Merepek

Those days, to be issued a credit card and to be seen flicking out the card ever so often, spoke volumes for the holder. He/She must be someone who had some decent income and with some impeccable credit standing. I was of course, at that time a new workhorse earning chicken-feed and therefore unable to fulfill the most basic requirements for application, that was to have a minimum annual income of RM24,000 and to provide the Form J from the tax department. I did not even qualify to have a file opened at the tax department, for goodness sakes!

After many years of living from hand to mouth, I decided to free-lance. Being a free-lancer I could earn a wee bit more and after a while I thought I would be qualified for a credit card. I eagerly approached the credit card officer at the bank but was told in no uncertain terms that, “Sorry, your income is not consistent..it’s swinging like a yo-yo…lidat, we cannot approve…bla…bla…” . And another time, I was at a friend’s office when a senior bank executive came to visit my friend and my friend told him that I would like to apply for a credit card. He smiled, shook my hand ever so graciously and when he enquired regarding my employment and income, I told him I free-lanced. His smile turned into a frown. Hahahhaah……He was definitely not a poker player for sure.

Fast forward a few years and I finally got my first credit card. I chose the one that I need to pay the least annual fee. Come to think of it, I never understood at that time why I needed to pay an annual fee. Anyway, being a newbie with no track records to speak of, I just paid, albeit grudgingly. Then one fine day, my home bank sent me pre-approved Gold Cards and free of annual fees for 2 years some more. Wah……how it boosted my ego. Wah…I felt good you know! I quickly cancelled the old Classic Card and slotted the new shiny Gold Cards into my wallet.

The credit card business is BIG business and with some relaxation of rules, all the banks were like stepping on and climbing over each other to capture a bigger slice of the lucrative market. With aggressive and clever marketing, soon every other person carried a card and some had multiple cards bulging from their wallets. Well, initially it still spoke something of the card holder….he/she was someone who qualified for many lines of credit. The banks, after all, will only lend to people with the ability to pay.

Then came a time, if I remember well, it was the economic recession when the payment terms were relaxed further…you need only to pay a mere 5% of the outstanding balance or a minimum of RM50 per month. It was a boon for many who were caught bad during the economic downturn. They had 'maxed' out their credit limits and paid only the minimum and soon enough, they found themselves drowning in debts and many were declared bankrupt. The authorities were alarmed and some called for restraint in the approval and issuance of credit cards. Meanwhile, the banks continued in their merry ways to entice and attract more card users with their most creative of marketing gimmicks. And I am sure many of my dear friends here would at some time or the other, have had credit cards practically shoved down their throats. All said, it’s till Caveat Emptor. For me, I just keep one Mastercard and one Visa and yes, I still do not understand why I should pay annual fees and so, I do not pay any.

And now, I’d like to think I am not so gullible and see things differently too. Gold Card or Platinum Card or whatever no longer cause anyone to bat an eyelid. A person who shows me a wallet full of credit cards would actually alarmed me. Hard cold cash would be more comforting. They don't say 'CASH IS KING' for nothing.