Showing posts with label Savings. Show all posts
Showing posts with label Savings. Show all posts

Monday, 4 May 2015

Comparison between OCBC 360 and UOB One

Now we have a showdown between OCBC and UOB and who do you think will emerge victorious?

OCBC 360 VS UOB ONE

Let's compare the PROS & CONS of the OCBC 360 account and the UOB One account.


Comparison Between OCBC 360 & UOB One
Comparison Between OCBC 360 & UOB One

Based on the table above, it seems like OCBC 360 wins hands down! But that's not actually the case. Unless you buy insurance or investment products from OCBC or your incremental on balance is huge, the actual interest rates for comparison is 2.25% (OCBC 360) vs 2.48% (UOB One).

Now you would think that UOB One wins! But that's not the case again.

There is ONE BIG factor that we need to consider:

How much money you have?

It all depends on how much money you have, isn't it?


Let's assume you are able to meet the basic requirements for OCBC 360 and UOB One.
(a) $500 spending
(b) Salary crediting OR 3 GIRO Debit transactions
(c) Pay 3 bills online
Bonus interest for buying insurance and investment products as well as for incremental increase in account balance will be omitted for an easier and clearer comparison.

Comparison Between OCBC 360 & UOB One
Comparison Between OCBC 360 & UOB One
Now you can see that if you have less than $40,000.00 (Actual figure is around $39,735.00), OCBC 360 will give you a better deal.

So what happens if I have MORE money?

Comparison Between OCBC 360 & UOB One
Comparison Between OCBC 360 & UOB One
Well, the table says it all, doesn't it?

If you have $39,735.00 or less, OCBC 360 gives you the best deal!
If you have between $39,736.00 and about $55,273.00, UOB One gives you the best deal! ( I calculated to the nearest dollar.)
If you have between $55,274.00 and $60,000.00, OCBC 360 gives you the best deal!

So, like I said, it all depends on how much money you have.

Of course, this is just a comparison based on the interest rates.

Hassle-free method of getting the best from the banks!


Tags: comparison, OCBC 360 account, UOB One account, bonus interest rates


Tuesday, 10 February 2015

Plan your expenses carefully and be rewarded!

I have received a few emails asking me to help them "plan" their fixed expenses. To be exact, they are asking me which credit card(s) to use for their fixed expenses so they can get the maximum benefits/cash rebates. Coincidentally, all of them prefer cash rebates to miles or points. So this is my advice to all:

Step 1: Write down all the monthly recurring fixed expenses that accept credit card payment that you have.

Insurance 1: $104.75
Insurance 2: $110.35
Insurance 3: $230.20
Insurance 4: $160.15
Telco: $150.00
S&CC: $58.00
SP Services: $200
HDB season parking: $90
Income Tax: $450

Step 2: List down any credit card limitation that these fixed expenses may have.

Insurance 1: $104.75 
Insurance 2: $110.35
Insurance 3: $230.20
Insurance 4: $160.15
(The above 4 only accepts recurring payment by Standard Chartered Bank, DBS/POSB, Maybank, UOB

Telco: $150.00 (Monthly recurring and online payment available)
S&CC: $58.00 (Only Visa/Master)
SP Services: $200 (Only DBS/POSB for recurring payments)
HDB season parking: $90
Income Tax: $450 (Giro or monthly recurring payment by HSBC/ANZ credit card)

Step 3: Try to see if you can hit the tiers of $300 / $600 / $800 / $1000 / $1500.

Applies to insurance, telco bills, S&CC etc.

If your fixed expenses can meet $300 every month, you may use UOB ONE OR Maybank Platinum Visa.

If your fixed expenses can meet $600 every month and can be subdivided into 2 x $300+, you may use UOB ONE ($300) AND Maybank Platinum Visa ($300).

If your fixed expenses can meet $800 every month, you may use UOB ONE.

If your fixed expenses can meet $1000 every month, you may use Maybank Platinum Visa.

If your fixed expenses can meet $1500 every month, you may use UOB ONE.

The above 2 cards will earn you up to 3.33% cash rebates if you can hit the required tiers during the qualifying quarters.(You may click the links for more information)

Step 4: Payment to SP Services

If you are looking at FUSS-FREE monthly recurring payment, pay with the DBS Altitude Visa Signature. You get 3 DBS Points for every $5.

There are times when there is $100 Tunglok voucher for redemption at 4200 points. This will translate to 1.42% which is pretty good in my opinion. Give your family a treat with the voucher!

Click to download DBS Credit Card Recurring Payment form.

