A credit card is a great credit facility to have, and it can be especially helpful during emergencies. But when using this facility goes unchecked, it can become dangerously addictive to the user. It is nice to have such a spending tool at your disposal, but most users are under the impression that the credit limit on the card is free cash; it is not. The credit limit provided by the bank is basically how much you are allowed to “borrow” on the card. Here are five signs to identify a credit card addiction. 1. Hiding Their Credit Card Bills[…]

What should you expect from your credit card statement? If you’re a beginner, getting a credit card statement is probably equivalent to getting back your test results. This is the time where you want to see your progress (how much you spend using the credit card) and the actions you need to take to cover any lacking areas (how much you owe the credit card issuer).  A credit card statement isn’t like your advanced math class. It is essentially just a periodic statement that lists all the purchases, payments and other debits and credits made to your credit card account[…]

Are you thinking of getting a credit card? It’s an intimidating decision, especially if this is your first time getting one. But never let that scare you! Credit cards are a great way to kick-start a blank credit record while teaching you proper money management. Before that, however, it’s important you have a good understanding of credit cards as well as what to look for if you’re getting your first one! First and foremost, the credit card terms you NEED to be familiar with: Annual fee is how much you will be charged on a yearly basis Interest rate is[…]

A couple of days ago, Grab Malaysia launched PayLater, a post-paid payment option for all of its services – Grab rides, GrabFood and GrabExpress. Essentially, it’s a payment method in which Grab lends you a specific amount of credit (for example, RM300). You will then be eligible to use the credit to pay for your services. Of course, by the 7th of the following month, you need to pay back the amount of credit you’ve used. It’s an impressive new feature, isn’t it? This is only one of the few instances smartphones have transformed how we make our payments. Whatever[…]

Credit cards are extremely useful financial tools that can be helpful during emergencies. However, there can be long-term consequences that will affect your life and financial stability if it’s mismanaged. Working out of the shackles of credit card is no easy task and it will take a good amount of time and dedication. It is an arduous process, but certainly not impossible to achieve. If you feel you have reached a point with your finances where you are unable to manage, then it wise to seek professional help. In this case, credit counselling is highly recommended.  Credit counselling is also[…]