Credit Cards: Where shall I begin? (A rough guide to credit cards from a non-expert)

Sometimes, it’s hard to understand what’s going on with credit cards. A single bank can come up with many different types of credit cards. All with individual features and benefits (and pitfalls as well!).

Let’s have a brief look at some of the different features of credit cards. Please take note that I’m writing based on my experience and past readings. So, if you notice any inaccuracies or you’d like to add some points, do share your thoughts as well.

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The dangers of a credit card (A look into the disadvantages/downsides)

Like I said in a previous post , it comes with great responsibility to have a credit card.

There are a number of dangers with owning credit cards. Some of them are:

1. You might get yourself in a mountain of debt. If you keep on spending and only pay the minimum amount every month, it’s as if your debt becomes indefinite. Default the payments and you might go bankrupt.

3. Credit card interest rates are the highest. It’s not a cheap debt.

4. Sometimes, it’s hard to stop when you gain momentum in spending, thus leading you to spend up till a point of not being unable to pay.

5. Fraud. Somebody could steal your credit card details and you won’t even know until it’s too late.

6. The perks and rewards that come with the credit card can tempt you to spend more. Often, credit cards reward you by spending more (accumulate points, gifts, and etc.) and this might lead you to do the wrong thing, i.e. spend more.

7. As mentioned again and again, credit card = BAD DEBT.

8. You run the risk of not being able to track your spending. The next thing you know, you are served with a statement to pay by the end of the month, and you realised “Shit, I can’t afford this!”.

As usual, share your thoughts below.

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I’ll be getting my first ever credit card from Public Bank

Due to my being an investor with Public Mutual, I was offered by Public Bank to apply for a credit card. I see some good in owning a credit, so I decided to do so. Read here.

My application has been approved and as of now, I’m waiting for it to arrive.

This will be the first time ever for me to be a Principal Credit Card holder.

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Why do I need a credit card?

Having credit cards in my name is very dangerous. I’m sure a lot of you would agree with me.

But why would I consider having a credit card in the first place? Well, based on what I read and what I know, there are a few reasons actually.
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Unemployment exists in Australia? Huh? Really?

I was talking to a person the other day and he asked me about my plans after graduation. I then replied:

“Oh, perhaps I’ll return to Malaysia after uni. Maybe I won’t apply for the permanent residency. You know, it seems really hard to get a job in Australia these days. Even Rio Tinto (a mining company) laid off hundreds of their people a few days ago. Unemployment rate is well through the roof right now. I don’t think I’ll be able to get a job here”.

To which he replied:

“Huh?? Unemployment exists in Australia??”.

I was gobsmacked…….

Moral of the story: Watch more TV 🙂

The end.

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