I’ve always loved credit cards. Not because I spend a lot on them, I don’t max them out but I sure love having lots of different ones for different purposes. Some I use for discounts and privileges being offered, some I use for reward point collection because I’m eyeing some particular items from the reward catalogue, some I use for rebates on petrol, etc. That explains my need for a few credit cards.
But now that the government has introduced a tax on each credit card, it’s going to cost me a lot to maintain all those cards even though there are no annual fees on them. Before, they really were “free” but now the government’s going to make money out of me for having all these credit lines.
So instead of enjoying the discounts and privileges of using so many credit cards, I’m going to save myself the money by cutting them up. All my cards including supplementary cards will cost me about RM800. Yes, you saw it right, close to a thousand bucks a year to have credit cards!! That’s a lot of money and better spent on some other stuff which can give me something in return, like a term life insurance policy or even an investment in unit trust. Don’t you think?
In the next two months I’ll be busy “strategising” which cards need to go and at most I’ll maintain just two. It’ll be quite tough to decide which ones outdo the others in terms of which benefits are most crucial to me.
What about you? How many cards are you going to maintain for your shopping purposes?
