Introduction
If you are a DBS credit cardholder in Singapore, you are likely aware of the annual fee that comes with owning a credit card. While some credit cardholders may be happy to pay the annual fee in exchange for the benefits and rewards that come with their card, others may want to waive the fee to save some money. In this article, we will provide you with a guide on how to waive the DBS annual fee in Singapore.
Understanding DBS Annual Fees
DBS credit cards come with an annual fee that varies depending on the type of card you have. The annual fee can range from $0 to $192.60, depending on the card. The annual fee is charged to your account every year, and it is important to note that it is non-refundable.
Eligibility Criteria for Fee Waiver
To be eligible for a DBS annual fee waiver, you must meet certain criteria. For example, you must have a good credit score, and you must have used your credit card for a certain amount of time. Additionally, you must not have any outstanding balances or late payments on your credit card account. If you meet these criteria, you can request a fee waiver from DBS.
Key Takeaways
- DBS credit cards come with an annual fee that varies depending on the type of card you have.
- To be eligible for a fee waiver, you must have a good credit score, have used your credit card for a certain amount of time, and not have any outstanding balances or late payments.
- You can request a fee waiver from DBS through various channels, such as their website or mobile app.
Understanding DBS Annual Fees
The Basics of Credit Card Fees
Credit card fees are charges that credit card companies impose on their customers for using their services. These fees can include annual fees, late payment fees, finance charges, and more. Annual fees, in particular, are charged once a year and can range from a few dollars to hundreds of dollars, depending on the credit card company and the type of card.
DBS Bank is one of the largest banks in Singapore and offers a variety of credit cards with different fees and benefits. If you are a DBS credit cardholder, it is important to understand the fees associated with your card to avoid any surprises.
DBS Card Varieties and Their Fees
DBS offers several credit card varieties, each with its own set of fees. Here are some of the most popular DBS credit cards and their annual fees:
- DBS Vantage Card: This card has an annual fee of $192.60, but it can be waived if you spend a minimum of $12,000 per year.
- DBS Live Fresh Card: This card has an annual fee of $128.40, but it can be waived if you spend a minimum of $12,000 per year.
- DBS Black Visa Card: This card has an annual fee of $192.60, but it can be waived if you spend a minimum of $25,000 per year.
- DBS Mastercard Platinum Card: This card has an annual fee of $192.60, but it can be waived if you spend a minimum of $25,000 per year.
- DBS Treasures Black Elite Card: This card has an annual fee of $321, but it can be waived if you meet certain eligibility criteria.
To avoid paying annual fees, you can either meet the minimum spending requirements or contact DBS customer service to request a fee waiver. Keep in mind that fee waiver requests are only accepted via the automated system, and they are not available during certain hours.
In conclusion, understanding the fees associated with your DBS credit card is crucial to avoid any unexpected charges. By meeting the minimum spending requirements or requesting a fee waiver, you can save money and maximize the benefits of your DBS credit card.
Eligibility Criteria for Fee Waiver
If you are a DBS credit cardholder in Singapore, you may be eligible for an annual fee waiver. However, there are certain eligibility criteria that you must meet to qualify for this benefit.
Assessing Your Waiver Request
To request a waiver of your annual fee, you must have a good credit score and use your credit card regularly. Additionally, you must have a minimum of 5,000 DBS Points in your account. If you do not have sufficient DBS Points, you will be charged S$0.0388 per DBS Point. Therefore, it is important to check your DBS Points balance before requesting a waiver.
DBS Points can be earned through various transactions, including retail spending, online transactions, and cash advances. You can also earn DBS Points by signing up for certain promotions or by referring a friend to DBS.
Minimum Spend Requirements
While the annual fee is strictly non-waivable for the first year, you may enjoy a waiver in the subsequent years if you meet the minimum spend requirement. To be eligible for the waiver, you must have made a minimum of S$60,000 worth of retail spend in the preceding Card Year. Please note that the 12,500 DBS Points (25,000 miles) will not be awarded if the annual fee is waived.
It is important to note that the minimum spend requirement is subject to change. Therefore, it is recommended that you check the current minimum spend requirement before applying for a waiver.
In summary, to be eligible for an annual fee waiver for your DBS credit card in Singapore, you must have a good credit score, use your credit card regularly, and meet the minimum spend requirement. Additionally, you must have a minimum of 5,000 DBS Points in your account. By meeting these criteria, you can enjoy the benefits and rewards of your DBS credit card without the burden of an annual fee.
How to Request a Fee Waiver
If you are a DBS/POSB credit cardholder and wish to waive your annual fee, you have two options: using DBS Digibot for Automated Assistance or contacting customer service directly.
Using DBS Digibot for Automated Assistance
DBS Digibot is an automated system that allows you to put in your annual fee waiver request easily. Here’s how you can request a fee waiver using DBS Digibot:
- Log in to your DBS/POSB account through the DBS/POSB mobile app or website.
- Select “Contact Us” and click on “Chat with Digibot”.
- Type “Fee Waiver” in the chat box and follow the prompts to complete your request.
The automated system is available 24/7, so you can request a fee waiver at any time of the day. You will receive an email notification once your request is processed.
