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Thread: Credit money

  1. #1
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    Unhappy Credit money

    Ever since my sister need of a PC, I helped her to apply for DBS Cashline. That time was only charge at 12% yearly. Now, the rate was ard 18%, 6% less than credit card payment. Worse still, you cannot use those money like credit card did but might be consider good for some ppl. After applied for cashline, got $ liao, go into buying this and that. Ended up paying interest of over $50 mthly. Recently manage to cover back, hope to finish off the loan and close it once feeling it was useless.

    So, for those young working adult out there, don't apply for cashline or other credit line. Their interest can kill you as their loan is up to 5k, worst than a credit card. Anyway, try to control your $ problem, paying them interest is totally worthless.

  2. #2
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    Default Re: Credit money

    maybe a bit too late to say now, actually, that time can use credit card, instead of credit line, to buy a PC right?

  3. #3
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    Default Re: Credit money

    Quote Originally Posted by Paul_Yeo View Post
    maybe a bit too late to say now, actually, that time can use credit card, instead of credit line, to buy a PC right?
    PC comes with mobile phone and palm. In the end, palm useless as drains batt and mobile phone, consider useful, still spoilt in the end.

    Just say out to warn those who want credit line or card lor. Think first before going into it for freebies.

  4. #4
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    Default Re: Credit money

    (Don't try this unless you are well aware of the consequences and what I am talking about)...

    You can get away with paying only 4% interest for 12 months of "credit loan" through balance transfers...

    e.g. I buy a $1000 item and charge it to ABC Bank credit card. Apply for balance transfer from DEF Bank and pay a 2% processing fee for 6-months interest-free requiring only the minimum payment per month. At the end of 6 months, apply for another balance transfer from XYZ Bank and pay another 2% processing fee for 6-months interest-free requiring only the minimum payment per month.

    I pay off everything at the end of 12 months, with only a $40 "service" payment to the bank. Or actually, to be precise it would be less than $40 because the principal sum transferred at the 6-month period would be less than $1000 owing to your monthly minimum payments.

    * But of course, this hinges on your credit background and whether the bank(s) are willing to approve your balance transfer application.
    Last edited by Yatlapball; 12th January 2007 at 03:13 PM.

  5. #5
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    Default Re: Credit money

    Quote Originally Posted by Yatlapball View Post
    (Don't try this unless you are well aware of the consequences and what I am talking about)...

    You can get away with paying only 4% interest for 12 months of "credit loan" through balance transfers...

    e.g. I buy a $1000 item and charge it to ABC Bank credit card. Apply for balance transfer from DEF Bank and pay a 2% processing fee for 6-months interest-free requiring only the minimum payment per month. At the end of 6 months, apply for another balance transfer from XYZ Bank and pay another 2% processing fee for 6-months interest-free requiring only the minimum payment per month.

    I pay off everything at the end of 12 months, with only a $40 "service" payment to the bank. Or actually, to be precise it would be less than $40 because the principal sum transferred at the 6-month period would be less than $1000 owing to your monthly minimum payments.

    * But of course, this hinges on your credit background and whether the bank(s) are willing to approve your balance transfer application.

    Even DBS also offer you that but you yourself MUST confirm you can do it la. With WILL n strong determination. Else every thing back to square one. Amex now offering the lowest in interest but it might go up one day. Anyway, if can, save up, don't get from bank, you are "killing" yourself. If urgent, no choice, then I "ZIP"

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    Default Re: Credit money

    come to think of it.. it is so annoying to get calls from banks... asking u to sign up credit transfer or buy credit insurance.

    recently there is one company from deli orchard say that u kenna lucky draw and want u to come and collect gifts, and then ask u to stay for a product launching talk ! lwhen ask them which lucky draw i won.. they cannot give a clear answer.. lucky i am not stupid.. quickly say no and put down phone..


  7. #7
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    Default Re: Credit money

    Quote Originally Posted by raincool2005 View Post
    recently there is one company from deli orchard say that u kenna lucky draw and want u to come and collect gifts, and then ask u to stay for a product launching talk ! lwhen ask them which lucky draw i won.. they cannot give a clear answer.. lucky i am not stupid.. quickly say no and put down phone..
    This type always encounter one.
    How I deal with them is I let the guy/girl talk (they want to keep talking anyway), so I just put the phone down, not hangup, just put down on the table, after a few minutes, I check again, they should be gone, then I hangup.

