Pros & Cons of Owning Credit Cards

Is it true that credit cards are evil? They can be the devil when it is used wrongly and recklessly. I do agree that extended credit should not be granted to all people. It's something like not giving an alcoholic another drink when they are drunk. When more alcohol is given, more damage and harm will be done.That is the same with people with reckless spending habits.

However, when credit cards are used in the right way, it can be a big help and also brings some other benefits. Before I share with you how I use my credit cards, I'll give a short summary on the pros & cons of owning creadit cards.

Pros:

• Helps to build your credit rating and credit history

It is easier for you to apply for a loan when you have a good credit history. The key word here is "good". The bad or good of your credit history is how you meet your bills, whether its on time, full payment or late payments or not even bothering to pay them at all. Banks & financial institutions would check this criteria whenever you try to apply for a loan.

• Convenience During Emergencies (Buying the latest Jimmy Choo's doesn't count as an emergency)
  

Lets just say your car is low on petrol but you only have a couple of Ringgits, some lint, a few business cards and your credit card in your wallet. And added bonus to this combo is that there is no ATM machine in site. This is where the credit card is handy. Its also handy in terms of not needing to lug around a whole twad of cash and making you a target for potential thieves.

• Online Purchasing

The internet has changed the whole way of shopping and payments. Take me for an example. I am usually lame with payments for my ACCA exam entry fees. If I pay through telegraphic transfer or bank draft, it may take a couple of days. So, I pay online using my trusty credit card. Some sellers also offer rebates, discounts or other money saving offers when you purchase online.

Flight tickets and utlity bills are some other items that credit cards are frequently used for.

• Even can help you get some extra cash 

Yup. It can make you earn back some money. This one I will tell you more in  a later posting that I will do "How I Use My Credit Cards".

•  Rewards and Cash Rebates

Some credit cards attach themselves to certain companies and their products. For example, I have a credit card that I took up just to take advantage of instant cash rebates given on petrol and it also has rebates for grocery shopping at the 3 big hyper-markets in Malaysia. That makes me happy.

Cons:

• Wreck Your Credit History & Credit Ratings

In the top part, I mentioned that it can help you in terms of obtaining a loan etc. But if it used wrongly, it can ruin your whole credit ratings. It can come to a point that the mention of your name automatically denies you a loan. That would really stink.

• Being Burdened by A Financial Obligation

It is fine when you get paid (through salary) and then you would be able to pay your credit card bills. But what if you get laid off from your job and with no other means of income. This would put you in deep shit. You would be blacklisted by the banks and financial institutions.

• Ruins Your Life and Effects Others
  

When credit cards are misused, people will feel pressured with the debt that is not hanging around their necks. The mounting credit card debts might make some people to turn to illegal financial helps such as loan sharks or Ah Long. Loan sharks can provide you with the money needed but the interest that they set for the "assistance" that they're providing is way more than interest charged by banks.

These loan sharks would not stop at nothing to get their money back. They will start to terrorise your family, friends and even those people that just know you by name.

There you go. Before you decide to fill in and send in that credit card application form, make sure what it is for and determine whether you are reasonable enough to own one.

Let me know your views on this. Is having a credit card evil?

Bo is in the Papers

Yup. Thats me!

Sitting on the right beside my boss CFO En. Jalluddin & CEO Jason Lo with the other Tune Talk family members.

This appeared in The Edge, Monday 16th November 2009 edition.

Yeah! Tune Talk. Now We're Talking

www.tunetalk.com

Goodbye Shell

17th April 2009.....The day I left Shell Shared Service Centre - Kuala Lumpur (SSSCKL). It was the place I "mencari sesuap nasi" for the past 3 years.

Lotsa ups and down. The good and the bad, many bittersweet moments have been experienced during my brief stay there. I put it as a brief stay as I targeted to at least to reach a certain position before I leave. But it was not to be.

I wont miss the work. I wont be missing my team. Hell no to the SSSC management. But the friends and camaraderie is the one thing that Iwill miss most.

Well, friendships will always be there. So, no worries there. There is only one way to go for friendships and bonds that were created. That is stronger and closer.

A small note to my friends:

The Uollz - keep on doing what you do.Being great. Stay happy and energetic. Thanks a lot for the farewell dinner that you had for me. Really touched by the gesture except for the karaoke part..hehe..

Friday Futsal team - we will always have the friday futsal sessions. Especially due to my office being next to our home ground. Your friendships is much cherished and I have learnt a lot from you guys.

Other SSSC friends - those that knew me and who I did not had the opportunity to say goodbye, I beg for your forgiveness for any mistakes or shortcomings. All the best and insya'Allah our paths will cross again.

Please keep in touch boys and girls. Im available at fendi_bo@yahoo.com, affendij@gmail.com.
You can also put your comments here at MY MIND DUMP.

I got a new job......FINALLY!!!

Finally, my hunt for a new job came to an end 2 days ago. I am gonna leave a certain MNC that helps us in polluting mother earth and uses something that we can find on the beach as its logo.

My new paymaster is a new company associated with a certain local no frills airline. They are just getting their feet wet in the cellular industry. For me personally, it is a fresh start and an opportunity to gain experience and marketable skills. The pay is okay to. Mind you that I am getting married in July. This year!

Back to the day of my interview. It was kinda funny though. A whole string of mishaps on that day dumbfounded me a bit. Yet I got the job. Alhamdulillah.

It started off with me going to the wrong building. Mind you that I was using my GPS from my phone in finding this place, yet I got lost. Doofus. Yup. Me = Doofus.

Then, by the time I realised I made that boo-boo, it was already 10 minutes before the interview. I was running back to my car.

Now. I am sweating from the running. Kesah habis (KEtiak baSAH = kesah)

I was now speeding to the place. Then, I realised that the building was only besides the futsal place the guys from office play at every friday. In that instant, I now dont have an excuse of not joining my soon to be ex officemates for FridayFutsal sessions. Nevermind. I got an interview to go to.

I arrived at the place. Now 15 minutes late.

I was buzzed in. Given a perli baik punya by the HR guy "ingatkan tak datang tadi", he said. I shrugged it off and just gave a half hearted smile.

Well, after filling in the usual forms for interviews, the interview started.

The panel that were there to grill me was the CFO and the HR guy. But, surprise surprise. The CEO of the company conveniently just stepped in and joined in the session. Damn.

The interview lasted for about an hour and then as usual it ended with "we'll call you in a couple of days".

I thought I blew my chance. I was late + sweating + nervous = disaster interview.

Then, when I came back to my car, the futsal place owners stuck a big "NO PARKING, PRIVATE PROPERTY" sticker on my car's windscreen. It was stuck there real good. I tried to get most of it off, but no use. What to do. I drove off.

Then a call came in. "Affendi, we are hiring you. Come and get your offer letter tomorrow." I remembered just replying, "thank you".

I was grinning like a fool the whole journey back...hehehe..