Contacting Customer Service Directly
If you prefer to speak with a customer service officer, you can contact DBS/POSB customer service hotline at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas). Here’s how you can request a fee waiver through customer service:
- Press 1 for English and select the credit card account to be waived.
- Review the details and click on “Confirm”.
- Alternatively, you can visit a DBS branch and speak with a customer service officer in person.
Please note that the DBS hotline is available 24/7, so you can contact them at any time of the day. However, 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 (excluding Sunday and Public holiday).
It’s important to note that fee waivers are not guaranteed and are subject to approval. To increase your chances of approval, make sure to charge a minimum of $25,000 to your DBS Altitude American Express® Card each year to receive the annual fee waiver for the following year. You can also consider switching to a credit card with no annual fee, such as the SAFRA DBS Card.
Maximising Credit Card Benefits
When it comes to credit cards, it’s not just about avoiding fees and charges. You can also take advantage of various benefits to get the most out of your card. Here are some tips on how to maximise your credit card benefits with DBS.
Leveraging Points and Rewards
One of the most significant benefits of a credit card is the points and rewards system. With DBS, you can earn rewards points for every dollar you spend on your card. These points can be redeemed for a range of rewards, including cashback, miles, and more.
To get the most out of your points, make sure you understand the redemption process. Check the rewards catalogue to see what rewards are available and how many points you need to redeem them. You can also keep an eye out for promotions that offer bonus points or discounts on certain rewards.
Another way to maximise your points is to use your card for everyday purchases. From dining to shopping to entertainment, there are plenty of opportunities to earn points on your card. Just make sure you’re using your card responsibly and paying off your balance in full each month to avoid interest charges.
Understanding Additional Perks
In addition to points and rewards, credit cards often come with a range of additional perks and benefits. With DBS, you can enjoy discounts on dining, shopping, and entertainment, as well as access to exclusive events and experiences.
To take advantage of these perks, check the DBS website regularly for the latest promotions and offers. You can also sign up for newsletters and alerts to stay up-to-date on the latest deals.
When using your card for these perks, make sure you understand the terms and conditions. Some discounts may only be available on certain days or at certain locations, so it’s important to read the fine print before you make a purchase.
By leveraging points and rewards and understanding additional perks, you can get the most out of your DBS credit card. So start exploring the benefits today and see how much you can save and earn.
Alternative Channels for Managing Fees
If you’re looking to waive your DBS annual fee, there are alternative channels available for you to manage your fees. Utilising online and mobile banking is an easy and convenient way to manage your credit card fees. You can submit a fee waiver request through DBS’s digital channels, such as its website or mobile app.
Utilising Online and Mobile Banking
To maximise your DBS credit card experience, consider taking advantage of the bank’s benefits and rewards program. Understanding DBS’s Fee Waiver Policy is important when making a request through online and mobile banking. You can tap on “Fee Waiver” on the menu bar and select “Credit Cards Fee Waiver” to apply for a fee waiver.
Communicating Through Email and SMS
You can also communicate with DBS through email and SMS to manage your fees. If you prefer to communicate through email, you can send your fee waiver request to DBS’s customer service email address. If you prefer to communicate through SMS, you can send a text message to DBS’s mobile number.
When submitting a fee waiver request, make sure to provide accurate and complete information about your credit card account. You can also include any feedback or information that may be helpful for DBS to process your request.
Overall, utilising online and mobile banking and communicating through email and SMS are alternative channels that you can use to manage your DBS credit card fees. Make sure to follow DBS’s Fee Waiver Policy and provide accurate information when submitting a request.
Frequently Asked Questions
What steps should you take to have your DBS annual fee waived through their online services?
You can submit your waiver request for an annual fee, finance or late charge via DBS’s digital services. Fee waiver requests are only accepted via the automated system. To begin, log in to your DBS iBanking account and select “Request” from the top menu. Then, click on “Waive Fees and Charges” and follow the prompts to submit your request.
Can you request a DBS credit card fee waiver using their mobile application, and how?
Yes, you can request a DBS credit card fee waiver using their mobile application. Simply log in to your DBS digibank app and select “Request” from the bottom menu. Then, click on “Waive Fees and Charges” and follow the prompts to submit your request.
Who do you contact if your request for a DBS annual fee waiver has been declined?
If your request for a DBS annual fee waiver has been declined, you can contact DBS customer service at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas) for further assistance.
Is there a toll-free hotline available for DBS fee waivers that operates round-the-clock?
Yes, there is a toll-free hotline available for DBS fee waivers that operates round-the-clock. You can call DBS customer service at 1800 111 1111 (Singapore) or +65 6327 2265 (Overseas) for assistance with your fee waiver request.
What are the requirements for DBS to consider waiving the annual fee on your account?
DBS will consider waiving the annual fee on your account if you meet certain criteria. These criteria may vary depending on the type of account you have. Generally, you must have a good credit history and a strong relationship with the bank.
In the event that DBS doesn’t waive your fee, what alternatives do you have?
If DBS doesn’t waive your fee, you may want to consider switching to a different bank or credit card provider that offers lower fees or fee waivers. Alternatively, you can try negotiating with DBS to see if they can offer you a better deal.