Ah Hock, 28, just started working in sales. That day after work, he walking through MRT station when a friendly bank agent wave at him.
“Hello sir! Want to apply for credit card? First year no annual fee, somemore got free luggage bag!”
Ah Hock think to himself, Wah, shiok sia. First year free, and can spend now, pay later. So he fill up the form on the spot.
First month, the card like magic. He tap for everything — kopi, lunch, bubble tea, even $4 tissue paper at pasar malam also tap. Every time he swipe, he feel like some rich businessman.
One Friday night, his friends jio him go Clarke Quay drink. He proudly wave his shiny new card. “Tonight my treat lah, I got credit card now. Easy one, just pay next month.”
They drink beer, then cocktail, then shots. One pretty bar girl come over, smile until very sweet. Ah Hock, half-drunk, tell her, “Eh girl, this for you, buy yourself something nice.” He keep tipping her, ordering more drinks, signing the bill without even looking.
By the end of the night, he swipe more than $800 just on alcohol and tips. He go home feeling like big boss.
Next month, statement arrive. Wah piang eh — total $2,438.50! And small print there show interest rate 27% per year if never pay full. He almost drop his kopi.
“Alamak, how come like that one? I thought just pay minimum can already?” he tell his friend. His friend shake head, “Bro, you never read the terms meh? Bank not your charity, they make money from people like you lah.”
From then on, Ah Hock never anyhow take out card. Bar girls also he siam far-far. He finally learn — credit card is not free money, it’s like a loan, and if you blur-blur, the bank will makan you alive.