Investments

Asked by Madeline Low

Updated on 18 Apr 2019

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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Stephanie Ng
Stephanie Ng,
Level 3. Wonderkid
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!

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Ck Chai
Ck Chai,
Level 4. Prodigy
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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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 just credited salary. The credit card spend has no limit (sometimes I just hit $1 with it lol), and for the rest of your spend, you can use cards with no minimum spend (SCB Spree, SCB Unlimited Cashback etc) for some cashback!

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I'm guessing a DBS multiplier acct with a DBS/POSB card would work better for you. Compare using the interest calculator and see?

But it might be helpful to still retain some cash in an OCBC account, simply because its ATM queues are usually shorter.

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Isabella Jo
Isabella Jo,
Level 4. Prodigy
Answered on 24 Jul 2018

Consider DBS Multiplier! I disliked to be forced to commit to minimal spending. So I switched from OCBC to DBS Multiplier. As long you can credit salary and use your credit card at least once in a month, you can earn higher interest already.

Details on the interest tier is here https://www.dbs.com.sg/personal/landing/dbs-multiplier/

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