Banco de Oro: We find ways…

to take your money out of your pockets.

Some weeks ago, Banco de Oro sent me a credit card with a note that it was already activated and my ‘old’ card was cancelled.  I did not apply for any Banco de Oro card so I was surprised, although I didn’t act on it immediately.

Yesterday, after contemplating if I should hook our utilities to my credit card, I thought of the BDO card I have in my wallet.  I thought, why not?  Maybe they will offer better rewards and minimal annual fee.  So I called them up, asked about the status of the card, and they confirmed it is already active and the annual fee of P900 (about $20) will be posted on November.  I said, how come? Isn’t it that the first year’s annual fee is always waived?  The customer rep on the phone told me that yes, the first year’s fee was waived and that the card’s anniversary is on November 08.  I nearly screeched while telling her that I never received any ‘old’ card and that I never even applied for one.  Rep said I was endorsed by SM Supermarket (where I shop) November last year and that the card was not sent and eventually replaced.  The replacement is the one that reached my hands and they are poised to charge me P75 a month starting November or P900 a year.  I asked how I can have that waived, rep said I need to spend at least P3,000 ($64) A MONTH.  Dang.   Also asked if I don’t use the card, how can I have the annual fee waived?  They want me to call back once the fee is posted and they’ll SEE if they can waive it. Dang again.

Now, since electricity bill (meralco) cannot be applied to my HSBC card, I was thinking of hooking it up to this BDO.  If ever I will, that P75 a month will be waived if I call them.  But then, do I really want to talk to them on a monthly basis?

I feel good!

I did it!  I was able to pay up the CC debt of P10,989! Took me two long months to do it, but the feeling of knocking it off my path is just so rewarding.  Good thing I had a very clear knowledge of how much my debt would be and when it would be due, as well as the source where I will get the fund.  Even before the charges appeared in my credit card, I plotted it to my spreadsheet and budgeted my 3 months’ salary including September’s which I will now use to fund the CC charges of P4.2K and loan from sister of P3K.

After October 1, I am virtually debt-free! Whoohoo!