Common Sense Advice for Credit Card use

Here in Singapore, there’s a certain income level to attain in order to be eligible for a Credit Card. Thus, someone paying with plastic, as they say, is often regarded highly, equating to someone of a higher financial standing.

Many of the young individuals who have just ventured into the working world armed with a bachelors degree easily qualify. Sadly, yours truly falls in that category as well. I have issues with when to use my Card (Henceforth, it shall be rudely referred to as ‘The Card’. Thank you.) and when to use cash. I shall enlighten you on what I’ve vicariously learned .

Most restaurants i patronize , offer huge dining discounts if paid through The Card.
I walk in, polish my plate and a while later go, “check please!’. As if on cue, i charge it to The Card. i smile in triumph at the ‘15% of total bill’ discount. It feels good doesn’t it? This scenario is perfectly fine, if you promptly pay your bill within the stipulated date. If you don’t, you get slapped with handling fees, late charges and god forbid, interest charges as well. Huge price to pay for missing the due date. Cash would have been much easier.

A few years back, i read the infamous Adventures of a Shopaholic . Bimbotic
might think, but never had a book inspired me to change my lifestyle. It was life altering alright. The book, clearly reflects the life of a compulsive Credit Card user who refuses to face her monthly bill and instead settles the minimum payment.Very soon , her card is maxed out and she stands there motionless in front of hordes of purchase makers, shaking their heads in disgust.

My greatest fear,is exactly that, standing next to the check out counter with a trolley filled with purchases from Neiman Marcus, with 2 dollars in my pocket and a purse bursting with change. The cashier hands me back The Card with a certain air of superiority and says, ” Sorry Ma’am, there’s insufficient credit left on your card.” Now was there a intended emphasis on the word Insufficient, you think?

I swear by cash and safely use it within my means. If i can’t afford an item, i drop it back into its place and get it when i can. I make a mental note that it wasn’t meant for me to have that lonely pretty Coach bag, as consolation, and it works amazingly.

Do yourselves a huge favor and relief your mind of unnecessary financial stress. Do away with using your credit card UNLESS, its an emergency.