Asked on 26 Aug 2020
I personally feel that the SingLife debit card is not really that useful.
The 2 benefits that it provides are:
No FX fees when making an overseas payment
An FX fee is usually charged by banks when you use their credit card to make an overseas payment, and is usually around 3% of your total fee. This is on top of the currency exchange rate, that is usually not attractive.
SingLife claims that they have attractive exchange rates, and they do not have any FX fees. Thus, the debit card would be useful if you regularly make overseas payments.
For the retrenchment benefit, it is rather complicated. You need to be retrenched and remain unemployed for 4 months, only then you can receive the retrenchment benefit of three months.
Your retrenchment benefit depends on the average monthly card transactions that you make for the past 6 months, before you are retrenched.
It's really complicated and not really worth spending money through the SingLife debit card.
For the credit cards being offered by DBS, they do provide many different rewards such as cashback, miles and rewards points. I would recommend you to use the credit cards instead, and you should choose one that maximises the rewards based on your spending pattern.
Overall, I would still create the SingLife account, but just use it as a savings account to store my emergency funds and receive a really decent return of 2.5% for the first $10k. I see no point in using the SingLife debit card as it does not really provide a lot of benefit.
If you'd like to find out more about the SingLife account, you can check out a review I've done on my blog. We will both receive a referral bonus of $10 if you sign up using my link, and more info can be found at the end of my article.
3 more comments
27 Aug 2020
I think the POSB SAYE gives you a good interest rate, but there are many different conditions. You have to credit your salary to a POSB/DBS account, you have to determine a fixed monthly savings amount from $50 to $30k (in multiples of $10), and you cannot make a withdrawal from the SAYE account. It is very complicated and I'm not sure if you would want to go through that sort of extent just to get higher interest. (For more info, you can read MoneySmart's Review at https://blog.moneysmart.sg/savings-accounts/posb-saye-review/) I would still prefer to stick to SingLife and DBS Multiplier as both of them much more flexible.
27 Aug 2020
You should sign up both?
I am using Live fresh card, giving 5% for both online and paywave spending...
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