7 Credit Cards

Ok I admit. I'm one of those who had more than 2 credit cards. In fact, I had a total of 7!

My first credit card was from Maybank. I got it when I first started working and figured that having a credit card is important in an emergency. So I registered for one, and Maybank happily gave me another card which was a Visa.

(Ever wondered why Mastercard must always come together with Visa? But American Express can stand alone? I don't know the answer either.)

After a couple of years and me being a good paymaster, Maybank upgraded my Gold cards to Platinum without cancelling the Gold cards.

My love affair with Maybank continued when they gave me an American Express (Amex). I didn't use at all after a virgin transaction at a Petronas station did not go through. I just kept the card for fun after that failed transaction.

So I've got 5 cards from Maybank - 2 Gold, 2 Platinum and an Amex.

The remaining 2 cards were from HSBC. I signed up for their Visa and Mastercard during a conference because I wanted to get the free pen they were enticing me with :-) The ink in that pen has long dried up but the cards stayed with me long after that.

I only used my HSBC cards whenever necessary. Most of the time I used my Maybank cards cause it takes less points to exchange for gifts in Maybank compared to HSBC. For example, it takes only 9,400 points to exchange for a RM50 Senheng voucher with Maybank, versus 11,000 points to exchange a similar voucher with HSBC.

After the government made the announcement  that we have to pay some stupid service tax of RM100 for each credit card we own, there was one word that came to mind: consolidation.

So at the beginning of this year I started a consolidation exercise.

First, I exchanged all the points I had with HSBC for an Isetan RM50.00 shopping voucher. The voucher is still sitting in my wallet. I'm waiting  for an opportune time to purchase a super feminine dress during the Isetan sales that they organise frequently for its members.

After receiving the Isetan voucher, I called up HSBC to cancel both my cards. I was surprised the lady who attended my call didn't ask me to reconsider keeping my cards. I guess they must have anticipated the sudden increase in people wanting to cancel their cards, especially after the service tax announcement.

Then I called up Maybank and told them to transfer all my balance and Treatpoints from my Gold cards to my Platinum ones before cancelling my Gold cards, as well as my Amex which does not have any balance or points in the first place.

So now I only have 2 credit cards, and I intend to keep it that way.