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Aik Kai

Collecting miles one at a time and collecting dividends $1 at a time.

Aik Kai

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Collecting miles one at a time and collecting dividends $1 at a time.

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Aik Kai

  • Answers (180)
  • Questions (0)
  • Reviews (6)

CPF

Investments

Is there anyway to do away with the monthly $2 fee from banks for CPF OA investment holdings?
Aik Kai
Aik Kai
Level 7. Grand Master
Updated 6d ago
Short answer, no Think of it as a service fee that you pay for their service. Although, what service you receive is debatable
šŸ‘ 0

Investments

Savings

OCBC

Fixed Deposits

COVID-19

Why did OCBC terminate my Fixed deposit of 2.05%?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered 4w ago
Banks earn money by margin. Simple example, You deposit with them $60K at 2.05% interest per annum. They take the money and loan to other people at 3% interest (or more) per annum. So they earn the difference in interest. Banks need money now, of course. But with the economy so bad, it means loans are not doing well. If their loans are not doing well, they will lose more money if they have to pay you interest. Simple example. OCBC loan a business $60K at 3% interest. If the business is not paying back the loan, OCBC is losing money by paying you 2.05% interest. To them, terminating your FD means they are saving cost as they don't need to pay you the interest. Hope this helps in a bit. Cheers
šŸ‘ 0

Stocks Discussion

Investments

If I buy shares today when the ex date for dividend payout is tomorrow, would i still receive the dividend payout even though it takes a few days to process the transaction?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered 4w ago
Yes. Think of Ex Date as the books closing date. As long as the company books recognise you as holding on to their shares, you get paid dividends on the Pay Date. Just a question. Ex Date is normally not known until the management of a company declares it. Besides, we also don't know the dividends they plan to pay. So... are you referring to Pay Date of the dividends instead? In which, then NO to your question. As long as you don't own stocks before the Ex Date, you are not getting paid on Pay Date. Hope this clarifies. Cheers
šŸ‘ 0

Promo Codes

AMEX KrisFlyer Ascend Card

Credit Cards

Anyone has referral codes for AMEX Credit Cards?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered 4w ago
You can use mine: www.amex.sg/refer/aikkatoa32?XLINK=MYCP Thanks!
šŸ‘ 0

Investments

STI ETF

Hi I recently started a RSP with NIKKO STI ETF. How do I calculate the dividends I will get if I hold it for 10yrs?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered 4w ago
Dividends are paid out twice a year and the payout amount varies. It depends on the fund manager to determine the dividends given out. Also, market conditions play a part. However, you can refer to this link and based on historical data, do a rough calculation. Start an excel sheet, pump in the numbers and you should be able to calculate. Cheers.
šŸ‘ 0

Investments

Should I link my CDP account to my FSM one account?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 30 Apr 2020
If I am not mistaken, FSMone keeps your stocks in their custodian account. So if you forsee a future whereby you want to have full ownership of your stocks, link it. If you see yourself using FSMone for a very long period of time and all buy/sell transactions will be done via FSMone, there really isn't a need. Cheers
šŸ‘ 0

Income Tax

I was given an IPPT award of $200 in 2018 which was taxed in 2018. However, I was taxed $200 under employment income in 2019 when I did not receive anything. Why was I charged $200 extra in 2019?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 28 Apr 2020
Honestly, I would recommend dropping IRAS an email. They will be able to better advise you.
šŸ‘ 0

Credit Cards

Cashback

Are cashback credit cards cash credited to bank acc or credit cash rebate?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 28 Apr 2020
To bank accounts? Nope. But cashback cards have 2 types. Both credit the cashback to your credit card account but the 1st type offset the next bill. You know, like you spend $100, get $1.50 in cashback. If you spend $100 again next month, you pay only $98.50. Example: Stan Char Unlimited The 2nd type sort of "store" it in your card. For example, if the cashback rate is 2%, you can spend $100 every month and repay the $100 every month. What happened to the $2? It gets stored in your card. 5 months later, you accumulated $10 in cashback credit. You can then use the $10 to offset a future purchase on the spot at eligible merchants. Example: POSB Everyday Card. Hope this clarifies. Cheers
šŸ‘ 0

BOC Elite Miles World Mastercard

Miles

MileLion

Credit Cards

For the BOC Elite Miles World Mastercard, can you earn miles for insurance premium payments? Any exclusions?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 28 Apr 2020
Short answer, yes. But must pay directly to the insurer. No going through AXS. And that is also provided the insurer has a payment gateway. I know AIA has AIA Pay EZ. I don't recall any for GE and Aviva and no knowledge of others. Cheers
šŸ‘ 0

Citi Rewards Credit Card

Miles

MileLion

Credit Cards

Citi Rewards card is most beneficial for online shopping/purchases. If I use my card to buy grab vouchers on shopee, am I still eligible for the 10x rewards?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 28 Apr 2020
Short answer, yes. Unless the bank and the merchant has an exclusive relationship, the bank don't actually know what you bought on Shopee, or Lazada, or any other merchant for that matter. The bank only know you, as the card holder, makes a transaction on Shopee. That is all. And since Shopee is eligible for 10X points, you are awarded 10X points.
šŸ‘ 0
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