甜甜圈donut in taipei

Tuesday, July 7, 2009

A morning dealing with credit cards

I've lost count what day it is already ... it was pretty uneventful today.
But at least I managed to churn out one TV new script about lowering of minimum amount required for a credit card installment. Went downstairs to do street interviews with the reporter. I thought it would take forever to get someone willing to appear on TV. But I've come to realize Taiwanese are much more open to appearing in the media and voicing their opinions. Perhaps there isnt much fear of repercussions

Here's a rough translation in English:

Consumers are tightening their belts during these gloomy times, it is no wonder that in May, Taiwan's total credit card spending hit an all time low in six years.
In order to boost credit card spending amdist the recession, credit card companies in Taiwan have lowered the minimum purchase amount to qualify for an installment payment.
Consumers can now opt for installment payments for amounts as low as NT999 (S$50).
Drawn by the promise of 0% interest, credit card perks and point accumulation, consumers are eager to sign-up and start charging to their plastic.

Wait a minute. Before you swipe your card, take a closer look at the hidden charges - handling fee and yearly interest rate.

For instance, charging NT10,000 (S$500) to your Fubon card would cost you NT350 in handling fee for each monthly installment. While it cost only NT59 per month to charge the same amount to a Citibank card.

There is no free lunch in this world, so whip out your calculator and do some Math before you go on a shopping spree with your plastic card.

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