I called up HSBC customer service to inform the company that I have the intention of cutting my Mabuhay Miles Credit Card. Thank God, I was able to pay off in full my credit card debt last Wednesday, March 24. I still maintain my HSBC Red Card though.
What turned me off in using my credit card is its high interest rate. For HSBC, they claimed that its 3.5% per month or 42% per annum. When I computed, it was actually 4% per month or 48% per annum. If you’re just paying the minimum amount due per month, then you’re doomed to get buried in a huge credit card debt.
Credit card per se is actually not evil; it’s our ignorance of how the credit card system works that becomes the culprit of our huge credit card debt.
I am happy with just one card left. I learned my lesson never to pay just the minimum amount due per month; as much as possible, pay it in full. 🙂