If You can Help It Avoid Using Credit Card for Deferred Payment or Cash Advance

                             
               

If you can help it, avoid use of credit card for deferred payment or cash advance.  The interest being charged is 3% basic plus penalty of 4% of  total of 7% monthly or 84% on a nominal basis.  That nearly l00%.  I did not realize this when I did not pay the annual fee for a well known credit card company for the credit card I was no longer using.  The Pl,500 fee became P3,000.00 in a matter of months.  It was good that the credit card company relented when I threatened to go viral on them.


So some tips:

l.  If you can buy the things you need only in cash;

2.  Plan your purchases;

3.  Remember the movie "Shopcoholic"

4.  Limit your credit card to just one;  if you will use it, use it as debit card.

5.  Pay on due date;  never put your restaurant bill on deferred payment;  that is foolish

6.  Wait for the zero interest deals.  Caveat:  those that are put on O deals are going out of style or old stocks.

7.  Watch where your credit card goes when you hand it over to a waiter of hotel  reception. I was hacked for P97,000 in UK when in fact I was in Cebu.  And the credit card company told me that hotel has been traced to be the source of many hacking.  So avoid that HotEl

                    


8.  Avoid  buying online using your credit card.  Even if they say the lines are secure, you can be hacked. still.  You can even learn how it is done.

How to hack credit cards.