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People will spend more with credit cards than cash. When one restaurant started to allow people to use credit cards, the average sale will be increased as well. I own multiple credit cards but currently concentrate on Citibank Cash Back credit card that provides me more privileges. Ideally, we should only pick the most suitable credit card for our lifestyle.
Know More On Cash Back Credit Cards
Is it good to have more than 10 credit cards for one person? Would it be tough to get housing loan or car loan since so many commitment involved?
There are some cases where people use their multiple credit cards to fund the business and in the end they go bankrupt, spending half of their life paying debt or run away from the debt to another country. In contrary, I feel very proud myself among credit card holders because I never owe bank even a single cent.
To get a widely accepted card and globally recognized, then you may try apply HSBC, CITIBANK, UOB since this is the top 3 overseas bank in Malaysia.
Let me share with you what are the benefits and drawbacks of using multiple credit cards:
Have you ever heard about Maybank New Visa Debit Card? I noticed that many naive bloggers said this card can be used for online transaction but I want to emphasize on this issue and make a conclusion that it’s not like other Bank debit card, which allow for online transaction. But, it is possible to do that in future since now still in phase I.
Why so confident to say that? This is my conversation with Maybank customer service staff…See the proof here…
Yoyo… I applied the Hong Leong credit card and it took only 3 weeks to process…I received MasterCard (Mobile Master) and VisaCard(MTV Card) at the same time. Total shared credit limit is RM 4500. Yesterday, i spent some time go to Hong Leong Branch to activate my account instead of calling to Customer Service Centre for activation due to i have some more important questions that need to ask. Indirectly, i can also save my phone charge because need to call to KL number (03) instead of toll number (1800) if activate myself.
I have advised to use it for at least 3 transactions for each of the account within 60 days. If unable to do that, then will be charged RM80 of each.
Hong Leong Master Card offers me 2 years free annual fees and Visa offers me 1 year free once you have activated its. For me, i feel that it’s VisaCard bring more value to me.
That VisaCard is commonly used for clubbers because i found that it would bring more privileges to them. For example, with this VisaCard, which is also MTV Card, the clubbers can get free entrance (no cover charges during Wednesday, Friday and Saturday except public holiday and festive seasons) to access glo, momo, Tiger Armed at Penang Road. Besides, they also can enjoy Happy Hour whole night long beer at Tiger Armed. They also can have 15% discount on each bottle that they open at that mentioned location.
In addition, they also can use at Coffee Bean & Tea Leaves for special discount except Penang & KL Airport Areas. I think you can have junior scoop of ice cream at Baskin Robin once you have purchased RM20 and above in a single receipt.
Personally think that it will bring more benefits to KL people since most of the restaurants got such benefits are from KL like Little Vietname, Moritomo Japanese Restaurant and so on that you may not find at Penang area.
I probably use my credit card for internet transaction only and that’s very straightforward achieve to my objective which is ‘Secrets of making money using credit card’…Haha.. ( will be shared with you on later post )
We know it happens for many people for many reasons of credit card issues. Some ppl simply assume their lives will get better, so they buy whatever they want and ‘pay for it’ with plastic (clearly a bad idea).
But other ppl go into debt bcos of an emergency, or they finance their start-up business with their credit cards.
No matter what ur situation…whether u carry credit card debt or pay off ur balance every month (if u do, way to go!)…
So here are 3 secrets revealed - things u’ll never hear from ur credit card company and my solutions to help u keep more of ur own money:
Secret 1
Short period of low interest rates
imDavidLee Tips : If u sign up for a card with an low rate, pls mark ur calendar for the day that the low rates expire. Then, make sure u flag the day one week b4 make ur payment, pay the entire balance off if u can.
Secret 2
Your credit card grace period
Most credit cards give u 25 days b4 charging u interest if u’re not carrying any unpaid balance; some give u 30 days. But others have cut back to 20 or even 15 days, and a few have NO GRACE PERIOD at all, charging u interest all the time on anything that u buy.
imDavidLee Tips : Choose the longest grace period that u can find, typically 25 days. Never go with a credit card that doesn’t allow any grace period. U r just getting ripped off.
Secret 3
Little payment is allowed
Over the past 5 years, some companies have quietly lowered the minimum payment from 4% to 2% of ur balance. That way u don’t have to pay as much every month. Isn’t that nice of them, trying to make things easier for u?
Yeah, that’s GREAT deal..only for the credit card company.
Imagine urself !! Let say if u pay just 2% on RM1,900 balance, it will take 20++ years to pay off the balance…seriously! And what’s more, u’ll pay more than RM4,000 in interest. That’s more than double the original balance!
imDavidLee Tips : Pay more than the minimum every month and save big $$$ in interest. Ideally, u want to pay off the entire balance every month. But if u r unable to do that, pay as much as u can possibly afford.
As u known, MasterCard is running heavy TV advertisements to promote the debit MasterCard. I have applied a PB Visa Electron debit card 2 weeks b4 but til now still did not get the approval yet and mayb will try apply AmBank NexG MasterCard also within this few days.
What is Debit MasterCard?
Basically, debit MasterCard card is a card which linked to ur saving or current account and allows u to make transactions using ur funds at any merchant that accepts MasterCard. The amount will be automatically deducted from ur account. The amount is not limit, u can reload as much as u can. But minimum is RM30..haha
Where to apply?
Currently, u can apply Debit MasterCard card from 2 local banks: AffinBank Berhad and EON Bank Berhad.
AffinBank Debit MasterCard — Generally, any1 who has an AffinBank account and 18 year old can apply the debit MasterCard by filling up a debit card application form. You can earn 0.5% cash-back per transaction when u spend.
The annual fee of the card is RM20 per annum.
Balance inquiry at other bank’s ATM is RM1 per inquiry.
Cash withdrawal at other bank’s ATM is RM7 per withdrawal.
EON Bank Debit MasterCard — I think the fees and charges are bout the same as AffinBank Debit MasterCard. You may want to goto EON Bank branch for more information
My concept is try apply as many card as u can if u are active internet savvy !!!
eCosway Alliance Bank Payment Card is specially designed for eCosway Business Owners and Cosway members to earn income when they spend. It make easy for normal people to profit from e-commerce. You can now turn your expenses into income by using credit/debit card affiliated with eCosway company.
It is no annual fee but the joining fee for Alliance Bank is only RM30 and eCosway is only RM100 (forever membership) which is very easy to cover back. There will not have any minimum income requirement.
I have my own Alliance Bank payment card since January of 2007. I still remember that I applied it at middle of October 2006 and it took about 2 and half month to complete the processing of my application. So, this is the only disadvantage when applying Alliance Debit Card. But, it is very useful and can earn lots of point that is beyond your expectation.
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