I remember that 10 years ago it’s quite difficult to get credit cards, even for someone who’ve been working for a few years.

Later it was the total opposite - credit card marketing executives were hounding me left and right, with all sorts of tricks up their sleeve to entice me to join, including low-interest balance transfers, free-for-life (no annual fee), free handphones and such like. On the pavements, outside hypermarkets, in our offices, on the phone - they are absolutely everywhere!

Credit cards can definitely make it too easy to get into debt - especially if you got one for the first time. I still remember that time: I had the illusion that I had unlimited buying power and could worry about the repayments later. Was I totally in the wrong - fortunately I managed to cut down the number of my cards to two now.

At the same time, credit cards have gotten me out of tight spots before: times when I simply did not have enough cash and need to settle something quickly. It is also essential for online shopping - not all merchants accept PayPal.

I would say one needs to have a high level of discipline if one were to hold credit cards. Only use it when absolutely necessary - and if you do use it, pay it back in full promptly. Always try to keep the balance to zero.

You also need to look out for special offers like 0% credit cards, where you basically get an interest free loan for a certain time before the standard APR kicks in. Of course, once you clinch that, don’t do what most people do : slip back on payments, or merely pay the minimum.

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