I received the first credit card in my life! It is a Public Bank Visa Gold credit card, credit line is RM10,000.
No need income supporting documents
I applied the card via my friend about two weeks ago. My friend told me that, “anyone who invested RM10,000 or more in Public Mutual fund for over 1 year can apply a PB credit card without having to submit other income supporting documents.”
I have invested more than 10K in Public Mutual funds for less than a year. My friend asked me try to apply anyhow. If approved, he can get RM100 commission and I get a gold credit card. If not approved, I have nothing to lose too.
The application was simple. Just filled up the application form and enclosed a photostat copy of my NRIC.
Why credit card while I have debit card?
It was my 2nd attempt to apply for a credit card. My first attempt was a few years ago when I just got my first job. My application was rejected by Citibank without any reason. I think it was because I was a fresh graduate who had only worked for less than 3 months.
Then, I applied the good and reliable Public Bank Visa Electron Debit Card and use it until now, mostly for online transactions (used once for my Apple iBook purchase).
However, debit card is not widely accepted as credit card. Many off-line merchants accept credit card only. I had started thinking to get a credit card as a backup. My friend came at the right time.
How will I use the PB Visa Gold Credit Card?
Basically, the credit card is my backup card. For online transaction, I will try to make payments with PayPal or debit card first, then use credit card if they are not accepted.
With the credit card, I do not need to bring stacks of notes along when I travel. It is more convenient and safe (or dangerous?).
Oh, I will apply a supplementary card for my parents too.
My two cents
With a credit card, it is easier to spend more money. It is convenience but dangerous at the same time. Credit card is a financial tool. Use it smart and carefully. Do not let it controls you and end up with a bankruptcy.