Kumartuli or Kumortuli is located in the northern part of the city of Kolkata . The locality is a traditional habitat of the potters for nearly three hundred years. The potters or the artisans or the artists settled here during the restructuring of the Kolkata colonial region by the British East India Company . Earning a livelihood by making earthen pots and utensils first they gradually shifted to the making of the idols of Gods and Goddesses for various festivals round the year. With increasing demand and quality of their creations over time the artisans became famous and Kumartuli came to be known as the hub of idol makers supplying thousands of idols, particularly of Goddess Durga , to whole of the state of West Bengal and to NRIs of around 90 countries across the globe. At least three months before Durga Puja , the biggest festival of West Bengal and one of the biggest across Eastern India, more than five hundred workshops come alive with hyper activity day and night. Fir...
No doubt you need credit cards in lots nowadays. One for one particular use, one for some other consideration and some for general use. You go on multiplying your accounts on account of no annual fee, less interest rates, freebies and all that. From the grocery stores to the online reservations you do it on ease without having to carry cash. To say more of such benefits is cliched.
But, particularly in India, costs of card use are increasing. Cash advance facility is almost passe due to prohibitive costs, minimum fee of Rs 300/ whatever amount you withdraw plus interest from the very date. Lifetime free cards are accepted norms, but use is the basic need.
Revolving credit is also proving too costly. Now almost every bank has increased the monthly interest rate to 3.1% or above instead of customary 2.95% with special reduced rate offers. Even in high profile co-branded cards the rate is upwards of 3%. And, some special APR cards have gone to 3%+ interest without notice.
On many purchases like fuel, railway reservations and all you need to pay an extra transaction charge.
So, now you must have a sizable savings account balance to use credit cards and to settle full dues in one go so as to avoid cumulative interest charges.
Isn't this against the trends of consumerism and the market economy?
People are feeling the credit crunch all around the world. Interest rates are going up and businesses are being forced to accept higher merchant rates as well.
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