Credit/Debit cards

[Yongster]

tio liao lah ... nthing beats hving cold hard cash in the wallet ...

juz imagine buy bike can full-cash ...

NB.....

[LaVsy]

tio liao lah ... nthing beats hving cold hard cash in the wallet ...

juz imagine buy bike can full-cash ...

 

NETS would be more approriate

i wouldnt want to carry cold hard cash in my wallet and get rob later.

 

[Yongster]

alamak.. take credit card for wat.. in sg , use cash can liao wat.. use credit card for show off ar..? unless u always go overseas, u have to use credit card for convinience. if nto in sg use credit card for wat??? u will ended up with many credit urself

not really.... ultilising ur card mre often allows u to clock mre points and exchange for discounts and gifts..... having card doesn't mean it's to show off.....

[J73]

NB.....

 

NB?? wats NB?? New Bank??

[Raptor]

None.

 

Never liked them.

[J73]

NETS would be more approriate

i wouldnt want to carry cold hard cash in my wallet and get rob later.

 

 

but NETS limit 3K leh ...

[LaVsy]

but NETS limit 3K leh ...

 

Lol didnt thought of that

maybe coz i havent spend b4 more thn 3k

 

not so rich like u.

[Yongster]

but NETS limit 3K leh ...

not everyone

 

is like u..... go out spend mre than $3k wan.......

[J73]

not everyone

 

is like u..... go out spend mre than $3k wan.......

 

3K nt enuff 2 full cash ...

[daojeff]

wah lao... 3k.... so rich... i dun even have $3 in my bank....

[Gnixer]

aiya when they revising the damn thing!!!

i just need 1 basic card.... ):

[Aie]

aiya when they revising the damn thing!!!

i just need 1 basic card.... ):

Either you get a supplementary card from someone who owns a credit card or stick with the debit cards...

[ZzGaNgStErzZ]

aiya when they revising the damn thing!!!

i just need 1 basic card.... ):

 

dun tink will hab more revising on e system. coz, u will b owing e company $ everytime u swipe. if they revise e system, lets say some1 earning bout 1.5k a mth. e highest credit tat guy hab is $500, oso wun hab much effect. if e highest credit is $1k, den u will hab 2 b worried bout urself liao after paying e outstanding amt, coz u r left wif onli little $ 2 last e rest of 1/2 mth. N if u intend 2 pay e lowest amt n owe e credit company, 4 e nxt few mths, u will oso b worrying if u will b swiping e card as it snowballs.

BUT now hab tat $10k in bank can apply 4 card rite?

[Wildswans]

But i think whoever who wanna apply ought to know themselves better.... if you have a prob with overspending.... then might not be a good idea for you to own one

[Gnixer]

dun tink will hab more revising on e system. coz, u will b owing e company $ everytime u swipe. if they revise e system, lets say some1 earning bout 1.5k a mth. e highest credit tat guy hab is $500, oso wun hab much effect. if e highest credit is $1k, den u will hab 2 b worried bout urself liao after paying e outstanding amt, coz u r left wif onli little $ 2 last e rest of 1/2 mth. N if u intend 2 pay e lowest amt n owe e credit company, 4 e nxt few mths, u will oso b worrying if u will b swiping e card as it snowballs.

BUT now hab tat $10k in bank can apply 4 card rite?

 

cos damn sucker leh...i fall between 20k-30k(less than 30k actually) range

sometime need to use it to pay for installment mah

but debit got $$$ oso no use

cos cannot pay by installment using debit...

sometime is not dun have $$$ to pay but is just like dat lo

[daojeff]

yes there is a 10K take credit card plan...

that 1 is fix deposit of your 10k...

not your usual saving account...

[Wildswans]

Some pple say you can get it if you have some recommendation and you are close to the requirement....

 

Think they used to allow from 25k onwards, off records....

[mattman8881]

not all bank will do it "off record"... dbs quite strict, although u may have 30k p.a, but they will still reject u.. what i heard is they wan 30k, excluding bonus, which is about 2.5k salary per month... zzzz.....

[daojeff]

i dun think that's the case now... cause more and more credit cards company wants business... so dun think will be so strict...

[Wildswans]

Either that or they keep piling new cards on exisiting customers.... but no increase in credit limit...

[flykite]

Some pple say you can get it if you have some recommendation and you are close to the requirement....

 

Think they used to allow from 25k onwards, off records....

 

no, cannot. off records also cannot.. i work at the card operations of a local bank, 30k per annum is a MAS (Monetary Authority of Singapore) regulation, the bank will get into serious trouble for issuing you an unsecured credit card if you can't prove that you earn more than 30k a year.

