Sunday, November 11, 2007
16:25 by FoxTwo I remember when I first got my very own credit card - the feeling was euphoric. I've finally "made it" (what with the laws in Singapore on owning a credit card back then). Yeah, finally I have some "status".
Ah, but that was a long time ago. I was a wee lad of 22 or so. Having a credit card back then was like owning a mobile phone - you gotta be "rich" to own one (because mobile phones back then cost almost like $2,000 for one, and they don't have those 2 yr plans stuff).
I remember planning what I was going to do with my new credit card - go on a shopping spree? Buy stuff off the Internet?
Then I stopped myself. I remember reading about how people generally tend to "forget" that they have to pay for what they use - credit cards aren't "free money". If you spend over your ability, you'll be in debt for a long time. In fact, sad to say, I have a friend who is currently in this situation and it's sad. She got a credit card and went on a shopping binge, and in 3 days she maxxed her card out. 12 years later, she's still paying off her debts, and she did it the wrong way - by getting more cards and using those to offset her original debts.
As long as you're conscious of your spending habits, you should not run into any trouble. Personally, I use mine only for shopping online as well as on drinking nights on Fridays. On the odd ocassion I'd use it to pay for a nice dinner if I happen to be lucky enough to be enjoying the company of a female companion :)
Having a card around to me is a boon - sometimes, I might need a little bit of extra cash, and balance transfers are easily done, either at the various ATMs or even online at home via the Internet. I remember that back in 2003 I was in New Zealand, and I had just run out of cash in my wallet. No problem - I just popped on over to a nearby ATM and withdrew some money there. Yes, I knew I had to pay it back, but having cash at the time was important - the shop didn't have credit facilities, and it was a small town.
Having all those points on the card isn't too bad too - at the end of the year, I would normally go hunting on the catalogues and see what kind of stuff I can get for the points I had accumulated on my card. I would normally get household appliances, such as a water kettle, or a steam iron, those kind of stuff. I know those items don't really cost alot, but it saves me a little bit of cash here and there. So far I haven't seen a Microwave being offered yet as an item to be redeemed for points though, dang it!
If you're actually looking for a credit card, you can do a lot worse than to take a look at the best credit cards available. It's a card comparison site (although it might not be very relevant to Singapore but it does still have some really good info). One of the links I'd recommend is this one - Choosing The Right Card. It gives you tips and guidelines on what to look out for to make a decision on which credit card to choose.
So, is having a credit card a bane or a boon? That is a question you will have to answer for yourself.
16:25 by FoxTwo I remember when I first got my very own credit card - the feeling was euphoric. I've finally "made it" (what with the laws in Singapore on owning a credit card back then). Yeah, finally I have some "status".
Ah, but that was a long time ago. I was a wee lad of 22 or so. Having a credit card back then was like owning a mobile phone - you gotta be "rich" to own one (because mobile phones back then cost almost like $2,000 for one, and they don't have those 2 yr plans stuff).
I remember planning what I was going to do with my new credit card - go on a shopping spree? Buy stuff off the Internet?
Then I stopped myself. I remember reading about how people generally tend to "forget" that they have to pay for what they use - credit cards aren't "free money". If you spend over your ability, you'll be in debt for a long time. In fact, sad to say, I have a friend who is currently in this situation and it's sad. She got a credit card and went on a shopping binge, and in 3 days she maxxed her card out. 12 years later, she's still paying off her debts, and she did it the wrong way - by getting more cards and using those to offset her original debts.
As long as you're conscious of your spending habits, you should not run into any trouble. Personally, I use mine only for shopping online as well as on drinking nights on Fridays. On the odd ocassion I'd use it to pay for a nice dinner if I happen to be lucky enough to be enjoying the company of a female companion :)
Having a card around to me is a boon - sometimes, I might need a little bit of extra cash, and balance transfers are easily done, either at the various ATMs or even online at home via the Internet. I remember that back in 2003 I was in New Zealand, and I had just run out of cash in my wallet. No problem - I just popped on over to a nearby ATM and withdrew some money there. Yes, I knew I had to pay it back, but having cash at the time was important - the shop didn't have credit facilities, and it was a small town.
Having all those points on the card isn't too bad too - at the end of the year, I would normally go hunting on the catalogues and see what kind of stuff I can get for the points I had accumulated on my card. I would normally get household appliances, such as a water kettle, or a steam iron, those kind of stuff. I know those items don't really cost alot, but it saves me a little bit of cash here and there. So far I haven't seen a Microwave being offered yet as an item to be redeemed for points though, dang it!
If you're actually looking for a credit card, you can do a lot worse than to take a look at the best credit cards available. It's a card comparison site (although it might not be very relevant to Singapore but it does still have some really good info). One of the links I'd recommend is this one - Choosing The Right Card. It gives you tips and guidelines on what to look out for to make a decision on which credit card to choose.
So, is having a credit card a bane or a boon? That is a question you will have to answer for yourself.
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