I believe most (if not all) working adults possess cards, I mean credit or debit cards, or some kind of membership card. To promote the use of cards (that is, to promote spending), many reward systems (and/or privileges) are in place.
Being more sensitive to numbers (I guess), I try to work out a few (I mean really just a few and not representative in any sense) of these “rewards” that I hardly feel like one.
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NTUC Link Card..
Point Awarding : usually 2 points for every dollar spent (with conditions)
Rewards : usually 3000 points for a $20-voucher (for some participating shops)
Translating to lay-man terms : We are rewarded $20 after spending $1500. That is, around 1.33% return.
Mm.. We need to be loyal enough to spend $1500 at Fairprice to exchange for a $20 Fairprice voucher. How long will that take? And.. The points got expiry date some more. If we don’t spend enough to ex-change for anything this year, next year try again from scratch lor.
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Most Credit Cards..
Point Awarding : too varied to mention here
Rewards : usually we can redeem for a voucher of approximately $50 value, after spending $8000.
Translating to percentage : That is, approximately 0.63 % return.
Mm.. Spending $8000 dollars? That is how much of our annual salary?
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I have not accounted for the usual annual maintenance fee related to these cards (although many of us may get it free). Haha..
I have nothing against card and/or the using of such. In fact, I quite like them. :P
There are useful perks or privileges that are quite irresistible actually. But I also see quite many people near me got suck into it and now they are being piled with bills and hefty interests for them to clear and clear.
Their hefty interests… erm… Is there where we get our teeny weeny rewards?
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