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Payments

Digital Payments: Trends, Challenges & It's Future

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Credit Cards

Payments

Which credit cards are the best to pay monthly bills? eg. water, electricity, mobile?
Lee John
Lee John
Level 7. Grand Master
Answered 1d ago
Are you looking at cashback or miles? Miles: mileslion Cashback: Valuechampion.
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Credit Cards

DBS

Payments

Do you get your dbs cashback if you were to use hoolah as a payment option?
Yang Teng
Yang Teng
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered 6d ago
Minimum spend is calculated based on the date of transaction in that calendar month. It excludes posted 0% interest-free instalment plan monthly transactions , posted My Preferred Payment instalment plan (“MP3”) monthly transactions, interest, finance charges, cash withdrawal, Cash Advance, balance transfer, SAM online bill payments, bill payments via internet banking and all fees charged by DBS.
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Fresh Graduates

Loans

Payments

Education

Hi I'd like to ask if anyone can share their actual experience with paying off University Tuition Fee Loan with lump sum/big chunk of the principal amount before the interest rate kicks in?
CL
Chuan lee
Level 6. Master
Answered on 09 Aug 2020
Before you graduate, you will be receiving letter from bank asking you how you would like to pay off the loan. I followed the letter and paid quite a huge chunk off without any penalty.
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Savings

Lifestyle

Loans

Payments

How would it benefit me,or would it be advisable to do a early repayment for car auto loan.For advice pls.Thank you?
R
Rayner
Level 3. Wonderkid
Answered 2w ago
Hi there! I feel that the decision u will make will depend on factors such as the interest rate and your risk appetite. If you're able to generate more than the interest rate on your debt, then you shouldn't use it to pay off the loan, but instead invest that lump sum to generate more returns that will not only offset the loan interest, and u get to keep the excess returns. Depending on the interest u must pay, the type of financial instrument u will need varies, from the average high yield savings account to high yield dividend stocks. The risk of the investment is something u must consider. If u are unable to find an investment that can effectively cover the interest payment, or u are unsure of the returns, u are better off clearing the loan and minimizing the interest paid. Something u must take note of is whether u will need this money for other reasons. It is not very good for example to use your emergency savings or savings set aside for other purposes to clear the loan as your cash position may become very vulnerable. If u have money leftover after having a strong emergency fund, u can then use it to repay the loan. Also some loans charge fees if you repay early. Do take this into account! In general, being debt free is good but some debt is ok and shouldn't be rushed to get cleared as u can leverage it to generate returns. A bit long winded, but I hope this helps yr decision making process.
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SeedlySOS

Family

Payments

If my parents offered to write off my education loan (70k), should I still pay them back? And if so, how long should I target to return them fully? Assuming take home $2.8k. Liabilities $1.4k.?
Takingstock @
Takingstock @
Level 7. Grand Master
Answered 2w ago
I think you should. If you can't handle 70k study loan, how to handle bigger loans for hdb and condo? If your parents don't need the money, ask them help you keep for your wedding present. Suggest you do at least 350 each to pay down the study loan and liabilities first. When the 1.4k is cleared off, then aim the full 700 at the study loan. Keep your bonuses to pay down the loan as quickly as possible because at these sums, you will need possibly 8-12 years to pay off at this rate. If you can do more than 350-700, aim to do so. I think I paid off my loans in 5 years of work, but mine was only about 60k (but I did earn close to 5k during the 4-5 th year). Learn from this period the good practice of saving and paying down the loan. If you didn't learn it well, you will probably be paying a lot of interest for the rest of your life.
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SeedlySOS

Loans

CPF

Payments

Property

Hi, If I were intending to sell my condo between year 5 to year 10, should I take the max loan tenure from the bank or should I shorten the tenure? Should I pay my loan installments by cash or cpf?
Hi anon, Since you're taking a bank loan and are planning to sell the condo before fully servicing it, that means that you'll defo be hit with early repayment fees . In this case, I would go with whichever loan penalises me with the lower early repayment fees. You'll be surprised... a loan with a shorter tenure doesn't necessarily mean that the penalty fees will be lower... With regard to paying by cash or CPF... if you can deploy your cash into investments or etc, and earn more than the CPF floor interest rate of 2.5% then it's probably a better idea to use your CPF to service the loan. If you can't... then it's better to just keep the money in your CPF to earn that guaranteed 2.5% (or 4% if you move it over to your Special Account; take note that this is irreversible). And use your cash instead.
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SeedlySOS

Loans

Payments

Property

How does the process for HDB loan repayment work between the paying parties work? Do we have the flexibility to change the amount paid based on % or absolute amounts as and when needed?
Xue Miao
Xue Miao
Level 4. Prodigy
Answered 2w ago
Hello! I'm assuming you're using the HDB loan your flat. if I'm not wrong, you can change the allocation amount at any time you wish. According to the CPF website, in order to do that: 1. Bring along your identity card to the HDB branch office which is managing your flat. 2. Complete the 'Application for withdrawal under Public Housing Schemes' (HPS/9). 3. HDB will forward the completed form to the Board for processing. Hope this helps! :-)
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Credit Cards

Payments

Cashback

Shopping

Hi guys, which credit card has unlimited cashback? I’m spending around 8-10k per month on online shopping?
AP
Aravind Pai
Level 2. Rookie
Answered 2w ago
Standard chartered unlimited cashback credit card. You can combine your cashback credit card with some other cashback apps to get more rewards. Couple of them that I like are Shopkick and HappyCredit cashback app. They also have a great website for all credit card offers.
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HDB BTO

Loans

Home Loan

Payments

Property

How will the monthly BTO home loan be deducted? Will it be part CPF and part cash? If so, what is the percentage? Thank you guys!?
Daniel Kok
Daniel Kok
Level 6. Master
Answered 3w ago
By default it will be full CPF. You can however choose the different permutation that you are comfortable with. some might even prefer to pay with full cash to let CPF earn the extra interest. :)
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Payments

How to get the Certificate of Residence for interest Payment from Singapore to Germany? Tq?
SW
Shaun WQ Lim
Level 8. Wizard
Answered 3w ago
Https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Applying-for-Certificate-of-Residence--COR-/ You probably can get the equivalent certificate from the German tax office too.
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