There are many advantages using credit card wherever whenever we can because:
1. our expenses are properly recorded
2. the credit card statement can be used as proof of payment when filing for income tax
3. get rebate on our expenses
4. emergecies : hospitalization, lack of cash when traveling overseas.
The best advantage is that it increase our cash in hand. Why do I say so?
Let’s say your fix expenses is RM5000 per month. You use your credit card to pay for all those fix expenses monthly. The due date to pay back your credit charges is 20 days after the statement date. Therefore, we can have the RM5000 put into our own saving account to earn interest for 50 days. Even better if you put the money in your homeloan-link account to reduce the interest charges! This means we actually have extra RM5000 in the bank!
Credit card really helps! (Only if you know how to use it)
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How to handle credit card debts?
I have about cc debts of 20k form 3 banks. I also have 22k of HARD EARNED savings in my current account. Would you recommend me to pay off the cc debts now??
I find it difficult to part with this 22k which I saved for the last 1 year!!!
Dear KClau,
I can’t understand why we can extra RM5000 in bank account.
What I mean is that it is “like” having extra (not actually having) money. Some sort of we owe the bank first .. pay later without interest
BRO, HW TO VALUE THE LAND? HW TO CHECK THE LAND PRICE? PLZ ADVICE. 10Q.