The reason why I don't like banks. And some Tips.

*Warning! Boring stuff ahead*

C/i/t/i/bank recently called me asking if I would like to apply for their Platinum card which I must admit, it's rather attractive due to the 5x rewards. Actually it's NOT really 5x rewards. Let me explain.

Normally, if you charge $5 to your citibank credit card, you'll earn 1 point. If you have enough points say 500, you'll get to redeem a $20 Cold Storage Voucher. So in order to have 500 points, you would need to charge/spend $2500. In simple terms, spend $2500 get a $20 Cold Storage voucher.

With the 5x rewards, it's no longer $5 = 1 point. They've increased the points 5 times, meaning $5 = 5 points which also means, $1 = 1 point. See? Very sneaky! Ppl would have thought charge $1 get 5 points, padahal padahal. slimeballs..

So now instead of spending $2500 to get a $20 cold storage voucher, I can do so with just $500. And the reason why I find this card attractive is because the rewards redeemable does not require a lot of points and are mostly essentials like petrol, groceries, movies and shopping vouchers at major dept stores like Taka, Tangs, Robinsons, Ikea etc. Even without the credit card, we have all these while made Shell and Cold Storage bosses millionaires. So why not?

Then, C/i/t/i/bank continued to harrass me to sign up their Ready Credit. Which works like a credit card, but instead of an actual credit card, it comes with a chequebook and atm card (macam cash advance..) and apparently has lower interest rates of 17.95% as compared to credit card of 24%. In a speed of lightning the officer said.. "Ma'am you just need to give us verbal agreement and I straightaway sign u up and waive off your 1st annual fee!" Hmmm..

I shall not bore you guys any longer but I read the fine prints and did my calculations and (am very, very glad I took accounting) it's not any cheaper than a credit card! Argh, these dodgy banks!

Anyway, it's this simple. Have a credit card by all means BUT pay in full by due date so you won't earn any interest. Make full use of their rewards system and plssss don't pay the goddamn annual fees. Trust me. They'd rather waive off the fees than lose a customer.

*updated @4.30pm* The same C/i/t/i/bank girl who pestered me to sign the Ready Credit just called again, giving me the full list of goodness of Ready Credit in one breath. I swear she didn't even stop to breathe fearing that I would intercept. After 10 mins, finally I get to say NO THANKS and she slammed down the phone on me.. haha.