Page 1 of 2 12 LastLast
Results 1 to 20 of 40

Thread: OCBC Easycredit -- any catches

  1. #1
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default OCBC Easycredit -- any catches

    Good day,

    those "fairly good deals" using OCBC EasiCredit? Any catches?

    Can I keep a positive balance in the account (to cover the full cost of the item) and let them deduct monthly ?

    Or I have so "incur some hidden fees"?

    What gives?

    Thank you.

  2. #2

    Default Re: OCBC Easycredit -- any catches

    If you pay on time, none. Else, you'll pay through your nose.

  3. #3
    Senior Member
    Join Date
    Jul 2002
    Location
    Planet Eropagnis
    Posts
    2,944

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by yyD70S View Post
    Good day,

    those "fairly good deals" using OCBC EasiCredit? Any catches?

    Can I keep a positive balance in the account (to cover the full cost of the item) and let them deduct monthly ?

    Or I have so "incur some hidden fees"?

    What gives?

    Thank you.
    The catch is being suckered into a life of credit, bills, payment and the ultimate scenario of bankruptcy.

  4. #4

    Default Re: OCBC Easycredit -- any catches

    the typical singaporean has the standard few debts that he/she has to carry through.
    1. The house you live in. $100,000k to $250,000 HDB- depending on the size- for 35 yrs
    2. Family Car , Not the kinda for show off but for transport of your wife and kids - $50,000 for 10 yrs.
    3. Kids Education, $50,000 for another 10 yrs?

    We are already suckered into a life of credit and bills and payments. So all of us face bankruptcy ultimately?
    1stJournal - Painting your life journals since 2008
    Email / Facebook / Instagram

  5. #5
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    No.

    Assume you have the money for the item... just that the "price" is attractive enough to pay through instalment...

    Say, price of item is $2000/- (assume it's really a relatively cheap price; not just retail price)

    Say their offer, $150 * 11 ... + $200 * 1 ... = $1850/-

    Say, I put in righaway $1900/-. and let them deduct monthly? Can I assume that they just deduct monthly ... ie, no interest of whatever sort... no hidden charges (because I don't give them a chance of incurring OD) ?

    Thank you.

  6. #6

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by SianZronG View Post
    the typical singaporean has the standard few debts that he/she has to carry through.
    1. The house you live in. $100,000k to $250,000 HDB- depending on the size- for 35 yrs
    2. Family Car , Not the kinda for show off but for transport of your wife and kids - $50,000 for 10 yrs.
    3. Kids Education, $50,000 for another 10 yrs?

    We are already suckered into a life of credit and bills and payments. So all of us face bankruptcy ultimately?
    You're in debt the moment you're born in SG. Your life is to work, pay bills and pay income tax to the gahmen. That's why gahmen needs more population, else not enough tax money.

  7. #7
    Member
    Join Date
    Dec 2003
    Location
    Global Village
    Posts
    443

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by SianZronG View Post
    the typical singaporean has the standard few debts that he/she has to carry through.
    1. The house you live in. $100,000k to $250,000 HDB- depending on the size- for 35 yrs
    2. Family Car , Not the kinda for show off but for transport of your wife and kids - $50,000 for 10 yrs.
    3. Kids Education, $50,000 for another 10 yrs?

    We are already suckered into a life of credit and bills and payments. So all of us face bankruptcy ultimately?
    Debts
    a) House - just a roof over my family
    b) Car - just a set of wheels for transport to point A to point B
    c) Kid - education / life insurance policies

    And i have no spare cash to indulge in my own pursuits ... cameras ... photography holidays etc. Worst, can't afford to lose my job.

    Easy-Credit. No catch, unless you default on your payments, and the consequences would be bad ... to raise money to pay off the debts. don't go into credit debits for luxury items ...

  8. #8
    Senior Member
    Join Date
    Jan 2003
    Location
    Dry cabinet!
    Posts
    1,757

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by yyD70S View Post
    Good day,

    those "fairly good deals" using OCBC EasiCredit? Any catches?

    Can I keep a positive balance in the account (to cover the full cost of the item) and let them deduct monthly ?

    Or I have so "incur some hidden fees"?

    What gives?

    Thank you.
    I thought its a loan... you still can put in $$ in the account meh
    Dreaming... 14mm f2.8, 16-35 f2.8 mkII, 85 f1.2 mkII

  9. #9
    vince123123
    Guests

    Default Re: OCBC Easycredit -- any catches

    If it works like credit cards, you probably can. I know that I can put in $$ into my credit card if I want to.

  10. #10
    Senior Member
    Join Date
    Sep 2005
    Location
    Raffles Place
    Posts
    1,808

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by jsbn View Post
    The catch is being suckered into a life of credit, bills, payment and the ultimate scenario of bankruptcy.
    not true, me been using ocbc credit for years... i hardly borrowed, instead had excess. I applied it becos i need a cheque book.

  11. #11

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by eric69 View Post
    Debts
    a) House - just a roof over my family
    b) Car - just a set of wheels for transport to point A to point B
    c) Kid - education / life insurance policies

    And i have no spare cash to indulge in my own pursuits ... cameras ... photography holidays etc. Worst, can't afford to lose my job.

    Easy-Credit. No catch, unless you default on your payments, and the consequences would be bad ... to raise money to pay off the debts. don't go into credit debits for luxury items ...
    Yup i understand. it's a very typical singaporean scenario. no break through just trying to survive and educate the next generation of sheep. i believe i will also join this crowd of people in the march.
    1stJournal - Painting your life journals since 2008
    Email / Facebook / Instagram

  12. #12

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by yyD70S View Post
    No.

    Assume you have the money for the item... just that the "price" is attractive enough to pay through instalment...

