facebookHi all, I have a DBS multiplier account and want to increase my interest rate. I'm currently spending less than $600 per month, should I still get a credit card (I'm looking at Live Fresh CC)? - Seedly

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Anonymous

15 Jan 2021

βˆ™

Credit Cards

Hi all, I have a DBS multiplier account and want to increase my interest rate. I'm currently spending less than $600 per month, should I still get a credit card (I'm looking at Live Fresh CC)?

I'm inclined to get a credit card to increase the multiplier interest rate and to build credit score. However, since I will spend less than the min spend to get the 5% cashback, I'm worried that it'll be difficult to obtain an annual fee waiver after the first year (or is this something not to be concerned about?)

Would appreciate any advice! Thanks in advance!

Discussion (3)

What are your thoughts?

thefrugalstudent

thefrugalstudent

15 Jan 2021

Level 13Β·Founder at thefrugalstudent.com

Hi Anon,

Not sure if you've come to a decision on this question yet, but here are my thoughts.

For one, I believe that you don't need to hit the monthly minimum spending to get an annual fee waiver - the minimum spending is simply to be eligible for the rewards, in this case, cashback on various categories of spending.

However, even if your annual fee can get waived if you don't meet the monthly minimum spending, I feel like it would be a waste to use the credit card and earn nothing.

Some other cards you can consider are:

  1. DBS Womans Card: earn 5x DBS Points/$5 spending on online spend

  2. DBS Altitude Visa: earn 3x DBS Points/$5 spending on local spending

Both of these cards have no minimum spending, so even if you spend only a little every month, you will still earn some points.

One thing to note is that while DBS Altitude is marketed as a miles card, it actually earns DBS Points, which can then be converted to miles. So by using DBS Altitude, you are not locked up into using them for miles only.

What's more is that the DBS Points earned from the DBS Altitude card never expire, unlike those earned by other cards which have a fairly short shelf life of ~ 1 year.

DBS Points can be converted to miles and cash vouchers at various merchants.

Hope this helps!

Regards,

thefrugalstudent

Jiayee

Jiayee

16 Dec 2020

Level 11Β·Salaryman at some company

It's quite easy to get the annual fee waiver from DBS as long as you use the card (no need to spend so much).

If you can't hit min spend, consider getting other cards. If not for COVID, I would've recommended the Altitude card. I'm using the Woman's World card to get points for online spending.

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