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General
This website / application has been prepared by FIL Investment Management (Hong Kong) Limited and for informational purposes only. FIL Investment Management (Hong Kong) Limited, FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International ("Fidelity"). The information on this website / application is intended for Hong Kong residents and is for reference only. None of the Fidelity products referred to on this website have been approved for sale or purchase by any authority outside Hong Kong. Persons resident in territories other than Hong Kong should consult their professional advisers as to whether they may subscribe for the products and services described in this website / application or whether they require any governmental or other consents or need to observe any formalities to enable them to do so. Certain Fidelity products sold in Asia may be established in Luxembourg. The information contained in this website / application does not constitute a distribution, an offer to buy or sell any securities or the solicitation of any offer to buy or sell any securities, engage the investment management services of Fidelity in any jurisdiction in which the distribution or offer is not authorized or would be contrary to local laws or regulations. Without limitation, the information in this website / application is not for distribution and does not constitute an offer to buy or sell any securities in the United States of America to or for the benefit of United States persons (being residents or citizens of the United States of America or partnerships or corporations organized under the laws of the United States of America). It is the responsibility of the persons who access this website / application to observe all applicable laws and regulations.
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Use of website
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The importance of paying credit cards on time
04 Sep 2024
Credit cards can be a source of debt troubles. Here are four important points to help you understand why it's important to pay on time and not a carry credit balance.
1. Pay attention to total monthly debt payments
Many financial advisers suggest that your total monthly debt payments — including mortgage, personal loans, student loans, and credit card payments — shouldn't add up to more than one-third of your income. If you are near that number, you might need to pay down other loans or avoid additional credit card purchases.
2. Keep a good credit score
Keeping a good credit history is very important as financial institutions check your credit report when you apply for new mortgages, loans and other credit cards.
Credit reports contain information about an individual's credit history. Information such as your current credit usage, your repayment history, public records such as litigation regarding debt recovery, bankruptcy and winding-up petitions are all included and used to calculate your credit score.
If your credit history shows you have a solid bill payment history and low non-mortgage debt, your credit score will be higher. It will give a credit provider higher confidence in approving your loan application. In contrast, a poor credit history will lead to a low credit score which may result in higher interest rates or your application may even be declined.
3. Know how much your credit costs
Credit card loan is an unsecured loan and there is nothing the bank or card issuer can collect from you if you’re late on a bill. Because of this lack of physical collateral and potentially higher risk, financial institutions often charge a higher interest rate.
In Hong Kong, Annual Percentage Rate (APR) is used to calculate credit card interest rates. It usually hovers between 30% to 40% per annum on credit card balances. Therefore, you shouldn’t underestimate the cost of credit.
Making the minimum payment on credit cards can leave you in debt for years. By paying just the minimum payment a credit card balance of HK$10,000 at the APR of 35% (a monthly rate of 2.53%) with a minimum required payment HK$300, would take more than 5 years to pay off. Your total payments would equal about HK $20,582 — which means you'd pay extra HK$10,582 for over five years.
However, by increasing the payment up to HK$977, you would clear the debt in a year and cost HK$1,720 in total interest.
4. Read your credit card statement
Missing a credit card payment deadline or forgetting the total balance amount are common reasons for delaying credit card payment. To avoid this, it’s important that you check your monthly credit card statement.
Information including payment due date, credit limit, minimum payment amount, finance charge, late charge, annualized percentage rate are stated clearly in the statement. Nowadays, an online bank account or bank mobile application allows you to check the statement easily and instantly.
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