It is 'interesting' to note that many of us here equate the
application of/for a credit card as an indication of one's
inability to manage his/her finances properly, the mentality being
that if the individual had liquid cash, why then is there a need
for a credit line. And although Kevinace has the option of
utilizing a debit card (which for all means and purpose is as good
as a CC), the use of a CC as a financial tool is greatly
benefiting.
I am well in-tune with my finances and see the CC as a tool for
greater savings. I accept that an individual may gain reward points
on a debit card but if you were to compare the savings, perks
specials and rewards offered by credit cards, an individual
may actually come out better having used, wisely, his credit card.
With discounts offered on furniture, consumer products, F&B and
the like, I am accutely aware that my savings on credit cards are
far better than those offered on debit or cash payments. My only
caveat would be that the full outstanding amount be paid up
monthly.
Kevinace, I am sympathetic to your becoming a bankrupt through
speculation, given my positive attitude toward the use of stocks as
a means for financial wealth, I would be wary of individuals
entering into transactions without having the means to cover such
transactions and thus, I am wary of speculations of stocks made by
margin. I hope all goes well for you in the future.
Jojo, I am appalled by your questioning of Kevinace if he is a
gambler by simply connecting his past- ie, a bankrupt, with his
recent applications for a credit card, and associating that with
the possibiliy that he is a gambler. To pursue this line of
thought, Jojo, I assume you are a girl.... does that
imply the possibility that you are a prostitute ?
In regard bank practices, it is regretful that banks do not
allow the extending of credit cards to ex-bankrupts to allow them
to rebuild credit credibility. Backed by strong fundamentals, is it
too much to ask for a credit line 10-20% of an individual's monthly
pay as a means to getting back on track record rather than merely
shotting the applicant at first sight.
So Jojo, are you a prostitute?
Kevinace,
Finance companies are not charity organization.
You just got discharged ONE year ago.. Not enuff time to
accumulate a good track record.
One year.. and you are already applying for credit cards ? I
seriously wonder about your money management ability.
Instead of going into debt again, why not start saving up. Once
you have a substantial amount of money in your bank, the financial
bodies will be more than willing to loan you again.
IMHO, right now, you're a bad candidate for loans.
If you want the convenience of cashless transaction for
traveling purpose, you can consider debit (master/visa link)
cards.
6K per month should be sufficient for you to rent a decent size
housing until you accumulate enough savings . If you still cannot
manage with 6K.... I think there is seriously .. some issues with
the way you manage your money.
Are you a gambler ?