Finally canceled all credit cards
Kept only one Minsheng Bank card
Limit set to 3000
for overseas product subscription payments
Huaxia was the only one with a 30-day waiting period
Within 30 days if charges hit e.g. refunds
you can still operate; just normal transactions stop
Other banks: phone cancel and immediate effect
Of course facing CS retention scripts
e.g. arrange someone to call in a few workdays—delaying tactic
e.g. many questions: points gone, why cancel?
e.g. fee waivers, often lifetime annual fee waiver
...
So I kept the last Minsheng card
Called asking for fee waiver—CS unhappy
I said cancel then—immediately agreed to lifetime fee waiver
Annual fee 600/year (damn expensive)
unless spend 50k or 12 transactions
Why cancel?
1. Cut advance-consumption habit. Credit limit felt like a savings pool—always a backstop, bad mental cue
2. Opaque spend + fraud risk. Credit card mechanism:
I unconditionally trust you with money. Charge first, fix later. Means money deducted without consent; post-fix costly
3. Predatory terms many don't know. Past due past the last repayment date—interest accrues daily from purchase date at high rates, not only from overdue days (huge pit new users fall into)
Skip to content
Finally canceled all credit cards
From X · @therealfreddyx
Thoughts
mew～
Finally canceled all credit cards
Kept only one Minsheng Bank card
Limit set to 3000
for overseas product subscription payments
Huaxia was the only one with a 30-day waiting period
Within 30 days if charges hit e.g. refunds
you can still operate; just normal transactions stop
Other banks: phone cancel and immediate effect
Of course facing CS retention scripts
e.g. arrange someone to call in a few workdays—delaying tactic
e.g. many questions: points gone, why cancel?
e.g. fee waivers, often lifetime annual fee waiver
...
So I kept the last Minsheng card
Called asking for fee waiver—CS unhappy
I said cancel then—immediately agreed to lifetime fee waiver
Annual fee 600/year (damn expensive)
unless spend 50k or 12 transactions
Why cancel?
1. Cut advance-consumption habit. Credit limit felt like a savings pool—always a backstop, bad mental cue
2. Opaque spend + fraud risk. Credit card mechanism:
I unconditionally trust you with money. Charge first, fix later. Means money deducted without consent; post-fix costly
3. Predatory terms many don't know. Past due past the last repayment date—interest accrues daily from purchase date at high rates, not only from overdue days (huge pit new users fall into)
Kept only one Minsheng Bank card
Limit set to 3000
for overseas product subscription payments
Huaxia was the only one with a 30-day waiting period
Within 30 days if charges hit e.g. refunds
you can still operate; just normal transactions stop
Other banks: phone cancel and immediate effect
Of course facing CS retention scripts
e.g. arrange someone to call in a few workdays—delaying tactic
e.g. many questions: points gone, why cancel?
e.g. fee waivers, often lifetime annual fee waiver
...
So I kept the last Minsheng card
Called asking for fee waiver—CS unhappy
I said cancel then—immediately agreed to lifetime fee waiver
Annual fee 600/year (damn expensive)
unless spend 50k or 12 transactions
Why cancel?
1. Cut advance-consumption habit. Credit limit felt like a savings pool—always a backstop, bad mental cue
2. Opaque spend + fraud risk. Credit card mechanism:
I unconditionally trust you with money. Charge first, fix later. Means money deducted without consent; post-fix costly
3. Predatory terms many don't know. Past due past the last repayment date—interest accrues daily from purchase date at high rates, not only from overdue days (huge pit new users fall into)