Anonymous
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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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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There are some advantages to it such as getting cashback, miles exchange! That said, it can be thought as an emergency card, to provide you with the means to pay in really really urgent case.
Of course, proper money spending and saving habits are important so that you do not get yourself into unnecessary debt.
I see it as a good to have, not necessary a must have of you are still young.