Page 2 of 2 FirstFirst 12
Results 21 to 40 of 40

Thread: OCBC Easycredit -- any catches

  1. #21
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Yep!

    Totally agree.


    Quote Originally Posted by SianZronG View Post

    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!

  2. #22
    vince123123
    Guests

    Default Re: OCBC Easycredit -- any catches

    Hmm so the calculation formula is on a brochure and not on the website, I see.

    In that case it would be difficult to advise you on any terms and conditions or hidden charges since the documents are offline. You can read them to see if that is true.

    Quote Originally Posted by yyD70S View Post
    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.

  3. #23
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    As in my previous reply, I have called them, read the terms and conditions, and there's nothing amiss.

    The only catch is that you have to know which are "real deals" , ie, have to research if that particular gadget can be had at a cheaper price as it's quite clear at a glance not everything is "cool" as we all know at shops are selling at way below actual retail price.

    There're some exceptions though (every 2 months).

  4. #24

    Default Re: OCBC Easycredit -- any catches

    CooL wait for DSLR to be below price than BBB LOLx. i got their brochure too. wondering if there will be a prosumer DSLR around.... i guess at most will have D80 or 400Ds.....
    1stJournal - Painting your life journals since 2008
    Email / Facebook / Instagram

  5. #25
    vince123123
    Guests

    Default Re: OCBC Easycredit -- any catches

    Hmm, okay then, think you can go ahead . Go by the T&Cs, calling doens't really have much value during disputes.

    From what you are saying, its OCBC which sends out brochures advertising gadgets - ie its predefined gadgets and not things we want to buy ourselves?

    Quote Originally Posted by yyD70S View Post
    As in my previous reply, I have called them, read the terms and conditions, and there's nothing amiss.

    The only catch is that you have to know which are "real deals" , ie, have to research if that particular gadget can be had at a cheaper price as it's quite clear at a glance not everything is "cool" as we all know at shops are selling at way below actual retail price.

    There're some exceptions though (every 2 months).

  6. #26
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Well, they do have the (a)Sony Alpha 700, (b)Olympus E410 and (c)Nikon D40x ... but you could get cheaper elsewhere.


    Quote Originally Posted by SianZronG View Post
    CooL wait for DSLR to be below price than BBB LOLx. i got their brochure too. wondering if there will be a prosumer DSLR around.... i guess at most will have D80 or 400Ds.....

  7. #27
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Yes, you are dead right about that.


    Quote Originally Posted by vince123123 View Post

    From what you are saying, its OCBC which sends out brochures advertising gadgets - ie its predefined gadgets and not things we want to buy ourselves?

  8. #28

    Default Re: OCBC Easycredit -- any catches

    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!
    Hi I am not saying that there is a catch, but:

    1. You mentioned the price was $5,999, then with installment, total payable is $4,299? It seems to be a good deal, but then what is the actual price you can get for the same TV from shops elsewhere? Could it be lower than $4,200?

    2. Do you have to pay subscription half yearly? I remember for DBS ready credit, you need to pay $60 every six months, although the first 6 months is free after sign up.

    Below was my experience when I took up DBS ready credit many years ago, I am not sure whether is there a change of policy now:

    1. I was first approached by a sales person to sign up, the tactic was to tell me that it is free for the first 6 months, and I get a freebie (worth few ten $), then she told me that it does not cost me $ to just sign up and get the freebie, I can cancel after 6 months.
    2. That sounds like good ideal, anyway there is nothing to lose, right???
    3. After signed up, never use the facility and I totally forgot about it.
    4. Suddently, I received a billing for next 6 months subscription of $60, that reminded me to cancel it, so I called the help line, was told that it already went into the beginning of next 6 months period, the girl on the other side told me that no point cancel now, because I still have to pay the $60, why don't I wait until the end of this 6 month, then cancel.
    5. So I took her advice, afterall, already paid, why not wait for the end of 6 months then cancel.
    6. Again, I totally forget about it, and received the bill again for next 6 months subscription, I knew it is too late to cancel. That same situation 6 months ago happened again to me, this time l paid the $60 and cancel it on the spot.

    All in all, I paid $120 for the freebie, I was still on the losing end.

  9. #29
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Like I said, that LG TV was just an e.g.; not the item I's interested in -- just plucking out the extreme.

