6 Ways to Use Your Credit Cards and save

Credit cards are a useful financial tool to employ for maximum savings. This is how you can do it:

1. Keep only those cards that are free for life. For each free card, you keep you can save between RM200 and RM300 on annual fees.

2. Use one of the cards for the payments of monthly insurance premiums and utility bills such as electricity and telephone. It is very inconvenient to pay so many bills all by yourself. For the monthly amount charged to the card, you can collect valuable points. You can then redeem the point for useful household appliances like cooker, Thermos flask, oven, and vouchers.

3. Use CIMB Petronas Card (gas credit card) to pump petrol and receive the 2% cash discount and the card is free for life.

4. Use a cashback credit card for all the purchase of grocery items and other goods

5. Use one of your cards to buy big-ticket items by installments with zero percent interest. You spread the installments up to 36 months. Your monthly cash flow will not be affected severely. You don’t incur interest and on top of that, you collect valuable points to redeem useful items.

6. Pay your credit card bills promptly and fully. Otherwise, the interest charges will be more than your savings.

Take advantage of offers given by credit card issuers to maximize savings. Most important of all, settle the amount fully before the due date when the statement arrives.

7 Tips to Use Your Credit Cards

There is a saying,” Credit card is for convenience and not for credit."
So, take the following precautionary measures:


1. Every time you use your card make sure that you have sufficient funds to meet the payment at the end of the month.

2. Do not exceed your credit limit.

3. When you notice any unauthorized transactions in your statement, inform the bank promptly.

4. Pay your monthly statement before the due date.

5. When you make major purchases by monthly installments ensure that the amount is within your monthly budget.

6. When you are unable to make payment in full you must settle the monthly interest fully and also nothing less than the minimum amount.

7. Notify the bank when you change your address. Ask for a copy of the monthly statement when you don't receive it. Otherwise, you will end up paying interest for late payment.


When you take proactive steps to use your cards you also look after your creditworthiness.

10 Tips to Protect Your New Card

Congratulations! Your bank has just approved your application for a credit card. Before you start charging the card, take note of the following points to protect your card from fraudulent uses:

1. Sign your name on the reverse of the card as soon as you receive your new card.

2. Do not disclose your 16 digits number and the 3 digits security number to anyone.

3. Keep copies of your charge slips and use them to check the monthly statement. Look for charges which are not transacted by you.

4. Whenever you go overseas inform the bank and provide a contact number.

5. Arrange with your bank to increase the credit limit for your trips abroad.

6. Inform the bank in the first instance when your card is lost.

7. Whenever possible keep your card in sight when you use it to avoid fraudulent charges. When the card is returned to you check and make sure that it is your card.

8. Do online transactions on secured sites with an ‘S’ – https:// not just HTTP://

9. Never leave your card unattended or leave it in your car. Always keep it with you.

10. Protect your Personal Identification Number (PIN) to access an Automatic Teller Machine (ATM). Memorize it if possible or keep the number separately.

Be vigilant and always be on the alert when you use your card. Make it a habit to check your wallet every now and then to make sure that the card is always with you

4 Types of Plastic Cards to Make Purchases

There are four kinds of card, namely, credit card, charge card, debit card, and prepaid card.


Credit Card: The credit card issuer, upon approval of your application, will issue a card to you with a credit limit. You can use it worldwide. When you receive the monthly statement you pay the full amount or the minimum amount. Visa and MasterCard are such cards.

Charge Card: American Express and Diners Club are the issuers of charge cards. Upon receipt of their monthly statement, you have to pay the full amount. However, there is no credit limit. It is only limited by your spending power.

Debit Card: The card is linked to your savings or current account. Every time you use the card the amount is deducted from your account. You use your debit card just the way you use your credit or charge card.

Prepaid card: The other card is the prepaid card. You load the card with a certain amount and then you can use it like a credit or debit card. You use the prepaid card to limit or control your monthly spending.


Choose the right card to suit your needs