The sunday times had ever ran an article about taking up
interest free installements thru credit card banks.
It is noted that the card holder will have slightly less
argumental power on financial transactions, when they owe the bank
a debt.
When you applied for installment free purchase on your big
ticket item, you effectively own a long term debt with the bank,
because the bank has paid for your purchase, so effectively you are
servicing a loan from the bank.
Also, before applying for the credit card, you had already been
forewarned of the annual fee unless stated otherwise, thru your
application form. There is nothing in the fine print that states
that you'll recieve a waiver despite anything, hence you can't
argue with the bank. You can bring it to court, you still lose.
Attempting to cancel a card while you have an existing debt with
the bank is also not a wise idea, even if you could pay it off 1
time completely.
I own credit cards myself, and I do it selectively, of course I
try to get those without an anuual fee first, but these cards would
usually have a requisite like minimum transactions monthly, or tied
to an active utilities account, which I know I can adhere to.
Paying thru the installment free scheme offered by credit cards
is another big no no for me, although I know I won't ever default
on them. It puts me in a position of a lot of "what ifs".