If you’re looking to get a line of credit in Singapore, DBS Cashline is a popular option. It offers a flexible and convenient way to borrow money, whether you need it for a big purchase or to cover unexpected expenses. However, one of the things you need to consider when applying for DBS Cashline is the annual fee.
The annual fee for DBS Cashline is S$120, but there are ways to waive this fee. You can submit a waiver request for an annual fee, finance or late charge via DBS’s digital services. However, it’s important to note that fee waiver requests are only accepted via the automated system. DBS also offers promotions that allow existing customers to enjoy a S$120 annual fee waiver for a limited time.
To apply for DBS Cashline, you need to be above 21 years of age and earn a gross annual income of S$20k as a Singaporean or Permanent Resident. The minimum gross annual income requirement is the same for both Singaporeans and Permanent Residents. It’s also important to note that DBS Cashline is subject to interest charges and other fees, so it’s important to manage your account carefully to avoid incurring unnecessary costs.
Key Takeaways
- DBS Cashline offers a flexible and convenient way to borrow money in Singapore.
- The annual fee for DBS Cashline is S$120, but you can waive it by submitting a request via DBS’s digital services or taking advantage of promotions.
- To apply for DBS Cashline, you need to be above 21 years of age and earn a gross annual income of S$20k as a Singaporean or Permanent Resident.
Understanding DBS Cashline
If you’re looking for a flexible and convenient way to access cash, DBS Cashline is a great option for you. Here’s what you need to know about DBS Cashline and how it compares to credit cards.
What Is DBS Cashline?
DBS Cashline is a line of credit that lets you borrow money whenever you need it. It’s essentially a personal loan that you can access whenever you need cash. Unlike a traditional personal loan, however, you only have to pay interest on the amount you borrow. This makes it a great option if you need cash for a short period of time or if you’re not sure how much you’ll need.
DBS Cashline offers a number of benefits over traditional personal loans. For one, it’s much more flexible. You can borrow as much or as little as you need, up to your approved credit limit. You can also repay your loan early without any penalty fees. Additionally, DBS Cashline is often cheaper than credit cards, with lower interest rates and fees.
DBS Cashline vs Credit Cards
While DBS Cashline and credit cards both offer access to credit, there are some key differences between the two. For one, DBS Cashline offers a lower interest rate than most credit cards. This means that if you need to borrow money for a longer period of time, DBS Cashline may be a more affordable option.
Another key difference is that DBS Cashline doesn’t come with the same rewards and perks as credit cards. With a credit card, you can earn cashback, points, and other rewards for your spending. DBS Cashline, on the other hand, is simply a line of credit that lets you borrow money when you need it.
Overall, DBS Cashline is a great option if you need to borrow money for a short period of time or if you’re not sure how much you’ll need. With its flexible terms and low interest rates, it’s a great alternative to traditional personal loans and credit cards.
Eligibility and Application Process
If you are looking for a reliable and convenient source of funding, DBS Cashline may be the answer. The application process is straightforward, and the eligibility criteria are reasonable. Here’s what you need to know:
Eligibility Criteria
To apply for DBS Cashline, you must meet the following eligibility criteria:
- You must be a Singaporean or Permanent Resident
- You must be at least 21 years old and not more than 70 years old
- You must have a minimum gross annual income of $20,000
Required Documents
To apply for DBS Cashline, you will need to provide the following documents:
- A copy of your NRIC (front and back)
- Your latest computerised payslip or Income Tax Notice of Assessment
- For self-employed individuals, a copy of your latest Income Tax Notice of Assessment
How to Apply for DBS Cashline
To apply for DBS Cashline, follow these simple steps:
- Visit the DBS website and click on the “Apply Now” button for Cashline.
- Fill in the application form with your personal and financial details.
- Upload the required documents.
- Submit your application.
Once your application is approved, you will receive a notification from DBS. You can then activate your DBS Cashline account and start using it.
In summary, applying for DBS Cashline is a simple and straightforward process. As long as you meet the eligibility criteria and provide the required documents, you should have no problem getting approved.
Fees and Charges
If you’re considering taking out a DBS Cashline, it’s essential to know about the fees and charges associated with it. Here’s a breakdown of the fees and charges you can expect:
Annual Fee and Waivers
The DBS Cashline has an annual fee of S$120, which is waived for the first year. However, eligible customers can request a waiver of the annual fee. To be eligible for the waiver, you must meet certain criteria, such as having a successful application for a Balance Transfer of at least S$2,000 from your Cashline account within 30 calendar days.
Interest Rates and Calculations
DBS Cashline charges interest on the amount you borrow. The interest rate is calculated based on the outstanding balance and is charged on a monthly basis. The interest rate is currently at 19.8% p.a. However, the interest rate may vary depending on the amount borrowed and the repayment period.
Other Associated Fees
Apart from the annual fee and interest charges, there are other fees and charges associated with the DBS Cashline. These include a late payment fee of S$100, a processing fee of S$100 for each Cashline account opening, and a cash advance fee of 6% of the amount withdrawn or S$15, whichever is higher.
