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Credit Cards

Optimising your daily spending

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Credit Cards

How does credit score work in Sg?
Https://www.creditbureau.com.sg The credit bureau holds the information and data is contributed and shared among the member institutions. You can also sign up for the credit monitor and be notified if any enquiry is made on your credit history.

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Credit Cards

Payments

Cashback

What’s the best cash back card for huge spending at around 10K lump sum?
Z

ZY

Level 6. Master

Updated 2d ago

I recently used Citibank Cashback Plus (1.6%) cashback to pay about 10k for car downpayment. If your transaction can be split into 2, then perhaps use HSBC Advance (2.5% if spend above 2k, but cashback capped at $70) to pay $2800 and the balance with Citibank Cashback Plus (1.6%) card. I would suggest to time your transaction with the signing up of a new credit card. Usually card sign-up bonuses come with a minimum spend requirement within the next x months. With this 10k transaction, you can easily hit the minimum spend requirement. The above assumes your 10k falls under an eligible transaction. Transactions such as insurance premium, education, and etc. usually do not earn cashback. Check the T&Cs to be sure.

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Credit Cards

SeedlySOS

If I have sufficient funds in my USD wallet, will my DBS CC deduct my transactions from there or from my SGD funds?
If have balance in usd, they will deduct that first

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Maybank Horizon Visa Signature Card

Credit Cards

Citi PremierMiles Visa Card

Do insurance premiums qualify as eligible transactions to accrue air miles with this card? which other cards will be suited for accruing air miles for insurance premium?
Not likely to qualify unless the card specifically says that it does. As for overseas spending eligibility, I am not sure.

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Travel

Citibank

Citi PremierMiles Visa Card

COVID-19

Credit Cards

I’m holding a Citi PremierMiles card. The annual fee is $192.60 for 10,000 miles. Is it worth to pay the annual membership for miles?
Hi anon, This boils down to your value of a mile. If you value a mile at anything more than 1.93cpm (cents per mile), then paying the fee makes sense as you get miles for cheaper than your valuation. Pesonally, I think the threshold has dropped to 1.8 or 1.9cpm for many people, but I feel that paying 1.926cpm for something I value at 1.9cpm is still not too bad.

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Credit Cards

Savings

Debit Cards

Lifestyle

Is credit card better than debit card? Is it easy to get annual fee waived?
Z

ZY

Level 6. Master

Answered 2w ago

Yes, credit card is better than debit card, provided you pay your bills on time. Even general spending cards like standard chartered unlimited card gives 1.5% cashback. There are also specific cards like OCBC Frank card, DBS Live fresh that beats your 1% debit card rebate hands down, but with minimum spend requirement. Do note that income tax and insurance spend (usually) do not count towards minimum spend. Most cards offer annual fee waiver for the first few years. Thereafter, they will automatically waive if your spend is high enough, or you just have to call in to request to waive. In the unlikely event they choose not to waive, then you can just cancel the card.

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Credit Cards

Which is the best credit card for cashback to get at the moment (Nov 2020)?
How much do you spend per month and what do you usually spend on?

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Credit Cards

Debt

Payments

This may be a dumb question but I have always wondered is it better to pay all debt of at once (for those that can) or pay it off monthly to help build credit?
Not a dumb question. Since you tagged "Credit cards", do you mean credit card debts? Those are rather expensive (high interest rates) and I rather have them cleared immediately (via auto bill payment) once the statement comes. Clearing them promptly also builds score.

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Credit Cards

Payments

Debit Cards

Lifestyle

Am I losing out if I choose not to have any credit cards? I'm a fresh grad, but still living with my parents. I don't spend much, so I don't think I can hit the minimum spending for certain rebates?
Z

ZY

Level 6. Master

Updated 3w ago

Yes, you are losing out. Different cards have different benefits, and if your monthly expenditure is big enough, a different combination would be best to max out the benefits. Since you don't spend much and find it stressful to manage too many cards, why not just get 1 general spending card without minimum spend requirement? Some suggestions below. - Standard chartered unlimited card (1.5% rebate) - Amex True Cashback Card (1.5% cashback) - Citibank Cashback Plus Card (1.6% cashback), need to SMS to redeem cashback which I find stupid Savings is small, but better than nothing. Also these banks/credit card companies also sometimes run special promos, like 1-for-1 dining, extra rebate for groceries, promo codes for lazada/shopee/foodpanda/Deliveroo. Having a credit card, which you spend on and pay off promptly also help build your credit history.

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