Posts Tagged ‘credit cards’

FRANKly speaking, 6% rebate is a lot!

Thursday, July 3rd, 2014

Update: Btw, the main reason why I feel this card isn’t attractive anymore, is that online spending no longer counts towards the minimum $500 spend. – 5 July 2016

Update: OCBC changed it’s terms & conditions wef Oct 2015. The Frank Credit Card no longer remains attractive. – 8 Dec 2015

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4 simple tips to save some cash

Wednesday, August 5th, 2009

I was reading an article in a female magazine, written by Kenneth Goh of IPP Financial Advisors. He suggests this 4 tips:

(1) Cancel all but one checking account

    He suggests consolidating all your checking accounts and just pick one and close the rest. Most accounts charge you a fee if you fall below the minimum deposit. Sure, it may only be $2-$5 a month, but why pay the bank money to keep your money?

    Personally I don’t believe in paying bank fees. That’s why I currently use FairpricePlus and Standchart’s Xtrasavers. They both have no minimum deposit required, and decent interest rates.

(2) Get credit cards with cash rebates

    Most credit cards have their own points system. But the thing is, if you have 2000 points, u might only be able to redeem 1500 points (eg. $10 voucher), and you more often than not will spend more than the voucher amount. Also, time is spent choosing your vouchers, and then they’ll have to snail mail it to you.

    The bigger problem however, is most people forget about their points and when they do remember, the points have expired.

    I only use cards with cash rebates. Citibank Dividend Platinium is the most straightforward one. They send you a cheque every quarter when the minimum $50 is hit.

    For those who prefer debit cards, and getting cash rebates on both signed transactions (2%) and NETs (0.5%), Standchart’s Xtrasavers account comes with a debit Mastercard. However, you’ll need to maintain a minimum of $6k in your account (which will earn interest), and your cashback is deposited on the 1st of each month.

(3) Pay for hospitalisation and surgical insurance (H&S) with medisave

    Most people I know already pay for this through their CPF Medisave. There are some who pays in cash, and if you’re one of those, you can consider switching.

(4) Pay insurance premium yearly and not monthly.

    Did you know that you pay up to 5% more when you choose monthly payments for your insurance over annual payments? This is because it costs more for the company to collect 12 payments instead of 1. Switching to annual payments saves you up to 5%.

    Divide up your annual premium by 12, and force yourself to save each month!