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The first time I ever had a debit card was during my student days where student credit cards were hard to come by in a country I did not call home. The debit card was a big help in making sure that I did not swipe it for purchases that I couldn’t afford right away.
After graduation and upon returning home, where debit cards are unheard of, credit cards then became my best friends. I was thrilled by the various cards with all sorts of benefits and privileges and soon ended up with about ten cards. I then realised that I have gone overboard, but thankfully I do not swipe huge amounts on all of them. I decided to cut back on these cards and today, I have only the bare minimum.
It wasn’t easy to decide which cards should go and which would bring me the most benefits. So I gave it much thought on what I wanted out of the cards and from there, it was easier to see which cards mattered.
I chose to keep two foreign banks’ credit cards because I wanted reliable global acceptance. For some reason, some of our local banks’ cards aren’t easily acceptable outside the country. I also keep one particular local bank’s card because it offers me great privileges and some savings in the form of rebates when I use the card for certain transactions.
Over the years, I have become a smarter credit user and I plan to be better at it. With the new ruling of doing away with the 20-day interest-free period if new transactions are not paid in full when due, I foresee myself using my cards mostly for zero-interest installment plan purchases rather than for every other retail transactions. Now, it is all about using the credit cards as a measure of cost-savings rather than convenience.
{ 2 comments… read them below or add one }
hi there, is it the foreign banks that u mentioned are those such as HSBC n citibank? thanks
Hi Affy, yes your guess is perfect!