I Remember

Page 23

Credit facility

I started working on 1 April 1981. Barely a year in January 1982, I got my first Visa credit card issued by BankAmericard (Bank of America NT&SA). Imagine my happiness when I could own a credit card to pay for my purchases. Flashing my Visa credit card took some getting used to. I was proud that my salary qualified me to apply for the credit card. After five years in November 1987, I received the American Express Bank Gold Card with overdraft facility. I had unsecured credit facility to sign for payments. It was Gold card and it showed that I had arrived. Now that I am older, I find that I use less credit and I prefer to pay by cash or NETS. I would pay my credit card outstanding balance in full before the due date so as not to incur interest charges. I reduce my number of credit cards to just two. When I retired, financial independence becomes important. I do not want to be saddled with debts. If I cannot afford, I simply do not commit. Looking back at my younger days, I was like most people chasing after 5Cs (cash, credit card, car, condominium and clubhouse). It is now the reverse. There is no need to show off how wealthy one is. I spend within my means and stretch my retirement funds for as long as possible. I wonder why I did not realise this before. No one advises me, that is why.


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Articles inside

Epilogue

1min
pages 59-60

From Executive Diary to Smart Phone

1min
page 56

My Uncle from Malaysia

1min
pages 57-58

Coopers & Lybrand

1min
page 55

My Education

2min
pages 53-54

My First Driving Licence

0
page 52

My First Property to Live In

1min
pages 48-49

My parents stayed in rental flats of public housing

1min
page 47

Investing in Investment Property

1min
page 50

Joy of Reading

1min
page 51

My journey through National Service

2min
pages 45-46

My Parents stayed at Craig Road before

0
page 44

DBS Fixed Deposit in 1993

0
page 43

Do you plan for retirement?

1min
page 42

National Day Parade in 1971

1min
page 38

Matriculation for Accountancy course in 1978-9

1min
pages 39-40

GCE “O” Level Results were published in Newspaper

0
page 37

Enrolled in English-Medium stream in primary school (1964

1min
page 41

You write long-distance and then wait days for reply

1min
page 36

You will know this special bond

1min
page 35

PSC Undergraduate Scholarship 1976

1min
page 34

National Library of yesteryears

1min
page 31

My years in National Junior College

2min
page 33

Early years of bus transport

1min
page 30

My Hobbies

0
page 32

I did woodwork and metalwork

1min
page 29

My National Service Days

1min
pages 27-28

Bukit Ho Swee Fire

0
page 25

My First Savings Account (POSB

1min
page 26

From poor to rich

1min
page 24

Chinese New Year

1min
page 22

Games played

3min
pages 19-21

Credit facility

1min
page 23

My Home at Ganges Avenue

3min
pages 17-18

Living each day as it comes

0
page 16

A Private Person

2min
pages 14-15

Saving habits

2min
pages 12-13

I Remember

2min
pages 7-8

Preface

0
pages 5-6

My School Days

0
page 9

Career

2min
page 11

Inferiority Complex

1min
page 10
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