cards a Trap or a Boon ?

Is Credit Cards a Trap or a Boon ?

Whether the credit card is a friend or a foe really depends on how one chooses to use their credit card(s).

There have been mixed opinions on using credit cards as some have vowed never to use it further while others have considered it as a friend in need. So here let us touch upon the pros and cons of using credit card.

Pros

  • Easy Access to Credit: In case of need of emergency fund, credit card help you access easy credit at zero interest. The amount need to be repaid only in a time span of 50 days means you get plenty of time for repayment.
  • Incentives and Offers: While purchasing certain products through credit card, you get incentives, reward points and cashbacks. While using certain credit cards, the customers even get a 5 percent cashback on few products.
  • Record your Expenses: For those financially disciplined, this is one of the best mates available. It records each and every penny you spend thus tracking where your money goes and showing you where to put a full stop.

Cons

  • High Interest Rate: Never miss the credit card payment date as the soaring interest rate will further destabilise your finance. Most banks calculate interest rate as 2 to 4 percent for the outstanding bill per month which means the customers will have to pay 24 percent of the amount in a year. People have a notion that once you pay the minimum charges, you can avoid the interest which is not true. Interest will be charged for the remaining amount.
  • Creates a Spending Habit: Possessing a credit card makes someone confident of purchasing a product even if they don’t have cash in hand. This leads to people overspending with the credit card. Do not fall into this trap and make it a habit to use a credit card only in case of emergencies.
  • Hidden Charges: Banks may tempt us by providing charge free cards which will be free of cost only in the initial year. From the next year onwards, you will be greeted with charges like annual maintenance charges. So before you avail a credit card, make sure you are aware of all the applicable charges.

It is important to use credit card wisely so as to help you manage your finances and cover up the emergency expenses.

 

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