Introduction
Are you looking for ways to waive the annual fee for your DBS Cashline in Singapore? DBS Cashline is a personal line of credit that provides you with flexibility and convenience in managing your finances. However, the annual fee may be a burden for some customers, especially if you are not fully utilizing the credit line. Fortunately, DBS offers a fee waiver for eligible customers, allowing you to save money and enjoy the benefits of Cashline.
Understanding DBS Cashline
DBS Cashline is a revolving credit facility that gives you access to funds up to your available credit limit. You can use the funds for any purpose, including paying bills, making purchases, or consolidating debt. The interest rate is charged only on the amount you use, and you can repay the borrowed amount over time. However, the annual fee of S$120 (waived for the first year) may deter you from using the credit line.
Eligibility Criteria for Fee Waiver
To qualify for a fee waiver, you need to fulfill certain criteria, such as maintaining a good credit score, having a stable income, and meeting the minimum spending requirement on your DBS credit card. You can request a waiver online or through the DBS hotline, and the decision will be based on your credit profile and account history. If approved, the fee will be credited back to your account within a few working days.
Key Takeaways
- DBS Cashline is a personal line of credit that allows you to access funds up to your available credit limit.
- DBS offers an annual fee waiver for eligible customers who meet certain criteria, such as maintaining a good credit score and meeting the minimum spending requirement on their DBS credit card.
- You can request a fee waiver online or through the DBS hotline, and the decision will be based on your credit profile and account history.
Understanding DBS Cashline
DBS Cashline is a personal line of credit that provides you with quick access to funds whenever you need them. It is a revolving credit facility, which means that you can borrow and repay as many times as you want, up to your approved credit limit.
To apply for DBS Cashline, you need to have a DBS/POSB savings or current account. Once you are approved, you can access your funds through various channels, including ATM withdrawals, online transfers, and cheque issuance.
One thing to keep in mind is that DBS Cashline comes with an annual fee of $120, which is waived for the first year. The annual fee is charged on a yearly basis, and GST charges are exempted.
If you are a DBS Cashline customer and have received the notification through marketing push notes and/or electronic direct mailer, you are qualified to enjoy the $120 annual fee waiver promotion for a limited time only.
To request a waiver of charges, you can submit your waiver request for an annual fee, finance, or late charge on DBS’s digital services. Alternatively, you can also call 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas) and press 1 for English to speak to a customer service officer.
If you also hold a DBS credit card, you can waive your credit card’s annual fee and late fee by following the same process. However, for DBS Altitude Credit Card/DBS Vantage, a bonus of 5,000/12,500 DBS Points is credited to your account when the annual fee is charged. Therefore, before requesting a waiver, please ensure that you have 5,000/12,500 DBS Points, and the DBS Points will be reversed within 3 working days.
Eligibility Criteria for Fee Waiver
To be eligible for an annual fee waiver on your DBS Cashline account, there are certain criteria that you need to meet. Here are the eligibility criteria for some of the most popular DBS credit cards:
DBS Live Fresh Card
To be eligible for an annual fee waiver on your DBS Live Fresh Card, you need to have made a minimum of 12 transactions in the last 12 months. Additionally, you need to have spent a minimum of $12,000 on your card in the last 12 months.
DBS Vantage Card
To be eligible for an annual fee waiver on your DBS Vantage Card, you need to have made a minimum of 12 transactions in the last 12 months. Additionally, you need to have spent a minimum of $12,000 on your card in the last 12 months.
DBS Mastercard Platinum Card
To be eligible for an annual fee waiver on your DBS Mastercard Platinum Card, you need to have made a minimum of 12 transactions in the last 12 months. Additionally, you need to have spent a minimum of $12,000 on your card in the last 12 months.
SAFRA DBS Card
To be eligible for an annual fee waiver on your SAFRA DBS Card, you need to have made a minimum of 12 transactions in the last 12 months. Additionally, you need to have spent a minimum of $12,000 on your card in the last 12 months.
DBS Live Fresh Student Card
To be eligible for an annual fee waiver on your DBS Live Fresh Student Card, you need to have made a minimum of 12 transactions in the last 12 months. Additionally, you need to have spent a minimum of $12,000 on your card in the last 12 months.
DBS Treasures Black Elite Card
To be eligible for an annual fee waiver on your DBS Treasures Black Elite Card, you need to have made a minimum of 12 transactions in the last 12 months. Additionally, you need to have spent a minimum of $12,000 on your card in the last 12 months.
It is important to note that the eligibility criteria for fee waivers may change from time to time. Therefore, it is always a good idea to check with DBS customer service to confirm your eligibility before making any assumptions.
How to Request a Fee Waiver
If you are a DBS Cashline customer, you may be eligible for an annual fee waiver. Here are the steps you can take to request a fee waiver:
Via DBS Digibot
DBS Digibot is a digital assistant that can help you with your banking needs. To request a fee waiver via DBS Digibot, follow these steps:
- Log in to your DBS iBanking account.
