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.