Thursday, October 06, 2011

Valuable Credit Card Lessons Learned

Update: 

Less than 24 hours after I published this post, a MetroBank card representative called me to inform me that because I am a valued client of theirs, they are waiving the over the limit fee and the adjustment should reflect in my next bill. I could only say, wow! I did nothing but post my experience in my blog and now I'm getting my 500 pesos back. 


Great, don't you think? Now, that's customer service!
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Last week I got my Metrobank credit card statement of account. I scanned the paper carefully and nearly fell off my chair when I saw this ->

OVER THE LIMIT FEE: Php 500.00

I was never charged for anything - I always pay in full days before the due date. I was able to discipline myself to do that ever since I got the card and I intend to keep that practice as long as I possess a card.

For a self-confessed financial literate person that I am, that hurts. It hurts my pocket much. What makes it a bit harder to swallow is that I was charged 500 pesos for a little more than a hundred pesos over the limit transaction. When the realization hit me, I was like, what?? Why on earth did I allow that to happen? Most importantly -

Why, oh why the credit card company didn't just decline the transaction?

In your dreams..I said to myself. But hey, what's that thing called credit limit for, right?

Well, that's how credit card companies make money.

Lessons learned:

Always check your balance before doing any transaction.
Don't expect your credit card company to make life all too easy for you.

Lessons learned the hard way. Well, you can't just find 500 pesos lying around for you to pick up for free, right?

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