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57 replies to this topic | 151 praises

#1

Posted 24 April 2013 - 12:25 AM

Kangadrool
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New rule wef 14 April '13, overlimit fee of $40 will be imposed if the total o/s balance exceeds the credit limit at any time.

Saw this in the "Specially for you" page which people normally don't read/pay attention to. sleep.gif
Little_prince praised this

#2

Posted 24 April 2013 - 01:07 AM

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Okay noted with thanks.

#3

Posted 24 April 2013 - 06:49 AM

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forget about using credit cards lah if u worry about all these fees which many banks always practice .cash is always king

#4

Posted 24 April 2013 - 09:47 AM

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if that the limit is reach, why approve the transaction in the first place?
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#5

Posted 24 April 2013 - 09:55 AM

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I think they will approve transactions up to your credit limit. But if you don't pay, and the interest rolls till the combined outstanding exceeds your credit limit, this fee will apply.
Normal is getting dressed in clothes that you buy for work and driving through traffic in a car that you are still paying for in order to get to the job you need to pay for the clothes and the car, and the house you leave vacant all day so you can afford to live in it.

#6

Posted 24 April 2013 - 10:07 AM

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no worries coz never exceed credit limit...
quite scary if 1 actually exceeds the credit limit..i find banks give credit quite generous..
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#7

Posted 24 April 2013 - 10:32 AM

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If like this then I must inform the bank...I'm one or maybe a few of people that when my cc is approved I call the bank to change the credit limit to 1-1.5k only (specially the DBS Esso I only use for petrol)...so that each month always have clean sheet...but always have a tendency to "undercalculate" and if need additional limit within the month I just give the bank a call again to increase a bit..if I need to use more, most of the time in front of the cashier already huh.gif malu..yes, but on odd times cannot I just do online bank payment and about 5-10mins can use again...hehehe...agree I'm cheap skate..

#8

Posted 24 April 2013 - 10:38 AM

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if that the limit is reach, why approve the transaction in the first place?


Reckon that it's for those borderline transaction which cause it to exceed the credit limit. Hence, $40 charge.

Need to be more mindful especially when charging big ticket items. Otherwise, most of the time, it does not affect most people. That's where this "trap" comes in as you tend to forget there's such a overlimit charge.

#9

Posted 24 April 2013 - 10:45 AM

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call and ask for wavier.... if not cancel card loh......

#10

Posted 24 April 2013 - 10:49 AM

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To be fair, POSB/DBS have the easiest waiver system around. Credit card annual subscription waivers over the phone are automated and get approved within seconds.

I have ever forgotten to pay my bill, consisting of 2 instalment charges, and didn't realize until I received the next statement. Still managed to get the late charges waived.

Credit card is big business. Every bank wants you to spend using their card. If they don't want to waive the charges, take your business elsewhere.

OT, I wonder why AMEX has not gone out of business? They almost never give free annual subscriptions.
Normal is getting dressed in clothes that you buy for work and driving through traffic in a car that you are still paying for in order to get to the job you need to pay for the clothes and the car, and the house you leave vacant all day so you can afford to live in it.

#11

Posted 24 April 2013 - 11:17 AM

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if one is to kena such fee, then one should really seriously relook into how he/she manage his/her finance... good luck.

#12

Posted 24 April 2013 - 11:43 AM

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If like this then I must inform the bank...I'm one or maybe a few of people that when my cc is approved I call the bank to change the credit limit to 1-1.5k only (specially the DBS Esso I only use for petrol)...so that each month always have clean sheet...but always have a tendency to "undercalculate" and if need additional limit within the month I just give the bank a call again to increase a bit..if I need to use more, most of the time in front of the cashier already huh.gif malu..yes, but on odd times cannot I just do online bank payment and about 5-10mins can use again...hehehe...agree I'm cheap skate..


ya man... certain bank sibeh hiong.. they give up to 10x monthly limit.. imagine if you lose that card sweatdrop.gif bigcry.gif

#13

Posted 24 April 2013 - 12:32 PM

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lim·it

/ˈlimit/


Noun
A point or level beyond which something does not or may not extend or pass.

How can we possibly exceed limit?

#14

Posted 24 April 2013 - 02:14 PM

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Nowadays banks even encourage you to review and increase your credit limit

#15

Posted 24 April 2013 - 02:15 PM

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OT, I wonder why AMEX has not gone out of business? They almost never give free annual subscriptions.



have. mine free.


#16

Posted 24 April 2013 - 04:06 PM

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ya man... certain bank sibeh hiong.. they give up to 10x monthly limit.. imagine if you lose that card sweatdrop.gif bigcry.gif


wah.... which bank? 10X. I don't mind having one.

#17

Posted 24 April 2013 - 04:26 PM

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Loose card is ok...easily call and cancel...anyway, they'd be happy to give you another one...errr..maybe 3 more haha..

But 10x limit don't want...don't want to fool myself for being "rich" when I'm not laugh.gif , 1.5k credit limit enough for me hehehe..

ya man... certain bank sibeh hiong.. they give up to 10x monthly limit.. imagine if you lose that card sweatdrop.gif bigcry.gif



#18

Posted 25 April 2013 - 08:37 AM

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wah.... which bank? 10X. I don't mind having one.


scb... initially received i thought they made a mistake. speechless.gif
called the cso then confirmed it was correct. i later asked them to lower it to 1k.. since it was not my main card..
imagine some fraudster cloned/used it to the max.. then i pok dead.gif

#19

Posted 25 April 2013 - 08:46 AM

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Never understand the logic of spending $2 when a person has $1.

If a person earning $4k hits his credit limit, how long does it take to repay back? I would be impress if he can manage $1k a month. And that is for ONE card. Most people have more than one.

Credit limits should instead be 20 or 30% of annual income but if like that, who needs credit cards?
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#20

Posted 25 April 2013 - 08:59 AM

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Credit card is for you to manage your spending, not going on shopping spree.

Although pay has increased throughout the years, have not requested POSB/DBS to increase credit limit. It's mainly because we don't normally need it. But, there will be few occasions when you need to charge big ticket items.

Now that this overlimit fee is imposed, better be more mindful. That's all.




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