Getting the best from your credit card is both a science and partly an art. Apart from digging deeper to understand the mechanics of the agreements about credit cards, it is a good idea to consider asking for a waiver from your bank if not provided automatically. If you are not aware, most credit card companies offer waivers for the first year, but the standard cards usually have an annual fee attached to them. Keep reading to learn more about credit waivers and how to get them in Singapore.
Credit Card Waivers Per Bank
Different banks in Singapore have varying methods of offering waivers. Here, we will highlight two of them, DBS/POSB and HSBC.
How Do You Get the Annual Fee Waiver from DBS?
One thing we must indicate is that DBS has simplified the process of getting a waiver for its members. Indeed, the waiver is only accepted when the application is made using their automated system. So, you have to put the request via the DBS phone banking or DBS Digibot. Let’s go through the process of requesting the waiver via the digibot:
(i) Open the chat Box and type the word “fee waiver.”
(ii) Tap the icon “fee waiver” and then “authenticate me.”
(iii) Check “credit card fee waiver.”
(iv) Choose the credit card account that you want the fee to be waived.
(v) Click “confirm.”
(vi)Within three working days, the bank will send the status of the request. This is sent via email and SMS.
How Do You Get the Annual Fee Waiver from HSBC?
To get your credit card waiver from HSBC, you have to use their 24-hour phone banking system. Here are the steps to follow:
(i) On your phone, dial the hotline of HSBC at +65 64722 669 (overseas) or 1800 4722 669 (local).
(ii) Follow and select the menu options requesting for a waiver.
(iii) Wait for the bank to send status or confirmation for the waiver.
Are All Credit Card Member Holders Guaranteed for Waivers?
The answer is “no.” Indeed there are no clearly laid down rules on what banks use to determine if you qualify for a waiver or not. The main exception, in this case, is only the one where credit card holders are automatically granted waivers. Most of them require one to hit a specific spend level, such As $10,000. However, most requests are successful. If you use your credit card regularly and clear bills on time, expect to get the waiver after putting through a request.
What Should You Do If the Waiver is Declined?
If this happens, the best thing to do is ask the bank representative if there is a way to appeal the rejection. If that is not successful, you might want to cancel the credit card. Indeed, there are a number of advantages that you can enjoy for canceling the credit card.
If you make the decision to cancel the card, review whether you have reward points, miles, or a cashback. Then, redeem them before hitting the cancel button.
Paying the Annual Credit Card Fee: Why Do Some People Do It?
- You are getting something in return: If you have something flowing back to you in return, perhaps in the form of miles or points, you would want to keep paying the card.
- There is no alternative: If you have a company that does not provide an option for an annual fee waiver, there is no way out other than clearing the bill. For example, American Express requires every credit cardholder to pay the annual fee. There is no way out.
- To maintain a good credit score: For some people who have their credit cards as the oldest source of credit history, holding it is crucial in maintaining a high score. When calculating your credit score, credit agencies check a number of things, including credit mix and credit history. Holding your old card means that your positive history remains intact, and the score will be impressive. So, the loans you apply for, be they renovation loans or personal loans in Singapore, will come with lower interest rates.
Credit Cards that Come with Continuous Waivers
There are some cards that come with progressive fee waivers in Singapore. One of the best examples is the CIMB credit cards that do not have an annual fee. If you opt for the HSBC Revolution Credit Card or the Standard Chartered Smart Credit Card, you get to enjoy $0 for life. All that you need is for your credit card to be in good standing.
As you can see, there are ways for you to get that annual fee waived off of your credit card. Remember that if your credit card loans plus other unsecured loans are proving challenging to keep up with payments, the best way out is to take a debt consolidation loan. This is a loan used to clear all the other loans so that you are left with one loan to service. If you do not qualify for a debt consolidation loan, consider going for a personal loan to repay the loans.Make sure to always apply for a loan, be it a debt consolidation loan or personal loan, through Lendela. This is the leading loan comparison site that you can count on to simplify loan applications, avoid loan sharks, and enjoy lower interest rates.