The_Bear Turbocharged April 25, 2013 Share April 25, 2013 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? ↡ Advertisement Link to post Share on other sites More sharing options...
Kangadrool Supersonic April 25, 2013 Author Share April 25, 2013 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. Link to post Share on other sites More sharing options...
Solar Turbocharged April 25, 2013 Share April 25, 2013 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. isn't this overlimit fee inside "Specially for you" ironic? Link to post Share on other sites More sharing options...
Yattokame 4th Gear April 25, 2013 Share April 25, 2013 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 interesting..... I shall check with the RM later. they only gave me 4X....... thanx a lot :) Link to post Share on other sites More sharing options...
Alim 1st Gear June 29, 2015 Share June 29, 2015 no worries coz never exceed credit limit... quite scary if 1 actually exceeds the credit limit..i find banks give credit quite generous.. Continue from old thread...banks are indeed generous with credit, I don't think I will spend that much. Link to post Share on other sites More sharing options...
Vid Hypersonic June 29, 2015 Share June 29, 2015 Continue from old thread...banks are indeed generous with credit, I don't think I will spend that much. That's a lot of limit DBS gave you. Link to post Share on other sites More sharing options...
Alim 1st Gear June 29, 2015 Share June 29, 2015 That's a lot of limit DBS gave you. It is UOB, but I hardly use to the max. Link to post Share on other sites More sharing options...
Vid Hypersonic June 29, 2015 Share June 29, 2015 It is UOB, but I hardly use to the max. Oh ya... singtel visa is from UOB Link to post Share on other sites More sharing options...
Spring Moderator June 29, 2015 Share June 29, 2015 I thought credit card limits shld be 2 x monthly salary but me too got more than 8 x my monthly salary which is dangerous to say the least if this is given to those guys who are not in control of their spending! 7 Link to post Share on other sites More sharing options...
Vid Hypersonic June 29, 2015 Share June 29, 2015 I thought credit card limits shld be 2 x monthly salary but me too got more than 8 x my monthly salary which is dangerous to say the least if this is given to those guys who are not in control of their spending! It's a trap 2 Link to post Share on other sites More sharing options...
Baal Supersonic June 30, 2015 Share June 30, 2015 Think they have some prifiling system. I had a friend whom earned near 6k a month. He was upgraded to 4x salary with an option to increase to 8x if he wanted. IIRC.Indeed its dangerous. Later people use for Premium Nightclub or down payment for bnb car... P/S : Not sure what card my that friend was using. 5 Link to post Share on other sites More sharing options...
Spring Moderator June 30, 2015 Share June 30, 2015 It's a trap Actually I'm surprised that given our strict Central Bank and regulations here, banks can be so blatantly giving unsecured credit limits beyond the guidelines. Something is seriously wrong here. Last time I even heard that the regulators were even thinking of getting Credit Bureau (I think?) to consolidate the credit limit a person is allowed so you can't be getting 10 different Credit Cards at 2x you monthly pay meaning you shouldn't have an unsecured credit limit at 20x or whatever but instead be only entitled to 2x your monthly pay regardless of the no. of credit cards you have but not sure what happened to this initiative. 6 Link to post Share on other sites More sharing options...
Kangadrool Supersonic June 30, 2015 Author Share June 30, 2015 Can call up to downgrade credit limit or at time of application, pen down the amount you desired. 1 Link to post Share on other sites More sharing options...
Ben5266 Supercharged June 30, 2015 Share June 30, 2015 I thought credit card limits shld be 2 x monthly salary but me too got more than 8 x my monthly salary which is dangerous to say the least if this is given to those guys who are not in control of their spending! Good ma... Can use CC to do downpayment for car and property.... Earn bonus points... 2 x salary cannot do much. Link to post Share on other sites More sharing options...
Alim 1st Gear June 30, 2015 Share June 30, 2015 Actually I'm surprised that given our strict Central Bank and regulations here, banks can be so blatantly giving unsecured credit limits beyond the guidelines. Something is seriously wrong here. Last time I even heard that the regulators were even thinking of getting Credit Bureau (I think?) to consolidate the credit limit a person is allowed so you can't be getting 10 different Credit Cards at 2x you monthly pay meaning you shouldn't have an unsecured credit limit at 20x or whatever but instead be only entitled to 2x your monthly pay regardless of the no. of credit cards you have but not sure what happened to this initiative. My wife's UOB Lady's Card has no preset limit, that is even more dangerous. Link to post Share on other sites More sharing options...
1fast1 Supersonic June 30, 2015 Share June 30, 2015 (edited) My wife's UOB Lady's Card has no preset limit, that is even more dangerous. The men don't get it. Until the woman spends way over their means. Then the men get it. Big time. Edited June 30, 2015 by Turboflat4 1 Link to post Share on other sites More sharing options...
Spring Moderator June 30, 2015 Share June 30, 2015 Good ma... Can use CC to do downpayment for car and property.... Earn bonus points... 2 x salary cannot do much. Of course from responsible consumer point of view it's good but these days with TDSR and other initiatives, thought the idea was to reign in credit as some irresponsible consumers may abuse this and get their families in trouble. Years back when I bought my house and car, credit card was not accepted but it seems it's allowed these days. I even remembered the banks were so strict when I wanted a temporary increase in limit to purchase furniture and electronic goods vs these days where almost no questions asked!! 3 Link to post Share on other sites More sharing options...
Kangadrool Supersonic June 30, 2015 Author Share June 30, 2015 You even roll over your credit card debts interest free by charging it into your next credit card. Next month, charge it to another credit card.............. Can don't pay anot? Of course from responsible consumer point of view it's good but these days with TDSR and other initiatives, thought the idea was to reign in credit as some irresponsible consumers may abuse this and get their families in trouble. Years back when I bought my house and car, credit card was not accepted but it seems it's allowed these days. I even remembered the banks were so strict when I wanted a temporary increase in limit to purchase furniture and electronic goods vs these days where almost no questions asked!! ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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