29 March 2014

Finally Received My POSB Everyday Card

There's a whole bunch of documents that came with it, terms and conditions, guide on credit cards to tell me to use it carefully, some notice saying to safeguard the Singapore financial system bla bla bla, but they never show me how to use a credit card, but I guess I just need to charge it to the MasterCard, they also gave me a PIN number, I wonder what it is for, when I make payment I have to press the PIN number? The way other people pay by credit card is they give the cashier the card and sign on the receipt, now I'm confused, so how do I charge to my credit card? Haha, sigh really sua ku...

I was surprised that they gave me $18,500 for my credit limit, wow, that's so much money, I don't even earn that much in a month, and that's more than 4x of my monthly income! No wonder so many people get into credit card debt, they give you more than you earn and with so much money at your disposal, it's really tempting to spend, I have to admit I felt tempted to go and buy something that I want, some more today is a Saturday, a good day to spend money BUT no, I have read enough credit card horror stories.

And then first thing I did was to fill in 2 forms, one is to link it with my bank account so I can use the card as ATM card and also for NETS payment, the other form is to apply to have my Starhub bills charged to my card so I can get 1% rebate. I also setup GIRO for my card so as to have whatever I charge to my card be automatically deducted from my bank account in case I forget to pay or away for trips or whatever.

Now I'm thinking whether I should apply for EZ-Reload, seems very useful but the auto-reload features worries me because whenever the balance is not enough, it will auto-deduct from my bank account, what if someone misuse my card, that person could wipe out my bank account in a few hours? Possible?

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