The banks are raising their credit card interest rates to more than 24%
per annum and cash advance interest to 28% per annum or more. And the
perfect reason to do so, so long never raise, so it is a good
justification to raise.
No one is questioning whether 24% and 28% are very high interest rates
to pay. Of course it is still very low compare to the loan sharks. Would
anyone be saying cheap, cheap, cheap? Now, on the other side, the banks
are paying their depositors never before extremely low interest rates.
Would this be a factor for the banks to lower their rates instead of
hiking them? Oh, it is a commercial decision. Or like boh cheng hu. Or
would anyone yell cartel or price fixing?
On the other hand, could the consumers tell the banks, so long never cut
rates, so it is time to cut some rates? Why must interest rates be one
sided, up and up and up when saving rates is down and down and down?
As long as it is a business decision, there is no cause to argue about
morality or right or wrong. It is about profits. And the banks can be
praised for making the right commercial decision. Now I can understand
why Jover Chew and all the rogue retailers are not doing anything wrong.
They are only making commercial decisions. It is a business, and profit
is the only reason for making such decisions.
So consumers can expect the banks to keep raising interest rates every
few years by claiming that they have not raise rates for a long time.
Soon they will be competing with the loan sharks to see who is charging
higher interest rates. Using the formula of time as a factor to raise
rates, there is no limit to how high the banks can raise their interest
rates. And there is no law against it, all perfectly legal.
What is wrong with charging more and collecting more? New morality or self serving morality?
Kopi Level - Green
You can't cheat an honest man.
ReplyDeleteUntil the day most people become wise enough to cut up their credit cards into little pieces, and throw it on the floor of the issuing bank, interest can go up above 50% per month for all I care.
Cheaper to borrow at your local kopitiam Ah Long. :-P
But anyway, your money, your life lah. If you're dumb enough to borrow at 24℅, you shouldn't be complaining about being the victim of a con. You willingly bent over and invited anyone with a huge unlubricated dildo to penetrate your anus, just so you can get money to buy over priced rubbish you probably don't need, or to impress people you don't like.
Love you long time - not attributed to WC Fields.
ReplyDeleteIf you can't dazzle them with brilliance baffle them with bull.
I am a card slave.
ReplyDeleteDo not have time to check on how I landed in this state,whether my card have been misuse by someone as I spent within my mean.
As for me,I can get interest much much cheaper than bank if I want ,from my Ah Rong.
Cannot say its Ah Long else kena call up for questioning.I dun need to supply my ID to get one.
So uncle RB,now you know why I am not against Ah Long.
So long as you pay in time,they will not kacheow you.Poor people like me can only go to them without being rejected.I may not be around if not because of my Ah Rong help.
Erm...let me do something good today by revealing how poor I am because of cards,....by advising those with intend to have more cards to think trice.Card can be easily misuse by someone and you can be make pokkai like me. Should not have more than 2.
So uncle,stop complaining about my friend Ah Rong.
Bang a gong for ah rong. Nothing long wit dat.
ReplyDeleteAgongkia, In your case you can not pay mei mei with credit card cause u go to the asian cheaper variety As u are lucky as they only collect cash. Like me I kena cause I pay the white girl type. Big boobs I like bo bian so kena 24% interest some more the girl charge.extra 10% for card use.
ReplyDeleteMust learn from you lar. Any asian girls with big boobs or not to introduced? Knn before I hena fleece again.
if not no job
ReplyDeletebut did job go to xin ja po ren?
anon 12.00
ReplyDeleteDun be a gong tua tai and use card or cash for that purposes.
White or not,nowadays how many still need to pay for that.
You must be looking like the one in that photo who is found smoking here.
Go get some peidu as spare tyres.
Sometimes they will spent on you instead .
But I still prefer my Korean mukyonghua and Taiwanese mei hwa.
A rich man is nothing but a poor man with money.
ReplyDeleteWC Fields
Consumers have a choice to cancel the cards. Unlike NS, there is no choice not to serve.
ReplyDeleteIn terms of evil spectrum, politicians are way more evil than bankers.
ReplyDeleteIf u can control the usage of cards, it's better to use the cards as u do not have to carry large sum of money which is a risk. Plus the card sometimes can get discount like posb card for petrol it's 6% discount versus cash. Hsbc card give u 7% discount booking hotel for my business trip etc. Others have points for redemption.
ReplyDeleteI have cards for 30 plus years and I only use them as payment tool never tempted to buy because I am using cards. Serve me well.
Only thing u don't use the cards on is the excort service like the earlier post, instead of discount there is a 10% surcharge
All that is necessary for the triumph of evil is that good men do nothing.
ReplyDeleteEdmund Burke
Banks have learnt from Marbok Tan. That is to charge affordable rates. They will never call their rates cheap or expensive, just affordable. Like affordable HDB flats. If not affordable who will delay payment, tio bo ?
ReplyDeleteAnything worth having is worth cheating for.
ReplyDeleteWC Fields
kana sai
ReplyDeleteKana is a Japanese syllabic script consisting of 71 symbols and having two written varieties. It is also a name given to a baby girl.
ReplyDeleteSai may refer to Sai Baba an Indian guru.