User: Which is the better CC in which one can pay back in longer time duration with minimal interest on the borrowed amount?
CardBhai: Credit cards are not the best choice to borrow and interest costs are very high. If at all you want to borrow on an undecured loan you should go for unsecured personal loans. In fact if you can possibly give security such as financial assets (Life insurance policies, fixed deposit certficates, mutual fund units, bonds, jewellery, etc.) you will get the cheapest loan.
User: Which loan should one opt for – personal loan or loan on existing credit card ? In which one shall I get lower interest rate.
CardBhai:If you have a good repayment track record on your existing credit card and also have good provable income papers [IT Returns / Salary Slip] then personal loans will definitely be cheaper. Even otrherwise personal loans will normally be cheaper than loan facility provided on a credit card.
User: Bank refuses to take Cheque and acknowledge with a seal on the slip.
CardBhai: RBI has clearly directed that banks will need to cumplosorily give stamped acknowledgements if the cosnumer does not wish to use the drop box facility and wishes to deposit / make payment across the counter.
User: I have an outstanding of Rs 21,000 on my ICICI CC and about Rs 27,000 on my personal loan. Should I topup my personal loan to pay off my CC outstanding ?
CardBhai: Absolutely you should. Keep your CC off in the cupboard until you pay off your Personal Loan.
You can ask your question on CardBhai Forum.