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07 March 2016

BOC 3.55% Smart Saver Update And Tips



Please read the disclaimer at the bottom of my blog if you wish to continue with the contents below.

I think I was one of the few who opened the BOC 3.55% Smart Saver Account on the month of its released and so far it has been very rewarding. Besides the $177.50 interest I get monthly, they have also rewarded me with a $100 limited edition cash card:

BOC $100 cash card
From what I know, only a small percentage of users can get this card as it was given to those that credited their salary to the BOC account on the first month of its release. I ended up selling it for $120 on carousell(apparently there are people there who are willing to pay a premium for it).
In addition to that, I realize that I don't need to spend on my BOC Shop credit card(it gives only 5.5% rebate) to get the 1.55% interest. I can instead use the free Great Wall International Debit Card to pay off my other credit cards and as long I pay more than $500 a month, I will be entitled to the 1.55%. This debit card gives a 0.1% rebate for any spending, which means I get an additional 0.1% rebate for paying off my other credit card loans. I use better credit cards like SCB Singpost 7%, DBS live fresh 6%(defunct this month onward) and Amex Imagine now for my daily spending.

I have been sticking to the same philosophy for spending since the beginning. Always maximize your spending rebates using the best credit cards and always pay up on payment date, never ever owe the credit card company. In regards to my new credit cards rebate routine I will talk more about it in my future post.

BOC's ibanking platform needs a bit of time to get use to, but once you get the hang of it, it will be pretty straightforward. After many months of using it I think this account is a great place to store my cash. It gives me $177.50 monthly which means I do not need to rush into an investment position. What I usually do now is, if my cash position exceeds $60k, I will invest the excess into FCL 3.65% or CMT 3.08% retail bonds. But if the market hits the fan like these past few months, I would tend to enter a bigger percentage into STI ETF. To each his/her own.

56 comments:

  1. le0nkelvin7 March 2016 at 09:40

    hi, may i know how you use the great wall international debit card to pay other credit card bill? Is it through their ibanking? Thanks!

    ReplyDelete
    Replies
    1. SCG8866T7 March 2016 at 10:09

      Hi Le0nekelvin, you can use the AXS app to pay.

      Delete
    2. le0nkelvin7 March 2016 at 10:29

      hi, on the AXS app it only indicate DBS/POSB debit card, BOC debit card can use too?

      Delete
    3. SCG8866T7 March 2016 at 10:31

      Click on pay by Mastercard

      Delete
    4. le0nkelvin7 March 2016 at 19:54

      thanks hayden for the info. :)

      Delete
  2. Lau7 March 2016 at 11:30

    According to the AXS FAQ:
    "Note: You are not able to pay credit card and loan bills using MasterCard Credit Card as payment mode."
    Source:
    http://www.axs.com.sg/help_axsEstationFAQ.php

    ReplyDelete
    Replies
    1. SCG8866T7 March 2016 at 12:28

      You can use debit card to pay credit card loans, but you are not allowed to use credit card to pay credit card.

      Delete
  3. cheryl20107 March 2016 at 12:06

    Hi, may I know if it is confirmed that you have gotten 1.55% interest by paying via AXS? I just called BOC hotline and they said that it is not allowed to pay credit card bill using BOC card.

    ReplyDelete
    Replies
    1. SCG8866T7 March 2016 at 12:28

      Only the AXS Payment app has this new function

      Delete
  4. cheryl20107 March 2016 at 12:16

    hi, also where is the button that allows you to pay by mastercard? dont see it

    ReplyDelete
  5. SCG8866T7 March 2016 at 12:28

    You can use debit card to pay credit card loans, but you are not allowed to use credit card to pay credit card.

    ReplyDelete
  6. cheryl20107 March 2016 at 12:32

    Hi Hayden

    confused by your comments. You said that the AXS Payment app allows payment by Mastercard debit card. But I am not able to find it. Only see eNets, POSB/DBS debit card and PayLah. Would you be able to provide a screenshot to show how to pay by mastercard debit card?

    ReplyDelete
    Replies
    1. SCG8866T7 March 2016 at 12:34

      You can try to update your app. I am using the latest AXS Payment app. The new one has the mastercard function.

      Delete
  7. cheryl20107 March 2016 at 12:46

    Hi Hayden, got it already. just to confirm, have you gotten the monthly interest from BOC by payment via this method?

