Credit Card

Optimising your daily spending

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  • Asked by Anonymous

    Ang Yee Gary
    Ang Yee Gary, Medicine at National University Of Singapore
    Level 3. Wonderkid
    Answered 1h ago
    Https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier I don't quite understand about the credit card linking part. A credit card is separate from a bank account For paying of credit card u can use any account If u are really concerned u can simply transfer money from Yr posb account to Yr multiplier account and pay using the multiplier account But personally I don't think that is necessary Best to check with dbs on this.
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered 6h ago
    There are tons of articles available covering these topics on Seedly and I'm sure many people have answered questions that are similar to yours on this platform. But if I may, I suggest speaking to a Financial Advisor you trust or at least an independent one. There are tons of rules of thumb I've personally covered in the answers I've provided before that you can read up as well. If you're interested to speak to me, message me on FB. You can search my name there. :)
  • Asked by Bin Rui

    Junus Eu
    Junus Eu
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered 10h ago
    Nope - the cashback will be invalidated. It's an innovative (but fraudulent) way of getting cashback.
  • Asked by Anonymous

    Gabriel Tham
    Gabriel Tham
    Top Contributor

    Top Contributor (Apr)

    Level 8. Wizard
    Answered 10h ago
    Very likely to get waiver. POSB/DBS is one of the most lenient when it comes to waivers. I also spent close to nothing on their card, still waived. Process to waive also super easy. Now everything is done in ibanking. just fill in a form, 2-3 clicks, and its sent in. Wait few days, it should be waived. For unit trusts, I personally do not recommend getting from banks. They typically charge a high sales fee. My guess is you are trying to fulfill the investment criteria, and for this I recommend Singapore savings Bond. Buying singapore savings bond consecutively for 6 months and you will be getting interest for every month. This will trigger the investment category of multiplier account. Minimum to buy singapore savings bond is $500, fee is $2. Backed by sg govt so its pretty safe.
  • Asked by Anonymous

    Kenneth Lou
    Kenneth Lou, Co-founder at Seedly
    Level 8. Wizard
    Answered 22h ago
    Hey! For me personally, I'm a user of the OCBC365 Credit card. It offers between 3% (weekend) to 6% (weekday) cashback for the dining portion itself. So I suggest that this is a really fuss free kind of card for people like you which gives you cash rebates. I think you should use cashback cards vs miles cards for pure beginners as it's alot easier to understand for beginners. Hope this helps! Here's one that one of our writers wrote about: https://blog.seedly.sg/best-cashback-credit-cards/ UPDATE: CIMB Visa signature changed their policy recently.
  • Asked by Anonymous

    CL
    Clare Lee
    Level 2. Rookie
    Answered 3w ago
    You can use mine :) Clare has invited you to use YouTrip, get S$10 free money after your first top up! Get the app and accept the invitation with this special link: https://youtrip.app.link/HUI%20SIAN%20CLARE827
  • Asked by Gabriel Tham

    Vincent Tan
    Vincent Tan, Assistant Vice President at Thinkers Alliance
    Level 3. Wonderkid
    Answered 3d ago
    That would be great. I believe I read something about that in dollars and sense. Howerver, credit cards promo are always changing. I find it hard to keep track. I think it would be good to choose a credit card that you prefer (cash back, miles, rewards) and stick to it. It free up quite a bit on the mental space and I would use the rest of the time to search for investments to build up a portfolio that creates a passive source of income.
  • Asked by Anonymous

