credit

Credit Card Crap: Statements ‘n’ all.

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Credit card statements came in, two of them. Yes, that’s right. I’m the proud owner of 2 credit cards, soon to be three.

Why? When I usually espouse having only one credit card. The first credit card is the TSIB card. Initially the limit was approaching NT$300K, but I cut that right down by 50%. I was unhappy having such a large credit limit on my card.

#1 – TSIB Card

This month’s spending will be paid off in full, as usual. The expenses are quite minimal: Hosting for my school’s Flickr account (NT$773), the usual NT$2000 life insurance premium, and hosting for BlueHost (for InvestorBlogger) which is for 12 months at NT$1,355. Though this account is less powerful than the one I had, it seems a lot more stable.

#2 – SCSBCC Card

The limit on this card is VERY small, and when I first got the card, I saved up a lot of points that EXPIRED, hence I downgraded this card to online and emergency purchases ONLY. Then I forgot to reactivate the card for ages, its limit is only NT$50K. In the first month, I charged only 2 items: the US$1.95 paypal activation fee, which is credited to PayPal; and the last month’s hosting fees for Dreamhost. The total was about NT$1841.

#3 – Carrefour Card

In Taiwan, Carrefour have their own branded card, that doubles as a membership card, allows cashback, and bonus points. The membership function is the reason we were particularly interested as we shop there regularly. I can’t see too many reasons for having this card, except earning some cashback/bonus points on spending we already do. Also, the card is able to use VisaWave technology, making spending at convenience stores, and other places more convenient. We also get points for regular spending. It’s UNLIKELY we’ll ever use this card for paying off larger amounts. But it will come in handy. We usually spend NT$4~5K there each month on groceries and items for home as well as school. In fact, we managed to get lots of points for replacing one of our school’s airconditioners.

That’s it on the personal credit card front for June. How many cards do you have? Is three too few or too many?

New Advertiser Shout Out: AnyCredit Car Finance and Urgent CashLoan

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I’d like to welcome two new advertisers to the blog: “AnyCredit Car Finance” and “Urgent CashLoans” both companies which provide financing for diverse applicants in the UK and US markets respectively.

#1: AnyCredit Car Finance recently joined InvestorBlogger Dot Com by purchasing advertising from us.

anycreditfinance

AnyCreditFinance provides “Car loans to suit you”, as advertised on its website, for the UK market. Their products include car loans, payment protection and car insurance. It might be worth checking them out before you purchase your car, at the very least to see how well their deals compare with other deals you can find. On the website front, it’s a nicely laid out website, with good graphics, a nice web 2.0 feel, and quite responsive servers. It would be nice to see features that encourage drivers and car purchasers to come back: forums, a blog perhaps, and social web* awareness.

(ed. added ‘web’ to clarify the meaning).

#2: UrgentCashLoan has been with us for a few weeks now.

urgent cashloan

UrgentCashLoan is a website that aims to provide payday loans online to US markets for those who need such a service. They differentiate themselves from other more informal lending by saying “visiting your local pawn shop or borrowing money from friends and family”. Such payday services are becoming increasingly common online, so it’s clear that there is a ready market for such services, whatever one thinks. Despite the high interest rates, the loans are usually for short periods. UrgentCashLoan provides services from a number of related companies.

Disclaimer: InvestorBlogger has received compensation from these companies for advertising, but does not intend to provide readers with advice particular to your own situation. Before you use any companies mentioned in our postings, consider your own situation carefully. You should also find an independent financial adviser to discuss the details of any loan, investment, credit card decisions, etc. that you make.

Mr Credit Card’s Survey: My Personal Answers… And yours?

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I just received this email from Mr Credit Card who asked me to share my answers with him for a report he is doing. Rather than just do that, I thought I would share my answers with all of you…

Mr Credit Card here. I am conducting a survey among personal finance,
investment bloggers about their credit cards and would appreciate if
you would participate in this survey. I would compile the results and
publish it in my blog

http://www.askmrcreditcard.com/creditcardblog/

and credit you and your site for participation. Below are the questions :

This kind of request could be great linkbait!… Anyway my answers!

1. How many credit cards do you have?

I currently have two credit cards in my wallet only. My wife has a dependent’s card on my primary account. Is this an average amount?

2. Which are the credit cards you have (please be specific about the actual cards – eg Amex blue cash or Chase Freedom)?

I don’t have any American cards at all: both cards are from local banks in Taiwan.

3. Do you have any credit card debt and if yes, how much?

I don’t currently have any amount of outstanding debt on either card. I do occasionally let a little amount ride over but I always regret it when I see the additional interest charges to be paid.

4. What is the apr you are paying?

If I have any outstandings, I’m informed that my APR would be 11.50% on that amount.

5. What is your average FICO score?

I don’t know. It’s not relevant in Taiwan.

6. Have you got any credit cards solely for balance transfer?

I’d like to, but banks here don’t do this to my knowledge.

7. If yes – which card?

N/A.

8. Do you charge your utilities, cable bills and internet bills etc to your credit card?

I only charge my mobile phone bill to my credit card because I usually pay most bills at 7-11.

9. Is your credit card bills set up such that it is automatically paid every month?

No, it isn’t. It should be. But I didn’t do it.

10. Do you use your credit cards at gas stations and supermarkets?

Gas stations – No. Supermarkets – Not regularly.

11. Which is your favorite credit card? (be specific, not visa or mastercard as an answer pls)

I prefer my Gold Card from Taishin Bank.

12. Which is your favorite credit card issuer? (banks, not visa or mastercard)

Citibank. But I don’t have one because they’re too fussy about financial details.

13. When did you get your first credit card? What was the card?

I had a credit card in University which undoubtedly was a mistake. I think it was a British card from Co-op but it was so long ago, I can’t remember.

I think there are several ways that I could really profit from using my credit card more, though. Reading these questions helped me think through the benefits.

I could charge all my gasoline to the card, and get bonus points. I could also charge almost all my larger purchases to it, and get an effectively interest free loan for the first 30 days or so. By putting that money in the bank, I could certainly earn 2.5% pa on my monthly expenses. There are also quite a few offers that my Credit Card company provide, some of which I could take advantage of.

What answers do my readers have to some of these questions? Share your answers in the comments.