What I Used with my Credit Card?
- Day Tour at Maribago Bluewater Resort for one person - straight payment
- XBox 360 Kinect - installment
- PC (desktop) upgrade - installment
After I'm done paying with the Xbox, I haven't used the credit card for a month then I received a monthly billing for PhP75.00. As you can see even though I have my own credit card, I rarely use it. Anyway, the Xbox was part of my Plans & Goals, it was just a want not really a need although I was able to pay it with no worries.
The Downside
The downside of owning a credit card is I have to pay P75 for the monthly membership fee although I rarely use it. If I go to groceries, I really pay in cash but with this, may be I should use my credit card for the additional points.
Let's do the Math
P75 x 12 months = P900.00 to pay in a year
May be soon I will use this again to buy another gadget, a smartphone. My galaxy Y has little internal storage. I need a more powerful smartphone. Although it is just a gadget, this is a need regarding with my online job for time management and productivity apps. Too bad, some of the apps I like can't be accommodated anymore with galaxy Y. My contract with Globe will end in November and thinking to renew to get another phone. May be a Samsung Galaxy S4? Ambitious LOL!
How do you use your credit card?
Yeah, the monthly can be a bummer. I guess it's a way out of customers calling once a year to have the annual fee waived.
ReplyDeleteIf you like having a credit card, another bank offers one with no annual fee. The only downside is that you don't get points or rebates. But if you spend very little or rarely use it, it's a better option.
Hi Carlos,
DeleteCan you suggest which bank would that be? :)
Thanks.
Metrobank offers one with no annual fee. Not sure if any of the others do. It's on their website, I think.
DeleteI use RCBC and Metrobank and they both have annual fees, but they always waive it after I call and agree to charge x amount the following month. I think the amount is around Php3,000 - Php4,000 and I usually charge more than that so it's a good deal.
DeleteRCBC also has points which I can use as credit to pay off my credit card bill and I usually get Php2,000 worth of credit about once a year. Metrobank has the rewards system, but the conversion is pitiful. As in charging about Php200,000 will entitle you to a Globe internet stick. Nyark. Baduy.
Are your kredittkort debts keeping you awake at night? If so you are one of millions of people that are experiencing this same nightmare. Almost everyone has credit card debt in today’s world
ReplyDeleteMy story is quite the same with yours. Got a letter from BDO that they will be sending a credit card since I am a valued customer. I did not apply for it and honestly I really don't need it to buy things. But since its there I accepted it. The thing is the initial annual fee was waved but just as soon as the first year is over the annual charge of Php2,400 is already reflected on my current statement for this month. I don't intend to pay for this since I always pay my monthly dues ahead of time and the fact that I never requested for this card. And besides BDO already earned thousands on the financial charges on my last year's purchases. Your annual fee is quite low as compared to mine Php2.4K which is beyond my expectation. I hope I could find a way to waive the annual fee since I am of good standing...but how???
ReplyDeleteCall the bank and ask for a waiver of the fees, they'll usually ask you to charge a certain amount the following month to waive the fee. If they flat out refuse to do so, then threaten to cancel your account, they almost always agree to waive the fees or to another arrangement after such a threat.
DeleteIf they don't take your bluff, then go ahead and cancel your card. Php2,400 is way to high for an annual fee, most entry level cards charge between Php1,000 to Php1,500 only.
Nice one.. Thanks for sharing your experiences
ReplyDeleteChoose 0% apr credit cards
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ReplyDeleteHey Rox, I got the same one as well last year but what I usually did was had friends and family use it and pay me right away from what they bought. After that, I put the money away so that I will not be able to spend it. Maganda rin talaga may credit card, you can definitely use it on times na ayaw mong gumastos ng malaki on one item and pay for it by installment or dahil tamad ka lang :p
ReplyDeleteI just wanted to share din sa readers mo na who would want to get their own credit card, our site www.imoney.ph compares all types of financial products. Thanks!
You may even be hesitant to apply for a new card. One that is designed for negative credit comes with a variety of limitations and limits put on it. Home Depot Credit Card
ReplyDeleteCredit cards are a needed material these days for purchase. One time I am trying to purchase in Amazon and I have my money in PayPal. I figured out Amazon doesn't accept such payment options so I borrowed a credit card to my sister to purchase. It's really a necessity somehow these days so we better choose the best credit card there is for less hassle.
ReplyDeleteMost other credit cards charge membership fees annually. If you are a good payer, they are usually more than willing to waive them. Try Citibank, that's my only card and it's been years that I haven't paid annual fees with them. :)
ReplyDelete