What First-Timers should know about POSB Everyday Credit Card?
Are you planning to get a POSB Credit Card?
Singapore is one expensive place to live in. With a high cost of living, citizens are careful with their finances. Thus, citizens have to be financially literate as a way to survive living in the country. Even when applying for a credit card, Singaporeans have to choose smartly.
Getting a POSB Credit Card could be advantageous in your purchases or the opposite. Here are some facts you might not know yet about POSB Credit Cards. Read up and understand if a POSB Credit Card best suits your financial situation.
POSB Everyday Card Reviews
Among all banks available in Singapore, POSB is one of the trusted banks committed to making a difference in the lives of Singaporeans. POSB Everyday Card is the only credit card that POSB offers. Yet, this card can pay you back with rewards and other benefits.
POSB Everyday Card Benefits You’ll Enjoy:
Using a POSB Everyday Credit Card in your purchases will surely benefit you with various rewards and perks. But, of course, that depends on what purchase category you spend.
Purchasing Foodpanda and Deliveroo using the card will give you 10% cash rebates.
You can enjoy shopping with the POSB Everyday Card with 5% cash rebates. But only you can use the card at select shops, namely:
- RedMart, and
You can even qualify for additional rebates when you spend at least S$800 per calendar. Qualified POSB credit cardholders can receive a maximum of S$30 POSB Daily$ per calendar month (capped at $15 per purchase category). Some other terms and conditions apply to this, so read it carefully.
POSB grants a S$200 cash back if you apply online. That’s one great gift a new POSB cardholder can get.
POSB Everyday Card Annual Fees
Be aware of POSB annual fees: S$192.60 for the Principal Card and S$96.30 for the Supplementary Card. When you apply for this card, you’ll enjoy the benefits that come with it while the annual fees get waived in the first year. But note that in the succeeding years, POSB will charge 26.80% of the Annual Interest Rate.
Crucial Facts You Might Need To Know About Credit Card Annual Fees
An annual fee is what we pay for the benefits we get from credit cards. Let’s take the POSB Everyday Card as an example. Paid annual fees cover all the rewards from the credit card.
In general, banks offer cards with such fees. The higher the annual fee, the more benefits and perks you’ll get. However, not all annual fees are worth paying and only cost you more. You should look into a credit card whose rewards and benefits outweigh the annual fee you pay.
Banks usually charge annual fees once a year, while some charge monthly fees (fees divided equally). So whether your card carries any balance or not, banks will still charge you with such a fee.
Also, note that annual fees are separately charged from other fees like late payment fees or early payment fees. Waiving annual fees for the first year, like POSB Everyday Card, is one way to attract more customers. Later on, it will get charged to your account.
A no-annual-fee credit card would be fine if it is your first time getting one. You’ll find banks in the country offering credit cards that don’t come with annual fees. But if you want a card with such a fee, you can have one like a POSB credit card.
During its first year, while annual fees are waived, assess if the rewards and other perks outstrip the cost. If you’re satisfied with what you gain from using the card, continue using it sensibly.
Request to waive the annual fee.
Waiving the annual fee on your credit card is possible and could be a big help for you. You can negotiate with your bank partner to waive your yearly costs. Here are some tips that can help you in waiving your annual fees.
Ask if you can waive your annual.
Genuinely ask if they can waive your annual fees. Ask the representative to help you with your request. Some banks can bargain some ways to waive your annual fees.
For example, they may ask you to spend a minimum amount to waive your annual expenses. That way can benefit you and the bank. Waiving your annual fees forever will maximize your purchasing power. It will be a big help for you to save money.
Compare offers with other banking institutions.
Research the competitors of your bank in the market. If you found several banks offering a zero-annual fee card, you could negotiate with your bank. Also, if you found similar benefits as your current card, mention that to the bank representative.
Inquire about cancelling your account.
There have been many instances that banks often offer waiving the annual fees if you inquire about cancelling your card. In addition, to prevent you from withdrawing, various banks will try to provide promos and rewards. One of these is waiving your annual fees. It does not hurt to try, though.
Make them feel you are loyal.
If you have been their client for a long time, tell them that you deserve your annual fees to be waived. Try bargaining about the years you have been with them. This tactic will let the company know you are a customer willing to stay. Your activity, on-time payments and regular use might be enough to waive the annual fees.
POSB Everyday Card Eligibility Requirements
For you to be eligible to apply, Singaporeans should be earning a minimum income of S$ 30,000. For non-Singaporeans, the minimum income required is $45,000.
POSB Online Application
Applying online makes things more convenient! You can apply to either the POSB Website or the Digibank Mobile App.
Application through the POSB website
All you need is to select POSB Everyday Credit Card and click the “Apply” button. Then, you select the Manually Complete Form and fill it. Ensure to review your application before submitting it. Check whether you gave the correct information. Once all set, proceed by clicking the “Continue” button.
The bank will require you to submit some documents. First, upload all the listed documents requested by the bank. Be sure that all uploaded requirements are clear and readable. Then, you can proceed to the next step, creating a Card PIN. Finally, click the “Submit” button to finish your credit card application.
Or, to make the application process more efficient, you can use MyInfo. Then, you don’t need to manually provide all the necessary information—Click Apply with Myinfo under a Singpass Account.
Application through POSB Digibank Mobile App
POSB Digibank mobile app is downloadable in the App Store and Google Play Store. First, launch the app and log in with your Touch or Face ID. Or use your Digibank User ID and PIN. After, tap the “More” button under “Apply” and select “Cards”. Next, select the POSB Everyday Credit Card and tap the “Apply” button.
After, key in your name to appear on the Card and click “Apply.” Check your details before you tap “Apply Now.” Once everything’s all set, you can set your Card PIN and tap the “Submit” button.
Are you ready for your POSB Credit journey?
Credit cards are essential to most Singaporeans. The beauty of using a credit card is that it gives you an efficient and convenient credit experience.
First, credit cards are safer than having them in your pocket or wallet. Second, you can directly call the bank issuer to cancel your credit account if you lose your credit card. Plus, you get protected by the strict security data of banks.
Second, having a credit card can help you build a good credit standing if you use the card responsibly. The higher the credit score you earn, the more credit privileges you’ll make in the future.
Third, you’ll enjoy interest-free days if you’re a good payer. Plus, you’ll end up reaping the rewards when you spend using the card.
Lastly, you need not worry about unexpected costs coming your way. Your card can be your safety net to pay for the costs, especially if you don’t have enough money and savings.
But what if you badly need cash yet still don’t have a credit card to use? Emergencies can’t wait for credit card approval. In such a situation, you can seek financial help from a licensed moneylender in Singapore.
Moneylenders provide instant cash loans, such as low-interest personal loans, which you can use immediately. Look for a moneylender in the industry for a long time. Such lenders can assure the quality of their loan products and services.