I had the DBS Esso MasterCard for many years. I held it until DBS upgraded it to Platinum card at an annual fee of $36. Then I received a statement advising me that from 12 December 2018 the annual fee will be revised to $192.60.
I am not going to pay $192.60 each year for DBS Esso MasterCard. Furthermore, I had already stopped driving and I do not need to pump Esso petrol.
Instead of using credit card, I have decided to use debit card. With the Passion POSB debit card, my charges will be deducted directly from my bank balance. This debit card is doubled up as my ATM card.
This is my journey from chasing the 5 Cs in the past to slowly removing each C, starting with Clubs, Car and now Credit Card.
I now have one credit card left and I do not pay annual fee for it by virtue of my relationship with the bank. I shall be using less of this card and instead rely on the debit card for my transactions on-line or otherwise.
I actually feel good when I cancelled my DBS Esso MasterCard. I know that I would be spending responsibly and within my means.
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