Credit cards have the highest interest rates amongst the various kind of loans in the world, and it is definitely not something that you want to owe the bank as the rates will compound and balloon quickly within a few months.
Truth be told, credit cards do provide us with multiple perks and discounts in our day to day spending. However, it is necessary to exercise some financial prudence and spend within our needs. Always pay off your credit card bills in full and not just pay off the minimum sum and the interest rates will roll with time. Morever, a good credit rating is important for you to secure credit cards and bank loans in future.
Do take note of the above increment for interest rates on credit cards at our 3 local banks – we do expect our foreign competitors like Citibank, Maybank, HSBC to adjust their rates accordingly as well.
Newbies to credit cards, please refer to our local Moneysense website here