Serious talk ah, I really don’t understand how the MAS or whatever gahmen body allows this. My 18-year-old son—still in Poly, no job, only $400 allowance from me—somehow went and signed for one of those “student credit cards” during a roadshow.
I thought $500 credit card limit only right? How can things go so wrong?
This fellow, the moment he got the card, he think he is some high-SES big shot. Instead of using it for textbooks or Cai Fan, he go and use the card to “open tower” with his friends. Then worst part—last week I check his statement because the bank send letter to my house.
He actually went to Siam Diu.
18 years old only, go there buy flower for what? To see the “pretty sisters” dance? He swiped the credit card for $400 in one night at the club, then some more for supper and Grab. Now the interest start rolling, he cannot pay, then got late fees. The $500 limit became nearly $2k because he missed payments and the interest is freaking “bloodsucking” (26% or what?!).
I ask him how he going to pay, he tell me “Don’t worry Pa, I will find part-time.” Then yesterday I see him still buying bubble tea. I feel like giving him one tight slap.
Is it just me or is the system broken? Why give a kid with zero financial sense a plastic card to ruin his credit score before he even start working? Now I have to decide whether to let him “suffer” and get blacklisted, or pay for him and let him think money grows on trees.
This kind of credit card has been around for decades but it seems no one is sounding out and it is really giving me problems.
Anyone else kena this before? How you deal with these strawberry generation kids?