POSB Everyday only gives you up to 1% (or $1).
1% cash rebate for SP Services and StarHub is capped at a maximum spend of S$100 per Card account, per calendar month per respective billing organization. For SP Services, recurring charges are applicable only to accounts under the name of the main or supplementary cardholder.


If it is convenient for you and you are looking at the highest % in terms of cash rebate, make trips down to the SP Services, Customer Service Centres to make payment. 

Then pay with the ANZ Travel Visa Signature to enjoy 2.54% in cash rebate (1.4 Travel$ for every $1 spent, 550 Travel$ = $10). You may pay up to 3 months worth of bills in advance.

Step 5: HDB Season Parking

For FUSSFREE method, pay with Giro and get 2% discount.

For maximum cash rebate, pay online with the ANZ Travel Visa Signature to enjoy 2.54% in cash rebate (1.4 Travel$ for every $1 spent, 550 Travel$ = $10).
Note: You will have to remember to pay monthly to earn $0.50 more in cash rebate.

Step 6: Income Tax

Pay your income tax with ANZ Travel Visa Signature for the best returns! More info here.

There is a processing fee of 0.7% applicable (or 0.5% if you are ANZ Signature Priority Banking card member). Processing fee is charged every month and no points will be awarded for the processing fee.

Basically it works this way. You maintain a GIRO arrangement to pay $XXX monthly with IRAS. ANZ will credit $XXX amount to your bank account before the deduction. ANZ then charges $XXX + 0.7% processing fee to your ANZ credit card.

You will get 1 Travel$ for every $1 charged to your ANZ Travel Visa Signature for the income tax payment, which works out to be 1.81% in cash rebate. Effectively, you get 1.81% - 0.7% = 1.11% for your tax payment! That is better than 0% if you just pay by GIRO!

Moreover, if you hit a minimum spending per year on your credit card (excluding income tax), you will get a rebate on your processing fee! Hence, you will get 1.81% on your income tax payable! More info here.


The above 6 steps are my strategies to planning the payments for my fixed expenses. After I am done with the above, I would just dump the UOB ONE and Maybank Visa Platinum in my drawer and they will never see light again. And I also do not have to worry about the recurring payments at all.

If you need help with your planning, drop me an email and I will try my best to help you! 
Free of charge!



Tags: fixed expenses, credit card, DBS Altitude, UOB ONE, Maybank Visa Platinum, ANZ Travel Visa Signature, POSB Everyday, recurring bill payment, insurance, Singtel, M1, Starhub, S&CC, SP Services, HDB Season parking, income tax, IRAS





Tuesday, 3 February 2015

Get 18.52% savings with ANZ StarCash at Caltex!

Get up to 18.52% savings plus a set of hong baos and mandarin orange carrier with purchase of the ANZ StarCash Card at Caltex from 1 - 28 February 2015. While stocks last!

This is the highest discount you can get from Caltex which is fussfree without minimum sum to meet monthly/quarterly!

Pay with ANZ Travel Visa Signature to get the most savings! And you still get Thanks! points when you use the card to pump petrol!


Price of StarCash: $500.00
Price paid: $418.00
Discount: $82.00
Travel$ earned by using ANZ Travel VS: 585 (equivalent to $10.63 as 550 Travel$ = $10)
Total discount: 18.52%

More information here!

