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Surprising facts about credit card spending

September 18, 2012

How would you know which credit card is best for you?

FEATURE

By Lee Ching Wei

Having a credit card can be a wonderful convenience. In this day and age, it’s hard to imagine living without one.

But without self-discipline, a credit card can actually cause more harm than good. We’ve all heard stories about people racking up enormous amount of credit card debt and struggling to get out of it.

While credit cards may seem to be the root cause of financial problems in Malaysia, the reality is actually far from it.

This infographic at the bottom of the page reveals some surprising facts about credit card spending in Malaysia – and offers some insights into the main causes of debt problems Malaysians face.

Unlike many other countries, in Malaysia, credit cards are still often “sold” to consumers – most Malaysians will no doubt have experienced the forced-delightfulness of credit card sales agents in shopping malls, trying to convince you why you should abandon the credit card in your wallet and sign up with theirs.

But with more than 200 different types of credit cards offered by banks in Malaysia, it is no wonder Malaysians are confused and often cave in to these sales agents – after all, how would you know which credit card is best for you?

In the past, this might have been true. However, with the emergence of comparison websites like www.iMoney.my, Malaysians can now compare and find the best credit card to suit their individual spending behavior.

Have you been approached by a credit card sales agent? Share your experience in the comments.

The writer is the founder of www.iMoney.my, a price comparison website in Malaysia. They can be contacted at [email protected]


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