- Click on the “Chat with Digibot” button.
- Type “Fee waiver request” in the chat box.
- Follow the prompts to complete your fee waiver request.
Please note that fee waiver requests via DBS Digibot are not available between 2345 hrs to 0030 hrs and 0230 hrs to 0245 hrs daily.
Through Phone Banking
You can also request a fee waiver through phone banking. To do so, follow these steps:
- Call 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas).
- Press 1 for English.
- Select the Cashline account to be waived.
- Review the details and click on “Confirm.”
By Speaking to a Customer Service Officer
If you prefer to speak to a customer service officer, you can do so by calling the same phone numbers listed above. When prompted, select the option to speak to a customer service officer. They will be able to assist you with your fee waiver request.
Remember, to be eligible for a fee waiver, you must fulfill certain conditions, such as successfully applying online for a Personal Loan of minimum S$2,000 from your Cashline account or withdrawing a minimum of S$2,000 from your Cashline account and maintaining the balance for 30 calendar days. If you meet these conditions, don’t hesitate to request a fee waiver using one of the methods listed above.
Terms and Conditions of Waivers
When it comes to waiving your DBS Cashline annual fee, there are some terms and conditions that you should be aware of. These terms and conditions can vary depending on the type of Cashline account you have and the bank’s policies.
One of the main conditions for getting your DBS Cashline annual fee waived is to meet the minimum spend requirements. This means that you need to spend a certain amount on your Cashline account within a specific period to be eligible for the waiver. The minimum spend requirement can vary depending on the account type, and it is essential to check with the bank for the exact amount.
Another important condition is that you can only appeal for a waiver once a year. This means that if your waiver request is rejected, you will have to pay the annual fee for the rest of the year. Therefore, it is crucial to ensure that you meet all the requirements before submitting your waiver request.
It is also important to note that the waiver is only valid for one year. You will need to submit a new waiver request every year to continue enjoying the waiver. The waiver period usually follows the calendar year, so it is best to submit your request at the beginning of the year to avoid missing out.
In conclusion, getting your DBS Cashline annual fee waived can be a great way to save money. However, you must meet all the requirements and follow the bank’s policies to be eligible for the waiver. By keeping these terms and conditions in mind, you can increase your chances of getting your DBS Cashline annual fee waived and enjoy the benefits of your account without any additional costs.
Maximising the Value of Your DBS Cashline
If you are a DBS Cashline user, you may be looking for ways to maximise the value of your account. Fortunately, there are several strategies you can employ to do just that.
First and foremost, make sure you are taking advantage of any fee waivers that are available to you. For example, as a DBS Cashline user, you may be eligible for an annual fee waiver. This can save you $120 per year, which can be put towards other expenses or savings goals.
To qualify for the annual fee waiver, you may need to meet certain requirements, such as applying for a personal loan or maintaining a minimum balance in your account. Be sure to check with DBS to see what specific requirements apply to you.
In addition to fee waivers, you may also be able to earn rewards points or cash back on your Cashline transactions. For example, if you use a DBS credit card to make purchases from your Cashline account, you may be able to earn rewards points on those purchases.
Another way to maximise the value of your Cashline account is to be strategic about your spending. If you have a minimum spend requirement for a credit card fee waiver, for example, consider using your Cashline account to make purchases that will help you meet that requirement.
By taking advantage of fee waivers, rewards programs, and strategic spending, you can make the most of your DBS Cashline account and get the most value out of your money.
Frequently Asked Questions
How can I have my DBS Cashline annual fee waived online?
You can have your DBS Cashline annual fee waived online by fulfilling either of the following conditions:
- Successfully applied for a Personal Loan of minimum S$2,000 from your Cashline account.
- Withdraw a minimum of S$2,000 from your Cashline account and maintain the balance for 30 calendar days.
What is the contact number to discuss DBS Cashline annual fee waivers?
To discuss DBS Cashline annual fee waivers, you can call DBS customer service at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas). Press 1 for English.
Is there a 24-hour hotline for DBS fee waivers?
Yes, there is a 24-hour hotline for DBS fee waivers. You can contact DBS customer service at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas) any time of day.
How do I engage with DBS Digibot for a fee waiver?
To engage with DBS Digibot for a fee waiver, you can visit the DBS website and click on the “Open Chat” button on the bottom right corner of the page. You can then type in your request for a fee waiver and the Digibot will assist you.
What are my options if my request for a DBS Cashline fee waiver is declined?
If your request for a DBS Cashline fee waiver is declined, you can consider applying for a Personal Loan to fulfill the waiver conditions. Alternatively, you can contact DBS customer service to discuss other options.
Am I able to cancel my DBS Cashline account?
Yes, you can cancel your DBS Cashline account at any time. You can contact DBS customer service to initiate the cancellation process. Please note that any outstanding balance on your account must be settled before the account can be cancelled.