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Aik Kai

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

Aik Kai

110Upvotes

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

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Aik Kai

110Upvotes
  • Answers (125)
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  • Reviews (6)

Credit Card

Lifestyle

DBS Altitude Visa Signature Card

DBS

Finance Savvy

Grab

Miles

Aik Kai
Aik Kai
Level 6. Master
Answered 1w ago
The answer is yes to your main question and no to your sub-question. There is currently a promotion going on whereby you earn 4mpd by using your DBS altitude card to pay for Grab rides till 31st Dec 2019 but NOT top-up. Top up is still the normal 1.2mpd. Registation required though: https://www.dbs.com.sg/Contact/dbs/cards/altitude-4mpd-promotion/default.page

Credit Card

CITI Rewards Card

UOB Preferred Platinum Visa Card

Miles

Aik Kai
Aik Kai
Level 6. Master
Answered 1w ago
This sounds like a very late reply now but based on the categories you mentioned, I would choose Citi. The $5 block for UOB will make calculations a little bit tricky so I would avoid that. For Grab, these 2 cards don't give points. Citi is a hit and miss so it depends. Better miles card for your mentioned categories: Grab: Maybank Horizon Visa and AMEX Krisflyer card Dining Out: Maybank Horizon Visa. Refer to this for more information: https://milelion.com/credit-cards/guide/

Credit Card

Miles

Aik Kai
Aik Kai
Level 6. Master
Answered 1w ago
Yes, there is, with a catch. The UOB Krisflyer card. It rewards 3mpd across many categories, like online shopping, food delivery, travel etc. It first reward you 1.2mpd and then the 1.8mpd after the card membership year. The catch? You need to spend $500 with SIA group every card membership year and your "extra" points come in later. Read this for more information: https://milelion.com/2019/04/23/a-review-of-the-new-krisflyer-uob-credit-card/ Just like to highlight that, for miles chasers, there is no such thing as a one-card-settle-all thing. Different cards give different bonus for different categories of spend. Hence it is common to see mile chasers have a lot of cards so as to maximise the returns from their spend. I personally have more than 6 so ya.

Lifestyle

Credit Card

Shopping

Aik Kai
Aik Kai
Level 6. Master
Answered 2w ago
The power of triple-dipping, especially for miles chasers Imagine this situation. Person A and B are at Subway and they ordered the same thing. They are paying for their order at the cashier. Person A pays with his credit card only. He gets either cashback or miles based on the card he uses. That's it. Person B pay using Fave Pay and his/her account is linked to Grab. His GrabPay was topped up by his miles credit card (i can't say much for cashback cause I am not sure). So he earns miles from topping up GrabPay (first dip), earn rewards points for using GrabPay (2nd dip) and earn cashback through Fave for using Fave Pay (3rd dip). Same order, same amount, but Person B walk away with more rewards and cashback. So why not? Grab Rewards have have a lot of things in their catalogue but essentially Grab is still a ride-hailing service provider. The points you earn, just redeem for promo codes lor if you don't have other uses for them. If I already need to take Grab and they give me points along the way, who am I to say no?

Savings

Bank Account

Aik Kai
Aik Kai
Level 6. Master
Answered 2w ago
I personally prefer DBS as it is rather easy to hit the high tier interest based on my spending habit. Plus a lot of things can be done online which makes banking very convenient. I find OCBC a bit troublesome with slightly more hassle. Never really try UOB one though. Not planning to as I feel that reconciliation will be a headache.

Bank Account

Loans

Credit Card

Savings

Aik Kai
Aik Kai
Level 6. Master
Updated on 17 Sep 2019
Your question, to be honest, is very vague. What do you exactly want to know? DBS cards are credit cards that you can use for your everyday expenses. you can apply for a DBS card as long as you hit the minimum annual income of 30K. Unsecured Loans are loans that you take without pledging anything to the bank. The term unsecured means it is not backed by anything.

Credit Card

Miles

Aik Kai
Aik Kai
Level 6. Master
Updated on 14 Sep 2019
I break my answer down into a few parts. Why get miles instead of cashback on credit card spend? Because there is no minimum spend to hit before unlocking a higher tier of cashback. Cash in point, Citi Cashback card and OCBC 365 card. Both require you to spend $800 minimum per month before you get those published cashback rates (6% la, 8% la etc). Worse still, it is on specific categories. Isn’t this forcing the cardholder to spend more? Miles cards are generally more generous in this sense. I may only spend $100 this month. But I am still awarded my points and/or miles. They don’t care how much you spend. As long as you spend, you are awarded with miles and/or points. It doesn’t matter which camp you are in. Cashback or miles. Both camps work damn hard to maximise their spend so they get the best return. So, since you already need to do homework liao, why not spend the time to do homework that gives you a better return? 20K per year is rather decent, to be honest. I paint a very simplistic scenario. Let’s say for every spend you make, you earn 3 miles per dollar (mpd). 3x20K is 60K. According to SQ award chart, you just need 61k to redeem a return business class ticket to Taiwan. Of course, you have to pay a bit of taxes but it is within $100. A return ticket on SQ business class cost you around $2k. if you channel the $20K spend to a cashback card, at 5% cashback (average la), you will get back around $1K. Woohoo! Enough to get you a return ticket on SQ to Taiwan. But economy. And as I mentioned earlier, you have to make sure the spend is on the correct categories before you get the published cashback. See, the same amount of spend, same homework needs to be done when it comes to optimising credit card spend but the end result is miles chaser get to enjoy champagne and complain about the stiffness of the lie flat bed whole cashback chaser rough it out in the economy. Disclaimer: I am assuming a lot of things for a very simple scenario for illustration purpose and I might be wrong. Serious cashback chaser may even outdo me, so do take it with a pinch of salt. Cheers.

Lifestyle

Savings

Aik Kai
Aik Kai
Level 6. Master
Updated on 14 Sep 2019
I would tell my 21-year-old self to stop delaying and went ahead to read about investment stuff and put money in. I delayed for a few years even though I am interested in personal finance and investments since my teenage years. That time, I guess I was too cautious and coward. So I would tell my 21-year-old self to stop delaying, be brave and take that first step early.

Savings

Credit Card

Loans

Bank Account

Aik Kai
Aik Kai
Level 6. Master
Updated on 10 Sep 2019
I once owned a Maybank savings account but I closed it. Here are my 2 cents: 1) Maybank has a limited presence here as their focus is in Malaysia. Fighting the big 3 (DBS, UOB, OCBC) head-on is not their strategy but they are here to fight for a share of the pie 2) To be honest, to a normal man on the street, they are no different from any other bank. Thye have branches, they have ATMs, they offer iBanking. It all boils down to whether their branches and/or ATMs are convenient to you in terms of location. 3) ATMS a bit outdated. Think of their ATMs as one generation behind DBS. They get the job done. Like, everyone else is running windows 10 they still at windows 7. 4) The same goes for their iBanking. It makes you wonder if the security is tight or not sometimes. 5) Products are so-so. I closed my account simply because my needs have changed and DBS products are more suited for my needs. Overall, okay okay. Nothing negative in the 2 plus years I bank with them but nothing fantastic to shout about.

Credit Card

Aik Kai
Aik Kai
Level 6. Master
Updated on 08 Sep 2019
Short answer, yes. Unless! That card excludes Grabpay top-up. Otherwise, to the bank, it is just another transaction and it will reward you the cashback. But if your card has a minimum spend per month, do ensure that you hit it or else your cashback will be reduced.
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