If you’re a DBS credit cardholder in Singapore, you may be wondering how to request a waiver of finance charges. Fortunately, the process is straightforward and can be done online or over the phone. DBS offers a range of credit cards with varying fees and charges, so it’s important to understand how these work and how you can minimise them.
To begin, it’s important to understand what finance charges are and how they are calculated. Finance charges are fees that are charged to your credit card account when you carry a balance from one billing cycle to the next. These charges are typically calculated as a percentage of the outstanding balance, and can add up quickly if you don’t pay off your balance in full each month. By understanding how finance charges work, you can take steps to minimise them and avoid paying unnecessary fees.
If you’re looking to request a waiver of finance charges, the process is simple. DBS offers a range of options for requesting a waiver, including online and over the phone. You can also request a waiver by visiting a DBS branch in person. By taking advantage of these options, you can save money on finance charges and keep your credit card account in good standing.
Understanding DBS Finance Charges
If you have a DBS credit card or cashline account, it’s important to understand the fees and charges associated with them. In this section, we’ll break down the different types of fees and charges you may encounter and explain how to avoid them.
DBS Credit Card Fees
DBS credit cards come with a range of fees, including annual fees, late payment fees and interest charges. The annual fee is a yearly charge that is applied to your credit card account and is typically due on the anniversary of your account opening. The amount of the annual fee varies depending on the type of credit card you have, but it can range from $0 to several hundred dollars.
Late payment fees are charged when you don’t make your minimum payment by the due date. The amount of the late payment fee is typically around $100, but it can vary depending on your outstanding balance and the terms of your credit card account. To avoid late payment fees, make sure you always make at least the minimum payment on time.
Interest charges are applied to your outstanding balance when you carry a balance on your credit card account. The interest rate is typically around 27.8% per annum, but it can vary depending on your creditworthiness and the terms of your credit card account. To avoid interest charges, make sure you pay your balance in full each month.
DBS Cashline Charges
DBS cashline is a line of credit that allows you to borrow money on a revolving basis. It comes with a range of fees and charges, including an annual fee and interest charges.
The annual fee for DBS cashline is typically around $100, but it can vary depending on the terms of your cashline account. To avoid paying the annual fee, make sure you use your cashline account regularly and pay off your outstanding balance each month.
Interest charges are applied to your outstanding balance when you borrow money on your cashline account. The interest rate is typically around 27.8% per annum, but it can vary depending on your creditworthiness and the terms of your cashline account. To avoid paying interest charges, make sure you pay off your outstanding balance as soon as possible.
In summary, understanding the fees and charges associated with your DBS credit card and cashline account is important to avoid unnecessary costs. By making sure you always make your minimum payment on time, pay off your balance in full each month and use your cashline account regularly, you can avoid most fees and charges.
How to Request a Fee Waiver
If you’re a DBS credit cardholder in Singapore, requesting a fee waiver is a straightforward process. You can choose from a variety of methods, including using DBS Digibot, phone banking, or online banking. Here are the steps to follow:
Using DBS Digibot
DBS Digibot is an AI-powered chatbot that can help you with your fee waiver request. It’s available 24/7, so you can use it at any time. To request a fee waiver using DBS Digibot, follow these steps:
- Log in to your DBS/POSB iBanking account using your user ID and PIN.
- Click on the red chat icon located at the bottom right corner of the screen.
- Type “Fee Waiver” into the chat box and follow the prompts to submit your request.
Via Phone Banking
If you prefer to speak to a customer service representative, you can request a fee waiver via phone banking. Here’s how:
- Call the DBS hotline at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas).
- Press 1 for English.
- Follow the prompts to speak to a customer service representative and request a fee waiver.
Online Banking Methods
DBS/POSB credit cardholders can also request a fee waiver through online banking. Here are the steps to follow:
- Log in to your DBS/POSB iBanking account using your user ID and PIN.
- Click on the “Cards” tab.
- Select the credit card account for which you want to request a fee waiver.
- Click on “Fee Waiver Request” and follow the prompts to submit your request.
Remember that fee waiver requests are only accepted via the automated system. If you have any questions or issues, you can contact DBS customer service at the hotline provided above.
DBS Credit Cards and Waivers
If you are a DBS credit cardholder, you can enjoy a range of benefits and perks. One of the most sought-after benefits is the credit card annual fee waiver. Here, we discuss some of the DBS credit cards and the waivers they offer.
DBS Vantage Card Perks
The DBS Vantage Card is a popular card that offers a range of benefits, including cashback on your purchases. If you are a DBS Vantage Cardholder, you can enjoy a waiver of the annual fee for the first year. You can also enjoy a waiver of the annual fee for subsequent years if you spend at least $25,000 on your card each year.
DBS Live Fresh Cards
The DBS Live Fresh Card is another popular card that offers a range of benefits, including cashback on your purchases. If you are a DBS Live Fresh Cardholder, you can enjoy a waiver of the annual fee for the first year. You can also enjoy a waiver of the annual fee for subsequent years if you spend at least $20,000 on your card each year.
DBS Black Visa and Mastercard Platinum
The DBS Black Visa and Mastercard Platinum cards are premium cards that offer a range of benefits, including cashback on your purchases. If you are a DBS Black Visa or Mastercard Platinum Cardholder, you can enjoy a waiver of the annual fee for the first year. You can also enjoy a waiver of the annual fee for subsequent years if you spend at least $35,000 on you