[Stoki]

Bank asked retiree to place FD to retain credit cards

https://www.straitstimes.com/opinion/for...edit-cards

[surfer]

Crazy. I would cut up the credit card and cancel the fix deposit. Open another account with a different bank and apply for a new credit card.

[WhatDoYouThink!]

The bank afraid after spending a large sum then dun/can't pay for some reasons mah.

If you're the bank management, what would you do?

[surfer]

The bank afraid after spending a large sum then dun/can't pay for some reasons mah.

If you're the bank management, what would you do?

In the first place the retiree is asking for a reduced credit limit on his card not an increase. Some stupid management they have. If they don’t trust the retiree, why should the retiree trust the bank to manage his money.

[WhatDoYouThink!]

The bank must hv some statistics about default payments and hv their concerns

There're several things the retiree could do. Like apply to other banks, stop the current fd and make new ones, apply for debit cards, ...

[starbugs]

It's due to MAS requirement. Ironically, MAS thinks that a retiree with 30k dividend income is less credit worthy than a low wage earner with 30k salary.

[Gemstar]

Bank asked retiree to place FD to retain credit cards

https://www.straitstimes.com/opinion/for...edit-cards

You doesn’t hv to open another new thread. Already hv.

[singlon]

now is just like collecting cardboard for exercise
later credit score
scan u under your skin no have starve to death HAVE got ROD
u can lose ur credits earn and ask to leave your house Now ur score low cannot stay here Only under the stars.
under the stars got mosquitoes released after gene therapy

[klat]

The bank thinks that the retiree without income cannot afford to spend much using the credit card. Losing business for the bank so better to cut loss.

[Fit]

He should have just kept quiet and change the daily spending limit himself.

[WhatDoYouThink!]

The banks didn't know if he'd retired, until he alerted them and confirmed.

[klat]

The banks didn't know if he'd retired, until he alerted them and confirmed.

So sometimes it is better to keep quiet and buat bodoh.

[WhatDoYouThink!]

So sometimes it is better to keep quiet and buat bodoh.

Make general enquiries. Or pretend to be asking for someone else

[RiseofAsia]

So simple, just close the bank account. Withdraw all the $$$ out lah. See who win.

Now online banking is very swift and easy.

[WhatDoYouThink!]

As we get older and hv less earning power, must treasure every credit card that we hv. If discontinued very difficult or impossible to get back another replacement

Think of the huge discounts from gas stations, grocery stores, milage points from airline, purchase of big ticket items, tour packages... the total savings could be a lot

[red3]

When one gets old, there will be no spending without income. Everyday will be a scrimp n save. This is why you don't see old and aged in orchard road save for those accompanied by their spending powered children.

This is reality. And to accept fate.

[WhatDoYouThink!]

when banks keeping giving your credit cards and waive your annual fees, those were your most glorous days. So now no more, gotta accept it and move on loh. What to do?!

[klat]

when banks keeping giving your credit cards and waive your annual fees, those were your most glorous days. So now no more, gotta accept it and move on loh. What to do?!

Sia suay. Old liao can be discarded

[mikotan]

Use Debit Card! Retiree should stop spending on credit.

[sclim]

credit card on the way out. replace by payment apps.
example paynow in singapore
youtrip everywhere. better exchange rate as well.

[RiseofAsia]

credit card on the way out. replace by payment apps.
example paynow in singapore
youtrip everywhere. better exchange rate as well.

Credit card is still the best lah. 
You never use it meh.

[WhatDoYouThink!]

For petrol every $100, use some credit cards only need to pay $78. Bank payment apps cannot do that

Some cards give 3% cashback, so for every 20k you'll get $600 back which is quick substantial

[sclim]

Credit card is still the best lah. 
You never use it meh.

once upon a time it was my free cash channel to speculate.  now apps so easy and no cost. also just transfer small amount in to reduce scam damaged. credit card mostly use for discount only.  surely apps will catch up one day. slowly reducing one will remove all to reduce scam risk.
it is true that the current way of specifying income is wrong.  div income of 30k sure better then earn income of 30k. a person who can get div income 30k means able to accumulate wealth.  but then div income view as no pay tax. but person who specify that criteria forgot that div income no tax cause business already pay tax. guess that is a way to force people to declare income to pay tax. but not fair really.

if one really really want a credit card. just setup business then employ yourself, pay cpf. tax to get qualifications. not difficult at all.

[Gstalk]

if one really really want a credit card. just setup business then employ yourself, pay cpf. tax to get qualifications. not difficult at all.

Why so lehcheh. Just pay cash and it is not difficult at all.


Cash is king lah