Know Your Credit Card Limit

If you have a credit card and you often use it to avail products and services, then I advise you to check the availability of your remaining balance every time you go out shopping. Why? Because if you reach your credit limit and you overspend beyond that, aside from the usual 3.5% interest rate per month, the bank will require you to pay a 500 pesos fee. I've just recently got to know this from Peter Pandesal blog. If you have a spare time to waste, why don't you pay a visit to the said site (currently, the site is down) and educate yourself about money.

Regardless of what credit card you have, all of them will charge you an extra fee once you used up and go beyond your allowed credit limit. Personally, I haven't tried and experienced being in that situation because my strategy is I fully paid all my balances every month or oftentimes, I left a small amount there that incurs me a little interest. Also, if you have a card, then you must use it wisely and not put it in your wallet as a display. Some people told me they will only use their credit card for emergency purposes while others are afraid to utilize theirs. But don't they know that even though they do not use it, still every year, the bank will charge them an annual fee (normally, it is 1,500 pesos).

So be responsible enough with your card and don't let credit card companies control you. It should be the other way around. Take the wheel and take charge of your life.

I hope you enjoy reading this blog post. Thank you.

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