Say no to over-limit fees
In life, the sooner you accept that you have limits, the better you deal with the world. Same goes with knowing how much you are allowed to borrow using your credit card. Your bank would offer some blue pill that will allow you to “opt-in to go over limit” and ignore that boundary. Because ignorance is bliss.
The truth is, ignorance hurts, my friend. Going over your credit limit comes with an over-limit fee. The banks would happily charge you more every time you borrow more than what you’re supposed to. Avoid credit card fees and debts like the plague (or those Neo-bound bullets) and you’ve dodged one common fee that you may encounter in your credit card-wielding life.
Track your credit card debt as diligently as checking your base on Clash of Clans
Another such fee is the late payment fee, which is something you're saddled with if you miss out on paying the debts due for a certain date. You may have forgotten to pay because you are busy working. Or doing household chores. Or defending your base on Clash of Clans. Those towers won’t rebuild themselves, you know.
But hey, since you've had your eyes glued on to your phone anyway, why not add one more app to use religiously. Almost all banks now have apps that allow you to track your credit card fees. That includes your debts and due dates. That way, you will never miss a deadline even if your base gets pwned.
Stop using your credit card like a debit card
Granted. Sometimes you’ll need cash the moment you just zeroed up your debit card balance. But trust me, that credit card is more foe than friend in this situation. The moment you get cash using your credit card, you’ll end up having to pay 20% interest or more on those new debts, not to mention an upfront fee in the hundreds. You might as well borrow from that neighborhood 5-6 loan shark.
If Morpheus was your financial adviser, he won’t give you the choice between the red pill and the blue pill. He’ll snatch that credit card from you and bend it like a spoon. Only there is no spoon.
Let it go, let it
There will be a time when you’ll end up paying ₱2,100 for a ₱1,200 Meralco bill through your credit card. Maybe because you were too busy attacking some enemy base on the above-mentioned game. You may feel like a fool and end up wanting to take back that extra ₱900 you paid.
But Queen Elsa of Arendelle would say, “Let it go, let it gooooo!” There’s a ₱300 to ₱500 credit card fee attached to refunding the excess money you paid through the card. Besides, that extra ₱900 can be rolled over to the next billing period.
Get rid of those annual credit card fees… forever
Most banks charge around ₱1000 to ₱3000 each year that you have your credit card. But that can be taken away with a well-placed call with your manager. You don’t have to pay that credit card fee the same way you pay the monthly bill on your slow Internet connection like the honest citizen that you are.
You can ask your friendly (maybe) bank manager to waive that annual fee. Just know that it depends on whether you pay your credit card debt on time, and if you don’t have outstanding bills. If he refuses, even if you are a great (and possibly handsome) credit card client, you can go ahead and let them know that you’re cancelling your credit card.