Tuesday, March 14, 2006

there's something about ..... credit card

No... I'm not going thru the 5 Cs.

It just happened that I met with some amusing "problem" with the credit card company today.

I'm a big credit card user. If a $5 item can be purchased with a credit card, I would do so. Forget about forking out that $5 note somewhere in my wallet, which in most instances I have less than that.

So you can imagine, shopping at NTUC is quite a pain for me. If you hadn't notice, they do not have Credit card facility. But of course, I do shop there.

Why am I a big credit card user? Why not... for every $5 you spend, you have 1 reward point which you can claim some rewards down the road. Paying $5 notes do not earn you any points at all. In fact, you get germs from the notes.

Of course, I'm not encouraging you to spend and spend just to earn points. That would be silly. But to use your credit cards for necessities.

Anyway, you can imagine that I spend quite a fair bit every month.

My bill came today and I realised I was charged with extra interest of almost $50. You see, I always pay on time to avoid late payment penalty and I always pay in full. So the interest charged was definitely a mistake.

So I checked my last month bill and realised the mistake is on me and that I have missed out my wife's supplementary card's bill which happens to be on the next page and for only 1 item of about $43. Thus the interest charged.

HELLO?!?!?!?!?! $50 interest on one item of $43?!?!?!?!?!?!??

NABEH. I don't think loan sharks charged as high as Credit card company. If I couldn't afford to pay $43, I'm better off borrowing from loan shark to pay the credit card company.

After going thru the bill, I came across this bigger-than-fine print that says "Please settle this statement promptly. If the minimum Payment amount is not received by payment due date, a late charge will be levied. If payment of the current balance is not made in full, daily interest will be assessed at 24% per annum from each transaction date on ALL charges in this statement and ALL charges posted after this statement date."

They not only charged more than loan sharks, they are more "gangsta" than loan sharks. It's almost like you borrow from loan sharks and they charged you interest not only on your loan with them but ALL loan borrowed "after this statement date".

I couldn't comprehend such logic and I don't intend to.

And of course, no way I'm going to pay that interests even if it's my mistake. And so I called them.

After going thru the "press 1 for english, 2 for chinese" nonsense, plus whole lot of "press 1 for x, 2 for y, 3 for x and 0 for the operator", I finally managed to speak with customer service officer.

I didn't bother to give excuse, I just told them I needed them to waive the interests, and they actually waived it without question.

I don't think the recent GEM advertisement on TV helps, but I think they probably get thousands of such calls a day and they have heard all possible excuses that they probably appreciate my impatience to end the call quick.

And while I'm on that mood to call credit card companies, I decided to call another one. The other one has an annual subcription due and I just dun feel like paying them.

However, I'm quite impressed with the latter phone system. They require you to key in your I/c number before being put thru to the operator. My first thought was "WTF?" but the moment the operator gets to the line before you can even bombard them, they greeted you "Good morning Moomooman, how can I help you?"

By your first name. Dun pray pray. This is what I call customer service, even if it waste your time by keying in 7 digits into the phone when you are really really busy.

Moomooman: I like to cancel my credit card

Customer service officer : Mr Moomooman, I realised you have been our loyer customer since 2000. I will be happy to not only waive your subscription for this year but for the next 3 years too.

Moomooman: ok

Ultimate. Why can't take just waive it off even before I called them?

Ask and you shall be given. Dun ask, you give them lor.


Sunflower said...

I totally agreed with you.

Last year, when I need to travel due to work. My credit card spending had exceeded 30K. The credit card company wavied the main card subscription automatically.

For this year, we did not clock as much spending as before. So what happend??? They charged us for the subscription again.

Since last year, they did an auto- wavier for us, I am thinking to give them a call to ask for frees subscription.

Guess What... They wavied our subscription without asking me why... good news or bad news???

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