UPDATE: BPI Credit Card Cancellation

I really do not know how to start this update. Anyway, it is with a slight regret to say that I failed in cancelling my BPI credit card. Yesterday afternoon, the BPI phone banker in charge of cancellations called me up. I knew that there will be a spiel from his side talking about how good having a credit card is, and how convenient it is, etc. I was expecting it, and it did come but it was more on the benefits of having a credit card for future needs.

For example, he said that banks would need to have credit information if ever I would apply for a loan. He also mentioned a lot of other good things about keeping onto my credit card!

Alas, I have been sold to by a phone banker. At the end I did not cancel my credit card. However, I did manage to get my annual fees waived!

Some benefits I get from keeping this credit card:

1. Waived annual fees - I just need to call them back once the annual fees do get posted on my account
2. My rewards points will be published as a payment, so that is around P400.00 less my balance
3. Keeping my credit information published for future needs (loans, etc) - it is better to have records
4. I really do not fear of misusing my credit cards anymore as I have cut them months before, so I get to have my credit records on without fear of spending in the future

And so, this is it, my failed attempt to cancel my credit card. I hope that people can learn something from my experience.

I want to stress that you can request to have your annual fees waived!
Just tell them you'll cancel your card because of it! ;)

BPI Credit Card Cancellation Call

I just got off the phone talking with BPI's phone banking system - 89100.
I called them about cancellation of my credit card.
I somehow feel cheated because:

1. I waited for 16 minutes before getting to talk to a phone banker.
2. After telling that I wanted my credit card to be cancelled, the phone banker immediately asked why I wanted to cancel it. As I do not want to be tied to credit cards anymore, and having one will entail you paying annual fees, I casually said that I didn't want to pay any of those fees anymore.
3. The phone banker said that 'what if we can waive the annual fees'? I said no, I do not want it anymore.
4. Having a balance in installment the phone banker said I will have to pay a pre-termination of installment fee (last installment payment of P612.00) and the pre-termination fee is P540.00, the phone banker is using additional cost in order for me not to cancel.
5. I immediately called his attention to a very wrong option being offered to me! I said I wanted the card cancelled, and that is final.
7. He then put me on hold again as he needs to transfer me to another department who processes the cancellation. After being put on hold for two minutes, the phone banker says that the lines are full and that they will call me within the week.

I feel so cheated because it seems that cancelling your credit card is such a hassle for time, effort, and even emotion. Banks really do not want you cancelling your credit card because one credit card is an opportunity for the banks for a lot of earnings!

If they do not call me within this week I promise that this BPI credit card I have will be cancelled within this coming month of July!  Be wary of credit cards, they are easy to get and even easier to use, but is very, very hard to pay off, and get out off! It's like a bad relationship, dragging, complaining, and fated to fail. 

Passive Income

Having been on a tight financial condition for a few years now, I became very interested in monetizing my current assets. I have some sources of passive income, below is a list of what I have available for rent in the market:

1. Condo room - since I only live by myself in my two bedroom unit, I have a spare room which I have opted to rent out. I have been renting it out for three years now. My previous tenant stayed with my for 2.5 years, and now my new tenant is in for a short stay for only 4 months, since he's a French student on internship only in Manila.

Renting out my condo room provides me passive income on a monthly basis. It's still a business so I must be very creative in advertising and offering the room for rent. I use OLX and other online advertising sites to post my room for rent.

2. Parking slot - My father recently sold our car, and with that I now have a parking slot that is empty. I contacted one of my neighbors and offered her my parking slot, which she happily agreed to rent out! Not only I get to earn passively, I also gained a new neighbor-friend :)

3. Vespa scooter - I prefer to use scooters than cars, it's very fuel efficient, fast, and reliable as well. One of my scooters however is a white, classy, and stylish Vespa which is rarely seen on the
streets. For almost a year now, I have been renting it out for people who want to use it as a props for their nuptial photos, videos, and even corporate events.

I think having things to rent it out as great way to earn passive income. Ownership of the asset doesn't change, and you get to use it more than what it's supposed to do - monetize it. If you want to monetize and earn from your current assets, you just have to be flexible, creative, and open to other possibilities!

Small Wins

I remember from one of my workshops before in Achieving Goals is that people should celebrate small victories in whatever goal they have set.
These small victories or wins are any steps or milestones that one has reached in pursuit of the ultimate goal.

One of my goals this year is to zero out all of my debts. These are credit card balances for two of my cards, amounting to around P80,000.00 and past dues for my condominium amortization amounting to P75,000.00

As of today, I am able to pay out almost 80% of those debts I have!!!
Imagine that, paying 80% of the debts I have in a matter of 6 months!

I am on a high actually every time I go to the payment center and pay for my past dues, it just feels great to be able to take one small step towards you goal.

And so, I am celebrating this small win by posting this blog and letting the world know how great it feels to move towards financial freedom!

Updates

Hello!!!

For anyone who has been reading or is just starting to read my blog, evidently I have not been around much. I have been busy with my new work, and well, life itself. The first time I started to blog, I thought, I can do this easily, write this, and write that, but the truth is that it's hard to keep on writing about one focused topic, and in this case, personal finance.
It's not that I am not interested in writing about it anymore, it's just that I got caught up with other things. So here's a brief update on my side and my journey to financial freedom:

I have successfully finished paying off my credit card debts. It has been a tough six months of 2015 because majority of my cash went to the credit card companies. I have learned my lesson and I am glad to report that I have never used my credit card even once from the start of this year.
The secret to not using it? I cut them off!!! It's as simple as that, cut the evil credit cards, and throw them away, then proceed to paying off your balances. Make sure to pay amounts at least 100% more than the minimum balance required!

Bike to work plan - this has been put to rest as I was diagnosed with herniated disc on my lower back. This means no intense workouts and activities. The bike to work program I initiated lasted for about 2 months, and although I did save some money from not paying for gas and parking fees, I think I
spent a lot on food because of the hunger I felt after biking. Haha!

I am almost five years now in my current company and have been promoted four times, I computed my salary from when I started and it seems that after five years, I have almost doubled my salary amount. I am not sure as to what is the going rate for salary increase but mine seems to be okay. Opinions please?

As of now, this is my only update. I hope to write more frequently.