Results 1 to 20 of 20

Thread: Lowering of PA income for Credit Card holders

  1. #1

    Default Lowering of PA income for Credit Card holders

    Hey guys did you hear about this news?

    Supposly the PA income is going to be lowered for credit cards so that lower wager earners can also enjoy the benifits of CCs. So if you earn $1.7k a month you qualify for a credit card.

    My friend told me about the news but i'm not sure if it's true or not.

    Anyone can confirm it?
    1stJournal - Painting your life journals since 2008
    Email / Facebook / Instagram

  2. #2
    Account Suspended
    Join Date
    Sep 2006
    Location
    I love my cup & coaster!
    Posts
    754

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by SianZronG View Post
    Hey guys did you hear about this news?

    Supposly the PA income is going to be lowered for credit cards so that lower wager earners can also enjoy the benifits of CCs. So if you earn $1.7k a month you qualify for a credit card.

    My friend told me about the news but i'm not sure if it's true or not.

    Anyone can confirm it?
    Not that I know of (and welcome to Canon!!)

    But I don't think it's wise to release the CCs to lower wage earners just for benefits, but oh well, as long as they can control their usage, I guess that's pretty ok

  3. #3
    Senior Member Canew's Avatar
    Join Date
    Jul 2005
    Location
    Tampines
    Posts
    2,229

    Default Re: Lowering of PA income for Credit Card holders

    If I am not wrong, the minimum monthly income in order to qualify for a Credit Card in Malaysia is RM1500. Do correct me if I am wrong.

  4. #4

    Default Re: Lowering of PA income for Credit Card holders

    seems that i have heard wrong *ShrUgs* but i heard some news saying something like this would happen too, i guess i wasn't paying attention to the news so i didn't reall catch the whole scoop~ hm....
    1stJournal - Painting your life journals since 2008
    Email / Facebook / Instagram

  5. #5

    Default Re: Lowering of PA income for Credit Card holders

    Personal credit usage in Singapore, on a per capita basis, is highest in the world. I was very surprise with this statistic. Well, I guess we need to make sure we are number 1.
    deadpoet
    my portfolio

  6. #6

    Default Re: Lowering of PA income for Credit Card holders

    Have read it in the papers. Here's a news link:
    http://www.channelnewsasia.com/stori...256191/1/.html

  7. #7
    Senior Member
    Join Date
    Apr 2003
    Location
    Punggol Park
    Posts
    1,977

    Default Re: Lowering of PA income for Credit Card holders

    THe banks are gonna implement soon and the reason being is more business. Currently the market for credit cards is saturated.

    However for those who are finally eligible getting a credit card have to be careful not to overuse the card

    At CP they allow purchases over 6 and 12 months so buying that L or VR lens can be tempting.

    So have to counteract ag the BBB virus
    Last edited by jeff49er; 9th February 2007 at 09:19 PM.

  8. #8

    Default Re: Lowering of PA income for Credit Card holders

    more customers = more chance for people not to pay bill promptly each month

    = MORE $ for credit card companies! =D =d =D

    as long as they're able to claim back debt, oh you bet they'd welcome more customers

  9. #9
    Senior Member The_Cheat's Avatar
    Join Date
    Jan 2004
    Location
    Singapore
    Posts
    2,278

    Default Re: Lowering of PA income for Credit Card holders

    From the article
    "[T]hose earning as little as $1,667 a month will be eligible for credit lines such as DBS Bank's Cashline and Citibank's Ready Credit.

    For this group earning at least $20,000 and less than $30,000, the credit limit will be capped at twice their monthly income. But the minimum annual income requirement of $30,000 for credit card application still remains."


    Think that the lowering of PA income is not really for credit cards, so can forget about taking advantage of the new ruling to get whatever lenses for six months instalments.

    To me, the reasoning for the loweing PA seems to be mainly for the cashline and ready cash thingy, which act as a money-lender. This means, if you're tight on cash, you can get cash from the bank directly, like getting a loan (without the hassle of gurantor or administration when getting cash). This is totally different from the function of credit card, where the bank extend you credit line, paying the merchant first for your purchase.

    Anyway, you can still get into debt whether or not this is a credit card or cashline thing.

