Sad to say, all corporation is driven by profit maximization and not social responsibilities. That is why government came up with legislation in which is aim to create some social ethic in the world, little effects but it is moving to the right direction. However, it does not change the fact that we human are greedy and think less of others people.

They do take into all necessary procedures before approving the cards. It is the customer that is overspending it, not them. For example, if a car manufacturer sell a car, do they have to be responsible that ensure the driver is an ethical and safe driver? If so, how do they do it? There is a limit on what they can do, and it will incur higher cost. It is always a debatable topic.

In the end, it all comes to the self disciplines.

However, being a responsible corporation, banking institutions must ensure that they are taking all the necessary procedures before approving the cards to new customers. As of now, I don’t see that happening in the Malaysia banking scene. They are more than happy to let these “virgin” card users accumulate credit card debts, which in turn contributes the highest profit margin to their bottomline.

Credit card is definitely a very convenient tool, and so is the Debit card. In fact, I feel that as a consumer, a Debit Card is a much more useful tool, minus all the unnecessary interests and late charges.

Ever wonder why the concept of Debit Card is not popularized by these banks?

You should know the answer by now