Jump to content
  • Recently Browsing

    • No registered users viewing this page.

Credit Card Talk


Recommended Posts

the "plastic" makes you feel empowered to buy more than you need and more than you can afford. I've worked before as a collections officer at C#t*bank and I know too well the pitfalls of credit cards. rich and poor are afflicted by buying sprees and big discounts at malls but end up with huge balances, especially like us who are wage earners.

 

rpbert45 is correct about it's all a matter of discpline. but discipline in the whole financial sense not just in using and buying through our cards. that is, do you have at least 6 months worth salary in your bank, are you saving 10-15% every pay day before, do you have insurance, etc?

 

instead of credit cards, use your ATM as debit cards. it's as convenient as a credit card but you don't build a huge debt. I've been credit card free for 5 years and I'm lovin' it! my money which should go to interest now goes to spending for my kids and family on weekends!

Link to comment

When you have a credit card never buy something you can't pay for in cash and always pay all your balance in full. When you don't have the discipline talo ka sa credit card companies.

 

Advantages of having a credit card:

1. you don't have to carry a lot of cash everytime

2. you can defer the payment (meaning pag wala kang pera, gamitin mo muna card mo at sa due date mo na bayaran)

3. pay on installment

4. some card companies have discounts sa partner shops and you get 10% discount kahit walang sale

 

pero kung wala kang disiplina, i do not suggest you get a card

Link to comment

when it comes to credit card, i think hsbc & citibank can provide you with what you really need like international acceptance, high credit limit & reasonable interest rates. but as mentioned above, you have to use your credit card wisely & responsibly. remember that interest is only applicable if you don't pay the whole amount due. also, i would suggest that you just maintain one credit card, that way one membership fee payment is enough for the whole year. if possible, take good care of your credit standing because this entails increase in credit limit. stick to a silver type card since a gold type card is more expensive to maintain when it comes to membership fee renewal.

 

the only problem i see with owning a credit card is that you are not actually aware of what you are spending versus how much money you actully have thus your propensity to spend is greater. i would suggest to routinely check your credit card balance and allot your earnings accordingly.

Link to comment

QUOTE(jjb @ Jan 25 2007, 11:34 AM)

 

actually, I don't pay the annual fee anymore, I just tell them that I no longer want to use the card everytime after they charge me the annual fee - and for the past 4 years they have waived the annual fee....

 

 

 

 

can you really do that? could you please explain or discuss further? which card? thanks.

 

 

When the card company charges for the annual fee, I call the customer service hotline and tell them that I no longer need the card, they would ask why and I will tell them that I don't want to pay the annual fee or can't afford it anymore - they usually give in and tell me na this would be the only time they would waive it - I have 3 cards from citibank and I haven't paid for annual fees in 4 years - you have to consider though that I pay in full and on time.

Link to comment
QUOTE(jjb @ Jan 25 2007, 11:34 AM)

 

actually, I don't pay the annual fee anymore, I just tell them that I no longer want to use the card everytime after they charge me the annual fee - and for the past 4 years they have waived the annual fee....

can you really do that? could you please explain or discuss further? which card? thanks.

When the card company charges for the annual fee, I call the customer service hotline and tell them that I no longer need the card, they would ask why and I will tell them that I don't want to pay the annual fee or can't afford it anymore - they usually give in and tell me na this would be the only time they would waive it - I have 3 cards from citibank and I haven't paid for annual fees in 4 years - you have to consider though that I pay in full and on time.

 

this is a very good tactic, my renewal date will be coming up soon, i will try if this will work on me. thank you friend!

Link to comment
don't be too eager to acquire a credit card, i'm now paying almost 2,000.00 per month just on interest alone.

 

The average interest rate is 3.5 % each month on unpaid balances.

 

Now is the best time to get a credit cards. Aside from fierce competition among card issuers, interest rates will be going down.

Link to comment
QUOTE(jjb @ Jan 25 2007, 11:34 AM)

 

actually, I don't pay the annual fee anymore, I just tell them that I no longer want to use the card everytime after they charge me the annual fee - and for the past 4 years they have waived the annual fee....

can you really do that? could you please explain or discuss further? which card? thanks.

When the card company charges for the annual fee, I call the customer service hotline and tell them that I no longer need the card, they would ask why and I will tell them that I don't want to pay the annual fee or can't afford it anymore - they usually give in and tell me na this would be the only time they would waive it - I have 3 cards from citibank and I haven't paid for annual fees in 4 years - you have to consider though that I pay in full and on time.

 

yup. this tactic works. been doing this for some years now. and even if they don't waive it, dami naman card companies that offer free cards (ie, waived annual fee on the first year)

Link to comment
Now is the best time to get a credit cards. Aside from fierce competition among card issuers, interest rates will be going down.

 

and what is the current interest now for Credit Card Charges? 3.5% per month?

 

that's 42% per year for an unsecured loan

Link to comment
  • 2 weeks later...
and what is the current interest now for Credit Card Charges? 3.5% per month?

 

that's 42% per year for an unsecured loan

 

 

really depends bro, the bigger the company the bigger the company the higher the interest rate.. ive heard that citibanks the highest so far.. but then again ... that was a full year ago

Link to comment
  • 1 month later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...