Is the DBS My Preferred Payment Plan (Deposit Accounts) Promotion essentially a 0% interest 12-month loan with zero fees? Is there any impact or any catch like reducing credit score? - Seedly
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Anonymous

Asked on 08 Jun 2020

Is the DBS My Preferred Payment Plan (Deposit Accounts) Promotion essentially a 0% interest 12-month loan with zero fees? Is there any impact or any catch like reducing credit score?

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Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (Jun)

Level 7. Grand Master
Answered 2w ago

Yes. 0% interest free. No catch. Wont affect credit score if you pay your monthly instalments on time.

But you cannot cancel the card within this 12 months. Even if the bank charge you annual fee for CC, you cabnot threaten to cancel. If you do early repayment, theres penalty.

2 comments

ūüĎć 1
Question Poster

2w ago

Looks like I can use it to split insurance annual premium and I can choose a shorter repayment period to mitigate the cc annual fee risk?
Tay WenHao
Tay WenHao

2w ago

Yup. 1 more thing, installment plans doesnt give you Credit Card cashback/rebates/points/miles. . But if insurance is excluded in the first place then yup. No harm using it.