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Thread: No minimum pay needed for new credit card

  1. #61
    Senior Member Override2Zion's Avatar
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    Default Re: No minimum pay needed for new credit card

    Credit cards with low limits would probably be good, at times they can be useful when you do buy stuff online or at dine at mid/high end restaurants. They are a good alternative to debit cards.
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  2. #62
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    Default Re: No minimum pay needed for new credit card

    best let consumers have an option. though i think tis extra option is not all tt gd...

    its time for consumers to show some maturity than pass on d blame if 1 gets into financial ruin.

  3. #63
    vince123123
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    Default Re: No minimum pay needed for new credit card

    If you have the $$ and just want to buy online, debit cards are better.

    Quote Originally Posted by Override2Zion View Post
    Credit cards with low limits would probably be good, at times they can be useful when you do buy stuff online or at dine at mid/high end restaurants. They are a good alternative to debit cards.

  4. #64
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    Default Re: No minimum pay needed for new credit card

    then again, i rather get debit card!
    whats the point of this card?

  5. #65
    Senior Member wrx_sti_22b's Avatar
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    Default Re: No minimum pay needed for new credit card

    Could come into good use for holidays for those that doesn't have credit cards...

  6. #66
    Senior Member wrx_sti_22b's Avatar
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    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by amateur_photographer View Post
    They will limit, indirectly. All banks are linked together with credit bureau. So when someone apply for credit card or any other credit facility, the respective bank can check his/her existing records. If too many, the bank will consider it as risky, so will reject the application.
    That is, if the person has already many cards that is near to, or over limit... maybe if there are 4 banks that offers this type of no minimum income credit cards, the person apply all at once leh? Maybe he can get all of them? I dunno, just spectaculating... Then this person has got $500 x 4 at his dispose... he will feel rich...

  7. #67

    Default Re: No minimum pay needed for new credit card

    Banks need to pay admin fee to check from credit bureau right??? so dun think banks will be checking every credit card application...

  8. #68
    Senior Member Override2Zion's Avatar
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    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by vince123123 View Post
    If you have the $$ and just want to buy online, debit cards are better.
    Agree on the convenience of debit cards, no bill payments. I only feel insecure when it comes to handling frauds. For debit, cash is debited almost immediately. If fraud was detected after receiving statement, will have a hard time waiting for bank to investigate and get the cash back, if possible. For credit cards, at least during the course of investigation, my cash is still with me. Maybe its just me feeling insecure. Others may beg to differ. Just a matter of preference
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  9. #69
    vince123123
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    Default Re: No minimum pay needed for new credit card

    Let me offer an alternative view on this.

    WIth debit cards, you can choose to set your credit limit or fraud exposure as you wish. I currently have less than S$100 in my debit card which I use for Internet purchases. If I need to buy more, I just transfer $$ from another account and buy.

    With credit cards, your credit limit may be much higher - typically in the thousands - hence even though theoretically you can dispute the bill, but if the cc company decides against you, you may have a problem there. Credit card limits are also more troublesome to adjust upwards and downwards.

    Quote Originally Posted by Override2Zion View Post
    Agree on the convenience of debit cards, no bill payments. I only feel insecure when it comes to handling frauds. For debit, cash is debited almost immediately. If fraud was detected after receiving statement, will have a hard time waiting for bank to investigate and get the cash back, if possible. For credit cards, at least during the course of investigation, my cash is still with me. Maybe its just me feeling insecure. Others may beg to differ. Just a matter of preference

  10. #70
    Senior Member Override2Zion's Avatar
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    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by vince123123 View Post
    If you have the $$ and just want to buy online, debit cards are better.
    Yes but wouldn't transferring cash into debit card account become similar to paying bills for credit cards ? That cancels the convenience factor.
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  11. #71
    vince123123
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    Default Re: No minimum pay needed for new credit card

    The convenience comes from having the ability to set your own withdrawal limits.

    In a creidt card situation, it is more troublesome to change your credit limits.

    And in a credit card situation, if the cc company after their investigation, find you are liable, then you have a debt to pay off. With a debit card, the fraudulent transaction will not even happen in the first place because your account balance is too low to allow the purchase to go through.

    Quote Originally Posted by Override2Zion View Post
    Yes but wouldn't transferring cash into debit card account become similar to paying bills for credit cards ? That cancels the convenience factor.

  12. #72
    Senior Member Override2Zion's Avatar
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    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by vince123123 View Post
    The convenience comes from having the ability to set your own withdrawal limits.

