Ditch that Credit Card

I had my first credit card in my early 20s. It started out with a credit limit of A$1000. I was pretty excited to have a credit card. In fact I didn't need a credit card then. I have always been a wise spender. My bank just offered me one and I simply thought, "Wow! They offered me a credit card". I felt like I was specially treated. Yeah I was perhaps a bit naive.

The credit came with rewards points. So I started using it to accumulate the reward points. The credit card had an annual fee and the rewards points feature also charged a small amount of annual fee. I was enticed by the rewards points and kept using the credit card even though I didn't need it. The reward points would expire if not claimed within a certain period and the points I had accumulated over a period would be so little that they would just expire before I could claim anything. In 10 years I only successfully claimed reward points once. I could manage to get a kid's watch for my niece.