Mid-year review: Goal met of $200k cash at 28. $400k+ net worth and Astrea bond V

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Half a year gone.

I still have not gotten my keys to my new home and am still childless. Ok, TMI.

On financial front, I've been seeing a steady increase in my net worth. As at my last update in end 2018, my net worth was at $372k.

Half a year later, I've successfully crossed $200k cash savings (previously it dropped as I topped up my MA) and exceeded $400k in networth. I may be able to hit $450k by end year but will just need to carve out some money for renovation and home stuff.

Most gains came from employment. While I lament how sick I am of work, it is my main source of $. I've not added any stocks and can never not live off my portfolio for passive income. It is with salary crediting that I've received 1.85-2% interest on my DBS multiplier anyway.

I've been thinking if I'm making my money work hard enough. I occasionally browse the SGX hoping to see some stocks to purchase, but am not comfortable enough to make the move.

Since Jan till date, my transactions …

My 10 credit cards and which to say goodbye to 😢


I know I've loads of credit cards. But it scares me a little to know that I've a total of 10 cards after tabulating the below. Guess it's timely to do a review of the cards I have so I know which to use and which to say byebye to!

Here's the summary of my 10 credit cards and which to say goodbye to:

To keep

1. SC Manhattan - to keep for big ticket items (note: card is no longer available for application)


2. SC Unlimited cashback - no min. spend to keep for 1.5% cashback on all spends


3. SC Spree - to use for contactless spends (2%); no min spend, max spend $3000


No minimum spend and up to $60 rebate. Earn 2% cashback on all online spends in local currency, all contactless and mobile payments. Earn 1% cashback on all other retail spends.

4. BOC Sheng Siong - to use for Sheng Siong spends (no min spend, 7% rebate, max spend: $700)

Cash RebateSpend CategoryCondition
7%Sheng Siong Spend• No minimum spend
• Cash rebate capped at  S$70 per billing cycle
Additional 5%Sheng Siong Spend• Accumulate a total out-store spend of S$400 within the same billing cycle to enjoy additional 5% on Sheng Siong transactions
• Cash rebate capped at  S$20 per billing cycle
5%*Transport
Grab, Uber and all taxi rides in Singapore
• Accumulate a total retail spend of S$400 in a billing cycle to enjoy 5% cash rebate on Transport
• Cash rebate capped at  S$20 per billing cycle
1%Overseas Spend• No minimum spend
• No cap on cash rebate earned
0.3%All other purchases• No minimum spend
• No cap on cash rebate earned

To hold for now:

5. BOC Zaobao - to KIV for online spend, department stores and dining (10%). Need to spend $600 to enjoy rebates. Note - only for merchants accepting Unionpay. Max rebate: $80, max spend for online = $800.

Cash rebatesSpend Categories
20%*Zaobao and SPH newspaper subscriptions
12%BreadTalk
10%Buzz
Department Stores
Online Purchases
Dining
5%Spend in China

6. BOC Family card - to KIV for wedding spend; $700 spend to clock 0.8% interest($40) and $30 rebate. Used to be my No. 1 card. Need to spend min $700 to enjoy rebates. 


To say goodbye

7. BOC Dual Currency - to cancel. Created for China trip but did not use it.

8. POSB Everyday - to STOP using as ezlink card. $0.25 convenience fee waived. Received $0.15 cents rebate (0.3%). [side note: to use SC Spree card instead for 2% rebate]

9. DBS Black - to cancel. Low utilisation [side note: cancellation on the DBS site is super easy 👍 did it within 5 mins]

10. CIMB Visa Signature - to cancel. Need a minimum spend of S$500 posted within the same statement month; and minimum spend of 8 transactions of S$30 or more posted within the same
statement month to get 10% Cash Rebate on Wine and Dine, and Online Transactions in Foreign Currencies [side note: called CIMB contact centre and settled the cancellation in 10 mins]


Conclusion

With banks changing their games, we just need to do proper planning on the cards to use to milk the best rebates. 

Any good credit cards I miss? Recommendations are welcomed :)

Comments

  1. sc spree ezlink got 2%? i didnt read it in the tnc

    ReplyDelete
    Replies
    1. Hi, you are right. The ezlink is not eligible for 2% rebate. Thanks for pointing it out

      Delete
  2. Eh, the Manhattan card is very much still available as it has been all these years.

    ReplyDelete

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