Do I really need a credit card? - Seedly
 

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Asked by Anonymous

Asked on 06 Aug 2019

Do I really need a credit card?

I am looking into ways to maximize my income. I have opened up a DBS Multiplier account and set my salary to be credited into that account instead of my POSBkids account. Currently, I am looking at getting a credit card (POSB Everyday) to earn some cashback when being used to pay for bills and purchases. However, I'm intimidated by the annual and primary fee. I do not spend much on myself but most of the money goes to paying for insurance/savings polices (about $900). Any advice?

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Yinghua Liu
Yinghua Liu
Level 5. Genius
Answered on 06 Aug 2019

Don't worry about the annual fees. Most of banks waive the fees upon request. If in the case where the bank don't waive the annual fee, you can cancel and apply for another card. Till now, I do not have a problem waiving the annual fees for DBS/ POSB credit cards.

As for the insurance/ endowment plans portion, you can find other cards that will give you cashback for insurance premiums (Do read the Terms & conditions for the exclusion part)

Also, take note that some insurer companies do not accept giro payment of the premiums via credit card.

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