Lowering of PA income for Credit Card holders

[SianZronG]

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?

 

[wazzup]

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

 

[Canew]

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.

 

[SianZronG]

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....

 

[Deadpoet]

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.

 

[ah.zeep]

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

 

[jeff49er]

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

 

[night86mare]

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

 

[The_Cheat]

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.

 

[bernardy4416]

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

Oh YEAH!!! That's absolutely correct. ;(

 

[zaxh81]

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

 

[raincool2005]

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. :sweat:

 

[donchua]

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

 

[raincool2005]

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).

:sweat:

 

[Paul_Yeo]

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

 

[Lmodel]

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

You can! Over at Chatterbox :bsmilie: :bsmilie: :bsmilie:

 

[Sniper ShutterBug]

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.:bsmilie:

 

[raincool2005]

You can! Over at Chatterbox :bsmilie: :bsmilie: :bsmilie:

Chatterbox not so nice liao... the chef who made the chicken rice has left.

 

[marcwang]

Thats Really Evil.

 

[Shodan99]

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.