Thursday, October 25, 2007

Credit Cards

I called HSBC to waive my credit card annual fee. Before I could tell her that I wish to cancel the card (if she had refused to waive), she offered 2 options that I could take to waive the annual fee.

The previous year, they probed further as to why I wasn’t utilizing the card as much and offered to let me hold on to 1 card (instead of 3).

Option 1: Use the card for 3 transactions regardless of amount within the month of November.

Option 2: Use my rewards points (60) to waive off.

So far, I have only used the card to purchase movie tickets at Golden Village to enjoy $1 off. And I seriously doubt I will be using it for any other purchases next month.

Since my miserable 60 rewards points are useless, I used it to offset the annual fee. No harm keeping the card for another year.

Not too long ago, I called OCBC to waive the annual fee of one of my cards and they too encourage usage of the card after waiving off the fee.

Very soon will be UOB’s turn.

I think all the credit cards issuing company will have to adopt MayBank’s brilliant strategy – No annual fees ever (except for Platinum). Just charge xx times in a year and the annual fee is waived.

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