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Friday, May 8, 2009
Tuesday, May 5, 2009
NETS Rebate - Standard Chartered XtraSaver Account
Alright. The first "financial" tool that I am going to introduced to all of you is NETS rebate. Most of you are aware of cash back or cash rebates by using credit cards. But do you know that NETS also give you CASH REBATE? CASH REBATE will be credited into your bank account directly every month! It is real solid cash that you can withdraw it!
When you talk about NETS in Singapore, people will usually link it to POSB ATM card. But now, Standard Chartered Bank in Singapore also offer NETS with its ATM card. You just need to apply to Standard Chartered XtraSaver Account and you will have an ATM card with NETS service. Whenever you use NETS for purchases, it will give you 0.5% cash rebate, which will be credited into your XtraSaver Account the next month.
Hence, in my opinion, those who will benefit from this card are:
1. People who are not eligible for credit cards (e.g. annual income of less than S$30,000).
You guys can still enjoy rebates when you spend even you are not using credit card. But please read on for the requirement and catch for this account below.
2. People who have credit cards can also benefit from this NETS cards. Use the NETS card to pay your credit cards bills. Hence, you will enjoy 0.5% cash rebate for your credit cards bills.
For example you have Citibank Dividend Credit Card and Standard Chartered XtraSaver NETS card and you spend S$500 using your credit card and pay your credit card bill using Standard Chartered NETS via AXS machine. You will enjoy:
A. 0.5% of S$500 (S$2.50) rebate by Citibank into your Dividend Credit Card account.
AND
B. 0.5% of S$500 (S$2.50) CASH rebate credited into you Standard Chartered XtraSaver account.
That is to say, you are enjoying 1% rebate for your spending. Isn't that good? Imagine your average monthly spending is S$1000 only, you will get S$5 every month or S$60 every year.
You might say that is peanut money. Then take it as "free" money give to you by your bank. Ultimately, you still need to pay your mobile, utilities, spend on dating meals, movies and etc. Everyone has a minmium amount to spend every month. Instead of just spending, why don't you get as many money back as possible?
PLEASE READ THIS
Here's the CATCH, to enjoy the NETS rebate, you must MAINTAIN s$6000 in your XtraSaver Account at all times (this is to be safe, despite the bank says is daily average balance). Once your balance drop below S$6000, you will not enjoy the cash rebate for that month.
STRATEGY
1. For those who DO NOT have credit cards, you might want to make sure you have S$7000 to S$8000 in your XtraSaver account as NETS transactions are real time, the deduction of your money will be immediate. A drop of less than S$6000 in your XtraSaver Account means you will not have cashback for this month's spending using the XtraSaver NETS.
2. For those who have credit cards. You can keep your XtraSvaer at S$6000. Top up your Xtra Saver via Standard Chartered Cash Deposit Machine just before you make your credit cards bills payments.
Alternatively, you can chose to use internet banking transfer of your money to the Xtra Saver account. However, do note that most internet banking transfer takes about 3 working days. That is to say, you will lose 3 days worth of interest for that amount of money you transfer.
If you are as fortunate as me, staying in Tampines, you would have much trouble transfering your money from one bank to another. Most banks have branches, ATM and Cash Deposit Machine in Tampines Central. Just that you need to invest a bit in your leg work - walking around.
Disclaimer
i. Please note that the author is NOT encouraging you all to spend more money, but to get more rebate out of your normal spending.
ii. The author is not a representative of any banks or financial institutes and do not get any benefit from writing this article. Articles of other banks and finacial institutes "tools", products and services that the author deem beneficial to the consumers at large will also be discussed in the future articles.
iii. While the information contained herein is believed to be accurate, information contained herein and no representation or warranty is made by the author of this post to be accurate, reliable and complete.
iv. In all cases, interested parties should conduct their own due diligence, investigation and analysis of the information set forth in this post.
v. The author of this post expressly disclaims any and all liabilities for any representations (whether express or implied) contained herein, or any omissions from, this post or any other written communications transmitted to the recipient in the course of the recipient’s evaluation of the described service and/or product.
vi. This post includes certain statements, estimates and projections provided by the author, which reflect the author’s view regarding the anticipated use of products and/or services. Such statements, estimates and projections which are based on various assumptions may or may not prove to be correct. The author makes no representations as to the accuracy of such statements, estimates and projections.
vii. Please visit the website of Standard Chartered XtraSaver Account (http://www.standardchartered.com.sg/deposits/xtrasaver.html) or contact the bank directly at 1800 747 7000 for more details.
