Skip to main content

Owning one credit card is enough

This may not be a very popular thing to do as I know a lot of people who have a stack of credit cards in their wallet so that when they buy something or dine in a restaurant, they can ask " Any card got any discount?" or simply just to figure which card would give the highest rebate on their purchases.

Not that this is not a good thing, but it isn't really applicable to me because I don't spend much in the first place.

I may consider starting to analyse which credit card offers the highest cashback/rebates if I'm expecting to buy a lot of stuff or spend a lot of money, but for now, one credit card works just fine for me.

I'm have been crediting my salary into the UOB One account and using the UOB One credit card for the since I finally hit their minimum annual income requirement.

I don't see the need to increase the credit limit now even though I could because I hardly buy anything that is beyond the limit. 

It makes it easier for me to track my spending and save me the hassle of requesting annual fees waiver from multiple banks.

I never missed a credit card bill and have never paid any interest to the bank.

Maybe it's because I prefer to be the one receiving the interest.

How about you? How many credit cards do you own?

Comments

  1. The SunJune 22, 2020 at 6:48 PM

    Having a ready stack of credit cards to take advantage of offers and promotions may lead to a higher level of discretionary spending. May not be a good thing if one is striving to live a frugal lifestyle..

    ReplyDelete
    Replies
    1. GenevieveJune 22, 2020 at 8:00 PM

      Hi Sun

      Yea, but I think it depends on the needs as well, if someone is buying a house and is expecting to spend a lot on furnitures and appliances, then maybe it would be worth it to comb through the promotions :P

      Delete

Post a Comment

Popular posts from this blog

Thoughts on CPF, Housing, and How Long Does It Take For Me to Reach FRS

I have been transferring the money in the Ordinary Account (OA) to Special Account (SA) every month and actively topping-up money in SA. The $7,000 tax relief and the 5% interest rate is really attractive. In fact, my CPF interest last year was already more than the bread I bring home in my first month of work. Another popular way to look at it is by treating it as a long-term AAA-rated bond that you can redeem in your retirement. The money in the Ordinary Account is commonly used for education and housing, which for education, I intend to use cash savings, and for housing, I plan to use as much cash as possible for a downpayment so that I don't have to touch the money in my CPF, and if I really need to take up a mortgage loan, I won't have to borrow too much money beyond my means. This also helps me to limit my options to housing that I can really afford.  If I were to get married, I'm open to the option of staying with my parents or in-laws until my partner and I are fina...
9 comments
Read more

How I Saved $200,000 in 3.5 years Without A Degree

Yes. I have finally hit the momentous milestone of achieving 200K! It's actually a surprise for me because I have been busy with work for the past 2 weeks and wasn't keeping a tab on the whole picture of my assets. I decided to reconcile my assets today because the STI was inching towards the 2,500 support level so I wanted to figure out how much I can afford to invest in the market in case it is going to present another opportunity in near future. When I finally get the calculations done, I was taken aback by the overall figure.  At the point of writing, my net worth, which consists of cash savings, investment portfolio, CPF, and a loan to a friend, adds up to a total of $201,074.97 Net Worth = Assets - Liabilities.  As a side note, I don't have any debt, so my liability is zero. CPF is included as assets because I actively pump money into it and money in CPF can be utilised in many areas. The loan is to help a friend with his university's tuition fees and he has been ...
9 comments
Read more

My 5 Lines of Emergency Funds

I generally don’t have the habit of keeping cash in my bank account, because I will always be tempted to use them, either spending on contemporary cute frivolous stuff or yet another live performance or shopping around the investment space and locking the money up in a new vehicle. The best way to resist the temptation is just to make it irrelevant, so I try to hide my money in places that are less accessible (in investments) or somewhere I will forget (in my favourite books or old wallets or some decorative storage space – alike to Grandma’s biscuit tins under the bed) So what if I found myself in an emergency situation in need of cash? While it wouldn’t be regarded as a safety margin, my first response would instinctively be to cut down on expenses. My lifestyle is very flexible, so while I do splurge on theatre tickets, meals in award-winning restaurants, quality education in denominations of thousands and sports activities in hundreds, I could still enjoy my life with free ...
Post a Comment
Read more