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Credit Card Myths Filipinos Should Stop Believing

ricaj · 5 · 2447

ricaj

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Back when I was still retailing for a certain multi-level marketing company (hint, their name starts with “N” and ends with “skin”), I noticed that majority of my clients in the province often paid for their purchases with either cash or a check. It was all fine and dandy, up until someone decided to buy five kits of the said company’s signature gadget, and then paid IN CASH for the six-figure price tag.

 
So, yeah, I pretty much traveled back to Manila with a few thick bundles of Php1,000 bills in my duffel bag, feeling very much like a runaway bank robber.

 
Seriously, though, many Filipinos are still reluctant to sign up for a credit card, especially outside the capital. It isn’t because they lack the funds for it, either. (One matron I was acquainted with in the north brought an entire bayong of cash to pay for her hospital bills after a procedure.) Rather, it’s due to some persistent myths still making the rounds today.

Continue reading.


SamanthaB

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Reply #1 on: Sep 10, 2018, 02:51 PM
This is a good read. So, a credit card holder will not be jailed once he or she failed to pay the credits?

But regarding the first myth that was discussed, making sure that owning a credit card will not lead to overspending require a really strong self-discipline and money management skills. So I guess prior to owning one, it will be a must to know financial discipline.


gogoypmt

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Reply #2 on: Sep 19, 2018, 02:21 PM
Im using CC for my day to day use, then i Pay all before my Due Date to avoid any penalties. Why i use this everyday? It is because of the Points you earn, and the Cash back :).. Tip: Dont go beyond on what you can afford to pay before the due date, and never ever try to pay using the minimum or not the full amount. You will be shocked when you check your Billing statement.


tinamoran

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Reply #3 on: Sep 05, 2019, 08:33 PM
Thanks for sharing


bethlogan

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Reply #4 on: Sep 05, 2019, 08:45 PM
Im using CC for my day to day use, then i Pay all before my Due Date to avoid any penalties. Why i use this everyday? It is because of the Points you earn, and the Cash back :).. Tip: Dont go beyond on what you can afford to pay before the due date, and never ever try to pay using the minimum or not the full amount. You will be shocked when you check your Billing statement.

Thanks. I didn't know that


 


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