Simple Budget, Simple Life

I've officially severed ties with my BOC Smartsaver account, after a good 2 years . With the disappointing revision to the BOC Family card , which used to be the BEST credit card I had, it just wasn't worth keeping the bulk of my cash in BOC anymore. Since Aug, I've jumped ship to DBS Multiplier and left the minimum balance of $1,500 in my BOC. Today, as I passed by the BOC branch at Jurong East, I decided to just close the account. No point leaving my $1,500 there when I can transfer it to other accounts to generate more interest! As I stepped into the BOC branch, I saw restless ladies gossiping at their seats. I was the only customer, but nobody bothered to serve me. I even had to ask if I'm supposed to take a queue number, but nobody came to assist. Over at DBS, the customer service experience would be way different, in a positive way. BOC has gotta up their game in terms of their cards/accounts perks and staff attitude/customer service man. That said, it ...

I used to be an advocate for BOC, given its attractive interest for their Smartsaver account and the good rebates for the BOC Family card. Until one day, BOC decided to review the Family card terms....and well, it suck. I was disappointed with the changes and has since then, stopped using the card. And with that, I've now jumped the boat to DBS Multiplier for my salary crediting. Meaning to say, BOC is no longer my main account. I still keep the Family card though, just in case BOC changes their mind again and review the terms to be more attractive. But, this morning, I was reviewing my accounts when I realised I was charged an Annual Fee and GST on the card. Gosh. That's an exorbitant $305! So I called the card centre and asked to waive it off. I knew it wasn't going to be accepted after reading some comments on how niao they are now. And yup, my waiver was rejected. Not even a partial waiver. That leaves me no choice but to cancel the card immediately.  Funny how...

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 Rebate Spend Category Condition 7% Sheng Siong Spend • No minimum spend • Cash rebate capped...

All good things always come to an end. Readers would know I'm quite an advocate of BOC, given it's relatively attractive rebates and interests it has been providing me. Just a few hours ago, I received an sms from BOC informing of the "enhanced" benefits for my Family Card. From 23 Apr, enjoy 10% cash rebate on Dining everyday (local & overseas) & Movies. Plus, get 5% on Telco bills! Continue to earn 5% for Online, Supermarket, Hospital bills, selected merchants & 2% on supplementary card.  At first glance, I smiled. Dining rebates is now enhanced from 7% to 10%; movies are now included for cashbacks; and enhanced 5% on telco bills! That was until I opened the T&Cs  link. And then I frowned. The BOC Family Card was my main card for dining spends. With 7% rebates on all dining, with a max rebate of $100, it was the best dining card I could find. Clocking above $500/$1500 on this card also gives me a 0.8%/1.6% interest on my BOC Smartsaver. The ...

Right now, my head is still spinning. Spinning from the unfriendly ibanking BOC portal and trying to figure out my credit card statement and payments. I was palpitating when I saw huge amounts debited in my Aug statement. It was a $280 "annual fee", $19.95 "goods and services tax", and near $80 "interest in the payment" amount. As much as I enjoy earning BOC's interests and rebates, I get confused sometimes with their ibanking portal. BOC has gotta up their portal design man. I always have difficulties understanding their credit card statements. Called BOC and it turns out it is my CC anniversary so I was "welcomed" with a $300+ annual fee charge, which they will help to waive off. Goodness, what if I didn't check my statement properly? As for the interest in the payment, apparently, I didn't pay my bills?! How could I have let this happened?! Hope they waive this off cause I've been paying my bills diligently. Followi...

Just applied for the CIMB FD at 1.2% for 6 months with $20k. I have been thinking if I should apply for this or park my money into shares. Guess I'm not that stocks-savvy to take the plunge. Regardless, this FD will earn me an interest of around $120.  With my BOC Smartsaver max out at $60k, this 1.2% interest is slightly better than me leaving the remaining money in my Fastsaver. Will keep a look out for other deals to park my extra cash. Btw, the FDs promotions this year have been disappointing. If you wish to apply for the CIMB F.D, do note that promotion ends on 13 February 2017.

A little too late, or it's never too late? BOC Smartsaver has been around for some time now. I've heard of it when their promo came out, but kept to my OCBC 360 account. I did my sums previously and concluded that it was best for me to keep my money at OCBC. But I redid my sums recently after my brother reminded me about this account, and, DANG, the minimum interest rate I could get was at least a 2% VS OCBC's 1.7% with salary crediting and bills payment. What's making it more attractive is that, since I'm now able to spend $500/mth for my bro's expenses, the interest rate I could receive every month has now reached to the eye-popping 3.55% interest p.a! Why didn't I think of opening this account soon ah?  The following day after I did my sums, I headed down to the BOC branch and opened my account. I was lucky to be the first to enter at the off-peak hours. Btw, thumbs up to the friendly staff at the Westgate outlet. My account was set up on th...