Why I don’t own a credit card…and will never need one

I have never had a credit card, because I am uncomfortable with the idea of spending money that I actually do not have.

- Chor Khieng Yuit

When I make purchases, I want to do so with the knowledge that they have been paid for. This applies even for bigger expenditure, such as my membership at True Yoga, now Yoga Edition.

About 10 years ago, I paid a lump sum of around $12,000 to be a permanent member of the yoga centre.

No, I am not rich or impulsive. I made sure that I had enough of a cash buffer before I forked out that amount.

To me, the money was well spent, as I was making an investment in my own health and mental well-being.

Peers tell me that I can get cashback, and earn points, air miles or rewards when I spend using a credit card. Some cards also have promotional discounts that card holders enjoy when they make payments.

I do not chase rewards or discounts, as I find it a bother.

For example, when I go to a restaurant, I do not actively seek out the perks such as a free dish or a 10 per cent discount on the meal if I use a certain credit card. I want to be able to decide what I wish to eat that day, and it may not be that free dish.

Other peers tell me a credit card will come in handy when I travel as I won’t have to carry stacks of foreign currency with me.

Well, I am no globe trotter. On those occasions when I had to travel overseas in my previous job, I got by with my one and only debit card and an envelope of foreign currencies.