 

the bank requires either one of three methods to verify your income:

1. most recent 6mths CPF contribution statement

2. one year Notice of Assessment, two if you are self-employed

3. most recent three months payslip.

most pple send in their NoA as it includes (but doesn't specifically indicates) the AWS, NPVP, MWC, etc

 

show the documentary evidence and you will get your card. btw, your credit limit depends very much on your monthly income. most of the time, you won't get more than twice your limit. so if you earn $3000 a month, your limit is $6000 and it is $6000 spread across for ALL THE CARDS FROM THAT BANK, not $6000 for each card. Don't think that if you got five DBS cards means you got a $30,000 limit. no, it doesn't work this way.

 

however, your credit limit is unique between each bank. so if you think you are smart, you can apply for all nine (9) banks offering credit cards. nine banks : $6000 x 9 = $54,000

 

alot of $$$ right? that's where alot of pple die too. if you max out all your limits, how are you ever going to repay $54,000 in time with a monthly salary of $3,000 only? and 24%p.a. compounded interest on $54,000.... go figure it out.

 

different banks have their different way of determining your credit limit (which in turn is the risk management factor) and having a limit of $6000 for, eg. DBS, doesn't automatically qualify you to the same $6000 in Citibank. Also, credit and repayment information are shared among banks (via a MAS institution), so don't think HSBC doesn't know you owe DBS alot of money. Repayment patterns affects your credit rating and B-score, which will directly affect your future demands of asf waiver and credit limit increases and even new card applications with the other banks.

 

the other kind of card according to daojeff is the secured facility credit card. the bank issues you a credit card that uses your fixed deposit (usually) as a collateral. your credit limit will be half of what you put up as collateral. eg, if you put up a 20k structured deposit with the bank then your credit limit be 10k (up to 100k) however, take note that if you fail to pay up within reasonable time or withdraw your FD, the bank has the right to terminate your card and then use the collateral to offset the amount owed.

 

good luck to those who dont have credit cards and to those who have cards, my advice is to use responsibly. i have seen so many cases of bankruptcy due to credit card that i myself am scared to apply for one.

 

 

 

hmmmm, have i revealed too much? is this violating banking secrecy?

[MC28]

My bro recently called Maybank and wanted to cancel his card, they immediately send a platinum card over.. :lol:

[Wildswans]

Hahhahahaha......

 

I worked as a contact centre officer for bank before....

 

remember at one time, credit lines were the rage and a customer withdrew too much and he called to complaint that the interest super high..... say the bank worse than tua yee long.... then i just told him, but we are legal one lor.... and he burst out laughing....

 

Lucky, if not then die.....

[Wildswans]

no, cannot. off records also cannot.. i work at the card operations of a local bank, 30k per annum is a MAS (Monetary Authority of Singapore) regulation, the bank will get into serious trouble for issuing you an unsecured credit card if you can't prove that you earn more than 30k a year.

 

the bank requires either one of three methods to verify your income:

1. most recent 6mths CPF contribution statement

2. one year Notice of Assessment, two if you are self-employed

3. most recent three months payslip.

most pple send in their NoA as it includes (but doesn't specifically indicates) the AWS, NPVP, MWC, etc

 

show the documentary evidence and you will get your card. btw, your credit limit depends very much on your monthly income. most of the time, you won't get more than twice your limit. so if you earn $3000 a month, your limit is $6000 and it is $6000 spread across for ALL THE CARDS FROM THAT BANK, not $6000 for each card. Don't think that if you got five DBS cards means you got a $30,000 limit. no, it doesn't work this way.

 

however, your credit limit is unique between each bank. so if you think you are smart, you can apply for all nine (9) banks offering credit cards. nine banks : $6000 x 9 = $54,000

 

alot of $$$ right? that's where alot of pple die too. if you max out all your limits, how are you ever going to repay $54,000 in time with a monthly salary of $3,000 only? and 24%p.a. compounded interest on $54,000.... go figure it out.

 

different banks have their different way of determining your credit limit (which in turn is the risk management factor) and having a limit of $6000 for, eg. DBS, doesn't automatically qualify you to the same $6000 in Citibank. Also, credit and repayment information are shared among banks (via a MAS institution), so don't think HSBC doesn't know you owe DBS alot of money. Repayment patterns affects your credit rating and B-score, which will directly affect your future demands of asf waiver and credit limit increases and even new card applications with the other banks.

 

the other kind of card according to daojeff is the secured facility credit card. the bank issues you a credit card that uses your fixed deposit (usually) as a collateral. your credit limit will be half of what you put up as collateral. eg, if you put up a 20k structured deposit with the bank then your credit limit be 10k (up to 100k) however, take note that if you fail to pay up within reasonable time or withdraw your FD, the bank has the right to terminate your card and then use the collateral to offset the amount owed.

 

good luck to those who dont have credit cards and to those who have cards, my advice is to use responsibly. i have seen so many cases of bankruptcy due to credit card that i myself am scared to apply for one.

 

 

 

hmmmm, have i revealed too much? is this violating banking secrecy?

 

Seems like a bit too much info...

[Nicholai]

Speaking of credit cards, I'm thinking of getting one for my overseas trips and internet transactions. Any advise?