  8. #8

    Default Re: Credit money

    think ocbc got 1% processing fee with 0.xx%pa, got a call this morning, but i dun need the money

  9. #9
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    Default Re: Credit money

    Telemarketers got their jobs to do as well... Usually I would politely entertain them if I'm in Singapore (i.e. free incoming for me), but it really irks and pisses me off when they hear the overseas ring-tone and yet still keep calling me! Made me send a stiff e-mail to the banks they represent to NOT ever call me again marketing such things when I am overseas or I will pull out all my deposits from their accounts.

  10. #10
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    Default Re: Credit money

    Yesterday just received a mail from AMEX. And strangely it was just after I received my UOB card and my SMRT-Citibank card was just approved.

    Hmm... Makes me wonder if credit card companies share details.

    But if AMEX gives me 1yr free, I dun mind. Juz take the card and cut it off after a year. Some of those Credit Card have very nice designs.

  11. #11
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    Default Re: Credit money

    I usually threaten to cut off my dormant cards if they don't wish to waive the annual fees. Works almost all the time Especially if you're an active user of other cards from the same bank. At any rate, keeping you as their customer doesn't cost them anything. And even if they refuse to waive, you can just cut it off and apply for a new one from another bank, plenty to choose from nowadays compared to 10 years ago.

  12. #12
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    Default Re: Credit money

    Quote Originally Posted by jsbn View Post
    Some of those Credit Card have very nice designs.
    Ditto that, sometimes I applied for the card just for the design. After cancelling it, I keep the card in an album.

  13. #13

    Default Re: Credit money

    Quote Originally Posted by jsbn View Post
    Yesterday just received a mail from AMEX. And strangely it was just after I received my UOB card and my SMRT-Citibank card was just approved.
    Hi, I got a question regarding the SMRT card.

    If it's so-called "auto top up" do they charge you for every top up?

    Cuz previously if you link a ez-link card to a credit card auto top up scheme, there's a transaction charge every time it automatically tops up.

  14. #14

    Smile Re: Credit money

    wise and sound advice. a lesson well learnt.

    Quote Originally Posted by BBTM View Post
    Ever since my sister need of a PC, I helped her to apply for DBS Cashline. That time was only charge at 12% yearly. Now, the rate was ard 18%, 6% less than credit card payment. Worse still, you cannot use those money like credit card did but might be consider good for some ppl. After applied for cashline, got $ liao, go into buying this and that. Ended up paying interest of over $50 mthly. Recently manage to cover back, hope to finish off the loan and close it once feeling it was useless.

    So, for those young working adult out there, don't apply for cashline or other credit line. Their interest can kill you as their loan is up to 5k, worst than a credit card. Anyway, try to control your $ problem, paying them interest is totally worthless.
    Last edited by reachme2003; 13th January 2007 at 09:17 AM.

  15. #15
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    Default Re: Credit money

    Quote Originally Posted by CYRN View Post
    Hi, I got a question regarding the SMRT card.

    If it's so-called "auto top up" do they charge you for every top up?

    Cuz previously if you link a ez-link card to a credit card auto top up scheme, there's a transaction charge every time it automatically tops up.
    IIRC they charge 25 cents for every auto top up.

  16. #16
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    Default Re: Credit money

    Quote Originally Posted by Taurean View Post
    IIRC they charge 25 cents for every auto top up.
    dun need the SMRT card lah... why ? top up EZ link so siong meh ? the bank just want to create a product to make money lah...

  17. #17
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    Default Re: Credit money

    Quote Originally Posted by raincool2005 View Post
    dun need the SMRT card lah... why ? top up EZ link so siong meh ? the bank just want to create a product to make money lah...
    For convenience sake lor, for less than $1 of service charge a month i never had to worry about topping up the EZ link card again.

  18. #18
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    Default Re: Credit money

    Quote Originally Posted by Taurean View Post
    For convenience sake lor, for less than $1 of service charge a month i never had to worry about topping up the EZ link card again.
    You can link your ezlink card to the bank using Giro also don't need to worry. For credit card, be careful don't forget to make payment.

  19. #19

    Default Re: Credit money

    giro no service charge, better. just go to any of the ezlink topup machine to apply

  20. #20

    Default Re: Credit money

    Spend within your limits. Keep the credit cards, loans etc for use in emergencies only...

    It's tempting to know you have money to spend but if you do not know how to control, it will harm you eventually. Take this as advice from someone who has been through the ups and low-downs of spending 'future money'.

    Have a good weekend!!

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