Travel Essentials: The Amex Gold (American Express) Credit Card
Travel Essentials: The Amex Gold (American Express) Credit Card
I have been a credit card user since 2003. To be frank the banks loved me very much as I am always late for payment and ended up getting those ridiculous interest charges. For those that didn’t know, the interest for late payments is 18% per annum in Malaysia. That is like 1.5% per month. For every RM 1,000, they will charge an interest of RM 15. That’s a lot of money and in recent years, I have reduced my usages on the credit cards to 3 banks from 6 banks.
Shopping at Ubud Market, Bali
Traveling with credit card is always important at times. Some of the scenes from credit card TV commercials that when you need cash the most, the credit card always come handy at those moments. Well, I remember once that Rachel and I left not enough cash for us to pay the airport tax in Bali. That was the moment that my credit card turns out to be very useful. It was more like a lifesaver to me.
By any chance, I would never encourage anyone to abuse spending using credit card. However, today I would recommend a credit card that is cheaper in interest than the rest.
Something that is smarter than the usual credit card (in a way) and some smart tips for Malaysians.
I was told that AMEX Gold Card enjoys a low Finance Charge of 9% per annum on the outstanding retail balance. So basically, you enjoy 9% saving a year, depending how much you owe the bank at the end of the day. To enjoy the savings, just pay minimum payment of 5% or a minimum of RM 25.
The rates will be 16% per annum for those who missed minimum payment 1 or 2 times within 12 months cycle and 17.5% per annum for those who missed minimum payment more than 2 times within 12 months cycle.
Supplementary cards will be complimentary and Pay no interest on all your retail purchases up to 20 days from the date of your monthly billing statement.
For balance transfer, just transfer your outstanding balance from other credit cards to your American Express Gold Credit Card to enjoy substantial savings on interest charges .American Express Gold Credit Card currently offers 0% balance transfer. For the 0% balance transfer, it ends on 30 apr 2011.
Well, I’m sure the AMEX GOLD really saves a lot in the long run. For me, I would schedule my payment from my bank to my credit card payments in advance so I could avoid interest payments. Anyhow, the interest for AMEX GOLD is only 9% per annum so it won’t hurt as much as the rest.
For those who loves to collect and redeem membership rewards, there is a greater news for you. AMEX GOLD offers 5x membership rewards in petrol, grocery, bookstores, cinemas as well as by enrolling on express autopay on telco bills. That means all your express autopay on your Maxis, DIGI or CELCOM bills will have 5x membership rewards. In addition, everything else will be 2x membership rewards. Sweet deal.
For more info on the AMEX GOLD, find out here!
What most (if not all) banks fail to inform us is that once there’s outstanding amount owed to the bank… every purchase that we make will subject to interest on the spot! No matter how low their interest is.. I still pay in full at the end of the month! I have had enough being charged in the past!!
Well, at least this charges lesser. In a way, it help reduces debt. =)
Ya, interest for the Credit Card is really insanely high, can hardly find investment plan that could give you 18% per annum guarantee return though, and here it charge and earn easily for the banks.
I don’t owe money, only then I can earn from my spending instead of paying more out of my spending. Personally prefer cash back card. 🙂