12 December 2006

Mr Wang's Answer to the 2% Increase in GST

Apply for the POSB Everyday credit card:

... buy all your groceries at Carrefour, and get a 5% rebate. And it will be as if the new GST increase never happened at all. Also, apply for the Citibank SMRT Visa Platinum Card:


....... which works like an ez-link card. Earn up to 2% rebate as you tap and go at MRT stations. For your other credit card expenditure, you earn rebates redeemable for free SMRT rides.

(It did occur to me that the number of people who qualify for platinum cards and regularly take MRT may be relatively small. The government did recently say that it wants to encourage more Singaporeans to use public transport - I wonder whether this had something to do with SMRT tying up to Citibank to launch this new credit / ez-link card ).

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14 comments:

JoE said...

so how much do POSB and Citibank pay you for the plug?




kidding.

family man said...

ok - what is the catch? Platinum card - $110 per year membership fee is it? But I heard there is a debit card coming out - so maybe cheaper. Everyday card - I'm not sure if Carrefour prices are as cheap as NTUC or not, or maybe 10% higher (haha). But if you do not drive, Carrefour is really out of the way for heartlanders. But Mr Wang, thanks, it is a good start. Maybe other people got good kang tau / lobang / ideas can share also.

Norman said...

Crazy leh. Poor studens like me cannot apply for credit card.

Anonymous said...

Either "SadMan" has failed to catch the irony of the situation; i.e: people with 25-30K p/a are eligible for credit cards, while the 7% is leveraged on everyone else w/o respite.

Or I could just be reading too much into things.

Just like the maximum amount of taxable annual income.

Mr Wang Says So said...

Aiyah, all credit cards are the same - membership fees for at least the first year will be waived, and after the first year you can either terminate or ask for a further waiver.

POSB Everyday Card also gives you 1% discount on your SingPower utilities bill, if you pay using the card.

Carrefour is cheaper than NTUC. Use your Citibank card to redeem your free MRT rides to Carrefour at Dhoby Ghaut; buy your groceries and get your 5% rebate using POSB Everyday; then take another free MRT ride home ....

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On a separate note, yes, I note the irony ....

HaveAHacks said...

But you can get these discounts already today at 5% GST. When GST goes up, you'll still be paying 2% more - Unless POSB raises its rebate at the same time.

The annoying thing is that DBS and POSB are the same bank so if you already have a DBS card the POSB card will share the same credit limit.

Anonymous said...

The new Citibank Card is good, but it does not apply to those who are travelling on the NEL.

Oh, almost everyone can get a platinum card right now, my friend only earns around 2.5k per month and Citibank happily offered him a platinum card. In fact, they gave him 2 cards.

zHuAz said...

I am keeping to 1 card for now. Too many cards make me confused.

astraeesprit said...

i could be wrong, but i think you don't get rebates for "using" your citibank ezlink credit card.

the rebate is for auto-top ups of your ezlink (which, as the fine fine print in the user agreement states, attracts a convenience charge).

and the rebates are lower if you spend <$600 a month.

if you ask me, the POSB everyday card (which i carry) is a much better deal.

Singapore Sports Fan said...

You can also re-finance your housing loan with OCBC. And then ask the OCBC chap for NTUC link points. Reconvert your link points for NTUC vouchers and wah lah, free grocery shopping for a while.

Anonymous said...

Mr Wang... for a person who's a lawyer by profession, you sure come up with silly ideas. Did your brain department just go for a vacation?

Listen: for the poor folks, they can't afford to travel all the way to Carrefour (Plaza Singapura/Suntec) for their grocery shopping. Transport costs MONEY *gasp*, you know? They don't live in the City area. And no, the 2% rebate is not worth it for MRT rides. Some people don't really live near MRT stations, get it? Feeder buses costs money?

It's more convenient for people shopping at Carrefour to drive, especially for those weekend grocery trips. Don't get me started on ERP and such.

So, the poor shop at wet markets, NTUC, Sheng Siong, Giant or wherever it's cheapest and nearest.

In these tough times, it's more prudent to transact with cash than to get involved with more plastic. Don't trust the banks - they are not charities. You can buy almost anything you need with cash, credit is unnecessary. NETS is good enough.

Jerrie Kai Lun said...
This comment has been removed by the author.
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