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Thread: Credit Cards

  1. #21

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    POSB Mastercard Debit Card may be just like a NETS card when used locally. But if you go abroad, you could still use the card for purchases, unlike a NETS card. But your purchase payments will be directly debited from your account, and not on credit. It's a good way to limit your spendings esp if there's not much money in the account. :-)

    Although I have a few cards, I only really use one most of the time. Must maximise the credit points to exchange for goodies!

    Also, remember to pay your credit bills on time. Otherwise they start charging you extras like finance charges, late charges etc..
    burns a hole in your pocket.

    Diners card is not too bad. Their points can accumulate forever, not like the UOB, DBS ones which have an expiry date.

  2. #22
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    Originally posted by wmelon
    POSB Mastercard Debit Card may be just like a NETS card when used locally. But if you go abroad, you could still use the card for purchases, unlike a NETS card. But your purchase payments will be directly debited from your account, and not on credit. It's a good way to limit your spendings esp if there's not much money in the account. :-)

    Although I have a few cards, I only really use one most of the time. Must maximise the credit points to exchange for goodies!

    Also, remember to pay your credit bills on time. Otherwise they start charging you extras like finance charges, late charges etc..
    burns a hole in your pocket.

    Diners card is not too bad. Their points can accumulate forever, not like the UOB, DBS ones which have an expiry date.
    I'm using UOB credit cards. I always pay all my debts on time. Good habit. I was thinking of applying for the Cashline from DBS...anyone has any idea how good is it?

  3. #23

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    Originally posted by siron


    I'm using UOB credit cards. I always pay all my debts on time. Good habit. I was thinking of applying for the Cashline from DBS...anyone has any idea how good is it?
    good good, got alot of freebies almost apply, but dun like cheque books, so inthe end never go for it..

    for credit cards payments, you can apply giro and select full payment, in this way, you will never be charge very high interest on unsettled bills

  4. #24
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    Originally posted by hong


    good good, got alot of freebies almost apply, but dun like cheque books, so inthe end never go for it..

    for credit cards payments, you can apply giro and select full payment, in this way, you will never be charge very high interest on unsettled bills
    Anyway I never got charge before..Hope will not reach that stage. Maybe will apply for Cashline... hmmmmm

  5. #25
    Baby_Maro
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    Originally posted by siron

    Anyway I never got charge before..Hope will not reach that stage. Maybe will apply for Cashline... hmmmmm
    Me also never got charged before becos I'm holding sub-card...and my sister or my dad will pay for it first. And if the amount small small, sometimes also no need pay back Hehe. I guess that's the advantage of being a sub-card holder...I dun have to worry about the bills. Hehe.

  6. #26

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    The banks usually look at your gross salary. You have 2 options. 1st is to give them the IR8A. Second is to give them 3 months payslip.

    Most of the time, they will still approve your card if you're a little short. Maybe 3K or so. So far it seems that they base calculations on 13th month bonus.

    If your income don't meet, you can still apply for a credit card if you can show the bank your bank account with something like $30K in it. Works the same way.

    Actually UOB have a Visa R card which works just like a Visa (debit Visa?). The logo on the card is the standard Visa, and it can be used for Internet purchases.

    Finally, it's not really mandatory to be a big earner to own a credit card... Out of Singapore that is. I'm a zero incomer and yet bank willingly issue me with a credit card... Not that I've that much money in my bank account but that I'm a student. I'm holding a student credit card issued by HSBC. Of course credit limit is much much lower but still more than sufficient for a student like me.

  7. #27

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    Originally posted by Goondu
    A credit card is only for convenience. It will buy you limited time to organise your finances, by this I mean you pay ALL of what you have spent.

    Example: $1,000 spent. Credit card will delay this payment for a period of time (without any interest charges). Once your bill comes, and if you want to avoid paying interest, it will be best to settle it within that time.

    Always remember, NEVER SPEND MORE THAN WHAT YOU HAVE. The interest rate can be as high as 24% per annum. That is 2% per month,

    If you spend $10,000 already, the monthly interest charges is about $200 per month or $2,400 per year!

    It is never wise to do it this way, that is a friendly advice.
    Finally, some sound advice in this thread. Why no one discusses the interest rates is beyond me.. maybe they haven't been hit smack hard with the REAL costs of interest yet.

  8. #28
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    Originally posted by YSLee


    Finally, some sound advice in this thread. Why no one discusses the interest rates is beyond me.. maybe they haven't been hit smack hard with the REAL costs of interest yet.
    Because the interest is invisible. This is the real threat of credit cards. You sign and sign and sign without having to pay money. Then roll over and roll over when you cannot pay while interests escalate.

    Regards
    CK

  9. #29

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    Originally posted by YSLee


    Finally, some sound advice in this thread. Why no one discusses the interest rates is beyond me.. maybe they haven't been hit smack hard with the REAL costs of interest yet.
    Coz everyone here uses the card with brains? No wanton spending. Always within limits. Never default on payment. Use as an accessory (only for convenience sake, and not use for the sake of using).

  10. #30

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    Actually, it's not even 2.2k or whatever anymore... conversation between me and this fella from a local bank...

    Sales fella: "Hi! I'm calling to offer you this blah blah blah *marketing spiel*"

    Me: "I don't qualify." (I just wanted to get him off my back)

    Sales fella: "Don't worry, the minimum salary is now very low! Is your salary more than 2.5k?

    Me: "No."

    Sales fella: "More than 2k?"

    Me: "No."

    Sales fella: "Is it near 2k? We can work something out?"

    Me: "No."

    Sales fella: *sounds disappointed, and finally gives up* "Alright then, thanks and bye!"

    *Click*

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