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#1
14th January 2008, 11:46 AM
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Mutual fund Unit thro credit card ?
Whether it is possible to buy mutual fund unit thro creditcard. Please help me ? I have to submit the Income tax declaration document in my company this week, So I planned to buy ELSS funds, I dont have cash in my account right now, whether it is possible to buy the MF units thro credit card.
Please reply early, its very urgent....... Thanks in advance..... 
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#4
31st January 2008, 11:04 AM
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Re: Mutual fund Unit thro credit card ?
Dear Jayaramanit,
I will never advise you to buy MF thru credit card. Firstly they will charge you 2.5% as finance charges and thereafter atleast 3% p.m. will be the interest rate. It will be better to take personal loan which is easily available @ 14-15% reducing balance. It it is not possible go for loan thru credit card and you can negotiate up to 9%-10% p.a. flat interest rate. You can even pay the income tax this year without investing in ELSS. Tax amount will be less than loan interest. From next year you can plan to purchase ELSS thru SIP.
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#5
31st January 2008, 11:11 AM
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Re: Mutual fund Unit thro credit card ?
OCB has just announced that they will be installing Mutual Fund Certificate Printing Machines ( MFCPM ) in their ATM's in the next few years as the demand for credit card and atm card users for buying Mutual fund units is rising by at least 2 people per day.
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#6
31st January 2008, 12:07 PM
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Re: Mutual fund Unit thro credit card ?
Quote:
Wat a gr8 idea to ruin ur wealth & peace of mind by this foolish step. Who is sure that his MF picks will outperform loan's interest ammount that too in short term. Fulfil your expenses first & then save the extra money you have!!
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#7
31st January 2008, 01:28 PM
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Re: Mutual fund Unit thro credit card ?
Investing in equity related instruments with borrowed money is very very risky. Professionals and institutions have complex hedging mechanisms while investing with borrowed money.
Its best to avoid for retail investors.
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