Credit Cards and Debit Cards

Interestingly, one will not be able to use NETS card to pay the bill at some retail outlets.  I’m talking about using NETS to pay your restaurant bill.  That’s when a card comes in handy.

Most graduating students will apply a Debit Card, as the debit card works by drawing on available balance from your account.  To qualify for a Credit Card, the card company will require the cardholder to be duly employed so that he can than qualify to ‘loan from the bank’ and spend on credit.

For a while after Dear2 graduated, I couldn’t find any debit card to apply, until DBS launched their CapitalMall Card.  Available in credit and debit, this card gives rebates when you charge at stores under the CapitalMall Group.  JEC, IMM, Plaza Singapura, Bugis Junction, Lot 1, Tampines Mall etc, these are highly popular shopping malls for Dear1 and Dear2’s shopping trips.  Dear2 applied for the debit card and got 2 years’ annual fee of $24 p.a waiver.

Dear1 and Dear2 are considering a second card to apply for our joint account.  We definitely will prefer card that give rebates.  Heehee..  Here’s some rough info for comparison:

POSB Debit Card

– 3 years annual fee of $18 waived, but no special rebates

POSB Everyday Credit Card

– 5 years annual fee of $36 p.a waived; cash rebates at selected stores (inc. SP Services, Watsons, Ajisen Ramen, Carrefour etc); normal credit card qualifiers applicable

Citibank SMRT Visa Platinum Card

– 3 years annual fee of $150 waived; rebates more for transport with SMRT; normal credit card qualifiers applicable

Basically, credit cards require a minimum income qualification, and the bank will usually require you to submit your IR8A.  Debit Cards application are more hassle free, except that you will be drawing on available balance, hence necessary to monitor the balance at all times.  Dear1 has the UOB UniCard ONE card.  A great card, as UOB gives excellent dining privileges, and savings interests are pretty high.

We are still contemplating on which card to go for.  Till then, let’s keep an open eye for more better deals.

– Dear2

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One thought on “Credit Cards and Debit Cards

  1. Pingback: Manhattan Card – Our favourite credit card « Dear1 Dear2

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