It’s essential to note that all fees and charges are subject to change, and it’s crucial to check with DBS for the latest fees and charges. However, with the right understanding of the fees and charges associated with the DBS Cashline, you can make an informed decision on whether it’s the right choice for your financial needs.
Managing Your Cashline Account
When it comes to managing your DBS Cashline account, you have a range of options available to you. Here are some of the ways you can stay on top of your account and make payments on time.
Repayment Options
DBS Cashline offers flexible repayment options to suit your needs. You can choose to make fixed repayments from as low as 2.88% p.a. + 1% processing fee (E.I.R. 5.79% p.a.) or flexible repayments from as little as $50 or the minimum due on your statement balance, whichever is higher. This gives you the flexibility to manage your finances in a way that suits you.
DBS Digibank Features
DBS Digibank offers a range of features that make it easy to manage your DBS Cashline account. You can access your account through the app, which allows you to view your balance, make payments, and check your transaction history. You can also use touch/face ID to log in quickly and easily. Additionally, DBS Digibank features a chat function that allows you to get in touch with a customer service officer or DBS Digibot to get help with any issues you may be having.
Customer Service and Feedback
DBS is committed to providing excellent customer service, and they offer a range of channels through which you can get in touch. If you have any feedback or complaints, you can contact their customer service team through their website, phone, or email. They also have a comprehensive FAQ section on their website that covers a range of topics related to DBS Cashline and other products.
Overall, managing your DBS Cashline account is easy and convenient, thanks to the flexible repayment options, DBS Digibank features, and excellent customer service. With these tools at your disposal, you can stay on top of your finances and manage your DBS Cashline account with ease.
Promotions and Benefits
If you are a DBS Cashline customer, you can enjoy a range of promotions and benefits. Here are some of them:
Fee Waiver Conditions
DBS Cashline offers an annual fee waiver of S$120. However, this is only applicable to existing customers who have received the notification through marketing push notes and/or electronic direct mailers. The fee waiver is also only available for a limited time.
If you are eligible for the fee waiver, you can enjoy savings of up to S$120. This is a great way to reduce your expenses and make the most of your DBS Cashline account.
DBS Card Privileges
As a DBS Cashline customer, you can also enjoy a range of privileges with your DBS credit card. For example, if you have a DBS Live Fresh Card, you can earn up to 5% cashback on your online and Visa contactless spend. Additionally, if you have a DBS Live Fresh Student Card, you can enjoy 0.3% cashback on all spend.
If you have a DBS Mastercard Platinum Card, you can earn up to 3 miles for every S$1 spent on online travel bookings. Similarly, if you have a DBS Treasures Black Elite Card, you can earn up to 3 miles for every S$1 spent on overseas spend.
If you have a DBS Vantage Card, you can earn up to 1.2% p.a. interest on your savings. Finally, if you have a SAFRA DBS Card, you can enjoy exclusive deals and discounts at SAFRA clubs and facilities.
To enjoy these privileges, you may need to fulfil certain conditions, such as a minimum spend or specific spending categories. However, these conditions are usually easy to meet and can help you maximise the benefits of your DBS Cashline account.
Overall, if you are a DBS Cashline customer, you can enjoy a range of promotions and benefits that can help you save money and earn rewards. Be sure to check the latest offers and conditions to make the most of your account.
Frequently Asked Questions
How can I get my DBS Cashline annual fee waived?
You can get your DBS Cashline annual fee waived by meeting certain criteria. For example, if you are an existing DBS Cashline customer, you may qualify for a limited time promotion to waive the annual fee. Additionally, if you apply for a balance transfer of at least $2,000 from your Cashline account within 30 days of receiving an SMS notification, you may also be eligible for a one-time waiver of the annual fee.
What are the steps to contact customer service for DBS Cashline annual fee inquiries?
If you have inquiries about your DBS Cashline annual fee, you can contact customer service through various channels. You can call the DBS hotline number or visit a DBS branch to speak with a representative in person. Alternatively, you can submit an inquiry through the DBS website or mobile app.
Is there a method to calculate the DBS Cashline annual fee?
Yes, there is a method to calculate the DBS Cashline annual fee. The annual fee is $120 and is charged on a yearly basis. GST charges are exempted from the DBS Cashline Annual Fee.
Can the DBS Cashline annual fee be waived automatically or must I request it?
The DBS Cashline annual fee is not waived automatically. You must request it by meeting certain criteria, such as applying for a balance transfer or qualifying for a limited time promotion.
What is the DBS hotline number for discussing annual fee concerns?
The DBS hotline number for discussing annual fee concerns is 1800 111 1111. You can call this number to speak with a customer service representative about your DBS Cashline annual fee.
What’s the minimum repayment amount required for DBS Cashline?
The minimum repayment amount required for DBS Cashline is 3% of the outstanding balance or $50, whichever is higher. It’s important to make timely payments to avoid late fees and interest charges.