My friend related to me that he was given a free platinum credit card by Hong Leong Bank. According to him it's free for life meaning annual service fee for the card has been waived. Of course, interest will still be charged on card balances if applicable. Many people get confused with the word "FREE" here.
The weird thing is that for a platinum credit card the credit limit given for this free card is only RM14,000. Yes, only fourteen thousand. One would think that credit limit for platinum credit cards should be above a hundred thousand, right?
My friend accepted the card, of course, since it was sent to him already without even asking first. Besides, it's free for life so why not? From here, we could see how desperate credit card issuers are to get us to use their cards. Of course, it is up to us to manage our finances well and use credit cards appropriately and responsibly.
The weird thing is that for a platinum credit card the credit limit given for this free card is only RM14,000. Yes, only fourteen thousand. One would think that credit limit for platinum credit cards should be above a hundred thousand, right?
My friend accepted the card, of course, since it was sent to him already without even asking first. Besides, it's free for life so why not? From here, we could see how desperate credit card issuers are to get us to use their cards. Of course, it is up to us to manage our finances well and use credit cards appropriately and responsibly.
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