Financial Freedom SG

I think most Singaporeans know of this ‘trick.’ Call the credit card company to ask for a waiver when the annual fee is due.

Today, I made my annual call to the bank which has changed 3 times in these turbulent times, from ABN Amro to RBS and now ANZ. As I have only one credit card, I use it more than the average user. Another reason is that my wife is also the supplementary card user.

So when I call, it is normally waived with little questions or bargaining.

The good thing about this bank is that their call centre can be reached very quickly. I got in and talked to a real person in less than a minute when I called at 8.25am just before I reached my office.

This is unlike the experience with the local telecom providers.

For readers who have more than one credit card, be prepared to cancel the card if you don’t get the waiver. If you don’t use it that often, the bank officer is often not able to extend the full waiver any way. I know, because I used to be at the other end of the line before.

When I attended a Personal Effectiveness course recently, the trainer said that it is a good practice to have just one card. And I agree completely with him.

Unless you have a habit of filing away all the credit card slips hat you sign and tally them weekly, you could be charging too much to your cards. With a single card, it is easier to control your spending.

How do you control your credit card spending?

Have a good week ahead.