Best Credit Cards for Singapore’s Students

Being a “poor” undergraduate student with little income is not a problem anymore! With credit cards that have a credit limit of S$500 offering tons of rewards on shopping, dining, travel, and more…here are the four Best Credit Cards For Students in Singapore:

4. DBS LIVE FRESH VISA STUDENT CARD

S$500 Credit Limit

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Live Fresh Visa card is designed especially for tertiary students who want to manage their spending comfortably while still enjoying its rewards. The DBS reward points are accumulated for every S$5 charge on your card. It can be exchange with a wide range of shopping, dining, and travel deals. It has no minimum income requirement and the annual fee of S$64.20 is waived for 5 years!

3. MAYBANK EVIBES CARD

S$500 Credit Limit

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Maybank’s eVibes card is available for tertiary students or working adults aged 18 to 30. Its credit limit allows clients to spend within their means. With a S$0 annual fee and S$0 minimum annual income required, it is really an ideal credit card for every student. Although there is a quarterly service fee of S$5 but it is waived when you pay using your card once every 3 months.

Get 1% of cash rebates for everything you purchase! And, easily track your expenses online at any time.

2. STANDARD CHARTERED MANHATTAN CREDIT CARD

S$500 Credit Limit

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Are you a student wanting to indulge your bountiful appetite and thirst for films? Then, Manhattan is the right card for you. Enjoy 15% off your total bill at Harry’s Bar and Restaurant or S$1 off per movie ticket plus a free popcorn combo set at the Cathay Cineplexes. What’s more? You get .25% cash back for all retail spending, 20% off from items at Nature’s Farm, and 15% off from items at Oroton. Aside from these benefits, the annual fee of S$30 is waived for the first year and there is no minimum income required.

1. CITI CLEAR CARD

Dreaming of having free entry to Zouk and 1-for-1 drinks at wine bar one of these days? Or how about having exclusive deals at good restaurants such as db Bistro, Shin Kushiya, and The Chop House? Dream no more students! With Citi Clear card, you will be pleased with benefits in dining, clubbing, petrol, shopping, and more.

Dining

10% Citi Rebate at Starbucks

5% Citi Rebate at Burger King

Entertainment

Free entry and 1-for-1 drinks at Zouk

10% off total bill at Wala Wala Café Bar

15% off ala carte food menu at Beer Market

Petrol

10% discount at Esso stations

Shopping

6% cash rebate at Tangs

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Worry not about your qualifications because there is no minimum income required and besides the annual fee of S$29.96 is waived the first year. Best of all? Upon application, you get S$30 Havaianas or CommonThread voucher.

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How A Couple Paid S$36K Worth of Debt In Just 6 Months

A couple from America has consciously decided to look into their expenses and pay off their US$27, 000 (S$36, 474) worth of debt in just 6 months.

Jackie or better known in social media as The Paleo Mama and her husband sat down to discuss their finances since they were supposed to buy a house. If they are going to pursue in buying the house, they will get themselves wrapped up even more in debt.

They found out that they had US$50, 000 (S$67, 546) worth of debt due to accumulated education/student loan and the worth of their new car. They did not realize that they were supposed to pay student loan quickly as its interest and value pile up in time. So, they were determined to turn things around.

Here are the 6 things they did to cut down their expenses and earn more income:

1. MONEY MANAGEMENT

First, it is important to track where your money is going through the last month’s bank statements and receipts. The couple noticed that they are spending too much on groceries and eating out.

Image Credits: Jason Rogers via Flickr

Image Credits: Jason Rogers via Flickr

With these things in mind, they devised a plan to categorize each expense and allocate specific amount of money on to it.

2. CUT DOWN MOBILE PHONE PLANS

They switched to prepaid phones and got rid of their iPhones. This brought them from US$160 cost of mobile phone plan to US$60 cost of prepaid phone per month.

3. CUT DOWN THE CABLE TV AND ELECTRICITY

They started using Netfilx and Hulu to stream shows (the first month is Free) rather than subscribing to cable TV. Also, they managed their electricity by turning off the lights and controlling the temperature of the air conditioner.

4. SELLING AND USING ESSENTIAL OILS

In order to earn more money on the side, Jackie learned how to make essential oils and sell them online. They also stopped buying over-the-counter medication and cleaning products and started using essential oils instead.

5. SELL THEIR STUFF

They sold their old car (now they have one family car), furniture, clothes, toys, and so on. Furthermore, they only buy used clothes on Goodwill or the local thrift stores. This helped them earn a lot of money.