Terms and Conditions (Some may not be applicable!)
The listed offers are valid for ANZ Credit Cards issued in Singapore only and calculated based on the following:
  1. Premium 95 with Techron at a prevailing pump price of S$2.24 per litre. 40 Thanks! points equivalent to S$1.00. For details of the Thanks! points programme, visit www.caltex.com/sg/products-and-services/thanks-rewards-programme/benefits/
  2. 1 ANZ Rewards Points will be issued for every S$5 charged on all other Rewards Points earning ANZ Credit Cards. ANZ Platinum & Switch Platinum Credit Cardmembers who have registered for the ANZ 6X Rewards Programme will receive additional bonus 5 ANZ Rewards Points for every S$5 charged on their Credit Cards, subject to a cap of 7,800 bonus ANZ Rewards Points per calendar month.
  3. 2 ANZ Rewards Points for every S$5 charged on ANZ Signature Priority Banking Credit Cards. ANZ Signature Priority Banking Credit Cardmembers who have registered for the ANZ 6X Rewards Programme will receive additional bonus 4 ANZ Rewards Points for every S$5 charged on their Credit Cards, subject to a cap of 7,800 bonus ANZ Rewards Points per calendar month.
  4. 500 ANZ Rewards Points are required to redeem S$10 Caltex Petrol Voucher via the ANZ Rewards Programme.
  5. 1.4 Travel$ will be issued for every dollar spent on ANZ Travel Visa Signature Credit Card. Cardmembers will also enjoy savings based on Thanks! points at a similar rate as (a).
  • ANZ StarCash prepaid card (the "StarCash Card") is issued by Chevron Singapore Pte. Ltd. ("Chevron") and the use of the StarCash Card shall be governed by the terms and conditions set out on www.caltex.com.sg
  • The StarCash Card is valid for 12 months from date of purchase and is on sale at all Caltex service stations in Singapore, except Caltex Braddell, Caltex East Coast, Caltex Sembawang and Caltex Upper Thomson.
  • The StarCash Cards are available while stocks last.
  • The StarCash Card must be purchased with an ANZ Credit Card (excluding corporate cards) to enjoy the discounted price.
  • The StarCash Card carries a stored value of S$200 at the time of purchase and can only be used for fuel purchases at all Caltex service stations in Singapore.
  • The StarCash Card cannot be used for StarMart or other store purchases at Caltex service stations. Fuel purchases paid with the StarCash Card shall not be entitled to any site discount or discount programs or other privileges/promotions.
  • No Caltex Thanks! points will be issued for the purchase of the StarCash Card.
  • Thanks! points may be awarded for qualifying fuel purchases made with the StarCash Card, subject to the Caltex Thanks! Cardholder terms and conditions.
  • The StarCash Card cannot be topped-up, refunded for cash, rewards points or exchanged for any other products and services other than its intended purpose.
  • If the monetary value of Cardmember's fuel purchase exceeds the remaining value on the StarCash Card, the Cardmember must make the balance payment using an ANZ Credit Card.
  • ANZ is not an agent of Chevron.
  • Any dispute between Cardmember and Chevron, in respect of the StarCash Card, shall be resolved directly between Cardmember and Chevron.
  • ANZ and Chevron shall not be liable to Cardmember for any loss and/or cost of damages of any kind resulting from the use of the StarCash Card.
  • ANZ and Chevron reserve the right to vary, delete or add to any of these terms and conditions from time to time or to suspend or terminate the Promotion at any time.
  • Caltex StarCash full terms and conditions apply. For StarCash Terms and Conditions, click here for more details.

Hurry to Caltex and get your StarCash Card now!



Tags: ANZ Travel Visa Signature, StarCash, Caltex, Techron, CNY, hong bao

Tuesday, 27 January 2015

Cheapest way to call Philippines from Singapore

This post is inspired by the lady who was confused by the numerous calling cards that were presented to her by the cashier at the supermarket. I overheard that she was trying to get a card for her maid to call Philippines and as this was her first maid, she didn't know which was the best option. And to make things worse, there were too many to choose from! Thus, she asked the cashier who was equally confused!

Hence, I decided to do some research and perhaps this lady will somehow stumble upon this post and help her with her decision next time, and not hold up the queue. : )

Also, I hope more employers will make the right choice when it comes to choosing the cheapest way to call Philippines from Singapore.

Generally, you can call Philippines from Singapore via 5 methods:
1) Using a calling card (You will need a land line/mobile line/public phone to use a calling card)
2) Using a prepaid sim card
3) Using a postpaid sim card (Most expensive, same IDD rates as using land lines)
4) Using a land line (2nd most expensive, same IDD rates as using postpaid sim card)
5) Using Skype

The cheapest and most hassle-free way to call Philippines from Singapore is in fact the M1 M Card, a pre-paid card.

m1 m card
Image credit: M1 Singapore

Image credit: M1 Singapore

You can get the M1 M Card from:
  • M1 Shops
  • M1 Exclusive Distributors
  • Appointed Authorised Money Changers
  • Appointed Authorised Retailers
  • Chain Stores
    • 7-Eleven stores and 7-Eleven@Shell stores
    • Cheers Convenience Stores and Cheers Convenience Stores at Esso/Mobile
    • Fairprice Xpress
    • Singpost

My method of comparison between the different pre-paid sim cards is by comparing the charges for a weekly 30-minute call to Philippines from Singapore at the times which the telcos offered the best IDD rate.

I found that using the M1 M Card offers the cheapest way to call Philippines from Singapore as it will cost you $10.64/month for a weekly 30-min call to Philippines. However, you will need to make the calls on Saturdays to enjoy the promotional rates. And you will need a cheap mobile phone.

I ignored the comparison of different top-up cards offered by the telcos with different additional values/perks as I find that the 3 telcos offered almost the same thing for the same amount paid. Hence, the comparison is negligible and insignificant.

