Introduction:
Annual fees for credit cards can be a significant expense for many Singaporeans, and it’s always a good idea to look for ways to save money. POSB, one of Singapore’s largest banks, offers an annual fee waiver program that can help you save on credit card fees. In this article, we’ll take a closer look at how the POSB annual fee waiver program works, and how you can take advantage of it.
Understanding Annual Fees and Waivers:
Credit card companies often charge annual fees to cover the cost of providing you with credit. These fees can range from a few dollars to several hundred dollars per year, depending on the card and the benefits it offers. However, many credit card companies, including POSB, offer annual fee waivers to customers who meet certain criteria.
Eligibility Criteria for Fee Waivers:
To be eligible for a POSB annual fee waiver, you must meet certain criteria, such as having a minimum income or spending a certain amount on your card each year. The eligibility criteria may vary depending on the card you have, so it’s important to check the terms and conditions of your card to see if you qualify. If you do qualify, you can apply for a fee waiver online or through the bank’s mobile app.
Key Takeaways:
- POSB offers an annual fee waiver program that can help you save on credit card fees.
- To be eligible for a fee waiver, you must meet certain criteria, such as having a minimum income or spending a certain amount on your card each year.
- You can apply for a fee waiver online or through the bank’s mobile app.
Understanding Annual Fees and Waivers
If you have a POSB credit card or cashline, you may be wondering about the annual fees and how to get them waived. In this section, we will explain what annual fees are and how fee waivers work.
What Are Annual Fees?
Annual fees are charges that credit card or cashline users have to pay each year for the privilege of having the card or line of credit. These fees vary depending on the type of card or cashline you have, and can range from $30 to $500 or more.
Annual fees are typically charged at the beginning of each year, and are added to your balance. If you do not pay the fee, it will be added to your balance and you will be charged interest on it.
How Do Fee Waivers Work?
Fee waivers are a way for credit card or cashline users to avoid paying the annual fee. Most banks offer fee waivers to their customers, but the requirements for getting a waiver vary depending on the bank and the type of card or cashline you have.
To get a fee waiver, you will typically need to meet certain criteria, such as making a certain amount of purchases on your card or cashline each year, or having a certain level of income. Some banks also offer fee waivers for the first year of using a card or cashline.
For POSB credit card and cashline users, you can submit your waiver request for an annual fee, finance, or late charge via their digital services. Note that fee waiver requests are only accepted via the automated system.
In conclusion, annual fees and fee waivers are important to understand if you have a POSB credit card or cashline. By meeting the criteria for a fee waiver, you can save money and enjoy the benefits of your card or cashline without having to pay an annual fee.
Eligibility Criteria for Fee Waivers
If you are a POSB credit cardholder, you may be eligible for a fee waiver. However, there are certain eligibility criteria that you must meet in order to qualify for the waiver.
Age and Income Requirements
To be eligible for a POSB credit card, you must be at least 21 years old. Additionally, you must have a minimum annual income of $30,000 if you are a Singaporean or Permanent Resident (PR), or $45,000 if you are a foreigner.
PR and Foreigner Specifics
If you are a PR or a foreigner, you must also provide additional documentation when applying for a POSB credit card. This includes a copy of your NRIC or passport, as well as proof of income such as your latest computerised payslip or Income Tax Notice of Assessment.
It is important to note that the eligibility criteria for fee waivers may vary depending on the type of POSB credit card you hold. For example, the eligibility criteria for a waiver on an annual fee for a POSB Everyday Card may differ from that of a SAFRA DBS Card.
In conclusion, if you meet the eligibility requirements, you may be able to request a fee waiver for your POSB credit card. It is recommended that you check with POSB to confirm your eligibility and the specific requirements for your card.
How to Apply for a POSB Fee Waiver
If you’re a POSB credit card or Cashline customer, you may be eligible for an annual fee waiver. Here are two ways to apply for a POSB fee waiver:
Via SMS and Phone Banking
You can easily request a fee waiver by sending an SMS or calling POSB’s phone banking service. Here are the steps to follow:
- Send an SMS with the text “Fee Waiver” to POSB’s SMS number.
- Alternatively, call POSB’s phone banking service and follow the prompts to request a fee waiver.
- Authenticate yourself using your iBanking login or card and PIN.
- Select the type of fee waiver you wish to apply for.
- Complete the authentication process by following the prompts.
It’s that simple! You can apply for a fee waiver from the comfort of your own home, without having to visit a POSB branch.
Using DBS Digibot and Digibank
Another way to apply for a POSB fee waiver is by using DBS Digibot or Digibank. Here are the steps to follow:
- Log in to your DBS Digibank account or open the DBS Digibot.
- Type “Fee Waiver” into the chat box.
- Follow the prompts to authenticate yourself using your iBanking login or card and PIN.