  10. #10
    Member
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    130

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by night86mare View Post
    as long as they're able to claim back debt, oh you bet they'd welcome more customers
    Oh YEAH!!! That's absolutely correct.

  11. #11
    Member/Tangshooter zaxh81's Avatar
    Join Date
    Jan 2003
    Location
    Earth
    Posts
    4,339

    Default Re: Lowering of PA income for Credit Card holders

    Anyone have friends working in the bank?
    Heard of opening a bank account with $1 and free credit card?

  12. #12
    Senior Member
    Join Date
    Sep 2005
    Location
    Raffles Place
    Posts
    1,808

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by Deadpoet View Post
    Personal credit usage in Singapore, on a per capita basis, is highest in the world. I was very surprise with this statistic. Well, I guess we need to make sure we are number 1.
    that is bad news, that means government and companies are real rich but citizens are finanically poor, faked rich or "cash poor and asset rich"

    i guess many CS who owns high end dlsr and lenses.. could be using credit to finance this hobby.

  13. #13
    Senior Member
    Join Date
    Nov 2004
    Location
    Tampines
    Posts
    8,167

    Default Re: Lowering of PA income for Credit Card holders

    From the link, CC still at $30K PA.

  14. #14
    Senior Member
    Join Date
    Sep 2005
    Location
    Raffles Place
    Posts
    1,808

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by donchua View Post
    From the link, CC still at $30K PA.
    agree, the new rule is on " overdraft " products... like Cashline, EasyCredit, CashPlus, Ready Credit ... etc. Not on credit cards (Visa, Mastercard, AMEX, Diners).


  15. #15
    Senior Member
    Join Date
    Feb 2004
    Location
    Sengkang
    Posts
    2,156

    Default Re: Lowering of PA income for Credit Card holders

    Cash is king. Can you buy a plate of chicken rice using card?

  16. #16
    Member
    Join Date
    Jun 2005
    Location
    Jurong Island
    Posts
    1,124

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by Paul_Yeo View Post
    Cash is king. Can you buy a plate of chicken rice using card?
    You can! Over at Chatterbox

  17. #17

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by SianZronG View Post
    Hey guys did you hear about this news?

    Supposly the PA income is going to be lowered for credit cards so that lower wager earners can also enjoy the benifits of CCs. So if you earn $1.7k a month you qualify for a credit card.

    My friend told me about the news but i'm not sure if it's true or not.

    Anyone can confirm it?
    Business is bad for credit card. Now more bankrupts will be walking in the street.

  18. #18
    Senior Member
    Join Date
    Sep 2005
    Location
    Raffles Place
    Posts
    1,808

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by Lmodel View Post
    You can! Over at Chatterbox
    Chatterbox not so nice liao... the chef who made the chicken rice has left.

  19. #19

    Default Re: Lowering of PA income for Credit Card holders

    Thats Really Evil.

  20. #20

    Default Re: Lowering of PA income for Credit Card holders

    Quote Originally Posted by The_Cheat View Post
    From the article
    "[T]hose earning as little as $1,667 a month will be eligible for credit lines such as DBS Bank's Cashline and Citibank's Ready Credit.

    For this group earning at least $20,000 and less than $30,000, the credit limit will be capped at twice their monthly income. But the minimum annual income requirement of $30,000 for credit card application still remains."


    Think that the lowering of PA income is not really for credit cards, so can forget about taking advantage of the new ruling to get whatever lenses for six months instalments.

    To me, the reasoning for the loweing PA seems to be mainly for the cashline and ready cash thingy, which act as a money-lender. This means, if you're tight on cash, you can get cash from the bank directly, like getting a loan (without the hassle of gurantor or administration when getting cash). This is totally different from the function of credit card, where the bank extend you credit line, paying the merchant first for your purchase.

    Anyway, you can still get into debt whether or not this is a credit card or cashline thing.
    Wah ready credit products are even more evil than credit cards! I once had an experience where I went to the ATM to withdraw some spending money and I accidentally press "cashline" instead of "savings account". And I received a bill for $30 + interest bill. Thats how I knew that credit lines charge immediate interest!

    Now is that even worse than credit cards? At least for credit cards, if you pay your full outstanding amount at the end of each month, you still enjoy free credit. I seriously wonder how useful are these credit lines.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •