Like a tempting box of chocolates, all credit cards are not made the same. Be sure to shop around and to compare cards of similar types. You must know the necessary requirements, sign-up offers, rewards program, and other perks that come with it. Some cards may offer free airport luggage, while others may offer car rental insurance. Choose the benefits that suit your needs.
2. ARE YOU ELIGIBLE?
Applying for a credit card is a straightforward process that requires basic information such as your NRIC and primary address. Know which information and documents are needed to apply for said credit card. For security purposes, some institutions may extend their research by knowing your mother’s maiden name.
3. IS IT BETTER TO APPLY FOR A CREDIT OR DEBIT CARD?
The most significant difference between debit and credit cards is protection against fraud. If someone makes a fraudulent charge with your debit card, the money is directly deducted out of your bank account. It may take weeks to get a refund. When it comes to a credit card, you can dispute that the charges never left your account.
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Other benefits offered by credit cards include extended warranties, rewards programs, and return guarantees.
4. WHAT ON EARTH IS A CASH BACK?
Credit card companies offer different programs for redemption. When a credit card company gives you a certain percentage of what you put into your card then, that is called a cash back. You may be able to use this as a credit toward your current statement, to purchase gift cards, to get discounts when you shop online, or to deposit the money back to your bank account.
5. WHAT IS A STATEMENT CREDIT?
The positive amount on your credit card bill is called a statement credit. If you unintentionally overpay, many credit cards will apply a statement credit toward your future purchases. The act of applying for a cash back to a statement credit may lower your balance.
Finally, there is a credit card that gives you unlimited cash rebates with no minimum spend required – the Maybank FC Barcelona Visa Signature Card.
Compared to other credit cards that offer varying cash rebates depending on the type of spending (shopping, dining, entertainment, travel, etc) or with selected merchants only, the Maybank FC Barcelona Visa Signature Card offers 1.6% UNLIMITED cashback for ALL local transactions.
Instead of remembering which credit card to use for different situations, you can simply use this one card for all your expenditure. So you can shop with ease-of-mind, knowing that you can get 1.6% cash rebate for everything and anything you spend. This makes it an ideal one-stop card for spending on big-ticket items like luxury items, personal insurance, home furnishings and appliances, car maintenances, or even the hefty cost of planning a wedding.
On top of that, there is NO CAP on how much you spend, nor is there a MINIMUM amount you have to spend in order to qualify for the cash rebate. For example, if you are charging S$20,000 for a luxury leather bag, what you will be getting back is S$320! How’s that for being the ONE card for ALL your shopping?
Even with foreign transactions, you get 2X TREATS Points with every dollar spent on foreign currency transactions with the Maybank FC Barcelona Visa Signature Card.
Football fans, here’s your deal-maker: As a Maybank FC Barcelona Visa Signature Card user, you can stand a chance to win a trip for 2 to watch FC Barcelona LIVE at Nou Camp every football season*!
As long as you meet the minimum annual income of S$30,000, applying for the Maybank FC Barcelona Visa Signature Card is as easy as visiting their website.
Kindly refer to maybank.sg/barca for full details.
Weigh the advantages and disadvantages of owning a credit card, before signing up for one!
WHY YOU MIGHT NEED IT
Here are some of the convincing points that highlight how useful owning a credit card is:
1. Practical for Globetrotters
Singaporeans desire to discover the world’s wonders beyond its concrete jungle. As travelling became increasingly convenient nowadays, there are several options for payment. One is through credit. There are three primary reasons why travelling with a credit card is practical.
Firstly, travel arrangements such as room reservation and car rental are usually done with a credit or debit card. Secondly, it adds a proof of financial capacity when trying to acquire a Multiple Entry Visa in some countries. Lastly, there is a sense of relief to know that you always have access to emergency funds while travelling.
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2. Protection against Crooks
I was once robbed when I was young. I let my guards down as I was accompanied by my friend. After watching a fantastic film, I noticed that my wallet was missing. My friend and I frantically searched for it for hours. I even left my contact details to the cinema staff, but I had no luck! I had to accept that a decent amount of cash was gone. The unfortunate ordeal applies to my house keys as well as my debit card. To prevent identity theft, I had to immediately contact my bank. The process took two days.
If I only carried a credit card, the gravity of the situation may lessen. Credit cards are not tangible as cash. It is also not linked to your savings account. Many establishments ask for further identification for significant purchases. Furthermore, you can simply report a lost card thru a phone call.
3. Essential for Good Credit Report
Gone are the days when you solely think about budgeting your allowance. Welcome to the adult world whereby property owners and automotive establishments judge you by your credit report. Some of the best interest rates are offered to the people who carry impressive credit report.
It takes no genius to realize that using your credit card sensibly builds a good credit report. If you are suffering from a bad one, it is time to rehabilitate through a realistic financial plan.
WHY YOU DO NOT NEED IT
Here are some of the convincing points that highlight how owning a credit card is a recipe for disaster:
1. Tempting for Impulsive Buyers
Whether you believe it or not, we all have a control over our shopping habits. You can either be a frugal shopper who regularly reads consumer reviews or an impulsive shopper who regularly submits to tempting offers. For a person who has a difficult time in resisting a purchase, equipping yourself with a credit card may be harmful for your finances.
Using a credit card diminishes the sense of awareness as you are spending the money that you do not have. You are likely to shop based on your wants than on its costs. On the other hand, shopping with cash may allow to contemplate about your purchase. You buy what you can only afford to pay for now.
2. Solely for Smaller Purchases
If your primary purpose for owning a credit card is to cover your fondness for retail therapy, owning a credit card is not necessary. It is a good idea to save up for purchases costing S$250 or less. The delayed gratification allows you to contemplate about the coveted product.
Swiping a credit card is helpful for bigger purchases that you want to pay in several chunks such as purchasing a new laptop as well as financing your child’s education.
3. Unnecessary for Savvy Planners
One of the famous tests involving Typology highlights the dichotomous nature of people who are calculated and people who are spontaneous. The latter plans out several areas of their lives before jumping into a decision. While, the former enthusiastically goes with the flow.
I, for one, plan out my entire budget for the month as well as the funds that will go to savings and the emergency fund. Setting up an emergency fund entails keeping at least 6 months’ worth of your salary. If you have a strong emergency fund, it is unnecessary to have a credit card for emergencies.
As the holiday season approaches, we know that you have caught the travel bug! Treat yourself to a vacation (or staycation!) without breaking the bank when you book with your Maybank Card!
With over 100 participating AccorHotels spanning across three countries to choose from, you will definitely be spoilt for choice.
Here are four participating AccorHotels hotels where one will definitely suit your budget.
Indonesia
4 star: Novotel Batam
Just a 45-minute ferry ride from Singapore, Batam is one of the favourite locations Singaporeans enjoy escaping to over a long weekend. Novotel Batam is located near the iconic Trans Barelang Bridge where you and your family can go to snap pictures. Sports enthusiasts, you can spend the day playing golf at the Palm Spring Golf Country Club, which is located within walking distance from the hotel. Perfect for holidays, guests can take advantage of the hotel’s pool, health centre, sauna and Kids Club. Novotel’s modern and airy room gives you and the family the space you need to relax.
5 star: Pullman Jakarta Indonesia
To satisfy your adventurous spirit, Pullman Jakarta Indonesia is the ideal hotel for you as it is located a stone’s throw away from the main historical monuments of the city. The National Monument, The National Museum, Cathedral Church and the Istiqlal mosque are only a few minutes away by taxi. Furthermore, two of the largest malls in Jakarta: Grand Indonesia and Plaza Indonesia are only a short walk from the hotel.
Singapore
5 star: SO Sofitel Singapore
Located right at the heart of Singapore, SO Sofitel Singapore is the embodiment of luxury indulgence. The 5-star boutique hotel incorporates French heritage charm with a dash of local flavour into their furnishing, making you feel as though you have escaped into the Parisian winds without feeling homesick. Its prime location also makes it a great choice if you want to be right at the heart of the nightlife in Singapore.
4 star: Novotel Clarke Quay
Situated along the historical Singapore River, Novotel Singapore Clarke Quay offers a blend of history and hip. Surrounded by the iconic entertainment hub of Singapore, Clarke Quay houses over 150 restaurants and bars making it the hottest nightspot of the city. The rooms showcase magnificent views of Marina Bay, Singapore River or the lush greenery of Fort Canning Park.
Maybank Cardmembers, you’re in for a treat! From now till 7 May 2017, indulge in an extra night for free with a minimum of 2 nights booked at any participating Accor hotels in Singapore, Indonesia and Malaysia.
The competition is tough for banks and other credit card issuers in Singapore! This is why most have employed different sign-up bonuses to entice you to apply for their cards. These promotions can range from intangible points to tangible freebies (e.g., luggage).
Currently, here are three credit card sign-up offers that may lure you in:
STORE YOUR KICKS IN A UNIQUE BAG
Image Credits: info.maybank2u.com.sg
Manchester United is one of the top-ranking teams in the Premier League. As a fan, you have witnessed how they won with guts and glory. Perhaps you are an active member of the official Manchester United Supporters Club Singapore too. Let Maybank reward you for being a loyal aficionado by reaping the benefits of the Maybank Manchester United Platinum Visa card.
Upon signing up, you may receive the limited edition Manchester United shoe-bag (T&Cs apply) as well as a free supplementary card. Do note that these offers are only for new principal card members.
In partnership with the famous taxi-booking app, Citibank wants to reward its Citi Cash Back Card applicants with S$70 worth of Grab vouchers (T&Cs apply). You may use these vouchers if you are hailing a GrabTaxi, a GrabCar, or a JustGrab. Imagine yourself sitting back while you enjoy a fuss-free ride to work! Ooh la la!
Moreover, you can get S$120 cashback. These rewards are exclusive for the individuals who sign up for the Citi Cash Back Visa Signature or the Citi Cash Back World MasterCard. These promotions will run until June 30, 2017.
CHOOSE BETWEEN THREE GIFTS
What is better than receiving a welcome gift? Well, you may consider having a wide variety to choose from!
Standard Chartered Unlimited Cashback credit card aims to let you live without limits as it offers unlimited cashback without minimum spending. New Standard Chartered principal card members may receive one of the three attractive gifts upon signing on to said card. Feel free to choose between the following: S$150 in Uber Credits, S$150 Caltex StarCash Card, or S$138 cashback. This promotion lasts until June 30, 2017 (T&Cs apply).
It looks like good things really do come in threes!
Have you ever received an outstanding sign-up bonus or promotion with your credit card? Describe your experience by commenting below.
[DISCLAIMER: The contents of this article were not provided by any credit card issuer, institution, or entities. Statements expressed here were solely based on the author’s careful research and her opinions alone.]
