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3 Thing You Need to Know About Credit Cards

Credit Cards

When you buy a household appliance such as microwave, would you look at the main functions of the instruction booklet to find out how to use it safely?

Similarly, you need to know these 3 things about credit cards before you start using them safely too!

1. Verify Transactions

You have 10 days from statement date to check whether the transactions are correct.

To do: Check your credit bills when you receive them and highlight any discrepancies immediately.

Ps. While you’re checking, ensure you call in for waiver on any annual fees charged.

2. Minimum payment amount

The minimum amount payable for each bill is the higher of

  • $50 or

  • (Bill amount x 1%) + (Outstanding unbilled amount x 1%) + Late Payment Charge

To do: Always pay your bills in full. In the event you’re unable to, pay at least the minimum amount of the credit card.

3. Interest Rate Charged

This is important, many people do not know this.

Once you have missed full payment once, the interest rate charges kick in as follows. You pay

  • 28%* x Unpaid transaction (calculated from the date of transaction)


  • 28%* x all new transactions charged to the card

*Bank interest charges range from 24% to 28%.

To do: Pay bills in full. OR Stop using the card if you are not able to make full payment, to avoid incurring interest charges on all new transactions.

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