Ever wondered why i always use a plastic to pay for almost everything ? CASH BACK. CASH BACK is the reason why i always insist on using a plastic to pay for stuff (whenever plastic is accepted).
We only started using plastics February last year and we have redeemed a RM1000 worth of vouchers from Maybank, CIMB Bank and American Express to date. American Express is by far the best plastic available in Malaysia. It gives 2 membership rewards point for every RM1 charged to the card. So basically, that is equal to 1% cash back for every Ringgit.
VISA and Mastercard give only 1 point for RM1 charged (exclude petrol transaction). So that is about 0.5% cash back for every Ringgit. Not competitive at all compared to AMEX but it's better than nothing. Besides, only big stores will accept AMEX as AMEX charges a higher merchant fee compared to VISA and Mastercard. So it is recommended that one also has a VISA or Mastercard as a backup card.
So far we have got :
- 15x RM20 Jaya Jusco vouchers from Maybank
- 6x RM50 Guardian vouchers from CIMB Bank
- RM400 instant cash rebate for our American Express charge card bill
We're still in recession. Be a smart consumer. Never pay for any credit card's annual fee. Only idiots will still be paying for credit card's annual fee as the competition in the credit card segment is so intense that the annual fee can now be easily waived. Think it this way. You get no extra if you always use cash. But it's a whole different story if you use a plastic. Make the freaking rich bank subsidise your expenses !!!! However, do not spend beyond your means. You do not want to be buried alive by mounting credit card debt !!!! Spend wisely.
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