While many can’t keep their credit cards at a zero balance, some people can. I’m one of those people who pay their monthly credit card balance in full (but not after experiencing getting neck-deep in credit card debt first which was one of the reasons why I got to appear on a local business and finance TV show last year!). More than learning my lesson the hard way, I think what made me get my acts together was getting drained (financially and emotionally) by this vicious cycle which only I could break. The thought of being credit card debt-free (and the joy that comes with it!) was just a bonus.
Maintaining a zero balance on credit cards is doable. Here are some practices I employ to make sure the hubby and I get to pay our credit card debts in full every month:
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Just the other day, I received an email from Citibank informing me that my credit limit has been increased once again. From P55,000, it’s now P80,000. Again, I didn’t ask for it, they just willingly gave it to me like in my previous line increase. Was it because I’m a responsible cardholder now? Yes, probably. Or maybe, they just want to lure me into spending more. Well, good luck to them because that won’t happen!
email excerpt from Citibank
Ever since I became credit card debt-free, I’ve been paying my credit card dues in full. After learning the hard way how credit card companies make money, I started to take my credit card spending seriously. I want to give them as little profit as possible by being a responsible cardholder now.
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I was surprised to see my Citibank billing statement this morning. It says there I was given a P200 credit rebate because of the purchases I made from September 19 to October 15, 2013. Wow, thanks! P200 is still P200. This definitely made me smile.
Citibank (Cebu Pacific Citi Card, to be exact) is currently my only credit card at present. Because the hubby and I wanted to cut our credit card spending and reduce our debts in general, we ditched our other cards and retained just one each. It’s proven to be a good decision because now, we are more conscious about how we use our credit cards. Every peso borrowed using them are well-calculated. Haha.
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UPDATE as of January 2015: I’m back to having just one credit card now. You might want to know how I became credit card debt-free. 🙂
I used to own only one credit card. Then it became two. Currently, I own three credit cards from different banks. So far, and thank God, I’m managing all three well. But it’s not a walk in the park, you know. Like many people, there are times when I get to overspend and end up getting charged with interests and late payment fees.
Having credit cards can be stressful, too. That’s why managing your credit cards well is a must. I’m not an expert at credit card debt management but here are some things I do to make sure my credit card debts don’t balloon to alarming levels:
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I don’t have a BPI credit card but the boyfriend’s sister has one. That’s why a few weeks after BPI launched one of its exciting promos, I ended up shopping with her. Actually, I didn’t see it coming last Monday night. I thought I’d just stroll the mall with her and the boyfriend while the rest of the Philippines was busy finding out who were leading the polls (read: barangay elections). But, before I knew it, I had already committed to pay for my purchases with clasped hands and a silly grin.
So, what is this particular promo all about? BPI credit cards let you shop and do deferred payment at 0% interest for a minimum purchase of P5,000. It’s quite self-explanatory if you’ll ask me. You shop for a few months worth of supplies and pay for your purchases in installment within six long months. It’s practical and at the same time, convenient. And who wouldn’t be tempted if there are tons of participating stores offering the same promo mechanics?
Continue reading “An Impulsive Shopping Spree and BPI’s Latest Credit Card Promo”