Credit Cards

[revenant]

hmm...... just wondering how many "brand" of credit cards are there?

Mastercard, American Express, Visa?

Also, what is the minimum wages in order to apply each card?

 

[Goondu]

Originally posted by revenant
hmm...... just wondering how many "brand" of credit cards are there?

Mastercard, American Express, Visa?

Also, what is the minimum wages in order to apply each card?

Er, thinking of applying for one?

 

[baiyun]

hmm...if normal standard ones, wages wld be at least $30000 per yr

of course gold cards or other affliated cards wld require u to earn more

 

[revenant]

Originally posted by Goondu


Er, thinking of applying for one?

No lah, I'm still a student.

Originally posted by baiyun


hmm...if normal standard ones, wages wld be at least $30000 per yr

of course gold cards or other affliated cards wld require u to earn more

Oh ic.... what are the normal standard ones?

 

[Goondu]

I graduated from Ngee Ann Poly a long time ago. They have the alumni gold credit card which gives a minimum salary of 30K pa. And it is free for the 1st 5 years. It was a long time ago and things may have changed.

I wonder if Ngee Ann is still issuing the card or not?

 

[revenant]

Originally posted by Goondu
I graduated from Ngee Ann Poly a long time ago. They have the alumni gold credit card which gives a minimum salary of 30K pa. And it is free for the 1st 5 years. It was a long time ago and things may have changed.

I wonder if Ngee Ann is still issuing the card or not?

wow, free for 1st 5 years.

 

[rubric]

Try the POSB mater credit card. There's a promo now.

http://www.dbs.com/cards/posb/

Not impressive, but cheap and good!

 

[revenant]

Right now can only apply credit card "clone", debit card

btw, what's the age requirement for debit card? 17 or 18?

 

[lufu]

Originally posted by revenant
Right now can only apply credit card "clone", debit card

btw, what's the age requirement for debit card? 17 or 18?

but that works like a Nets Card only


NUS also got 'Gold' credit card for only 30K per year. But only free for 3 years.

I think all Insituation issue those 'Gold' card for only 30K income per year.

Plantium is the best. Needs 150,000 per year minimum to qualify

 

[revenant]

btw, how much do we need to "pay" for the card? monthly, annually?

 

[Baby_Maro]

Erm...if you want the gold credit card, then get a supplementary card if you are not earning any income...if you wanna appy, it'll require a minimum of 48k per annual at least. Well, I'm getting one from UOB. It's a Visa Gold Smart. My dad is going to sign up for the main card and give me the sub-card...cos I didn't like his other cards and he already sub those to my mom or brother. The subscription of this card is free for the first two years and free subscription for the first sub-card.
If you dun have a sponsor, then you can opt for a debit card from POSB or UOB. POSB has the MasterCard, while UOB has the VisaElectron. The POSB MasterCard's subcription for the first three years is free, while the UOB debit card is free subscription all the way (if I remember correctly cos I dun think I'm paying any subscription at the moment). Personally I prefer using the MasterCard cos I have both but I usually use the MasterCard as my POSB is the one which has money lah...hehe...not just that lah...it's like the UOB one can only use in shops which allows VisaElectron...and a VisaElectron card is not a Visa card...while the MasterCard, we can use it in any places which allows us to use MasterCard. So, in fact, the MasterCard can be used in more places.
One thing about the difference between the two card is that for the UOB one, you sign up for the campus account (for students...I think about 18 yrs can liao), they'll allow you to apply for a VisaElectron card, issue you a cheque book to you for you to issue cheques and they'll allow you to apply for any of their sub-card for free subscription (I think so lah...cos the other time my sis is the main card holder...but I think she didn't have to pay for my sub-card). The UOB ones also have reward points which you can earn...but the POSB ones dun have any reward points.
But to use both type of cards, you need to have money in it lah. I think the convenience of such debit cards is that when you are at a restaurant, not all has NETS, and so with a debit card, you can sign for the meal (just like paying NETS...) if not enough cash. Other than that, the debit card is not much of a difference from the normal ATM cards. Which is why my dad is giving me a credit card. Hehe. Maybe you can try your dad or other siblings too.
Hope the above info about debit cards is useful. Anyone finds any of the information wrong, feel free to point it out. Hehe...

 

[revenant]

wow, thanks for the long and useful information Baby_Macro.

hmmm..... then may I know is the subscription fee for credit cards high?

 

[Baby_Maro]

Some credits cards have promotions like say if you use the card more than a number of times, the subscription fee is waived. Normally the subscription for the main card is around $100 plus per annual if I'm not wrong...maybe those normal ones are cheaper...but I think gold cards are slightly more expensive. ...but I know the sub-card is around $70plus-$90 plus for gold cards and around $20-$50 for classic cards (normal ones lah).
For more information, you can actually check on the individual bank's website. They'll usually have information on it.

 

[hong]

you need to hit $14k a year to get free subscriptions for another yr for gold cards, for me i just terminate all mi gold card which expired recently and reapply another bunch of credit cards that give out first yr free subsriptions.

some banks do give you another year free if you call them up telling them you wish to terminate your card becoz the 1 yr free subscriptions is ending soon.


2.2k a mth is able to get you a normal card
3.5k a mth is able to get you a gold card

never try platinum card yet, me still not qualify

hope it helps

 

[lufu]

Originally posted by hong
you need to hit $14k a year to get free subscriptions for another yr for gold cards, for me i just terminate all mi gold card which expired recently and reapply another bunch of credit cards that give out first yr free subsriptions.

some banks do give you another year free if you call them up telling them you wish to terminate your card becoz the 1 yr free subscriptions is ending soon.


2.2k a mth is able to get you a normal card
3.5k a mth is able to get you a gold card

never try platinum card yet, me still not qualify

hope it helps

2.2K * 13
not even 30K yet.

 

[Adam Goi]

Just curious, the minimum income is calculated base on gross or net salary income?

 

[hong]

even lower, i am on scholarship of 2.2k per mth few years back..

2.2k * 12 = 26.4k

but still managed to get it

think they dun just evaluate you pay, also look @ other things, like the job nature, ..etc

 

[siron]

Well...let me warn you if you wanna apply..
it's so hard to control the spendings at first.
Now..haha I hardly use it, only if I really have to.
haha...

 

[Goondu]

Originally posted by AdamGoi
Just curious, the minimum income is calculated base on gross or net salary income?

Gross. You can even add in incomes that are derived from other sources such as dividends, rentals, etc.

However, if you do that the taxman may be interested to know what else you have.

 

[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.