One of the real headaches associated with writing a personal finance column is feeling the responsibility to do the right thing, monetarily speaking, even if no one else is around.
Parking illegally to shave 50 metres off the morning commute. Tossing out day-old leftovers in favour of take-away. Paying the service fee at a first-floor ATM at Carrefour rather than taking the escalator up to my bank's machine on the second floor.
These sorts of guilty pleasures, however small, are no longer available to me, at least not without the repercussions of annoying pangs of guilt that I am violating some vow of prudence I unwittingly swore to when I signed on to this column.
But there are occasional benefits to holding myself to a more financially pious standard.
Not long ago, I received my latest credit-card statement and was able to successfully repress my instinct to rip it up and deposit it in the waste bin. The better angels of my nature reminded me that the experts say we should always check our statements for unfamiliar charges and hidden fees.
Lo and behold, in this case I stumbled upon a Dh68 charge for something called "Credit Shield Plus". I've long made it a practice of avoiding these types of fees, which banks quite fancy because they provide a healthy revenue stream and not much protection that I could not provide by doing a little planning on my own.
After a little research, I learnt that Credit Shield Plus is a service that boasts of "protecting my outstanding balance" in case I die or become disabled (in other words, my balance gets paid off without penalties if I get hit by a lorry driving home tonight) and covers my minimum installment in the event of "involuntary loss of employment" (I do not go to jail for outstanding credit-card bills if I get sacked). It is basically like having payment insurance.
The cost is 0.65 per cent of the monthly balance and I noticed it for the first time this month because I had not yet fully paid off several airline tickets that I had charged to my credit card.
In any case, I did not want to pay it. I was poised for a fight.
The timing was interesting because I recently opted to turn off paper statements in favour of doing all of my banking online - my small contribution to reducing the UAE's carbon footprint.
The Credit Shield Plus was included on my last paper statement and I thought it was intriguing that I did not notice it when paying my bills online. I wrote an indignant e-mail to the bank alleging that they never notified me of the charges, nor did they include them in my online statements. My outrage was palpable.
Within 24 hours, I got a reply to my "query". The bank wrote that the charge was, in fact, included on my previous online statement, a fact that I later verified with slightly more rigorous research. Briefly chastened by my mistake, I was fortified to see that the bank acknowledged that the fee is optional, an intriguing development given that I never signed up for it to the best of my recollection.
Whether these types of charges are becoming more common in the UAE, I couldn't say, but it would fit with the global trend if they were. In the US, consumer groups have noted that banks are stepping up these types of voluntary "protection" fees because their ability to levy overdraft and other penalty fees was severely curtailed by legislation passed last year. South Africa last week created an independent monitor to keep an eye on bloated bank fees, and the UK is also looking to step up its oversight of credit-card firms, with a formal plan expected early next year.
Armed with the bank's acknowledgment that the charge is optional, I e-mailed a response that I wanted the service cancelled and the Dh68 reimbursed to my account. Again, I was expecting a battle but was pleasantly surprised to get a prompt response within 24 hours.
The customer-service team wrote that it had received my request, which had been "forwarded to the concerned department" for approval. Although I have not yet received a refund, I am encouraged by the bank's response thus far.
Many consumers complain about UAE banks' customer-service abilities, and rightfully so in many cases, but maybe this experience is a sign that at least some of them are turning over a new leaf.
That said, it irks me to no end when banks and other corporations slip in extra fees and leave it to their customers to take the time and effort to have them removed.
The lesson, it seems, reminds me of the slogan adopted by the New York City subway system after September 11 to encourage passengers to report suspicious packages: see something, say something.
The same goes for bank and credit-card statements. Keeping quiet could cost you.
breagan@thenational.ae
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Mobile phone packages comparison
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
THREE
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Uefa Nations League
League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands
League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey
League C:
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League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Empty Words
By Mario Levrero
(Coffee House Press)
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
Honeymoonish
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
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Results
2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)
3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson
3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar
4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer
4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi
5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly
6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson