I got my first credit card early April. It was a Citibank Cashback, with 25K credit limit. I was hesitant to use it at first, but then, need forced me too. I lost my eyeglasses some six months ago and since then my eyes seem to cause my intermittent dizziness and headaches. Eyeglasses. A multi-coated one, was my very first purchase via credit. A P2,230 worth from Vintage Vision Int'l, with a Jollibee Burger meal freebie. That was the start.

Then, I bought an ASUS DVDRW Drive with LightScribe at P2,400. My plan was to make piracy a business, but that doesn't make out. Then, a Reebok running tennis shoes at P2,360. Followed by a 5 Grand cash advance. And much of groceries, supplies, and things I can’t remember. I accumulated some 14K credit on my first month. Nice thing, my another credit card application was approved - Mabuhay Miles HBC. They set my limit to some 54K including the cash advance limit. I availed of the 0.88% balance transfer promo and made my 14K Citibank balance payable in 18 months. A monthly installment of P900.98 was set. Balance transfer. A very good offer that will surely get hold of a credit card holder. My first plan was just to try the card and enjoy it’s waived first year fee, then cancel it before finishing my first year. Hah, :evil grin: they are smarter.

The cash back feature of my Citibank, earned me P88 in my first month. So, to earn more cash back, I planned to charge everything on my citi and let my hsbc pay. A very good plan, as I deemed it. It was, really. I was earning double credits - cashback and Mabuhay miles, only that I need to pay some interest. At least, everything was set on light installments…

I thought I wont be needing my hsbc, yet an urgent need to instant cash forced me to take P8,000 in advance from my hsbc card. My mother requested me to pay my Cocolife insurance annual premium - some P7,700+. She told me paying even half of it would be fine. But then, as a good son who wanted to impress his mom, I withdrawn a whole 8K bunch planning to pay it all. When my brother, came to Iloilo to check me, he already paid everything in full - including my sister’s premium. He then relayed the message that mom wanted me pay his boarding house for the whole coming semester as payback. Ahaha, darn. Too late, I already have the cash with me. I don’t know where to spend it, so I let my bro send it home. Ahaha, no, I didn’t give the whole sum, I withold 3 Grands to pay my maturing bills, and as financial reserve...

Due to the fact that relying on my salary alone I won’t be able to pay my balances, I transfered that 8K balance from cash advance to my citi. ‘Just not lucky enough to catch any promotion, the monthly interest was 1% at 12 months installments. P745 add up to my monthly bills. At the moment of this writing, I have accumulated some 25,000+ of credit card debts. Ahaha, it was funny. Credit cards that gives you debts. Aren’t credit and debt opposites?

Sigh.... It's not that I can't pay these surging bills. Only that it's hard to live expecting your salary semi-monthly only to pay the bank. Not to think you still need to pay for your room rent, transportation, water, electricity, communication allowance, leisure, romance, charity, etc

Lessons

1. If you think credit card could make you richer? Wrong. It does not give you money. Just spending power. So take credit as you take cash. You will still be liable for all your credits.
2. If you plan to take advantage of the credit card company and use only the card while it's still free (first year), never ever transfer any balances which will be payable on a term later than your card's first anniversarry.
3. The credit card has a yearly membership fee - so, when the waived first year has passed, use card in every purchase as possible - this way you gain bonus point convertible to perks or freebies someday.
4. Be a responsible credit card user...

Supplementary lessons:

1. Huh, de pa multi-coat lense gid. P2,230??? Kung kamo may plano magpatakud antipara - advise ko - bakal runlng kamo frame sagwa kang optical. Sa dept. Store may tag P50 asta P99. Mga nami run raku kaw pa pilian nga design. Then ang wara lang coat baklon mo, mga P400 lang. huh, amo mn ra gyapon.
2. Kung sapatos baklon mo kag may kwarta ka manlang, ang marhalon nalng! Akon to wala laba-laba, uranan, initan pag-on japon

--

ginsulat ko ja indi sa pagpadayaw kundi para makabulig kag makashare eksperyensya. bukot takon manggaran, gapangutang lng gani. ;))

 bisbis 

	1. 01-08-2007 21:03
	hahah nice one bisbis!    it reminds me of a friend here nga ang kabuhi nagalibot lang sa credit cards.... has 15 credit cards and all maxed out except for 3 nga ginapa rolling lang ang kwarta. maskin ultimo tissue paper charged sa card.   every deadline naga sakit ang ulo kon sa diin manghuram para lang may pang hulog the cash advance ruman after one day para ibayad sa ginhuraman!     kon ako siguro patay ron sa panumdom pa lang! paano mabaydan ang utang nga almost half million sa credit cards lang! Guest Report

ztirfps

	2. 02-08-2007 06:49
	at least you learn a lesson and it would help people that dreaming to get visa card or Cridet card.In fact there is a visa card that has no annual fees and have a cash back every dollar you spent. If possible 2 visa card is enough, and make sure pay all the amount due before the due date, or else you will be burried in debts. Here in USA people filed bankruptcy due to credit card debts, and bad credits would ruin lives he!he!he! ruin tungud kon mag-utang kaw hulugan nga sarakyan or housing loan indi kaw maka avail kang 0% interest or ang interest ka mga loans mo is double than the regular rates. I don't want to critize or offend someone, just only wanted to share about being a credit card holder. Advantages of having one is very convenient when you book a hotel around the world, shop online (plane tickets), pay gasoline. Guest Report

superjane_kane

	3. 02-08-2007 08:15
	amo ran gali ... nami pa gali gift checks, prepaid ron, nami magbaton kun kita ginatugruan o ipanugru sa iban ... nami man ATM card kun may sulud, pa swipe lang ... Guest Report

vicpjr

	4. 02-08-2007 08:40
	perti gid ra mag tintar... ti hambal ko gid mung...ang CREDIT CARD nga rian sus perti gid mag tintar kung ano lang imo maagyan, sige bakal lang bakal tapos bayad lang nga bayad...!!!    "we should always apply the rules of debits and credits"    Guest Report

edemadethird

	5. 02-08-2007 14:23
	perti gid ra mag tintar... Mmm, since diya man ako sa Pilipinas, I have no need for a credit card. I have a debit card instead. It has the same features (wara lang garing ti cash advance) as the usual credit card except that wara tana ti monthly interest on expenses, only an annual fee of 250 Pesos. So wara ti utang sa bank (may savings pa) and I can control what I spend based on how much I deposited on my bank account. I had it renewed last August. Debit card, do more, nyahaha! Much better than having a credit card, at least for me. Guest Report

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