A few weeks ago, while I was at work, my sister called me. She was at home, and a PostLaju carrier had arrived, unfortunately it was addressed to me, and my sister was not authorized to collect it on my behalf. The currier left a card, and a number I was to call to collect the parcle. I tried several times, but nobody ever picked up the phone at the number, and I decided not to think about it. If it was really urgent, the person sending it to me would call me to tell me they are sending something right? The currier had mentioned credit cards to my sister, and I checked my wallet, none of the cards I was currently holding was about to expire, so again I though nothing of it.

Today I came back from lunch, and I saw a letter in my postbox, addressed to me. It was from MBf and it was no shocker, as I do have a credit card with them, as they were my former client, and a friend in the company got me a good deal on a product they had. I openned the envelope and I noticed something very funny. The details do not match any of the details of my current card. The credit limit was wrong, the billing date cycle was wrong, even the Brand was wrong. I held a MasterCard, and this was a Visa.

I quickly called the Card center and complained and they said ,”Oh, Mr. Tay this is a pre-apporoved card from our Management for you”. What a dirty trick. Folks, don’t be happy if this happens to you. I have been working in the Credit Card industry for 7 years now, and I know all the Marketing tricks, ALL the tricks. Pre-aproved cards, is one of the dirties.

Firstly, they don’t tell you about the terms and conditions, and if you don’t read the many many fine print agreements they send you, and just sign away because you received a Card that is considered Glamourous like a Gold card or a Platinum card, you will end up paying oodles in Annual fees and other crap they give you. You also usually pay a higher rate on interest and penalty fees, with less benefits. It also affects you standings with other loans, as a Credit Card is a loan. And when you find yourself applying for say a housing loan or something like that, they will check and ask you how come you have so many credit cards. They do sometimes, really.

And finally, they just want you to spend and spend, without care about the payment of it all. Pre-approved credit cards are very dangerous, and are attempts to ban them in some countries.   Read this for information:- http://www.lawyersandsettlements.com/case/cc_abuse.html
Credit cards are a great financial tool if you know how to use them correctly, so please be wise.

On this day in History..

• Word of God..... - 2005
• Of Lunch Boxes - 2006
• I can see clearly now the rain is gone.... - 2006
• GTYAC Test Site - 2006
• We celebrated Bro Jeremy's Birthday.... - 2007
• In but a few hours time I will be watching.... - 2007
• Winners of One-Leg-Kick - 2008

Tags: Nation

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