Banks in Malaysia have been aggressively promoting their credit cards by giving free gifts to successful applicants and offering waivers on annual fees. A catchy slogan like `Free for Life' is attractive to consumers. A credit card is a payment instrument that enables you to make purchase of goods at merchant outlets without taking cash.
Credit card is like the best invention in the world. It can become costly if not used wisely. If cardholder is in some kind of credit card debt, the best advice is to negotiate with the credit collection officer at the Financial Institution on an agreed repayment plan.
Credit cards are like double-edged swords. If one does not exercise discipline or prudence when using credit card, it can become a burden. Use it wisely and it is a useful mechanism for planned spending and investment.
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