    Sarah Chan
    Sarah Chan, Social Media & Marketing Intern at Seedly
    Level 2. Rookie
    Answered 2d ago
    Hey there! I’m planning to get a DBS Live Fresh Card too so I did a little research into it. Earning cashback and miles is really important to me too, so I got your back! Hopefully, the information I found and my recommendations would be helpful! TL;DR 1. Know the monthly cashback caps you can be rewarded 2. Understand the types of spending that are eligible for cashback 3. Sort out if you’re prioritising miles or cashback 4. Use a combination of recommendations to maximise your gains Reasons & Recommendations (for the lack of eligible cashback): 1. Monthly caps. - Perhaps you were unaware of the monthly caps for the various types of spending. This explains why you thought some of your transactions were “uncaptured as eligible cashback spend”. - Recommendation: Look through your previous month’s statement and identify which transactions qualified for cashback. Calculate the total cashback you were rewarded for that month and check if it tallies up with the various types of monthly cashback cap. If they do, great! If they don’t, move on to the next recommendation. 2. Exceptions for the different types of spending. - There are various types of transactions that do not qualify as Online Spend, Visa Contactless Spend and All Other Spend. Some of your S$800 monthly expenses might be the exceptions under this category and therefore, aren’t rewarded with the due cashback. - Recommendation: Identify the type of transactions you’ve made in the month and whether they fall under the exceptions. If they do, that would most likely be the reason why you weren’t rewarded with the cashback. If neither of these reasons is why you didn’t get your due cashback, I would suggest speaking to DBS directly to check if there were any other unnoticed discrepancies. BTW, you can earn an extra 5% cashback! - I also found out in my research that 5% cashback on Overseas Spending is valid from 5 Apr - 30 Jun 2019 if you didn’t know! All you gotta do is hit a min. spending of S$700. - Just like the other types of cashback, there is an S$35 monthly cashback cap for your overseas spending too. Recommendations: Before getting into further recommendations to help you earn greater cashback (or miles), I suggest you check out our Seedly blog article on the differences between them. Knowing the different types of rewards helps you understand which one you should prioritise based on your spending behaviour and therefore, which CC you should get on top of your DBS Live Fresh. 1. If you would like to get a new CC that focuses on miles , you should check out SeedlyTV Ep 2 where Aaron (Founder of Milelion) broke down the differences between miles and cashback rewards that a CC can offer. On top of that, he also gave some tips for anyone starting their miles collection! Have a look at Milelion’s comprehensive categories of miles CC here. But before that, do determine the following first: - What’s your spending priority (e.g. local spending, foreign currency spending or others)? Different CCs offer different miles rates based on it. - How often do you travel/intend to travel? This helps you in strategising a plan to collect the right amount of miles by your designated deadline. - How much do you spend every month? Certain CC’s miles promotions are only valid with minimum spending, or else you would be earning slightly lesser miles. As a loyal fan and frequent traveller on SIA, my personal recommendation would be the KrisFlyer UOB Credit Card . I find their miles rate pretty reasonable and appreciate the additional exclusive privileges when I travel too. 2. If you are looking for another CC that can give you further cashbacks , here’s another Seedly blog article for your reference. It’s best to understand the following before deciding on another CC that provides you with extra cashback: - What’s your main form of expense (e.g. dining out)? Different CCs provide different cashback rates based on it. - How much do you spend every month? Certain CC’s cashback offers are only valid with minimum spending. - Understand the monthly cashback caps for these CCs too and see if they suit your spending behaviour. My personal recommendation would be the POSB Everyday Credit Card . I find the cashbacks offered for Watsons and Sheng Shiong really applicable for me, and there isn’t a minimum spending too! Additionally, I get to enjoy greater interest rates from my DBS Multiplier account with this card too. 3. Other Suggestions: - ShopBack: If you’re a frequent online shopper, ShopBack is the place to go if you would like to earn some additional cashback. Cashback also applies for your travel expenses on ShopBack (e.g Agoda, Expedia), so even if you’re not earning the miles, perhaps you can consider gaining some extra cashback from your travels instead! The cashback I got from booking my hotels via ShopBack is amazing. - DBS Multiplier Account: If you haven’t opened a DBS Multiplier Account, I would highly recommend it. Instead of earning cashback, you get to earn from greater interest rates when you accompany your DBS Live Fresh Card with the Multiplier Account. I hope my research and recommendations are helpful!!
  • Asked by Prasanta Saha

    Junus Eu
    Junus Eu
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered 6d ago
    I believe that a minimum income of $30,000 per year is required to apply for a basic credit card in Singapore, and that could be higher if you are a foreigner. I do think you would need to wait 3 months first, because chances are that the credit card application would get rejected and you would need to re-apply again when you have 3 months of salary to show.
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