When you talk about NETS in Singapore, people will usually link it to POSB ATM card. But now, Standard Chartered Bank in Singapore also offer NETS with its ATM card. You just need to apply to Standard Chartered XtraSaver Account and you will have an ATM card with NETS service. Whenever you use NETS for purchases, it will give you 0.5% cash rebate, which will be credited into your XtraSaver Account the next month.
Hence, in my opinion, those who will benefit from this card are:
1. People who are not eligible for credit cards (e.g. annual income of less than S$30,000).
You guys can still enjoy rebates when you spend even you are not using credit card. But please read on for the requirement and catch for this account below.
2. People who have credit cards can also benefit from this NETS cards. Use the NETS card to pay your credit cards bills. Hence, you will enjoy 0.5% cash rebate for your credit cards bills.
For example you have Citibank Dividend Credit Card and Standard Chartered XtraSaver NETS card and you spend S$500 using your credit card and pay your credit card bill using Standard Chartered NETS via AXS machine. You will enjoy:
A. 0.5% of S$500 (S$2.50) rebate by Citibank into your Dividend Credit Card account.
AND
B. 0.5% of S$500 (S$2.50) CASH rebate credited into you Standard Chartered XtraSaver account.
That is to say, you are enjoying 1% rebate for your spending. Isn't that good? Imagine your average monthly spending is S$1000 only, you will get S$5 every month or S$60 every year.
You might say that is peanut money. Then take it as "free" money give to you by your bank. Ultimately, you still need to pay your mobile, utilities, spend on dating meals, movies and etc. Everyone has a minmium amount to spend every month. Instead of just spending, why don't you get as many money back as possible?
PLEASE READ THIS
Here's the CATCH, to enjoy the NETS rebate, you must MAINTAIN s$6000 in your XtraSaver Account at all times (this is to be safe, despite the bank says is daily average balance). Once your balance drop below S$6000, you will not enjoy the cash rebate for that month.
STRATEGY
1. For those who DO NOT have credit cards, you might want to make sure you have S$7000 to S$8000 in your XtraSaver account as NETS transactions are real time, the deduction of your money will be immediate. A drop of less than S$6000 in your XtraSaver Account means you will not have cashback for this month's spending using the XtraSaver NETS.
2. For those who have credit cards. You can keep your XtraSvaer at S$6000. Top up your Xtra Saver via Standard Chartered Cash Deposit Machine just before you make your credit cards bills payments.
Alternatively, you can chose to use internet banking transfer of your money to the Xtra Saver account. However, do note that most internet banking transfer takes about 3 working days. That is to say, you will lose 3 days worth of interest for that amount of money you transfer.
If you are as fortunate as me, staying in Tampines, you would have much trouble transfering your money from one bank to another. Most banks have branches, ATM and Cash Deposit Machine in Tampines Central. Just that you need to invest a bit in your leg work - walking around.