    In a creidt card situation, it is more troublesome to change your credit limits.

    And in a credit card situation, if the cc company after their investigation, find you are liable, then you have a debt to pay off. With a debit card, the fraudulent transaction will not even happen in the first place because your account balance is too low to allow the purchase to go through.
    Yeap true too, another alternative is to instruct credit card companies to contact you whenever an internet transaction takes place. At least thats what I do for my cards and their pretty "vigilant" about it too
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  13. #73
    vince123123
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    Default Re: No minimum pay needed for new credit card

    I didn't know that cc comapnies will take on that type of liability to call you each time.

    However, the end result is the same, even if you say you didn't do it, but they will still put it in the bill until they investigate finish. At that time, if they don't believe you and still said you did it, then you're back to square one.

    Also, your trick doesn't quite help in cases of non-internet transactions (ie your account got stolen on the internet, but is used for non-internet purchases).

    Quote Originally Posted by Override2Zion View Post
    Yeap true too, another alternative is to instruct credit card companies to contact you whenever an internet transaction takes place. At least thats what I do for my cards and their pretty "vigilant" about it too

  14. #74
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    Default Re: No minimum pay needed for new credit card

    seems like a cashless society isn't going to b a smooth transition.

    for now, cash is still King , IMO.

  15. #75
    Senior Member Override2Zion's Avatar
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    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by vince123123 View Post
    I didn't know that cc comapnies will take on that type of liability to call you each time.

    However, the end result is the same, even if you say you didn't do it, but they will still put it in the bill until they investigate finish. At that time, if they don't believe you and still said you did it, then you're back to square one.

    Also, your trick doesn't quite help in cases of non-internet transactions (ie your account got stolen on the internet, but is used for non-internet purchases).
    Actually CC companies don't pay the merchants immediately when a purchase is made, otherwise transaction overheads would rocket sky high. This process takes a while. If customer says its a no go, no transaction will take place. That happened to a ex-classmate of mine before while he was on attachment to china. Simply because internet CC purchases are so convenient, CC companies exercise more caution in monitoring such transactions.

    By the way, i don't understand how CC account on internet can be stolen and used to make non-internet purchases? Perhaps you could elaborate with an example. From what I understand, offline purchases requires signature. Anyway that applies to debit cards too, products and service reservations can be done online using credit/debit card details even when theres no cash in the account. Take domestic air tickets for example, reserved using credit/debit cards. Airlines nowadays allow CC/DC for reservation and pay later either by same card or cash. In event of no show of passenger (when "thief" realises that there is no cash in bank), you are still liable for paying for the service. This can still happen even when you have no cash in that debit acount. So its a matter of circumstance, both cards have their flaws, like i say its individual preference.
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  16. #76
    Senior Member Override2Zion's Avatar
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    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by sORe-EyEz View Post
    seems like a cashless society isn't going to b a smooth transition.

    for now, cash is still King , IMO.
    Heh heh yeah I agree.
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  17. #77

    Default Re: No minimum pay needed for new credit card

    I don't always have much cash on hand. A credit card will come in handy when I want to buy that $399 Hugo Boss shirt. If I wait for my $150 weekly allowance, the shirt might be gone.


    S$400 for a shirt! Good heavens! I always look for S$5 shirts myself. Is a shirt costing S$400 really necessary?

  18. #78
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    Default Re: No minimum pay needed for new credit card

    i will support this card thingy ONLY if it entitles to 20% discount on all items in MS color, Cathay Photo, Alan Photo, Orient Photo etc..

  19. #79

    Default Re: No minimum pay needed for new credit card

    with DC, your limit still $500 or above, unless u dun mind paying $2 every month (or your account no fall-below fee)

    with CC, when u buy things, u dun pay immediately. therefore the money u spent can earn u interest for up to 50 days. just remember to put aside the money for payment when the bill comes

    most people dun check signature, but still need the physical card to pay for non-internet transaction as you dun just enter the numbers onto the machine, there is a sepereate sequence on the magnetic card. unless the thief steal this info on the magnetic strip

  20. #80

    Default Re: No minimum pay needed for new credit card

    Quote Originally Posted by sgvideoman View Post


    S$400 for a shirt! Good heavens! I always look for S$5 shirts myself. Is a shirt costing S$400 really necessary?
    Where can I get $5 shirt???

    $5 t-shirt maybe....

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