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Finance charges on my credit card

Badet — Thu, 08 Apr 2010 14:16:03 +0000

Oooops, I forgot to pay for my credit card bill this month. Maybe because of the long vacation and another long weekend again, now I’m worried about the finance charges. I’ve always been a good payer, I love my BPI credit cards and I’ve been using it for 5 years already even if other banks lured me to their credit card offers. Why I’m worried about the finance charges, it’s because I’ve used it quite often since January. Blame it on my impulse buys at Etude House, online purchases at Amazon and Cebu Pacific’s seat sale. I only use my credit card whenever I’m doing the grocery, just so I can avail of their perks such as free Jollibee or Chowking meals, but this year, I went like a mad swiper. Do you think I’m doomed with a hefty finance charge?

I tried reading on how to compute finance charges but all the websites only put me in a daze. I guess I’ll just have to wait for the next billing statement huh? I might as well look for other credit cards for bad credit, if there’s such a thing here in the Philippines. For all I know, banks here in the Philippines do a thorough investigation before approving people to have credit cards. In other countries, they really have credit cards for people with bad credit.

Anyway, another thing for me to tackle is ask for the reversal of my annual fee. My Worldperks card’s annual fee has been waived but for the gold card, I have yet to call their customer service. This another reason why I’m happy with BPI, my annual fee is always waived ever since I’m a cardholder. I think it counts that I have an account with their bank. I should call their customer service like right now.

If you want more tips on how to use credit card wisely, read my previous post about how to save money using your credit card.

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Find the perfect credit card for you

Badet — Thu, 29 Oct 2009 16:39:20 +0000

For some, having a credit card is like a love-hate relationship. It’s a trial-and-error and continuous learning process to find what’s the best credit card that can satisfy your spending needs. Other people think of credit cards negatively and they shy away from the plastic card, but this isn’t always the case as long as you’re using it responsibly. I even wrote some tips on how to save money using credit cards by using all the perks, discounts and promos that come with the card. Always read the fine print when applying for a credit card, like interest rates, good customer service, annual fees, credit card limit, etc. Don’t be fooled by one time discount coupons, freebies, waived annual fees, etc. only to find out that you’ve chosen the wrong card for you. Don’t rush when taking decisions, take control of your finances, it’s your money after all.

In some instances that you made some wrong financial decisions and exorbitant spending, it may result to credit card debts. And in some cases, it really spells bad news, since interest rates would pile up month after month until you really can’t afford to pay your debt even for a longer time. But then, there’s a solution, you can make use of a credit card balance transfer wherein you get a new credit card with a lower interest rate and the new card will pay off the debt from your previous credit card. This should allow you to pay off your credit card debt on a much flexible term and for a reasonable amount.

And to help us to be financially savvy, we can all make use of CreditCardFinder.com especially if you’re in Australia to easily compare various credit cards.

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Credit card or debit card?

Badet — Wed, 26 Aug 2009 12:40:24 +0000

I recently wrote about how to save money using a credit card a few days back but not all Filipino consumers own one. For some, they simply don’t want to have a credit card because it’s just a temptation for them to spend more than they can actually afford. If a credit card is not appropriate, then a debit card is the right tool. A debit card is a prepaid card in which you only get to spend the amount loaded on your debit card. Use it in the grocery, gas stations, paying bills and wherever establishment the card is accepted, it works just like a credit card, only better. It is impossible to overspend so you can control your expenses and you won’t go into horrifying credit card debts. Another advantage is because it’s also a savings account, you get to earn interest from your money, not the other way around with a credit card.

Take your pick, a credit card or a debit card? Either way, as long as you’re a responsible spender, you won’t go into trouble with credit card debts or other finances. Times are hard so we should exert a lot of effort using our hard-earned money wisely.

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How to save money using your credit card

Badet — Thu, 20 Aug 2009 12:20:33 +0000

Yes, you can save money using your credit card. You might think that having a credit card is just a temptation waiting to explode, huh? Well, for the wise-spenders, you can actually make use of your credit card to earn perks, freebies and benefits. But first, you should scout for the best credit card out there that suits your preference or needs. For example, if you’re a jetsetter, you might want to consider a credit card that ties up with an airline company that lets you earn travel points like a BPI Worldperks. If you often gas up at Petron, then you might want to get the BPI-Petron credit card to earn rebates. Other credit card companies like Metrobank has an M card that specifically targets their female clients.

