Watch your POSB/DBS credit card credit limit

[Kangadrool]

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.

[Cheesepiekia]

Okay noted with thanks.

[Verve]

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

[Vhtfhwlego]

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

[Alpha78]

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.

[Tarzan666]

no worries coz never exceed credit limit...

quite scary if 1 actually exceeds the credit limit..i find banks give credit quite generous..

[Tarquin]

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 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..

[Kangadrool]

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.

[Hosaybo]

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

[Alpha78]

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.

[Jimmylim]

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

[Solar]

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 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

[Arowana1]

lim

[questionedfish]

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

[Soya]

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

 

 

have. mine free.

 

[Yattokame]

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

 

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

[Tarquin]

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 , 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

 

[Solar]

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

 

scb... initially received i thought they made a mistake.

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