    And I have also mentioned that one must do a homework on the "actual market price" before committing. There are actual bargains to be had.

    No joining, annual, admin fee, whatever. That I can acertain; unlike ReadyCredit, DBSAssist, etc.


    Quote Originally Posted by poh6702 View Post
    Hi I am not saying that there is a catch, but:

    1. You mentioned the price was $5,999, then with installment, total payable is $4,299? It seems to be a good deal, but then what is the actual price you can get for the same TV from shops elsewhere? Could it be lower than $4,200?

    2. Do you have to pay subscription half yearly? I remember for DBS ready credit, you need to pay $60 every six months, although the first 6 months is free after sign up.

    Below was my experience when I took up DBS ready credit many years ago, I am not sure whether is there a change of policy now:

    1. I was first approached by a sales person to sign up, the tactic was to tell me that it is free for the first 6 months, and I get a freebie (worth few ten $), then she told me that it does not cost me $ to just sign up and get the freebie, I can cancel after 6 months.
    2. That sounds like good ideal, anyway there is nothing to lose, right???
    3. After signed up, never use the facility and I totally forgot about it.
    4. Suddently, I received a billing for next 6 months subscription of $60, that reminded me to cancel it, so I called the help line, was told that it already went into the beginning of next 6 months period, the girl on the other side told me that no point cancel now, because I still have to pay the $60, why don't I wait until the end of this 6 month, then cancel.
    5. So I took her advice, afterall, already paid, why not wait for the end of 6 months then cancel.
    6. Again, I totally forget about it, and received the bill again for next 6 months subscription, I knew it is too late to cancel. That same situation 6 months ago happened again to me, this time l paid the $60 and cancel it on the spot.

    All in all, I paid $120 for the freebie, I was still on the losing end.

  10. #30

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by yyD70S View Post
    Like I said, that LG TV was just an e.g.; not the item I's interested in -- just plucking out the extreme.

    And I have also mentioned that one must do a homework on the "actual market price" before committing. There are actual bargains to be had.

    No joining, annual, admin fee, whatever. That I can acertain; unlike ReadyCredit, DBSAssist, etc.
    Is this similar to DBS's ready credit, where they give you a cheque book to spend money, and then charge you 24% on out standing credit? or is this installment plan to buy gadgets they put up regularly?

  11. #31
    vince123123
    Guests

    Default Re: OCBC Easycredit -- any catches

    In your case, if the T&Cs don't explicitly state that it will auto-rollover; you actually can insist on cancellation and refuse to pay the next 6 months.

    I'm garnering experience from credit cards - they will also bill the next year's annual fees and you can say you want to cancel on the spot - they have never said "Oh but you have to pay even if you cancel" not even once in my experiences.

    Of course, if the T&Cs says autorollver, then it should have been a big warning bell during the time of signup that there's this potential exposure.

    Quote Originally Posted by poh6702 View Post
    Hi I am not saying that there is a catch, but:

    1. You mentioned the price was $5,999, then with installment, total payable is $4,299? It seems to be a good deal, but then what is the actual price you can get for the same TV from shops elsewhere? Could it be lower than $4,200?

    2. Do you have to pay subscription half yearly? I remember for DBS ready credit, you need to pay $60 every six months, although the first 6 months is free after sign up.

    Below was my experience when I took up DBS ready credit many years ago, I am not sure whether is there a change of policy now:

    1. I was first approached by a sales person to sign up, the tactic was to tell me that it is free for the first 6 months, and I get a freebie (worth few ten $), then she told me that it does not cost me $ to just sign up and get the freebie, I can cancel after 6 months.
    2. That sounds like good ideal, anyway there is nothing to lose, right???
    3. After signed up, never use the facility and I totally forgot about it.
    4. Suddently, I received a billing for next 6 months subscription of $60, that reminded me to cancel it, so I called the help line, was told that it already went into the beginning of next 6 months period, the girl on the other side told me that no point cancel now, because I still have to pay the $60, why don't I wait until the end of this 6 month, then cancel.
    5. So I took her advice, afterall, already paid, why not wait for the end of 6 months then cancel.
    6. Again, I totally forget about it, and received the bill again for next 6 months subscription, I knew it is too late to cancel. That same situation 6 months ago happened again to me, this time l paid the $60 and cancel it on the spot.

    All in all, I paid $120 for the freebie, I was still on the losing end.

