I have been manually creating savings goals to reduce the effects of heavy 1-off large cash outflows to optimise my monthly cashflow, seems like this is an interesting alternative if it is applies.
Seems like only certain DBS credit cards work but all OCBC cards are accepted. Of course, you must have sufficient credit limit left on your card too.
There's quite a few merchants there too. I used Lazada (https://www.lazada.sg/helpcenter/how-can-i-pay-via-ipp-sg.html) this time, might check out the rest if I use them.
Naturally, I was skeptical, so I went to google and check out the T&Cs prior to trying it out, as I know although it may say "0%", there's probably fees that comes with it (i.e. Courts financing).
The link is here (https://www.ocbc.com/personal-banking/cards/card-services-0-percent-installment-plan.html).
Called both OCBC and messaged them on Facebook to confirm my understanding.
No processing fees and best part is it counts towards the monthly $500 CC spend bonus interest criteria.
However, do note that termination of credit card (when the installment is not paid in full yet) and/or early repayment, results in a $150 admin fee (ouch!), there's charges for late repayment too.
Might not be able to get any rebates via the card as well, but I purchased it via shopback for rebates though.
I paid it via my PLUS card as it is a card that I won't really get slapped with an annual fee which I would call OCBC to waive it, only for it to be rejected, which I would terminate the card and get slapped with an $150 admin fee. =\
Also, due to the fact that now the payment time horizon is extended, and monthly payments are smaller. I want to watch the cashflows diligently and not overextend by overloading with multiple installment plans.
That's all for this post.
Where do they go?
ReplyDeleteWhat are they talking about?
Why must they do that?
Hi Chee Kiong,
DeleteSorry for not being able to understand your question.
Could you please clarify? :)