I have warned against the evil installment plans and their minions. Don't remember? See related post at the end of this blog post.
Minions can be in your face or minions can be in disguise. One way or another, they will lead to wealth destruction.
What? Pay for a purchase using interest free installment plan offered by your credit card is not wealth destructive? Aiyoh, they will take money from you in another way lor. Don't believe me?
Reader:
AK, did you blog about how having a lot of credit cards and debit cards will insidiously suck annual fees out from you when you least expect it? Recently i have been hit with quite a number of those and some banks refused to waive the fees. And i couldn't cancel the card as i have a on-going installment payment. Hopefully can warn others reading your blog not to charge those 12 or 36 months payments anyhow to your credit cards, later you kena those banks don't want to waive your annual fees and you can't do anything about it. I'm cancelling all my credit and debit cards save the 365 credit card and two ATM cards. Thoroughly disgusted $192 down the drain.
AK
Oh, I never use installment plans de. That is consumption debt. I dun like. I buy, I pay one time and that's it.
I can cut and paste your experience in my blog. Can?
Reader:
sure, just hope others will learn from my mistake
See? I never bluff you.
Related post:
Evil installment schemes and minions.
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12 comments:
Yup, that's how banks charge annual fees for cards. They look for people who have student loans or other loans and refuse to waive off, because they know you cannot cancel the card.
For people without loans, they will waive off since they can't do anything to you. Yet.
Aiyoh, I never bluff you... I cancelled my 365 Card with installments running. I just fully paid up to the account number provided by the bank. I honestly never bluff you. You need more experience working with the cards and the cards issurer. Of course, the fine print is ... " the bank is always right "
From my FB wall:
Daniel Tan:
"this is one of thier latest trick . uob also doing it . in the past u can do early repayment anytime u wan with no penalty . but latest agreement have a early repayment penalty and those with instalment plan will have to pay annual fees without waiver"
Raymond Chiam:
"Eric Kua you can cancel cards with existing installments. You just need to pay all the outstanding installments one shot in full after the card is cancelled. Don't be held ransom by the banks. If they don't waive off my annual fees I usually cancel them"
Eric Kua:
"Raymond Chiam see Daniel Tan's reply. Banks will slap you with early repayment penalty...regardless whether you cancel the card or not. Pay first then can cancel"
Raymond Chiam:
"Yeah. Ocbc refuse to waive my fees so I cancel the card and do a full repayment of my credit card installments."
Eric Kua:
"Raymond Chiam oh they don't have early repayment (penalty). Nicer than UOB."
Yet another blog post that enlightened me.
Silly mistake on my side. Just realised my bank keeps charging me the annual fee as I've never asked for a waiver. Sigh.
They do it via deductions of my points earned! All this time I thought I've never gotten charged annnually!
Hi Tanya,
You get enough points from card spending for annual fee waivers! Wow!
AK,
What about paying the annual fee of credit card in exchange for miles? e.g. Citi's $192 annual fee in exchange for 10,000 miles. Would you rather get the bank to waive or pay for the miles (and if we do want to travel.. within budget of course ^^)
Hi jc,
I am not a good candidate to answer that question. I hate flying and have always preferred cards that give me cash rebates. ;p
Hihi,
wa so fast answer. :) Thanks for the answer! Really like reading/eavesdropping on your blog.
Hi jc,
Sometimes fast, sometimes slow. Luck plays a part, I always say. ;p
Glad you like my blog. :)
Hi AK
My personal expenses on the CC is not that high. Bulk of it I would say are claimable company expense. Lunch with clients, some traveling, etc. :)
AK cash rebate CC, is that a UOB card? :)
Hi Tanya,
That is a great perk! :)
UOB ONE Card, I have. I like the ONE account. Blogged about it too. ;p
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