There is this Citibank credit card commercial on TV. This newly-wed couple goes on their honeymoon and the hot babe goes on a shopping spree. And she flashes her gold card and acknowledges that her credit card allows her to live the life.
What a load of crock!
I can't stand how banks are promoting credit cards in Malaysia. They make it sound like its free money and it's their ticket to the good life.
Come on. We are Malaysians. The fact of the matter is, by and large, we have been so sheltered that we don't know how to manage our finances. And now, we have these banks irresponsibly telling us we all need credit cards.
It is only a matter of time before our society become a nation in debt. And we'll be paying that debt for the rest of our lifes.
Say if you have a RM5000 balance. And you are paying RM200 a month because you it makes you feel good that you are paying slightly more than the minimum required. At the usual rate of 2% interest per month, you would have ended up paying about RM7000 in 35 months. That's about RM2000 in interest. And on the condition that you NOT use the card anymore.
But I am sure you already knew that.
Why don't these banks ask that the consumer just bend over and so they can shaft a metal pole up their ass?