  12. #32
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    That's true. With the exception of one, I never pay 4 other credit card annual fees
    Last edited by yyD70S; 6th November 2007 at 03:27 PM.

  13. #33
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Why do I get the feeling I'm becoming the marketing man for this OCBC stuff.

    I was actually the one asking questions.... zzzzz... no offence meant buddy.

    Yes, this came with a cheque book... but like I have said, zero fees.


    Quote Originally Posted by poh6702 View Post
    Is this similar to DBS's ready credit, where they give you a cheque book to spend money, and then charge you 24% on out standing credit? or is this installment plan to buy gadgets they put up regularly?

  14. #34

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by yyD70S View Post
    Why do I get the feeling I'm becoming the marketing man for this OCBC stuff.

    I was actually the one asking questions.... zzzzz... no offence meant buddy.

    Yes, this came with a cheque book... but like I have said, zero fees.
    Thanks, just cuious mah! I still feel bad about the incident I had, it is not the money, but felt stupid about it.

  15. #35
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    OK. I don't know about that LG stuff. Their retail price could be (and most probably is) inflated. IN any case, I'm not interested in that item; way beyond my budget.

    I was actually interested in this:

    Seagate FreeAgent Go 160GB
    $15 x 11 plus $14 x1 = $179 (ie, their price)
    retail price (as stated by them; don't flame me) = $229

    I have checked with some shops in Sim Lim Sq (though www.hardwarezone.com) and the average price is $219. Even if it can be had for $200/-, it's still a saving. OK, it's a small saving for all the hassle of keeping a positive balance in the account ... but this is a small sum... I could just put $230/- into that account and let it be.

    Yes, it's small deal.... but being a finance person, I kinda like squeezing every drop for my $.

    Just my point.

    P.S. There are better deals... just that I do not have the time to go though actually checking their worth. Like one member here mentioned earlier... its predefined gadgets and not things we want to buy ourselves...


    Just you don't buy on impulse... so happen that I as looking at this Seagate stuff...

  16. #36
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    You are not wrong, and my apologies if I sounded rude earlier.

    It's our hard earned money in any case... we have to be careful.


    Quote Originally Posted by poh6702 View Post
    Thanks, just cuious mah! I still feel bad about the incident I had, it is not the money, but felt stupid about it.

  17. #37
    Senior Member
    Join Date
    Nov 2004
    Location
    BB West
    Posts
    2,188

    Default Re: OCBC Easycredit -- any catches

    This type of easy credit, the interest can go up just like that. Last time Cashline from DBS is the lowest n now, almost hitting 20% n I still stuggling to pay up. Get it only when no choice else save up for the stuffs u wanted. $ =
    Only Sony device mostly, haha!

  18. #38

    Default Re: OCBC Easycredit -- any catches

    Well, the catch is, you're the catch!

    Simple rule of thumb: If you can't afford it now, you can't afford it. Period.

    This is why I still maintain the percentage of people in Singapore who can truly afford cars has not changed since 20 years ago. Only the percentage of people who "think" they can afford cars have grown.

    I struggled with credit card debt in the past when I graduated from Uni with kosong in the pocket. It took me almost 4 years to get past it. These seemingly "convenient" offers are just pure poison. Just when you think you're almost done with one, another "justifiable" easy cash offer from the legal ah-longs (i.e., banks) show up. It's a vicious cycle.

    Oh well. In the end, choose your poison. What do I know, I'm just a crummy salaried worker

  19. #39
    Senior Member Ansel's Avatar
    Join Date
    Apr 2003
    Location
    Land Downunder
    Posts
    2,207

    Default Re: OCBC Easycredit -- any catches

    Quote Originally Posted by yyD70S View Post
    (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
    IINW, the "original retail price" is usually the RRP, ie, the list price. Chances are if you pay cash at places like Parisilk, you will get it for much less than even the special price $4299.

    But I may be wrong in this particular case. Just sharing some past experience.

    The only other catch I can think off is, if you are on this programme then they may charge you the annual fee for the Credit line, which you have to pay.

  20. #40
    Senior Member yyD70S's Avatar
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    2,454

    Default Re: OCBC Easycredit -- any catches

    Thank you very much to all who thrashed it out here.

    Appreciate.

Page 2 of 2 FirstFirst 12

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
  •