WHICH CREDIT CARD?

[illa]

amex platinuim is decent... 300 dollar anual fee... i thinkt he best air miles plans.. the odd resturant has 15% discounts or 1 for 1 lunches... the odd bar will have 1 for 1 drink specials on its crappiest liquors as well

the 300 dollar annual fee comes with a free gift.. worht around 300.. like an ipod.. a camera.. gift certificates etc...

plus amex platinum customer service is great

[durain]

amex platinuim is decent...

wah... how many average joe can qualify for an amex platinium?

[sundaymorningstaple]

In Singapore? Lots. They lie on the application blanks. With no real credit bureau (yeah, I know there is one but it's usually way, way out of date) I seen employers fudge employment letters and even make up crap. Guess that's why the credit card roll-over debt here is almost outstripping the US on a per CC basis.

Used to be funny around 8 or 9 years ago. My US card was upgraded, without being asked, to a VISA Platinum when they just started issuing them. Singapore (mine was a US card, at the time, there were only two issued in Singapore or so I was told, one held by the PM and the other by the President. I know every time I used it, I had strange looks and usually had to go to a phone to verify as nobody here ever saw one before. Course now, everybody and their brother has at least one, and most carry around 4 or 5 of the same card here. Kiasuism at it's best.

I had three CCs when I came here and 26 years later I only have 4. Two US and two SG. The US ones I keep cause both say member since '79 (took 6 years to regain my credit after Federal Bankruptcy in 1973 after Hurricane Agnes hit in late '72. So they are a constant reminder of what can happen if one is not careful.

[ringo100]

Re: the AMEX FX Statement

It has nothing to do with adding 2% of the cost of the purchase. It is the methodology for calculating the FX rates. Read it again carefully. So a $100 purchase does NOT have $2 added. It is the FX spread on the interbank rate. Totally unrelated to a 2% change on the purchase. You never receive the actual interbank rate when changing money in any form so the comparison you are making is not vaild.

In fact, buying things on you CC will gernerally give you a better rate than changing the cash and then buying the item, as the FX spread is generally less.

[durain]

In fact, buying things on you CC will gernerally give you a better rate than changing the cash and then buying the item, as the FX spread is generally less.

if the credit card spread or "load" is 0%, then credit card is the best. my credit card has 0% spread or "load" on purchase AND cash withdrawal. the credit card rate (which is based on interbank rate) is always better than the local money changer.

just be careful of credit card with high % spread AND a fees for using it overseas.

[ringo100]

What is your credit card? All VISA and Mastercard cards carry an automatic 1% load/ spread on the interbank rate charged by the network (i.e. VISA). Then generally the issuing bank (i.e. DBS, UOB etc) would apply an additional 1% -2% spread.

Maybe your issuing bank does not charge you but the network does, unless the issuing bank takes the 1% hit on your charges but that is unlikely.

But I would really like to know as it sound like a very good deal if true.

There are lots of websites to compare rates. But I think changing cash is generally more expensive. For example the

UOB AUD buying rate today was 1.111 - the mid market rate was 1.153 about 3-4% spread.

I think I will do an experiment to check next time I travel.

[durain]

nope, my VISA card is zero percent and zero fees. no load or spread. the rate i get is interbank rate. most of the time, i just use my VISA card to withdraw cash from any ATM, worldwide. i get the same rate for purchase.

[bruinbear]

I thought most people here don't pay any annual fees for their credit cards. They just call the bank to threaten to cancel it and they'll almost surely get a waiver.

[durain]

i will give that a try with my Centurion Card, but somehow i dont think they will budge.

[Strong Eagle]

i will give that a try with my Centurion Card, but somehow i dont think they will budge.

I've done this for years with my American credit cards that charge renewal fees, mostly Amex. I have never paid an annual fee. I've never tried this in Singapore but it sounds like a great idea. I think that success will depend, in part, on your credit worthiness.

Credit card companies are really so dumb. I get a great credit rating because I always pay all my bills promptly, including credit cards. So, they want me because I am a good credit risk. But, I never pay them interest, and they keep cranking my credit limit. My Amex Blue has an unbelievable limit on it.

[envisage06]

Standard chartered and prudential have a card that comes with $75 credit inside... quite a good deal.

[MikeDirnt]

nope, my VISA card is zero percent and zero fees. no load or spread. the rate i get is interbank rate. most of the time, i just use my VISA card to withdraw cash from any ATM, worldwide. i get the same rate for purchase.

maybe you can share which credit card is that?

envisage, SCB has always been giving good rebates. im enjoying it. there is also a 10% rebate for signing up one of their card.

you are entitled to the pru card rebates if you are not an existing credit card holder

[ringo100]

Durain

How do you know what Visa charges your issuing bank? Your contract is NOTwith Visa it is with X bank. Visa does not issue credit cards. In effect, you don't have a Visa card, you have a X bank card issued on the Visa network. Visa charges charge 1%. Have a look at Visa's annual report.

Your T&C may say X bank does not chare a spread but it will have some statement saying saying subject to other kind of fees.
But even this is a little strange.

Which CC is it? It is very easy to verify online.

[blurrystar]

i do not think Amex krisflyer is the best in earning miles as the 50% + 50% has a cap...so it penalises you for spending more. It will be $1.07 to 1 mile vs the other cards which offer at $0.86 to 1 mile...then you can earn so much more mile.

In addition, the transfer fees to pay is much more higher than the other credit cards. So really not good to hold the amex krisflyer card.

[jpatokal]

I've done this for years with my American credit cards that charge renewal fees, mostly Amex. I have never paid an annual fee. I've never tried this in Singapore but it sounds like a great idea. I think that success will depend, in part, on your credit worthiness.

Nobody in Singapore pays their credit card fees, they usually waive them instantly if you use the card at all. Hell, ABM AMRO's now doing a promotion offering all sorts of extra benefits if you actually pay the annual fee... but it takes a lot of freebies to make up for the guaranteed loss of $250!