6. BE HONEST ABOUT THE SITUATION

They called various companies to tell them that they can’t afford the various plans anymore. The customer services helped them to reduce the payments by more than 75%.

As you can see, Jackie and her husband were able to pay off over half of their debt by budgeting wisely and selling their stuff. Fortunately, you can also use these strategies yourself!

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Personal Loan 101: Golden Information You Should Know

Like a kid in a candy store, consumers have various loans to choose from. From education loan to home loan, we shall look at personal loan through a microscope.

Personal loans are used for family emergencies, home furnishings, or consolidating other debts. These loans are often short-term.

1. APPLICATION PROCESS

You will be asked to complete a loan application that may include: your name, NRIC, date of birth, address, current and previous employers, length of employment, occupation, sources of income, total monthly income, and information about existing credit accounts.

Image Credits: Chris Potter via Flickr, (stockmonkeys.com)

Image Credits: Chris Potter via Flickr, (stockmonkeys.com)

Your credit card report includes your bill-paying history, amount and type of accounts you have, late payments, collection actions, outstanding debt, and so on. This along with your application shall help the bank decide if you are trustworthy and credible enough to pay the personal loan.

2. THE MORE PARTICULAR IT IS, THE CHEAPER IT GETS

When getting loans, be as specific as possible. The reason behind it is that loans that are particular often have lower interest rates. So, do not take up a personal loan to pay for a school debt when you can just apply for an education loan.

Personal loans tend to charge about 6% to 8% interest while Renovation Loan, Education Loans and etc. tend to have interest rates that are as low as 2%. Know what is best for your situation.

3. REVIEW YOUR OPTIONS

You may be tempted to immediately contact your current bank but that may bite you in the back. Personal loans and its interest change outrageously across time.

When there is less people borrowing from the banks (e.g., bad economy), they tend to lower the interest rates or give more lenient payment terms. So, look for a bank that is willing to give you the best offer and the maximum rewards.

4. WHAT HAPPENS WHEN YOU PAY LATE

Before venturing in, you must find out the clause of the payment penalties first. Like credit cards, it is not impossible to get an “interest adjustment” for a late payment.

Frets not…banks understand that certain circumstances such as unemployment or chronic illness can make it difficult to meet the bills. If this happens, contact your creditor, explain your situation and work out a repayment schedule together.

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4 Things to Consider Before Applying For An Educational Loan

Tertiary Education and Graduate Studies can be too costly especially to people who live by one cost at a time without any savings plan what so ever. On the other hand, just because a bank tells you that you are qualified and approved for an education loan does not mean taking it is a good idea.

Here are 4 Things to Consider Before Applying For An Educational Loan:

1. EDUCATE YOURSELF

Before applying for any education loan, it is tantamount to understand what the student’s course aspects are such as the eligibility criteria and the loans needed to complete the whole course.

Educate yourself about the loan’s dimensions such as repayment, pre-payment fees, and cancellations.

2. SWIM THROUGH THE WHOLE POOL

Study all the possible options by swimming through the whole pool. Some banks offer the best interest rate while others offer the best processing fee. So, to save you money, enquire about all the loan schemes available in the market.

3. KNOW THE TOTAL COST

Be aware of the interest, pre-payment fees, additional processing fees, repayment options, and cancellation fees. It is always better to get rid of the debts as soon as possible but some banks may impose additional charges for pre-closure of the loan. So, ask yourself if is worth it.

Usually loan applicants concentrate only on the principal and interest to reach repayment amount. By doing so, you will have to pay extra charges that the bank authorities have not clarified. This is why it is vital to ask after educating yourself.

4. CHEAPER ALTERNATIVES TO REACH THE GOAL

Explore if there are cheaper ways to reach the same goal. Other universities offer online diploma courses that are cheaper than if you take it up on the university’s premises.

Image Credits: Will Folsom via Flickr

Image Credits: Will Folsom via Flickr

But, if you have done the math and your financial account cannot cover the expenses just yet…fret no more. Be resourceful instead. Volunteer works, internships, and a Polytechnic diploma may help you acquire the necessary skills without going back to undergraduate school.

By obtaining a diploma in the same field you will take in undergraduate school may help you get other subjects exempted. I have a couple of classmates who are exempted for a couple of semesters or even a year just because of the subjects and electives they have taken up in Polytechnic. Hence, it will not only save you time but it will also save you money.

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