    ReplyDelete
  8. cheryl20107 March 2016 at 12:59

    thanks. Thats really helpful.

    ReplyDelete
  9. le0nkelvin8 March 2016 at 13:49

    Hi hayden, i tried to pay the bill using the great wall international debit card using the AXS app. I click pay now, enter the details, it prompt me to enter a verification code, but the bank didn't send me any SMS at all. So is there a need to register the debit card for mastercard securecode or the bank will take care of it? Thanks

    ReplyDelete
    Replies
    1. SCG8866T8 March 2016 at 14:54

      Hi le0nkelvin,

      You should get an sms when you prompt it for a vericode, I get the sms from them every time. You should contact BOC to check.

      Delete
    2. SCG8866T8 March 2016 at 14:55

      Btw I got the 3 interest credit today. This confirms that my Great Wall debit card $500 payment for my other credit card loan is treated as a card spent.FYI only.

      Delete
    3. zai11 June 2016 at 10:56

      This comment has been removed by the author.

      Delete
    4. zai11 June 2016 at 10:57

      This comment has been removed by the author.

      Delete
  10. caifanman8 March 2016 at 21:48

    Good post, thanks Hayden

    ReplyDelete
    Replies
    1. SCG8866T9 March 2016 at 12:35

      Np Lazy Singaporean, thanks for reading :)

      Delete
  11. ThinkOutOfTheBox11 March 2016 at 14:49

    When will the 0.1% be credited ?

    Thanks for the post too

    ReplyDelete
  12. Pei Fen12 March 2016 at 18:17

    Very good sharing here, Hayden Huang!

    ReplyDelete
  13. SAFE14 March 2016 at 17:02

    hi Hayden Huang,
    when you pay your credit card by BOC Master Debt card, what does it showed in statement?
    Thanks

    ReplyDelete
    Replies
    1. SCG8866T15 March 2016 at 08:54

      Hi SAFE,

      Yes it will be shown in your debit card statement and also on BOC ibanking as your debit card payment deducts your money from your savings account directly(need to wait for a few days to show for BOC)

      Delete
  14. spacecraft23 March 2016 at 22:46

    i have trouble paying with the great wall debit cc both from axs app and website.. it say transcation declined..

    ReplyDelete
    Replies
    1. SCG8866T23 March 2016 at 23:08

      Hi spacecraft, cant be. I have been paying using this card for all my credit card bills. You have to dl the new axs app which has the mastercard pay function.

      Delete
    2. ng20 July 2016 at 13:41

      Hi hayden, is this method of paying cc bills using boc debit card still allow?

      I checked with bank staff they said no..

      Delete
  15. WM5 April 2016 at 22:41

    Hi, I would like to ask a question.
    One of the requirement mention was payment of 3 Bills to achieve additional 0.6% interest rate.
    Does Credit card payment through AXS consider as one of the Bills payment ? or do we have to make payment through ibanking to consider as Bills payment ?

    Please assist me with this.
    Thank you very much, your help is very appreciated.

    ReplyDelete
    Replies
    1. SCG8866T6 April 2016 at 09:53

      Hi Wei Ming, the pay three bills is easy to accomplish. Just pay $5 to three credit cards and you are done. The credit card payment using debit card is to fulfill the $500 credit cad spending.

      Delete
    2. aintbeensober14 June 2016 at 01:52

      Hi Hayden, is there a reason for your stated amount of $5? Is it because $5 is the minimum transaction amount? Or is it just a random number you used in order to illustrate the ease of which the requirement is fulfilled? BOC's website doesn't seem to make any such reference to an amount of $5. Thanks!

      Delete
    3. Anonymous24 July 2016 at 00:35

      Hi Hayden, what if we do pay bill 3x $5 to 1 same credit card, is this OK or must it be 3 different billing organizations? Thanks!

      Delete
  16. Anonymous15 April 2016 at 19:22

    Hi,
    Please correct me if I'm wrong but looking at BOC website, it seems that the BOC SmartSavers account comes with both Great Wall International Debit Card and BOC UnionPay Dual Currency Debit Card.
    Given this, wouldn't it be better to use the UnionPay card instead as it gives 0.3% rebate over Great Wall's 0.1% rebate?
    Kindly advise if there are other factors we may need to consider when deciding which card to use.
    Thank you!

