It's My Way Or The Highway With A Credit Card Saga

I had the two initial credit cards from the same bank since I don't remember when the agents mobbed me at the mall. They just checked my valid ID, had me sign a form and that was it. Few days later, two credit cards were delivered to my address. I had one cancelled shortly and retained just one.

Every year I have been wrestling with the bank to waive the annual fees. Few years ago, I saw their ad about "no annual fee forever" promo. Without reading all the terms and conditions, I signed up online for two cards. Those were delivered in few days as easy as a breeze.

One year later, the statement of account was showing annual fee for one of the new cards so I checked with the bank. They were saying their promo is only for new clients. Oh, so I applied for my own and two headaches. I bargained for perpetual waiver for new card issuance but they won't approve. They just waived the annual fee and I expect to go through the same wrestling with them again every year. I told them to just cancel all my cards. They didn't.

I had enough after more than a month of them going around the bush trying to make me retain my cards without granting perpetual waiver. I have credit cards from two other banks. Two of those cards from other banks are free of annual fees for life so I won't cringe losing these three credit cards from just one bank. I cut all three cards into strips and told the bank via email. That was the only time they deactivated the cards as I see on my online portal. They said I can still have them reactivated within six months if I change my mind. Good luck with that!

^{Bye-bye to these three credit cards}

I don't understand why they keep on trying to get new clients but was okay to lose the existing ones. Or maybe I am not significant enough to them. I wish I can send them the photo of the card strips but their customer support email does not allow attachment.

Wonder why the bank keeps stalling cancelling my credit cards? Many in the working class think that having a credit card is above par from the rest. This mindset is what the banks have been targeting to drown the middle class citizens into debt. They make the application and issuance so easy just to hook people to easy and excessive spending without realizing what they are doing.

^{Image from Pixabay}

That reminds me of a former coworker. He requested that we talk inside a meeting room and I wondered why. When we got inside, he was teary-eyed and asked if I can lend him money. Instead of asking how much, I asked what for. He said for payment of their credit card debts. His wife had her credit card for the first time and enjoyed shopping so much that she maxed out the credit limit. They were not able to pay for few months already and the bank has been harassing them about legal matters.

He got some lecturing from me. I told him that is the job of the bank so no surprise about it and they should learn their lesson especially the wife. Credit card holders must be responsible in managing their usage properly. It is not because you can buy anything with a credit card that you'd do so. I was sorry for him and his wife but did not lend him any. I am willing to divert my budgeting for some unforeseen or emergency situations but not for irresponsible spending.

^{Image from Pixabay}

Here are some tips on using a credit card so you don't drown yourself in debt.

1. Own a credit card only if you have the means to pay monthly. Do not own any of it just to feel "classy."
2. Get a credit card that has no annual membership fee and offer rewards. Many banks offer it these days. Just imagine the benefits of not paying membership fee while enjoying rewards by using the credit card.
3. Use it to buy needs, not wants. Needs are defined. Wants are limitless.
4. Always, I mean always, pay in full and on time. Skipping or partial payment will lead to more payables with the penalty and finance charges. Yes, penalty and finance charges as gwo separate lune items on the statement of account. Paying on time will also build your good credit rating which is one of the basis why a bank should trust you.
5. Use the credit card as a budgeting tool. The statement of account is a very good tool to track your monthly expenses for as long as you know you can pay on time.
6. Stay under a certain percentage of your credit limit and never more than what is in your savings bank account. Twenty to thirty percent of your credit limit will be ideal.

Be wise, financially wise.

^{Image from Pixabay}