Here you go, a compilation of the rates for calling Philippines from Singapore.

cheapest way to call philippines from singapore
Comparison of telco charges to call Philippines from Singapore


From my research, I found that using a postpaid/land line and IDD to call overseas will deplete your savings faster than it grows! Unless you feel rich and have money to burn, avoid using postpaid/land line and IDD to call overseas. Since this is going to be frequent, get the cheapest and most efficient method!

Calling cards, though popular among maids, are definitely not the cheapest way to call Philippines from Singapore. Based on my research, there are several disadvantages to using a calling card:

1) Connection can be very bad with poor reception
2) Calls can drop sometimes and you will have to pay for the connection charge again.

However, the advantage is you do not need to have a mobile phone (a rule which some employer might impose). All you need is either the land line or a public phone. Of course, local rates will apply.

Skype has quite a number of disadvantages as well:

1) You will need to lend your mobile phone to your maid for 30 minutes if your maid does not have a smart phone.
2) You will need WIFI
3) The rates will fluctuate as you need to buy credits in USD
4) Calls can drop if WIFI signal is not consistent and you will have to pay for connection charge again.

So now you know:

The best and cheapest way to call Philippines from Singapore is by using the M1 M Card (Pre-paid)!



Tags: cheapest, call, Philippines, Singapore, Singtel, M1, Starhub, HomeConnect, Hello!, M Card, land line, IDD, pre-paid, post-paid, calling card, Skype, IDD 019, IDD 018, IDD 1818

Monday, 26 January 2015

Enjoy 10% cash rebate on groceries with Maybank Family and Friends!

For today only! 26th January 2015!

Enjoy 10% cash rebates on groceries with Maybank Family and Friends credit card!
**Includes NTUC Fairprice/Finest/Xtra and Cold Storage
**Excludes Cold Storage Specialty and NTUC Warehouse Club.

Min spend of $500 for the month to qualify!

The usual cash rebates is 5% only so hurry!



Tags: Maybank, Family and Friends, credit card, NTUC, Fairprice, Finest, XtraCold, Storage, Warehouse Club, Specialty, 10%, cash rebates

Tuesday, 6 January 2015

Enjoy 12% rebates at TANGS with Citibank!

Exclusive!!!

Get 12% rebate with Tangs, Citibank debit/credit cards and Ready Credit card members this Thursday and Friday (8 & 9 January 2015)!

Hurry and shop at TANGS this Thursday and Friday!

Stores: Tangs Orchard, Tangs Vivocity





Tags: Citibank, Tangs, debit, credit card, ready credit, 12%, rebate, orchard, vivocity

Thursday, 11 December 2014

Build your savings slow and steady!

I have met many people during my course of work, during ICT, during networking seminars etc. And whenever the topic comes to something related to finance, many would say that they do not have much savings. Or simply, they could not save from the monthly salary. Every single cent of their salary seems to vanish by the end of the month!

So I always have this advice for those whom I have met and have this problems.

Start small and steady. 

Forget about the common advice that tells you to "pay yourself first" then pay others etc. This obviously will not work on people who has loads of bills or people who has no discipline. Many whom I have spoken to had tried this method but still failed to have savings. Because, by the end of the month, they would have used up the money that "they paid themselves first".

So what I advocate is: START SMALL AND STEADY!

So what is this small and steady all about?

First of all, you need to get hold of a piggy bank; one of substantial size and cannot be opened easily.

Next, what you do is, dump all your $1 coins into the piggy bank. Only the $1 coins. I know the Singapore Government and Singapore Mint is going to kill me for encouraging people to hold on to their $1 coins and reduce the circulating amount.  

SORRY!

Singapore coins
Image credit: wikipedia


Everyday when you get home, drop your $1 coins into the piggy bank.When you get the hang of it, you may also start dropping your 50-cent coins into the piggy bank.

Just keep dropping your coins into the piggy bank and watch it grow and grow and grow.

On average, I saved between $500 and $1200 in coins every year. And I DO NOT deposit these coins directly into my bank accounts as there are charges for depositing coins. There are times when Singapore Mint or the banks have promotions for FOC coin-deposit services. Watch for these promotion periods and deposit your coins. Otherwise, you may wish to count your coins and change your coins with the hawkers or provision shop owners or any of those in retail business. They will be more than willing to trade notes for your coins.

You will realise that this "small and steady" has little impact on your spending behaviour as most people do not pay attention to "loose change". If you do not see the figure in your account, you tend to disregard the existence of it.

So, start now! SLOW AND STEADY!



Tags: savings, slow and steady, coins, Singapore Mint, piggy bank

Wednesday, 26 November 2014

Best credit card for grocery shopping!

