Credit Cards

It is a double-edged sword.

You can earn points or cashback for spending money. But if you spend above your means, you will end up in debt quickly.

Credit cards have high interest if you do not pay your bills on time.

Instalments

You can pay for big purchases in instalments. But you won't earn points or cashback. So if you can, pay in full.

I wanted to get a strong MacBook Pro to last me for years so I upgraded it and then paid for it in 24 month instalments.

Not everything is eligible for points or cashback

Paying to the following services are not eligible for points or cashback: (From what I know)

• Payment Services
  • PayPal
  • YouTrip
  • GrabPay
• Government Services
  • Taxes
  • Fines
• Insurance

You can find out more by checking the terms and conditions of the credit card from the bank's website.

Sign up bonuses

You can sign up for a credit card through websites like MoneySmart from a bank where you have not been a customer for at least a year. By doing so, you can receive a cash bonus if you spend a certain amount within one or two months.

Use this for big purchases like a new phone or smartwatch. If you find that you don't use it often enough after a year, you can cancel it.

Dining Privileges

When you dine at restaurants, keep an eye out for any promotions involving certain cards.

Annual Fees

Most credit cards have annual fees but they can be easily waived if you call them or through their bank's app.