My Little Experience With Credit Card

It was perhaps in the middle of the year 2001. I was working as a Senior Executive Head of an ADB assisted Development project in the Regional Office at Chittagong, the second largest port city of Bangladesh. One fine morning a gentleman knocked at my office chamber and introduced himself as a Junior Marketing Executive of a prestigious Foreign Multinational Bank located at Chittagong. He started Explaining about Credit Cards and persuaded me to possess a credit card from his Bank. He offered me to fill form and signed it. Within a week I received a mail from the Bank containing Credit Card. I was amazed and delighted. I started utilizing the facilities and enjoyed using ATM in my country for the first time. I felt myself dignified and honored when I used the card for Shopping and sometimes dinning in Chinese restaurant with my family. At that time use of credit card was not so widened as of today.

I used Master Card of Barclays’ Bank in England in1978 for about 13 months while I was undergoing a study. But in Bangladesh ATM and Credit/Debit card was introduced in late Nineties in only one or two Banks.
The Bank issued the computerized bill on 10th day of every month mentioning the balance payable and the minimum amount due for payment on 25th day of the same month. I tried my best to make the payment within due date. However some time I deferred payment within due date and paid penalty because I used to spend about 10 to 15 days outside my station on official tour. I was also surprised when I found that I was not allowed 45 days interest free opportunity against some credit purchase. When I contacted the Credit Card Division I was requested to please go through the terms and conditions of the Credit Card. A page containing the terms and condition printed on the brochure in small font that I never tried to read it. I talked with some of my colleagues about the issue and they simply laughed. When I read it, some confusion appeared in my mind. However I personally called on the Bank Official and discussed the matter with them. I came to know that if I purchase one day before the Billing date, i.e. 9th day of the month, I can only get 15 days interest free facility(up to 25th day of the same month). I then realized that I made a fool myself for not going thoroughly into the terms and conditions and for this reason I paid penal rate of interest on many occasion. From then on I made most of the credit purchases immediately after the Billing date, i.e. 10th evening or on 11th day of the month and continued to do so and enjoyed almost 42 to 45 days interest free loan. The card enabled me to replace almost all my old necessary household commodities including Electronic and furniture’s. Most of all I felt secured, because I did not have to carry cash with risk.