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Elite Privileges December 7, 2006

Posted by WishBoNe in Random Thoughts.
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It’s interesting to note that staff at Dubai and Singapore behave differently, not rude but Singaporean staff tend to be negative instead of positive as noted by Mr Tan of NTUC Income CEO. He will be stepping down on 1 April 2007. Mr Tan, did you know that it’s April Fools Day? 😛

We have so many cards with privileges that we may lose track of which card is better for the usage. I have difficulty remembering which card is for which unless I have less than 5 cards on hand. It would seem that it’s better to have less than 5 cards on hand rather than 10 or 20 because each credit card allows you to spend up to 2x your salary. Let’s say you have a credit limit for each card at $5,000. If you have 10 credit cards, it would mean you have $50,000 per month to spend. Or so the card states.

However, you’re earning only how much again per month? It’s $2,500. So, if you blow $50,000 in one month in order to earn the privileges, may I know how are you going to pay it next month when the bills come?

Banks and shops are often coming up with ways to earn our hard-earned money. They say that their cards have the best privileges screaming “I’m an elite card! Take ME!” So, let’s say you have to spend $200 and above in order to earn 5x points from a certain credit card. You use that card. Later, you notice at a shop saying another credit card has 20% discount for purchases $150 and above, you use that card. At yet another shop proclaiming to have discount of 40% for all products with purchase of $100 and above, you use that card. You have now used 3 credit cards and spent an estimated of $450.

Now, the next issue with conversion to KrisFlyer points. The transactions cost another amount varying from per conversion per transaction to yearly fees. In order to earn the privileges, we sure are paying a huge amount.

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