Asked on 10 Jun 2019
Do you guys face trouble with remembering to pay the bill? I always kena late fee... all the credit card billing cycles are different.
It really depends if one can handle and remember. I used to have at least 1 to 2 cards from all the banks, total more than 30 cards for the last 10 years! :P It's a mess to remember the bills to pay, when will they bill the annual fees etc.
The reason for so many is because I like to get every possible deals possible whenver possible. End up very messy and hard to maintain.
On the other hand, 1 or 2 cards helps you to focus your strategry of Cashback or Miles. As each games / camp has it's strategy of min spending and cconditions to follow. Seach seedly blog and seedly group facebook on how to hack each games or feel free to ask me more :)
Answer to your question:
So the number of cards one should own : 1 to 2 or As much as you want!
(haha .. i know it seems like I'm not answering your questions, because to me is the same)
Alternative way: Each bank, login to their iBanking, setup the reminder via email and sms so they will remind you when bill comes and you just pay each bank/card when you receive each reminder.
Only 1 rule to follow to avoid late payment penalties:
After you spend, just use your phone banking app to pay the credit card the amount you spend or a bit more immediately, or the full amount if you know roughly how much you will spend on the card monthly. This will help avoid forgetting bills payment / overdue interest and late payment penalties. Annual Fee charges ? How ?
As annul fee comes, you can see in your bill and always call the bank to waive, if they don't just tell the hotline officer nicely that you really like that card and would be nice if they can help to waive the annual fee. If they are not willing, then just cancel the card. So no annual fees will be leavied on you.
Thanks for reading so much for this long answer, if you stil wish to know more, read on for the Bonus: :p
Up Your Game Hack:
Play the game to get new card gift / cashback deals hack:
This is my personal secret methods that i use, I'm gonna share it for the first time...drum rolll please :P hahahahaha
Use your smartphone use the note apps or any of the note apps on App / Play store and create a page where you can lock, write down all your credit card details, especially the card activation date, cancellations date. This is to make sure you know what you have, and actively cancel these cards when you no longer need them, and note down the cancellations date for the later game. Whenever you see online be it on Singsaver, Gobear or on the street the banks promoting their cards, if you had it before, if you had it more than 1 year from the cancellation date, you'll be qualify for the higher tier welcomes gifts such as 80 / 120 cash back (except if the terms says "new to bank" then we'll not qualify). With that you can repeat this cycle to get freebies from the bank for applying their card! :)
I know it seems like a lot of work to spend and pay immediately. To save the effort, you just pay the total amount you estimate you'll spend on the card monthly in advanced.
If you didn't spend that much , your next month bill is prepaid in advance! So just adjust back next month and deploy the same strategy! There you go, hope this sharing benefits you! :) Cheers!
2 more comments
I have credit cards from DBS, UOB, OCBC, Maybank, SCB, HSBC, Citibank, BOC.
But i actually only use 2 for my day to day life.
The others are just in case for balance transfer promotions or dining / shopping privileges.
Most of the people here suggest 2 - 3 CC to maintain, i guess that is a healthy number. Too much cards and its tiring.
I use google calendar at first to track my payment but after a few months you realised its the same due date monthly for the credit card and it becomes a habit to pay up in time.
You can setup giro payment for credit card bill if you keep forgeting to pay.
Else, you might want to consider to consolidate into fewer credit cards.
I check with credit card company about the billing cycle for my credit card and set a reminder on my mobile with Google calendar.
I have a bank account and credit card under the same bank, so that I could set GIRO payment within the bank.
However, my bank always send me a SMS reminder 1 week before payment due date.
For me I got 6 credit card. 3 for regular use. 3 just register to get welcome gift last time (soon will cancel). I can't remember the payment date either. So I use auto giro every month. Just make sure don't overspend than what you have.
but use diff ones for diff purposes
uob infinite for most
uob one for groceries to get the Interest
dbs esso petrol
posb for some others
maybank n hsbc spare
citi for rebates
I will say 2 to 3 cards should be sufficent that compliments each other (e.g. 1 card may have deals, while another card can get rebates from online shopping). Too many types of card is too confusing, but using just 1 card may miss out on some deals.
I use GIRO for payment of credit cards so it's automatically paid every time. UOB One account even rewards you got paying with 3 GIRO payments.
Change billing period to end say middle of the month for all cards and simply designate a bill payment date e.g. last day of the month.
Just run through the checklist of all your cards to ensure there are no missing payments.
The few cents of interest foregone for paying before the last date due is not worth the hassle of keeping track.
I think you just need 3 - one for cash back, one for miles, one for everything else that doesn't fall into the above two. Or maybe 1 more for large ticket purchases.
You can actually request for the banks to change your billing cycle. Mine are from 1st to 5th of the month, which means that my due dates are from 24th to 29th of each month. I will schedule my payments on 22nd of the month (takes 2 days for AXS or interbank transfer).
I have 2 - one from OCBC and one from Citibank. I only use the Citibank one however for the rewards points but I don't really like to keep track of so many bills so just left the Ocbc card aside.
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