#1: Unawareness of the benefits of credit cards.
Cashback rewards
Discounts
Protection against fraudulent transactions
Rewards points
#2: Afraid of getting into debt.
People have a fear of get into debt.
Many people don't understand that credit is a tool that can be used to build wealth.
Credit can be used to start businesses, invest in stocks or real estate, or pay for education.
#3: High-interest rates.
Many Indians believe that credit card interest rates are too high.
Banks need to offer lower interest rates, especially for first-time cardholders.
#4: Bad credit score
Many Indians do not have credit histories.
Some borrower are unable to keep up with the credit repayments in the past.
This makes it difficult for them to obtain a credit card.
#5: Lack of trust in banks
Many Indians do not trust banks.
They are afraid of hidden fees, fraud, and poor customer service.
Banks need to be transparent and offer excellent customer service to build trust with the public.
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Source : Books
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