Obviously, I’m using BPI credit card for 5 years now, a loyal and very happy client. And throughout those 5 years, I learned some credit card smarts that I want to share to let you save money by using your credit card:

: BPI credit card Jollibee promo

1. Be aware of the promos of your credit card that gives you freebies upon completing a minimum purchase transaction. At BPI, they have an ongoing promo that entitles you for a free Jollibee food item for everyPhp 1000 spent using your BPI credit card. I always use my card whenever I do the grocery, and after that, I head on to Jollibee to claim my freebie, instant merienda, FREE!

2. Ask your bank if you can waive your annual fee. If you’re on the first year of using your credit card, then it’s free. But on the second year, chances are, you will be charged with an annual fee. Try calling your bank if they can waive your annual fee for the second year. With BPI, I haven’t paid an annual fee for 5 years now, it’s also good to maintain a good credit standing with your bank. Aside from that, they can also consider waiving your annual fee if you have a savings account with the same bank. When all else fails, I’m gonna let you in on my little secret, shhhh. Some bank agents gave me a hard time when I asked for my annual fee reversal so what I told them was to cut my credit card, or I’m no longer interested since another bank is offering me a credit card with no annual fee… The agent would then put you on hold and voila, your annual fee will be waived.

3. Most credit cards offers loyalty points/bonus points whenever you use them. Once you accumulate a significant number of points, you can choose from a variety of gifts like travel benefits, appliances, and gift certificates offered. These are FREE as a reward for being a loyal client with the bank.

4. Do pay your credit card bill before its due. Once it gets past the due date, finance charges apply. Ugh, this is the most dreaded charges for a credit card user but your bank will be jumping with glee. Banks earn through these exorbitant finance charges so always remember your due date. One thing I love with BPI is that they have longer grace period, even if it’s past my due date, I can still pay my bill 3 or 5 days after without the finance charges on my next bill.

I hope these 3 simple tips on saving money through your credit card will be helpful. If you have other tips, feel free to share. Just keep in mind that what you can’t afford to buy in cash, then you can’t afford it at all even using your credit card. Do not be lured by 0% installment plans that you can pay for XX months, spend your money or your plastic money wisely.

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Scouting for good investment rates

Badet — Sat, 11 Jul 2009 17:04:27 +0000

For the past month, I’ve been checking out online websites of different banks to compare which bank gives the highest interest rates. When I was still single, I started out with BPI and when Jeff and I got married, we opened another account with BDO. Although we’re happy with both banks, it won’t hurt to look for other options that can give higher rates especially for a time deposit account. I’m eyeing the Perk Dollar Time Deposit of Asiatrust Bank which states that money can earn as much as 4.75% p.a. This is only a modest way to grow our money but at least, we get to save for our retirement early on. It may not be as high yielding as having a gold IRA, but as long as the money is safe, we’re gonna let it stay there for the meantime.

While I’m on a money-making mood, I learned about IRA, which means Individual Retirement Account, a type of investment for an employee in preparation for retirement. In the US, people with retirement plans can have IRA gold. Gold has become a recession-proof investment, while the value of the US dollar decreases, the value of gold rises. Investors are adding gold to their assets to diversify and to balance their investments, thus having a 401k gold aside from other paper investments.

The website I’ve found had me convinced that “gold is the ultimate asset”. No inflation, economic crisis, government conditions, oil and gas prices, bank failures, etc. can devalue it, in fact, those negative conditions can make the value of gold rise. The site also assists investors on how to put gold in an IRA and also helps on how to have a gold 401k.

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Win Entrecard credits for quoting posts from Happy Family Matters

Badet — Thu, 17 Apr 2008 06:54:00 +0000

Wanna get 100 Entrecard credits? Happy Family Matters is giving away 100 Entrecard credits for quoting posts from the site. Just choose from the tips in the All-Time Favorite Tips and Categories located in the sidebar and make the best post out of it. The best post will also win 1,000 ec on April 23, 2008.

I am married for 1 year and 3 months to be exact. Everything is peachy and no major arguments weren’t solved at the end of the day. The usual give-and-take relationship must always prevail and patience is imperative. Unfortunately, failed marriages are rampant nowadays. Incompatibilities, wrong decisions, falling out of love, third parties and money matters are some of the causes. One useful tip I’ve found “How to avoid money from destroying your marriage” will surely help couples in their relationships. I particularly applaud the author on stressing out the importance of saving for the future. Allotting a percentage of your salaries no matter how small will do wonders in the future, not only for the couple but for their future children as well.

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