Two years after my first credit card application, and I now had one unsolicited credit line increase, two additional cards from my first bank, and another two from a new bank.
I now have a Gold and a Platinum card, and to be honest I am quite happy because years back owning a Gold (and much more a Platinum) card is a status symbol. I don’t know what it represents now but it used to represent affluence and a good credit record; at least for my circles of friends. Although I am far from being affluent, I guess banks entrusted me with such credit lines because of my good credit history. I always pay on time. 🙂
A few months back, Citibank pluralized my credit cards by issuing a Cebu Pacific Visa card and a Premier Miles card — I originally own a Classic Silver Visa, the original devil.
I like the Cebu Pacific card because aside from earning miles for Cebu Pacific, it allows me to receive seat sale alerts 2 hours prior to public announcement. Neat!
And then just a couple of months ago, Standard Chartered offered me a credit card. Their sales pitch: you are one of those we have chosen since we target customers who have good credit standings and who already owns a card form a different bank. *blush* Despite that, I initially turned them down because I already own credit cards and I don’t need extra ones — especially as the limit they are offering me is pretty huge. However, the devils are quite persistent, they kept on raving about the benefits of getting their cards. I reckon they were not really a catch except for two certain features that got my “yes”: (1) The Platinum card offers 3% rebates from transactions with departments stores, restaurants, and food chains; and (2) I get to have a cash gift equivalent to P2500 directly credited to the cards. Wow! How can anyone say no to that?
So now I have 5 credit cards. I am using 4 of it and I am quite happy with how I can easily access capital plus all the perks that come with it. I remember promising myself to employ the “swipe-and-pay” method, a term I coined for the practice of paying right away after every transaction made. But shamefully, I admit I am not doing that now, and I admit I don’t get to fully pay my monthly dues. Nevertheless, I always pay on time. And I honestly have continuously improved my paying habits. I have even applied some concepts I learned from my graduate studies (MS Finance) to retire costly debt by using cheaper debt. Curious how I did that? 🙂
Anyway, I am expecting to fully pay my credit card dues before the year ends. And hopefully retire ALL my debts 6 months after that (especially since I will be done with my graduate studies by then, i.e. no more tuition fee expenses, yay!). These credit cards are indeed evil, but there are numerous advantages in having them as well. You just have to be responsible once you own one. Maintain good paying habits, and always keep track of your due dates. 🙂
P.S. Citi recently installed a new feature in their cards. It is a chip of some sort that adds extra security to prevent fraudulent transactions. Nice one Citi! I noticed my StanChart cards don’t have it yet. But anyhow…