    Say, price of item is $2000/- (assume it's really a relatively cheap price; not just retail price)

    Say their offer, $150 * 11 ... + $200 * 1 ... = $1850/-

    Say, I put in righaway $1900/-. and let them deduct monthly? Can I assume that they just deduct monthly ... ie, no interest of whatever sort... no hidden charges (because I don't give them a chance of incurring OD) ?

    Thank you.
    why not you give it a go then tell us if that's possible then i will also go for it

    Getting the perks of the scheme without losing your sleep at night worrying you might incurr interest. that's why the person with the cash always wins!
    1stJournal - Painting your life journals since 2008
    Email / Facebook / Instagram

  13. #13
    Senior Member
    Join Date
    Sep 2005
    Location
    Raffles Place
    Posts
    1,808

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by eric69 View Post
    Debts
    a) House - just a roof over my family
    b) Car - just a set of wheels for transport to point A to point B
    c) Kid - education / life insurance policies

    And i have no spare cash to indulge in my own pursuits ... cameras ... photography holidays etc. Worst, can't afford to lose my job.

    Easy-Credit. No catch, unless you default on your payments, and the consequences would be bad ... to raise money to pay off the debts. don't go into credit debits for luxury items ...
    seems like a lot of Singaporeans look good on outside, but deep inside is all the names of banks printed on their minds.

  14. #14
    vince123123
    Guests

    Default Re: OCBC Easycredit -- any catches

    Hi,

    I was looking at their website and don't see that calculation mechanism you wrote here - could you share how you arrived at that?

    The only thing I see is a 8% cash rebate, but that is loaded with a precondition to pay interest on outstanding balances.

    Quote Originally Posted by yyD70S View Post
    No.

    Assume you have the money for the item... just that the "price" is attractive enough to pay through instalment...

    Say, price of item is $2000/- (assume it's really a relatively cheap price; not just retail price)

    Say their offer, $150 * 11 ... + $200 * 1 ... = $1850/-

    Say, I put in righaway $1900/-. and let them deduct monthly? Can I assume that they just deduct monthly ... ie, no interest of whatever sort... no hidden charges (because I don't give them a chance of incurring OD) ?

    Thank you.

  15. #15
    Senior Member
    Join Date
    Jul 2002
    Location
    Planet Eropagnis
    Posts
    2,944

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by raincool2005 View Post
    not true, me been using ocbc credit for years... i hardly borrowed, instead had excess. I applied it becos i need a cheque book.
    Nah. Never believed in those stuff.

    HSBC gave me that credit cheque book thingy. Juz kept it aside.

  16. #16
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Sorry for the delay in replying.

    OK. Here goes.

    I have spoken (on the telephone) to three -- YES, 3 different offices @ 1800 438 3333 with regard to my original query.

    Their replies are all consistent -- but, of course -- like in any help desk, they have a standard procedure book

    (a) Say I am interested in acquiring an LG 42" LCD Full HD TV.
    Original retail price $5,999
    OCBC EasiCredit price: $359 x 11 plus $350 x 1 = $4,299
    * for the sake of this e.g/argument., let's assume that $4,299 is indeed a very attractive price

    (b) OCBC will deduct the instalment amount on a said (fixed) day of the month. As long as I
    stay "positive (balance, ie, above $359) before that said date for the month, I do not
    incur any interest, hidden charges, admin fees, whatever, etc

    I have been having this facility for more than 10-yrs (originally called the Keppel Prestige Credit)... just applied then for emergency purposes (why not) and just maintain the account with a positive balance of 10-cents.

    Guess it's about time I activate it!

  17. #17
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    You are right.

    By the way, think a lot of us "miss you" in the "N" forum


    Quote Originally Posted by wazzup5 View Post
    If you pay on time, none. Else, you'll pay through your nose.

  18. #18
    vince123123
    Guests

    Default Re: OCBC Easycredit -- any catches

    Erm I still can't find the calculation methodology on the website - could you help?

    Its easier to see it on the webpage than to speak on the phone (which can fly away later without evidential trace) later.

    Quote Originally Posted by yyD70S View Post
    Sorry for the delay in replying.

    OK. Here goes.

    I have spoken (on the telephone) to three -- YES, 3 different offices @ 1800 438 3333 with regard to my original query.

    Their replies are all consistent -- but, of course -- like in any help desk, they have a standard procedure book

    (a) Say I am interested in acquiring an LG 42" LCD Full HD TV.
    Original retail price $5,999
    OCBC EasiCredit price: $359 x 11 plus $350 x 1 = $4,299
    * for the sake of this e.g/argument., let's assume that $4,299 is indeed a very attractive price

    (b) OCBC will deduct the instalment amount on a said (fixed) day of the month. As long as I
    stay "positive (balance, ie, above $359) before that said date for the month, I do not
    incur any interest, hidden charges, admin fees, whatever, etc

    I have been having this facility for more than 10-yrs (originally called the Keppel Prestige Credit)... just applied then for emergency purposes (why not) and just maintain the account with a positive balance of 10-cents.

    Guess it's about time I activate it!

  19. #19
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    I agree to everything except the part about bankruptcy.


    Quote Originally Posted by jsbn View Post
    The catch is being suckered into a life of credit, bills, payment and the ultimate scenario of bankruptcy.

  20. #20
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    For quite a while, I have been receiving brochures (think every 2 months) on gadgets... perhaps you should call that number to ask them to send you one.


    Quote Originally Posted by vince123123 View Post
    Erm I still can't find the calculation methodology on the website - could you help?

    Its easier to see it on the webpage than to speak on the phone (which can fly away later without evidential trace) later.

Page 1 of 2 12 LastLast

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
  •