15 Jan 2021
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!
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15 Jan 2021
Founder at thefrugalstudent.com
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:
DBS Womans Card: earn 5x DBS Points/$5 spending on online spend
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!
16 Dec 2020
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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