facebookWorking for a year and opened 360 for salary credit. Should I apply for a credit card or change saving account? Currently, $200 monthly spending. I seldom online shopping. It's difficult to reach the min spending for CC to earn cashback. Any advise? - Seedly
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Madeline Low

Asked on 12 Jun 2018

Working for a year and opened 360 for salary credit. Should I apply for a credit card or change saving account? Currently, $200 monthly spending. I seldom online shopping. It's difficult to reach the min spending for CC to earn cashback. Any advise?

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Answers (5)

Ck Chai

Ck Chai

Level 6. Master

Answered on 12 Jun 2018

If you don't spend much then the DBS multiplier may suits you better. You can easily hit min 1.55% interest if your salary credited is $2K & above + credit card spend (given that there is no requirement for min. spending on credit card Vs other saving accounts which encourages you to spend more to entitle higher tier interest). Of course if you meet more criteria, you will be entitled much higher interest,

You can refer to seedly blog with the comparison chart to see which of the savings A/C works better for you, given that everyone's spending nature differs:

https://blog.seedly.sg/best-savings-accounts-2018/

To see if the DBS mutliper A/C works for you with higher interest, compared to the rest, you can go to the below link and use the calculator to check what will be the interest rate you are eligible:https://www.dbs.com.sg/personal/landing/dbs-multiplier/

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Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

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Stephanie Ng

Stephanie Ng

Level 4. Prodigy

Answered on 13 Jun 2018

Hi,

Can I suggest since your monthly spending is relatively low, you can go down the miles route? Cashback is very hard to hit, min spending, selected credit card, selected purchases (food, online, travel). For miles, whatever you charge you get back the mpd. You can take a look at Mile Lion blog for ideas to maximise MPD!

0

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Harris Lim

Harris Lim

Level 3. Wonderkid

Answered on 13 Jun 2018

Agree with CK Chai, DBS Multiplier might be a better bet to ensure consistent interest rates with ju...

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