- Select the type of fee waiver you wish to apply for.
- Complete the authentication process by following the prompts.
Using DBS Digibot or Digibank is a convenient way to apply for a POSB fee waiver, especially if you’re always on the go.
Remember, applying for a fee waiver is not a guarantee that your request will be approved. However, if you’re eligible, it’s worth taking a few minutes to apply and see if you can save on your annual fees.
So, go ahead and apply for a POSB fee waiver today!
Maximising Benefits and Rewards
When it comes to getting the most out of your POSB credit card, there are a few things you can do to maximise your benefits and rewards. Here are some tips to help you get the most out of your card.
Earning Cashback and Miles
One of the biggest benefits of using a POSB credit card is the ability to earn cashback and miles. To maximise your earnings, make sure you’re using your card for all of your everyday purchases. This includes things like groceries, dining out, and even your monthly bills.
Another way to earn more cashback and miles is to take advantage of special promotions and offers. Keep an eye out for deals on specific categories, like dining or travel, and use your card for those purchases to earn even more rewards.
Paying Recurring Bills and Online Shopping
Another way to maximise your benefits and rewards is to use your POSB credit card to pay your recurring bills, like your phone or internet bill. This not only helps you earn more rewards, but it also makes it easier to keep track of your bills and payments.
You can also earn more rewards by using your POSB credit card for online shopping. Many online retailers offer special promotions and discounts for customers who use their credit card to make purchases. Plus, using your card for online shopping is a great way to earn rewards without leaving the comfort of your own home.
Using Paylah
Finally, if you’re looking for an easy way to earn more rewards, consider using Paylah. This mobile payment app allows you to make payments and transfer money using your POSB credit card, and you can earn rewards for every transaction you make.
By following these tips, you can maximise your benefits and rewards with your POSB credit card and get the most out of your card. So start using your card for all of your everyday purchases, pay your bills and shop online with it, and use Paylah to earn even more rewards. With a little effort, you can earn more cashback and miles than ever before.
Terms and Conditions to Consider
If you’re looking to waive your POSB credit card or Cashline annual fees, it’s important to understand the terms and conditions involved. Here are some key factors to consider:
Understanding Minimum Spend
One way to qualify for an annual fee waiver is to meet the minimum spend requirement. This means you’ll need to spend a certain amount of money on your credit card or Cashline account within a specific period. The minimum spend requirement varies depending on the type of card or account you have, so be sure to check the terms and conditions.
Avoiding Late Payment Charges
Another important factor to consider is avoiding late payment charges. If you miss a payment or make a late payment, you may be charged a fee. This fee can range from a few dollars to a significant percentage of your outstanding balance, so it’s important to pay your bills on time.
To avoid late payment charges, consider setting up automatic payments or reminders to ensure you never miss a due date. You can also monitor your account online or through the POSB mobile app to stay on top of your payments.
Overall, it’s important to read the terms and conditions carefully and understand the requirements for waiving your annual fees. By meeting the minimum spend requirement and avoiding late payment charges, you can save money and enjoy the benefits of your POSB credit card or Cashline account.
Frequently Asked Questions
How can I request an annual fee waiver for my POSB credit card online?
You can request an annual fee waiver for your POSB credit card online by using the automated system. To do this, log in to your POSB account and navigate to the digital services section. From there, you can submit a request to waive your annual fee, finance, or late charges.
What is the hotline number to inquire about POSB annual fee waivers?
If you have any questions about POSB annual fee waivers, you can call the POSB hotline at +65 1800 339 6666. The customer service representative will be able to provide you with the necessary information and guide you through the process.
What should I do if my POSB Everyday card annual fee waiver is rejected?
If your POSB Everyday card annual fee waiver is rejected, you can try to negotiate with the bank. You can call the POSB hotline and explain your situation. Alternatively, you can consider switching to a credit card that offers lower or no annual fees.
How might one avoid incurring annual fees on POSB banking products?
One way to avoid incurring annual fees on POSB banking products is to choose products that do not have annual fees. For example, the POSB Everyday card offers a first-year annual fee waiver and subsequent annual fee waivers if you meet certain spending criteria. Additionally, you can consider switching to a different POSB product that does not have an annual fee.
What steps are required to waive the POSB Cashline annual fee?
To waive the POSB Cashline annual fee, you can submit a request through the automated system. If you are a new customer, the first-year annual fee is waived automatically. For subsequent years, you can request a waiver if you meet certain spending criteria.
Can you provide guidance on skipping credit card annual fees with POSB?
To skip credit card annual fees with POSB, you can choose a credit card that offers a first-year annual fee waiver and subsequent annual fee waivers if you meet certain spending criteria. Additionally, you can try to negotiate with the bank to waive the annual fee or switch to a different credit card that does not have an annual fee.