My Credit Card Adventure

A credit card to me, is a symbol of power. It is the ultimate representation of adulthood, a piece of plastic that conveys your maturity and financial position. Now I’ve steered clear from credit cards for as long as I remember, as I felt that I didn’t need them. Until recently, that is.

I have done lengthy research on credit cards ever since a friend started to pique my interest in it by tempting tales of EPP (easy payment plan), cashback rewards, yada yada. The rewards are tempting and very good cash saving initiatives – provided you can control your spending. I am quite confident in my self restraint, and I do not foresee credit cards altering my life drastically or casting me into the deep, dark pits of dreaded debt. After much much deliberation, consulting with my family and much indispendsable advise from GenX GenY GenZ (here’s some publicity, I totally benefited from your advice), I have decided to opt for the Maybank 2 Gold Cards.

(Source: http://www.maybank2u.com.my/WebBank/dualGold_lg.jpg)

At first I was hesitant to pick this as the GST is calculated at RM50 per card, making it RM100 annually. It is not such a good deal when you have to fork out additional RM50 for a card that you don’t really want, isn’t it? I really only preferred the American Express card, as it gives 5% cashback (up to a maximum of RM50 per month) on weekends and 5x treats points daily, whilst the Visa / Mastercard does not offer such benefits. It is much harder to build up your points when you only gain 1 point per RM1 spent instead of 5 points per RM1 spent. Nonetheless, the current promotion is not bad, with 3 swipes on each card, the RM50 GST is waived! However this is only for the Maybank 2 Gold cards, the Platinum Amex card is ineligible for the GST waiver (see below).

(Source: http://www.maybank2u.com.my/WebBank/LoveM2C220914_tnc.pdf)

So for the first year I can save my RM100 on the GST, not bad isn’t it! This card is free for life too (as all credit cards should be, in my opinion)! After checking out other credit card offers I feel so happy that I got the “best” deal (“Best” is relative since there isn’t a perfect credit card, just one that best suits your needs). I will be happily swiping my Amex card on weekends and getting 5% cashback as well as 5x treats points muahaha. Can’t do much shopping on weekdays anyway.

 I have used my card unashamedly by volunteering to pay first when I go out with my family and friends and have them pay me back the money (free treats points + cashback). Oh oh, and since I signed up at the Maybank promotional kiosk (yeah, those booths with clingy and desperate salespeople who try to tempt you with their credit card offers), I got a free Maybank mug and recycle bag. Very cheapskate of me right? Haha but since I’ve planned to get the credit card anyway, might as well reap all benefits available. And it’s a good quality mug, quite happy lah. I got the card within 5 days (still need to call and pester them for it), so it’s not too bad. OCBC takes 3 weeks to process a credit card, which is far too long in my opinion (and 0.5% cashback is so pitiful, really). Kudos to you, Maybank!

 All this blatant Maybank promoting is just me being overexcited about having my first credit card. I like to believe that I struck gold this time bargain hunting for credit cards, and it’s a huge learning experience for me, stepping into the grown up world of personal finance. Still, self control is really important with this piece of plastic — it is SO easy to go overboard. But I’ll leave that story for next time ;)