Late fees can be a headache for anyone who has missed a payment deadline. These fees can add up quickly, leaving you with a hefty bill to pay. DBS Bank understands this and offers its customers the option to request a late fee waiver for its credit cards and cashline services in Singapore. In this article, we will guide you through the process of requesting a DBS late fee waiver.
Understanding Late Fees and Waivers
Late fees are charges that are imposed on customers who fail to make their payments on time. It is a penalty fee that can be added to your outstanding balance, and it can be quite costly. However, DBS Bank offers its customers the option to request a waiver on these fees. This means that if you have missed a payment deadline, you can ask the bank to waive the late fee.
How to Request a DBS Late Fee Waiver
To request a late fee waiver from DBS Bank, you can use the bank’s digital services. You can submit your waiver request for an annual fee, finance or late charge via the digital services. Alternatively, you can call the bank’s customer service hotline to speak to a representative who can assist you with the waiver request.
Key Takeaways
- Late fees can be costly, but DBS Bank offers customers the option to request a waiver on these fees.
- To request a late fee waiver, you can use the bank’s digital services or call the customer service hotline.
- Late fee waivers are subject to eligibility and conditions for approval.
Understanding Late Fees and Waivers
If you have a DBS credit card or Cashline account, it is essential to understand the late payment fee and fee waiver request process. Late payment fees can be a significant burden, especially if you are already dealing with financial stress. Fortunately, DBS provides a fee waiver request process, which can help you avoid paying late fees.
Late Payment Fee
DBS charges a late payment fee of $100 if the minimum payment is not received on the card account by the payment due date. This fee is applicable if your outstanding balance is above $200. The late payment fee is charged to your account to compensate for the interest charge and administrative costs of handling late payments.
Fee Waiver Request Process
If you are unable to make your payment on time, you can request a fee waiver from DBS. The fee waiver request process is available via the DBS digital services, including the DBS digibot and Phone Banking.
You can easily submit your waiver request for an annual fee, finance or late charge via the automated system. It is essential to note that fee waiver requests are only accepted via the automated system. Fee waiver requests via DBS digibot and Phone Banking are not available between 2345 hrs to 0030 hrs and 0230 hrs to 0245 hrs daily.
If you prefer to speak to a customer service representative, you can call DBS at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas) and press 1 for English. Then, select the credit card account that you want to waive the fee for and confirm the details. The representative will then process your request.
It is essential to read and understand the terms and conditions before submitting a fee waiver request. DBS has the right to reject or approve your request based on the terms and conditions. If your request is approved, the late payment fee will be waived, and you will not be charged any interest.
How to Request a DBS Late Fee Waiver
If you missed your DBS credit card payment due date, you might have incurred a late fee. However, you can request a waiver of this late fee if you have a valid reason for missing your payment. In this section, we will explore the different ways you can request a DBS late fee waiver.
Via DBS Digibot
If you prefer a digital approach, you can request a DBS late fee waiver using the DBS Digibot. Here’s how:
- Log in to your DBS Digibank account using your User ID and PIN.
- Click on the “Chat” icon to start a conversation with the DBS Digibot.
- Type “Request for Late Fee Waiver” to initiate the process.
- Follow the prompts and provide the necessary information.
- Submit your request.
Through Phone Banking
If you prefer to speak to a customer service representative, you can request a DBS late fee waiver through phone banking. Here’s how:
- Call the DBS customer service 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.
- Request for a late fee waiver and provide the necessary information.
- Submit your request.
Online Banking Channels
If you prefer to use online banking channels, you can request a DBS late fee waiver using the following steps:
- Log in to your DBS iBanking account using your User ID and PIN.
- Click on “Cards” under the “Banking” tab.
- Select the credit card account for which you want to request a waiver.
- Click on “Request for Waiver” under the “Actions” tab.
- Follow the prompts and provide the necessary information.
- Submit your request.
Remember, you can only request a late fee waiver if you have a valid reason for missing your payment. Additionally, you should request a waiver as soon as possible to avoid incurring additional charges.
Eligibility and Conditions for Waiver Approval
If you are a DBS Cashline account holder and you have missed your payment due date, you may be charged a late fee. However, you may be eligible for a waiver of the late fee if you meet certain conditions.
Credit Score and History
Your credit score and credit history play a significant role in determining whether you are eligible for a waiver of the late fee. If you have a good credit score and a history of making timely payments, you are more likely to be approved for a waiver.
Minimum Payment Compliance
To be eligible for a waiver of the late fee, you must comply with the minimum payment requirement. The minimum payment amount is 2.5% of your outstanding balance or $50, whichever is higher. If you fail to make the minimum payment by the payment due date, you will be ch