This question has been bugging many people for quite some time. Now, I shall reveal to you, the best credit card for grocery shopping!

I browsed through all the credit cards offered by different banks with benefits for grocery shopping and tabulated the results in a table.

I included most of the credit cards that are offering rebates on grocery shopping except HSBC Visa Platinum which I find ridiculous as you need to fulfill minimum spending per month for a QUARTER before you are entitled to the cash rebate. Most cards do have minimum spending to fulfil but that is on a MONTHLY basis. So I do not know what HSBS is trying to do here.

There are also a few that are offering 3% cash rebate and yet require minimum spend  monthly while other banks are offering 5% for the same minimum amount. These are DBS Safra and OCBC 365. Don't they know that there are better cards out there that are better than theirs?

best credit card for grpcery shopping
Compilation of credit cards for grocery shopping



As you can see from the table above, the best credit card for grocery shopping at Cold Storage, Giant, Jasons, Market Place is the UOB Delight credit card. However, that is if you can hit $1000 and above with the card every month. (up to 10%)

Best credit card for grocery shopping at Cold Storage, Giant, Sheng Siong will be Citibank SMRT credit card with 5% SMRT$ + 2% CitiRebates with minimum of $50 per transaction and minimum of $600 spent on card per month. Even if you spent less than $600 a month, you still get up to 4.7% SMRT$ + up to 2% CitiRebate with minimum of $50 per transaction.

Otherwise, Standard Chartered Singpost credit card will be the best credit card for grocery shopping at Cold Storage, Giant and NTUC.(up to 6% with minimum of $500 spent on card per month)

And the best credit card for grocery shopping at Sheng Siong will be the POSB Everyday credit card as it is fuss free with no minimum spending to meet per transaction or per month. (5% cash back)

Just to add on, if you happen to stay near or  if you frequent Kallang Wave, Citibank SMRT credit card will be the best for grocery shopping with minimum of $50 per transaction. (7.33%)


Personally, I like to use Citibank Dividend CC for NTUC and POSB Everyday for Sheng Siong as they are fuss free with no minimum spent required per month, though the Citibank Dividend requires minimum of $50 per transaction. Cold Storage and Giant, I would use Citibank SMRT, though I rarely do my grocery shopping there.



Tags: best, credit card, grocery, shopping, BOC, Citibank, DBS, Diners, Maybank, OCBC, POSB, Standard Chartered, UOB, Cold Storage, Four Seasons, Giant, Jasons, Market Place, NTUC, Sheng Siong, Kallang Wave



Wednesday, 22 October 2014

OCBC 360 Account - Highest Interest Savings Account!

Earn up to 3.05% interest per year with the OCBC 360 Account.

This is by far the savings account that offers the highest interest rate for deposits, much higher than what you would get for all fixed deposit! And it is a savings account, meaning you can withdraw your money anytime and anywhere you want with an ATM card.

How does it work?

Base interest: 0.05% per year
  • this is the interest you will earn for whatever amount you have in the account
Credit your salary Bonus interest:
1.00% per year (applicable to 1st S$50,000.00 of account balance only)
  • Earn extra 1% interest if you credit your salary of minimum S$2000.00 
  • Only salary credit by GIRO will be entitled
  • Must have "GIRO - Salary" description to qualify
Pay 3 unique bills Bonus interest:
1.00% per year (applicable to 1st S$50,000.00 of account balance only)
  • Pay 3 unique bills using "Pay any bill", "Pay any card" or "GIRO" within a calendar month to qualify
  • 3 different credit cards from the same bank is considered 3 unique bill payment
  • Multiple payments to the same bill is considered as 1 payment only
  • Payments that are subsequently cancelled, reversed or made void will not be considered.
Spend at least S$400 on any OCBC credit card Bonus interest:
1.00% per year (applicable to 1st S$50,000.00 of account balance only)
  • Spend S$400 in total on all OCBC issued credit cards within a calendar month to qualify
  • Must be Principal Account Holder as well as Principal Card Holder to qualify
  • Eligibility depends on posting date, not transaction date. (Posting date is typically 1 to 3 days from transaction date. Some merchants may take longer)

All Bonus interests will be credited by the 7th business day of each month.

IMPORTANT THINGS TO NOTE:
Initial Deposit: S$1,000
Minimum Monthly Balance: S$3,000
Fall below fee: S$2 (waived for the first year)
So long you qualify for 2 Bonus interest categories, you would have gotten yourself a good deal!
For comparison sake, typical savings account gives just 0.05% per year interest!

Quickly go and apply now!
Tags: OCBC, 360, bonus interest, 3.05%, savings account