Be careful and read the fine print when using financial tools such as credit cards. Below is a warning about the new product that Standard Chartered has pushed out lately, Platinum Access card. ---------------- Original ------------------------- Beware of the high interest rates and extra costs when you live on credit Recently, Stanchart launched its new Platinum Access card aimed at young working professionals in Singapore. This allows the cardholders to spread the cost of their purchases above $100 over two years or more. This is worrisome from two perspectives. Firstly, it is clearly encouraging the young professionals to live beyond their means. This is contrary to sound financial planning that the government advocates for all Singaporeans. Secondly, the true cost of using the service is not fully revealed. This will mislead many who will end up with heavy debts. Firstly, the 5% per annum rate that is charged on the amount of purchases is not clearly highlighted as a flat rate basi
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