Disclaimer
i. Please note that the author is NOT encouraging you all to spend more money, but to get more rebate out of your normal spending.
ii. The author is not a representative of any banks or financial institutes and do not get any benefit from writing this article. Articles of other banks and finacial institutes "tools", products and services that the author deem beneficial to the consumers at large will also be discussed in the future articles.
iii. While the information contained herein is believed to be accurate, information contained herein and no representation or warranty is made by the author of this post to be accurate, reliable and complete.
iv. In all cases, interested parties should conduct their own due diligence, investigation and analysis of the information set forth in this post.
v. The author of this post expressly disclaims any and all liabilities for any representations (whether express or implied) contained herein, or any omissions from, this post or any other written communications transmitted to the recipient in the course of the recipient’s evaluation of the described service and/or product.
vi. This post includes certain statements, estimates and projections provided by the author, which reflect the author’s view regarding the anticipated use of products and/or services. Such statements, estimates and projections which are based on various assumptions may or may not prove to be correct. The author makes no representations as to the accuracy of such statements, estimates and projections.
vii. Please visit the website of Standard Chartered XtraSaver Account (http://www.standardchartered.com.sg/deposits/xtrasaver.html) or contact the bank directly at 1800 747 7000 for more details.
Monday, May 4, 2009
Common Cents
The reason why I started this blog is because I believed that I have something unique to share with my fellow Singaporeans. I tried surfing the internet for tips on savings and all I got is really common advices such as buy what you need and etc....
In this blog, I will be writing about TOOLS and approaches TO MAXIMISE YOUR SAVINGS and maximium REBATES FROM YOUR SPENDING (damage control) specifically to what is available in Singapore. These information is for all of you living in Singapore (even if you are not a Singaporean but you are living in Singapore).
Like many of you, young working adults trying to earn more money and SAVE MORE money, I started exploring ways to make my money work harder for me. I started this hobby of mine since my days studying in UK, London. During the 2005 to 2007, bank interest rates in London have been raising and different bank accounts such as internet banking accounts started offering higher interest rates than other accounts. Learning to split my savings into different accounts to yield maximum interest and cut down on administrative charges, I slowly pick up the catch the banks are trying to lay. As long as we are clear with the "catch" the bank sets, we can get the most interest out of the bank. Ultimately, the banks will earn their profits from those blur folks.
Till this stage, you might have guess, I will be talking about using credit cards for rebates and bank accounts with better interest rates. You think you have know it all? Well, no harm bookmarking my blog to see if I can offer you more tips than you know.
Just a prelude of next foew posts, do you know you can get 2 ROUNDS of REBATE by just having 1 credit cards and 1 NETS card? I earn about S$10 CASH REBATES every month with just my normal spending of about S$1000 a month.
If you too have great ways to save or get "free" money from banks, please feel free to leave your comments on this blog. I love getting "free" money from banks.
If you are looking for investment tips, this is NOT the blog for you as I am NOT a banker or financial advisor. I might touch on investments topic occasionally if I think I have the knowledge or share with you my believes.
In this blog, I will be writing about TOOLS and approaches TO MAXIMISE YOUR SAVINGS and maximium REBATES FROM YOUR SPENDING (damage control) specifically to what is available in Singapore. These information is for all of you living in Singapore (even if you are not a Singaporean but you are living in Singapore).
Like many of you, young working adults trying to earn more money and SAVE MORE money, I started exploring ways to make my money work harder for me. I started this hobby of mine since my days studying in UK, London. During the 2005 to 2007, bank interest rates in London have been raising and different bank accounts such as internet banking accounts started offering higher interest rates than other accounts. Learning to split my savings into different accounts to yield maximum interest and cut down on administrative charges, I slowly pick up the catch the banks are trying to lay. As long as we are clear with the "catch" the bank sets, we can get the most interest out of the bank. Ultimately, the banks will earn their profits from those blur folks.
Till this stage, you might have guess, I will be talking about using credit cards for rebates and bank accounts with better interest rates. You think you have know it all? Well, no harm bookmarking my blog to see if I can offer you more tips than you know.
Just a prelude of next foew posts, do you know you can get 2 ROUNDS of REBATE by just having 1 credit cards and 1 NETS card? I earn about S$10 CASH REBATES every month with just my normal spending of about S$1000 a month.
If you too have great ways to save or get "free" money from banks, please feel free to leave your comments on this blog. I love getting "free" money from banks.
If you are looking for investment tips, this is NOT the blog for you as I am NOT a banker or financial advisor. I might touch on investments topic occasionally if I think I have the knowledge or share with you my believes.
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