Yeah yeah…there is no more 20 days of interest free period? So what? You are going to sit down and cry? Take it or leave it dude. You cannot imagine the number and types of credit cards I own. I enjoy going plastic. Credit cards give me unlimited cash flow, yet I am the master of my cards and not the other way round. No bad debt, no koyak pocket, no need to borrow money from Ah Long Pte Ltd
If people were more educated on how credit cards work, there won’t be the need to read the all the bullshit from other blogs that complain about it.
Again, you can complain about this new regulation or use your brain to think of how you can get around it. The key concept is very easy-- 20 Days of interest free period is not applicable for cards with an outstanding balance, therefore you shall use ONLY your cards that have NO outstanding balance for your daily purchases Comprehend?
I’ve mentioned in my earlier
article, that one should NEVER mix your daily use card with the balance transfer credit card. Here are some tips (tricks) that would allow you to CONTINUE enjoying 20 interest free days.
1) PERFORM BALANCE TRANSFER
Let’s assume you have three credit cards and all have debts. You can perform a simple balance transfer to combine all your debts into one card. Slowly reduce your outstanding balance in that one card, while using the other two other two “clean” cards for your daily purchases and voila you still enjoy your 20 days interest free period.
2) CLEAR YOUR DEBT AND ONLY SPEND FROM DEBT FREE CARD
Assuming you has two credit cards with outstanding balances. Focus on paying of all the debts on one card, while just the minimum on the other card. Again, the trick is to focus your debts on one card while “cleansing” the other card. Voila! You then enjoy your 20 days interest free period with the clean card.
3) APPLY NEW CREDIT CARD
One of the simplest ways is to apply for a new credit card. Continue paying whatever you need to pay for your other credit cards, while only using the new credit card for purchases and make sure you clear this credit card every month. You shouldn’t have any outstanding debts in this new card because it would not be wise to apply for new credit cards every month!
The bottom line is that credit cards are extremely convenient, provided it is used wisely. Shall it be your savior at bad times? God bless you.