Save your Credit Cards !!

Not a big news but Kingfisher suffered 13.5 crore loss in a span of 18 months. Well not really its going to make any difference to its balance sheet. Behind the scene there are lakhs of people who have as well born the loss in bits and pieces. Yes .. yet another scam is here. This time it's Online Air Ticket Scam !!

Interesting modus operandi (I somehow like this word a lot!). According to police its a big gang working all over the Mumbai City. Well .. not only in Mumbai city but nationwide. It has its members all over the places where you swipe your credit card. A waiter in a suburban hotel was caught as the first man in the string. Will you ever think to whom you are giving your card to swipe is memorising the CVV number (it's the 3 digit number at the back of your card). If someone knows your credit card number, expiry date & CVV number, he/she can book an online transaction on your name.

This gang is believed to book Kingfisher airline tickets with such stolen credit cards and then sell to travelers at a huge discount. Travelers believed that the airlines in offering the discount. (I don't understand why Kingfisher suffered loss?? because its just getting its payment...no matter who is paying for it).

But is it the only way we are losing money on our credit cards? hehehehe... you are right .. I am laughing sarcastically. You and me know this is just a small scam than the real credit card business. Most of the credit cards charge about 2% interest. Mind it ... it's 2% per month which turns out to be more than 30% p.a. if we calculate the recurring interest part of it. The costliest personal loans are available at 17% p.a. ... Then why people leave a heap of balance on their credit cards. Well .. I don't know ... I just cleared 6 months back :). You are right.. I cleared by taking a personal loan :P

If you are reading this blog and if you have a big balance on your credit card, it will be great if you can leave a comment behind on why do you swipe your card?

Being in USA, I don't have any option than swipe a card. Because to build a good credit history, everyone here need to have a credit card. But that's the story we will cover in tomorrow's blog. So do come back.. oh yaa.. you are welcome if you want to write it on your own. As is said .. Anyone can write this blog.. I am just co-ordinating till the time netizens take it over.

Bye for now .. Happy blogging !!

- Mumbaikar