POSB Everyday Credit Card

On top of my previous post on 3 best credit cards, POSB Everyday credit card is definitely worth taking a look, reason being it gives a unique rebate on our everyday usage - Utilities and StarHub!

Paying your Utilities and StarHub bills (SCV, Mobile and Broadband) using POSB Everyday Credit Card entitles you to a 1% rebate each. It is better than nothing!

Besides that, the card gives 5% rebate at Carrefour (also the best), and 3% at Watson. Besides this, you can use this POSB Credit Card to pay for your Stock Purchase as mentioned in my previous post to get extended contra period and rebates on stock transaction fees!

The rebates come in the form of instant cash stored in your card that you can use it for purchase, and this card comes with a 5 year waiver of card fees.

What are you waiting for? Make the best of your credit cards now!

How to avoid trading fees & extend contra period?

Just a small tips on how to earn back your trading fees & to extend your contra payment period on stock purchase:

1. Apply for a DBS Credit Card & a Standard Chartered XtraSaver Account.
2. After a stock purchase, use DBS Credit Card to pay your broker for your stock purchase online. Note that only DBS allows you to do this. This can help you to extend your actual cash payment by around one month!!
3. By credit card payment due date, use Standard Chartered XtraSaver Debit Card to pay by NETS via AXS machine. XtraSaver provides 0.5% rebate for all NETS transactions up to a limit of $50 per month. For a sum of $10,000 stock purchase, you already get back $50, and this will help to pay for almost 90% of your buy & sell trading fees.

Cheers and Good Luck!

OCBC SmartSavings & MayBank ISavvy

I would like to bring to your attention that the OCBC SmartSavings Account's interest rate has slightly deviated according to below:

1st $10000 - 0.5% p.a.
Following - 1.0% p.a.

instead of the 1.0% for the full sum that I have stated before.

This brings MayBank ISavvy Savings Account to light, as depending on your savings amount, if offers a better rate than OCBC SmartSavings Account. MayBank ISavvy offers:

Daily balance below S$5,000 0.25% p.a.
Daily balance of S$5,000 to below S$50,000 0.88% p.a.
Daily balance of S$50,000 and above 1.18% p.a.

Do your sum and maximize your earnings!!

Is it right to invest in USD now? Which bank offers the best rate?

With the fall and rise of the US dollar recently, it becomes apparent to many that it may be a good choice to invest in the USD right now. The USD has recently risen from 1.34 to 1.41, and those who have catch on the trend may have earned themselves some pennies, however, is this trend going to continue? Is it right to invest in USD now?

With the US credit woes spreading to other countries, like Japan which face its first contraction in 6 years, and Europe whose economy is forecasted to have stalled, the USD is expected to rise against the yen and euros.

Singapore economy is affected as well, our full year 08 growth forecast has been reduced from around 6% to 4-5%.

With the fall in commodity and crude oil price recently, it is expected to reinforce the idea that the global economy is going down, and it will further boost the rise of USD.

However, i prefer to take a contrarian view of the USD trend. especially against the Singapore dollar. I do not see the price of commodity and crude price going down in the long term, and I expect MAS to continue its tightening policy against USD, though it will let the rise of SGD against the USD to be at a slower pace. Inflation will still be a bigger problem than economic growth in Singapore. Also, I expect US economy to be worse off than Singapore's, and to encourage exports from US, especially if the upcoming trade reports show that US exports have fallen substantially, US will not allow USD to appreciate as everyone has expected.

In the short term, USD/SGD will rise, however I expect the rate to fall to around 1.30 within a 12 month period.

So where is a good place to place your bet on USD when it falls to such at attractive rate of 1.3?

OCBC USD Time Deposit offers an attractive rate of 1.7% to 2.4% per annum for minimum placement of US$5000 for a period of 1 month. This is the best offer in town for the commoner like us!

Which Savings Account has the best interest rate?

1. Citibank Step-up - 1.2% per annum is achievable within 12 months; the "Catch" will be your current month balance must always be higher than previous month, unless your balance hits a minimum of $20,000.
2. OCBC SmartSavings - 1% per annum; no Catch!

Which Credit or Debit Card gives the best rebate?

1. Citibank Dividend Card - gives a total of 8% discount to petrol at Esso, if including the usual on-site 5%, it will be a total of 13%, the best so-far in town. It also gives 2% rebate to dining and groceries and 0.5% rebate for all other spending.
2. Standard Chartered Prudential Platinum Card - good for holders of Prudential policies, as it gives a 0.9% rebate for all spending, which you can use it to deduct from your premium.
3. UOB One Card - gives a rebate of $30 for 3 consecutive months of $300 monthly spending, and $80 for 3 consecutive months of $800 monthly spending, which works out to a 3% rebate.
4. Standard Chartered Xtra Saver Account Debit Card - gives a rebate of 0.5% for all Nets spending, and 2% rebate (if no rebate on petrol, with it its 1%) for all overseas spending on its debit mastercard. It also gives discount for spending on petrol, with a total rebate limit of up to $300 monthly.