New Revision To BOC SmartSaver

With effect from 1st Dec 2016, the feature for BOC Smartsaver will be revised to be much worse in my view.

Right off the bat, the usual $500 credit card spending will be nerfed to 0.8%(of the 60k). You can however spend $1,500 on it to get 1.6%. Those who do a lot of groceries shopping can consider buying $1,000 - $1,500 of ntuc shopping vouchers every month, spend and keep the rest to still be able to qualify for the 1.6%. Those who usually only spend $500 per month will be very upset due to the drastic reduction to 0.8% interest. One work around I can think of now is to buy $1.5k ntuc voucher using Family card and sell all via carousell at 4% disc to meet the spending requirement(that way you earn a 1% spread as you get 5% direct disc from buying).

One important thing to note, the AXS payment transactions are no more eligible for Card Spend Bonus, means they have more or less closed this loophole. Previously, one can just use AXS app to pay other credit cards using BOC Great Wall debit card and it will be counted as credit card spend.

Secondly your salary credit needs to be $6k and above to get a better interest of 1.2% instead of the usual 1%. $2k - $5,999 you will only be entitled to 0.8%. There is no work around for this, as manually giro or split salary crediting will not work. If you can hit $6k a month, your interest will be better than the current one.

Thirdly, the pay bill criteria interest is reduced from 0.6% to 0.35%. I usually just pay $5 to three credit cards now the minimum payment per bill is $30. This criteria's interest is reduced by 0.25%, not good. Still you can consider paying $30 to BOC Family, SCB Stand Chart and DBS live.

There is a new criteria now called Extra Savings Bonus. This is basically a criteria to make sure you have more than 60k in the account. As any additional amount after $60k to $1mil will get you 0.6% interest if one of the three above criteria is met(Card Spend, Salary Crediting or Payment). Means effective interest is 1%(0.6% + 0.4% prevailing). I think this is not useful at all, one can just dump their excess cash into CIMB fast saver to get 1% without doing anything.

I have been using this since the first day it was released, I have even gotten a $100 cash card from them. Really milked alot of risk free cash from this(considering this is just my cash portion). This new changes maintains the total effective interest to 3.55%(3.15% + 0.4%) if you manage to meet all three max requirements. I will most likely still continue to use this until I can think of a better alternative(Have till end of Nov to think). The only problem I have is the credit card spending hike to 1.5k. If I only spend $500 to buy ntuc vouchers I will only get 2.75%(2.35% + 0.4%). The 0.4% is the prevailing interest rate.

I guess all good things will inevitably come to an end. Will give another update by end of the year on my work around. You can read the full details of the change here.

American Express Everyday Spend 10% Rebate Promotion

Another awesome promotion for American Express card holders. This promotion is open to Amex cards issued by American Express International, DBS and UOB only. Just need to log on to the link by clicking here

Input your credit card no. and particulars to qualify. Offer ends 31st August 2016. Do note that this is strictly for groceries spending. Every $50 you spend on the card you will get $5 rebate. Max rebate per card is $30. Which means you can spend $300 to get a $30 rebate.

Do also note that you can register multiple Amex card for this promotion. If you register two Amex cards that is equivalent to $600 spending with a $60 rebate(10%).

I have registered two cards and will most likely buy $600 worth of ntuc vouchers to get $60 cash back. Not sure whether this promotion can be stacked with the existing card promotion(True cash back card). Guess I will have to try to find out.

Do note that max rebate per card member is $180, which means the cap for each person is 6 amex cards($30 rebate each).

Samsung Pay Attractive Rebates

Just as we thought only Apple users get rebates, now Samsung Pay has come out with their own rebate promotion:

DBS/POSB Credit Cards: 

Just tap 3x with Samsung Pay to get a $10 cash back from now till 15th September 2016. Do note the accumulated minimum is $40 and its only for the first 20,000 POSB/DBS cardmembers. You can view the full tnc here. This is a good promo as you are effectively getting 25% rebate for your spending.

OCBC Credit Cards:

5% cash rebate for using OCBC credit cards. Promotion starts 16th June 2016 to 31st Aug 2016 or until the $200,000 rebate amount is fully redeemed. The total rebate per customer will be capped at $15. Not a very attractive rebate in my view. You can view the full tnc here.

SCB Credit Cards: 

Promotion starts 16th June 2016 to 16th July 2016. Get 20% cash rebate(cap at $50) when you pay using Samsung Pay with SCB credit cards. Only eligible for the first 5,000 transactions. This means you will need to quickly make a $250 payment using Samsung Pay. As max amount per transaction is $100, you can go to NTUC and make a $100, $100, $50 payment for NTUC vouchers to get $50 cash back. A very good deal in my view. Full tnc here.

Citibank Cards: 

Promotion starts 16th June 2016 to 31st Dec 2016. You will get accelerated earn via Citi dollar, Citi mile. Cash back, Citi rebate, SMRT dollars. Full tnc here. I don't really use Citibank cards as I find them very limited in their cap spending. I always tend to find better card replacements for them. My view.

Samsung Pay: 

Promotion valid from 16th June to 29th June while stock list.Get a free Samsung wireless charging stand worth $98. Limited to first 500 users per week. Full tnc here.

I don't own a Samsung phone, but judging from the promotion in descending order of attractiveness, I would put SCB first then DBS/POSB then OCBC. Do note that the rebates are also stack-able with existing credit card rebates. Happy tapping!