    ReplyDelete
    Replies
    1. SCG8866T16 April 2016 at 08:32

      Hi,

      Choose Great Wall, because it is a mastercard. You can use it to pay your credit card bills and get 0.1% and also meet the $500 requirement.

      Delete
    2. Anonymous18 April 2016 at 19:24

      Got it! Thanks Hayden :)

      Delete
  17. savioursix25 May 2016 at 21:28

    THis is a very good tip! thank you!

    ReplyDelete
  18. Anonymous27 May 2016 at 11:01

    hi sir, can use debit card to pay for the family cc bill. does it still count as spending?

    also, any idea if top-up of ezlink card via cc counts as spending for smartsaver?

    ReplyDelete
    Replies
    1. SCG8866T21 July 2016 at 13:15

      I know the formal counts. The latter I havent tried.

      Delete
  19. Anonymous10 July 2016 at 07:49

    Top up ezlink using credit card is counted towards card spendings eligible for smartsaver bonus.

    SO far, I have not tried to pay BOC CC using their debit card yet.

    I am going to try paying other bank CC using their debit card this month.

    Hope this method still works....

    ReplyDelete
  20. Anonymous14 July 2016 at 09:28

    Hi Hayden / anyone who may help to advise,

    Please advise if using BOC great wall international debit card (thru AXS apps) to pay the below the bills,
    1) Mobile bill (like Singtel, Starhub etc..),
    2) BOC credit cards bill,

    Will it consider under $500 card spend? Or under 3 bills payment?

    Thanks.

    ReplyDelete
    Replies
    1. SCG8866T21 July 2016 at 13:15

      Hi it will be considered under the $500 spending.

      Delete
    2. Anonymous22 July 2016 at 11:22

      Thanks for your reply Hayden.
      Based on this,
      if I SPEND S$ 250 with using my BOC Family Credit Card, and
      PAY S$ 250 the BOC Family Card bill with using my BOC Great Wall International Debit Card (thru AXS apps),
      Both SPEND and PAY are within the same month, should I consider meeting the $500 card spend, and eligible for the 1.55% p.a. bonus interest for that particular month?

      Again, thanks.

      Delete
  21. Unknown26 August 2016 at 08:57

    Hi Hayden,
    I made at least 3 fund transfer to other bank account each month via iBanking. Does this count as 3 Giro payment as well?

    ReplyDelete
  22. Anonymous7 October 2016 at 20:13

    Hi,

    I use the BOC Family Credit Card for SGD300 and use the BOC Great Wall International Debit Card (thru AXS apps) to pay my UOB credit card bill of SGD450. But i am not awarded the 1.55% credit card spend bonus.

    Why is this so?

    ReplyDelete
  23. Anonymous14 October 2016 at 09:42

    Please advise if using BOC great wall international debit card (thru AXS apps)and bill payment of $5 to pay the below the bills,
    1) POSB credit cards bill,
    2) UOB credit cards bill,
    3) Maybank credit cards bill,

    Will it consider under $500 card spend and 3 bills payment? or it will consider as $500 card spend only as it is the same credit card bill?



    Thanks.

    ReplyDelete
  24. Anonymous18 October 2016 at 14:57

    https://e-station.axs.com.sg/AXSOnline/core_adhoc/information.php

    AXS payment
    Use Great Wall Debit Mastercard

    ReplyDelete
  25. May3 April 2017 at 11:01

    Hi Hayden,

    I just chanced upon ur post and found it useful indeed. As ur posts were 1 year back, wish to check, your making use of Great Wall debit card to pay other credit card bills still considered by BOC as part of $500 BOC card payment? Thanks!

    ReplyDelete
  26. Andrew15 May 2017 at 19:42

    Doesn't work anymore.
    From http://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html


    The following transactions do not qualify for this bonus:

    Cash withdrawal
    Fees or charges
    Funds transfer or cash advance
    Transactions on BOC Cards that are terminated or unsuccessful
    The unposted amounts under Installment Payment Plan (“IPP”) and Flexi-Balance transactions
    Any amount charged to your BOC Debit or Credit Cards that is subsequently cancelled, voided or reversed
    AXS payments (transactions via all AXS channels, including AXS station, AXS e-station, AXS m-station, etc.)
    Any other transactions BOC may determine as not eligible for Card Spend bonus from time to time without prior notice.

    ReplyDelete
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    ReplyDelete