BANGALORE: What is your status symbol? Is it a car that everyone envy’s or the latest phone being advertised on television? Or is it the number of credit cards you have? Carrying more credit cards has in fact become a trend today. This is particularly true when the card comes free and there is no much hassle in getting it.

For many, credit cards have become an integral part of life and for others, a style statement. Some credit cards offer discount on select items and others provide lucrative offers on redemption of reward points.

The biggest advantage of credit card is that you can buy stuff even when you don't have enough money in your bank account. To use a debit card, on the other hand, you need to have an equivalent amount of money in your account. However, if you default or miss credit card bills on time, you will be charged a hefty 2.5 to 3 percent interest rates per month. Additionally, a fixed amount of 300 to 500 is charged as late fee for delayed payments.