Should I continue using my debit card or get the BOC F1RST Card? - Seedly
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Anonymous

Asked on 18 Mar 2020

Should I continue using my debit card or get the BOC F1RST Card?

I am an 18 year old who is currently schooling so my expenses are not super high anyway. Any recommendations?

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Kathlyn Laiu
Kathlyn Laiu, Community Associate at Seedly
Level 6. Master
Answered on 18 Mar 2020

I would advice you to stick to your debit card because honestly, as an 18 year old not earning an income, it may be very difficult to pay for your credit card bills. A debit card is limited to your savings while a credit card has no limits so the danger of that is spending above your financial capacity. However, the BOC F1RST card does give you a 0.5% cash rebate for the total amount billed to you at the end of the month (maximum spending of $500 and no minimum spending) so that would be the catch of getting this credit card.

All in all, there is no rush to get a credit card because a debit card can work equally as well.

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Gabriel
Gabriel
Level 8. Wizard
Answered on 20 Mar 2020

Hey Anon, do consider signing up for a Standard Chartered Jumpstart account as it comes with a free debit card which offers 1% rebate on all spending with no minimum spending, balance or other conditions. The BOC F1RST card only offers half of that, 0.5% rebate. Besides, the annual fees after the initial few years of waiver seems pretty hefty. If you still would like a credit card, do consider the Maybank eVibes card which offers 1% rebate as well. Also, the annual (quarterly) is easily waiveable so long as you use your card. I'm also using both the SCB debit card and Maybank eVibes credit card, no regrets thus far.

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