iDentistry The Journal identistry_may_aug2019 | Page 34

The Journal
Also, in cases of a suspicion about an
unauthorized transaction with the card, we
need to get the card blocked immediately. Most
credit card issuing banks give us the facility of
blocking the card directly through their net
banking facility or mobile banking app. To report
any unauthorized transactions, we can call the
customer care centre of the bank and report the
whole incident to them. It is always wise to have
the credit card customer care number saved on
the phone always. For most cards, the
customer care number is printed on the back
side of the card. Once the call is answered by
any representative of the bank, request them to
block the card and initiate an investigation on
the fraud. We should also file a report with the
local police station and retain a copy of the
same report and also keep following up with the
bank on the matter until it is sorted out.
24. Use 'Credit Card' very SPARINGLY:
Why did I say that? Use Credit Cards sparingly;
after all, it is a symbol of flashing our prosperity. I
will tell you why? Credit card companies often
lure us with offers, discounts and cashbacks.
We are allowed to buy whatever we want right
now and asked to pay for it only later. The credit
card companies give us this flexibility because
they bank on most of us missing our payment
dates and then having to pay the amount we
owe with a double digit interest. This interest is
the money we are just paying additionally. Avoid
that by using credit cards only for emergencies
or at least sparingly. Also, when we spend
through our credit cards, we will have to pay
back from our 'A' Account (some call it 1 No. or
Legal account; this is anyways a misnomer in
today’s times as after Aadhar–PAN linking there
is nothing such terminology existent now)
thereby reducing our own capital or also known
as the Jamaa Poonji. Why I am stressing on this
aspect is that because we still have not grown
up enough to 'show' our full income in our IT
Return, which means, we do have some (or
much) unaccounted money, which we don’t or
say, can't deposit in our account to 'show’ that.
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So, if we are doing that, first thing is to avoid
that; but still if we want to continue with that
habit (not recommended and advisable in
today's tough times, very strongly from my side
though), use that 'Black' money to do the
spends on the items we were planning to
splurge on using our 'credit card' and get
noticed. In any case, I think credit card should
be used sparingly and wisely.
25. Finally, don’t get caught in the “Credit
Trap” at all:
There is nothing called as using the term ‘wisely’
if you ask me. Always think from the point of
view of all the costs of credit. In selecting or
keeping a credit card, make sure we know and
understand all the costs, rates and fees
involved along with finance charges which vary
widely. If we plan to maintain an outstanding
balance on our credit card, make sure to find the
best interest rate on a card that meets our
needs. Many cards offer us a low “teaser rate”
for a specified period and then dramatically
increase the rate we pay on outstanding
balances. Some base the minimum monthly
payment on a loan term that if the minimum
payment is made consistently, could keep us in
debt for many years. We, doctors or dentists are
more prone to such financial malice’s as after
years of studying, exams and struggling on a
tight student’s life budget; we are ready to be
extravagant when we start earning well.
Doctors/dentists have high salaries/incomes
that they think it okay to spend accordingly and
just because of that many of them spend their
money on adventures that at least show them
appearing richie-rich viz. nice vacations,
expensive cars and a large house (sometimes
on even further loans). A few common reasons
which apply to doctors and where most people
struggle include a lack of financial knowledge,
poor financial regimen followed by them and a
lack of vision of a long-term perspective. One
fast–growing alternative to credit cards is a
“debit card.” Detractors would always say why
chose credit card when we have debit card and
spend our own money wisely. This type of card
Vol. 15
No. 2
May-Aug 2019