OCBC Easycredit -- any catches


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yyD70S

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Dec 25, 2005
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#1
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.
 

wazzup5

Deregistered
Jul 21, 2007
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#2
If you pay on time, none. Else, you'll pay through your nose.
 

jsbn

Senior Member
Jul 24, 2002
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Planet Eropagnis
#3
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.
 

SianZronG

New Member
Sep 2, 2002
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www.1stjournal.com
#4
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?
 

yyD70S

Senior Member
Dec 25, 2005
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#5
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.
 

wazzup5

Deregistered
Jul 21, 2007
96
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#6
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. :bsmilie:
 

eric69

New Member
Dec 22, 2003
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Global Village
#7
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 ...
 

gryphon

Senior Member
Jan 20, 2003
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Dry cabinet!
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#8
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 :dunno:
 

V

vince123123

Guest
#9
If it works like credit cards, you probably can. I know that I can put in $$ into my credit card if I want to.
 

raincool2005

Senior Member
Sep 10, 2005
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Raffles Place
#10
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. :sweat: I applied it becos i need a cheque book.
 

SianZronG

New Member
Sep 2, 2002
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#11
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. :)
 

SianZronG

New Member
Sep 2, 2002
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#12
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 :bsmilie: then i will also go for it :bsmilie:

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!
 

raincool2005

Senior Member
Sep 10, 2005
1,808
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Raffles Place
#13
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.
 

V

vince123123

Guest
#14
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.

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.
 

jsbn

Senior Member
Jul 24, 2002
2,944
0
0
Planet Eropagnis
#15
not true, me been using ocbc credit for years... i hardly borrowed, instead had excess. :sweat: 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.
 

yyD70S

Senior Member
Dec 25, 2005
2,454
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Singapore
#16
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!
 

V

vince123123

Guest
#18
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.

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!
 

yyD70S

Senior Member
Dec 25, 2005
2,454
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0
Singapore
#19
I agree to everything except the part about bankruptcy.


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

yyD70S

Senior Member
Dec 25, 2005
2,454
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0
Singapore
#20
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.


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.
 

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