Sunday, November 9, 2008

Carrying $70,000 spare cash daily

I always have friends commenting on carrying around a thick wallet which looks rather sloppy and uncool. Today as I was sorting out my wallet, I was appalled by the excess items I was carrying. The majority was credit cards.


As you can see, I have too many credit cards! Assuming an average of $8,000 credit limit from each bank, I effectively bring more than $70,000 out everyday! If I were to lose my wallet, I may have to write down this loss if all cards were max out to the credit limit.

Scary!

Why do I need so many credit cards? Most were applied out of fun and freebies. They do not serve much use nor do I use them to obtain credit. I generally only use the Citibank dividend card for most of my purchases and would only use other banks’ credit cards when there is a special tie up with other retail shops.

The other cards in my wallet include:

IC

Popular card

ATM card

EZ Link

Passion Card (to earn link points)

I have decided to just keep 2 credit cards in my wallet for security purposes.

PS: As I do not have a digital camera, the above picture was taken by my trusty 2 mega pixels nokia camera phone. Apologies for the “poor” shot! (double entendre intended)

3 comments:

musicwhiz said...

Wow interesting, never seen so many cards together in one place before.

For myself, personally, I only use 1 credit card, and it's from UOB. This means I can't make use of so many discounts but then it makes it much simpler to track my spending (only one statement).

Regards,
Musicwhiz

la papillion said...

Hi SBC,

Haha, you're the opposite of me :) I've never had credit cards my whole life. I intend to change that fact and applied for the Maybank after knowing of the $100 cash credit.

UOB card is quite a good card to have as they usually have discounts on the haunts that I frequent :)

Take care!

Sgbluechip said...

Hi MW and LP, for me I am using Citibank dividend as my main spending card. Instead of accumulating points, I get cash. It has an online function in the form of pie chart to breakdown our spending into entertainment, shopping, travel etc, which at a glance captures our spending habits.