Is it wise to pay bills with credit card?

Llg2178 SG

We are able to pay SP services bill at SP Services Customer Service Centres with our credit card. It will be good if we can do likewise via internet banking. But do you think is it wise to do so?

We are encouraged to pay recurring bills via credit card instead of GIRO. What are the likely consequences if we are unable to clear our monthly credit card bill?

We will be subjected to at least 2% interest rate for the outstanding amount, including the new transactions done via credit card.

Illustration

Outstanding amount: $1000
New transactions amount: $1000
Interest: 2%
Total outstanding amount for next bill: $1000 + $1000 + $40 (2% interest) = $2040

Therefore please do not just pay the minimum sum. Please clear our monthly credit card bill promptly.

ditzy SG

End of the day, you still have to pay right?

Basically, the bank pays for you first, you have to pay the bank.

And for credit card bills, if you default this month, next payment you have to pay plus interest. And their interest rates makes a loan shark's interest look like a baby.

troublemaker2005 SG

got giro don;t wanna use, use credit card - act rich arh? like the saying using the own fist to punch own face to make it look big and bloated.

Rednano SG

quit being a slave to credit cards' additional charges such as interest charge/ minimum payment charge/ late payment charge...etc.

abolish slavery... always pay in full...

money not enough, then please live within your limit/ mean...

the Bear SG

always pay your credit card bills full..

if they want to take advantage of you, you can do the same to them but it requires discipline...

then you can earn shitloads of points and whatever it is...

however, if you cannot be disciplined, never ever go near credit cards

ditzy SG

Whenever I use my cards, I make it a point to make payment to the credit cards before the monthly statement comes. This would keep my statements clean, and make the bank owe me credit instead.

Another reason I do this is because I travel often on short notice, and might not be able to clear the month's statement in time.

troublemaker2005 SG

btw how many credits pay bills like that can we earn har? bilss must be big then more credits right?

Llg2178 SG

Bank and VISA made 1 to 3 percent of the amount charged from the retailer when we make payment using credit card.

In view of this circumstance, should retailers give customers 1 to 3 percent discount for making payment in cash, using EZ-link card or NET?

JoieXiang SG

it's very convenient to use credit card. i recommend.

ditzy SG

that is why some retailers are willing to give some discount if paying by cash. especially big ticket items.

troublemaker2005 SG

chinaman want apply easy credit only 170dollas in bank OCBC somemore

Llg2178 SG

Some people do not have any credit card. Some people have more than one credit card.

Some become bankrupt because of credit card. Some people are better of with credit card.

Credit card is not the root cause of financial problem.

What are the root causes for some people to get into financial difficulty?

Is it the way we manage our money?

Is it because of our addiction to gambling, shopping or the desire to possess branded items?

Rednano SG

Credit Bureau (Singapore) Pte Ltd (CBS) is Singapore's most comprehensive consumer credit bureau that has full-industry uploads from all retail banks and major financial institutions. It is a joint venture between The Association of Banks in Singapore (ABS) and Infocredit Holdings Pte Ltd.

The setting up of a consumer credit bureau in Singapore is a significant addition to enhance the Republic´s risk management capability. Since 2002, the Banking Act has allowed CBS members to disclose and obtain credit-related information to mitigate consumer credit risk through information pooling from CBS. The Monetary Authority of Singapore (MAS) provides the regulatory guidance and support to CBS to bolster the integrity and transparency of Singapore´s financial sector.

To do this, CBS aggregates credit-related information amongst participating members and presents a more complete risk profile of a customer to credit providers. This helps credit providers to determine the likelihood of the customer repaying, thus enhancing their risk assessment capabilities. Our goal is to help credit providers make better lending decisions quickly and more objectively.

mancha SG

Not wise.

You owe A, but you change it to owe B.

Its better to owe A, and default payment there, than owe B and default payment with B.

B is the Bank.

Which you prefer, to owe the shop money or to owe the Ah Long money.

Llg2178 SG

SP service charge you 50 cents for sending you a reminder and 1% of the unpaid amount. Bank charge you 2% of outstanding amount due for payment.

Town Council charge you 2% of outstanding amount and $60 adminstrative fee if the amount is overdue for 5 months.

Any ideas how much we are charged for failing to make payment to service provider such as Singtel, M1 and Starhub?

It is wise to make payment to town council but not SP services.

Is it wise to pay Singtel, M1 and Starhub bills with credit card?

troublemaker2005 SG

never hav to think of this problem. i set aside a standard amout of money to pay all the neccessary bills. these are mandatory. the rest leisure luxury things - mayb i will consider but usually will save up or get them if hav access cash. so credit cards? what's that?

the only use of it is the person can show off and think he very rich and cool when flashing one - but month end - hmm probably ppost in forums for help and suggestions?

cmon fasce it, the real world is very different from fantasy land - just like the after effects of cocaine once all teh high is over

the only time i use cocaine probably will be my final hours in battle, when i know death is imminent and i will need the extra endurance against pain and time to take down as many enemies as possible or to achieve an objective.

Llg2178 SG

Thank you. I agree with your view. It is not necessary to have credit card. We can use NET when we shop in Singapore. We should use debit card instead of credit card. Credit cards are designed and created for rich people when it was launched in the market. But nowadays almost anyone who are working can apply for it.

Therefore we should not apply for a credit card if we are poor in managing our money.

troublemaker2005 SG

yes and no, in the past some situations the payment method even cash and nets not possible. that's when CC comes in. but later comes debit car, makes cashless transaction even more convenient. its good to have CC for emergency use. sometimes you really do not carry enough cash and ATM is just no aceessible. as for the prvieleges and credit i don;t know. so far no CC companies their goodies appeal to me, or rather is what i need.

its simple, sit down with a calculator or do some somple maths. its allbasic maths. set aside an amount you need for monhtly bills. AXN and giro so convenient. no longer is flashing credit cards that appealing - even cheap foreign labor can apply for one .. and you will fid that tyou noneed to start a thread here about this anymore.

the concept is similar to phot editing. the base raw files still need to have some photo quliaties recorded.otherwise no degree of photoshoping is going to help make a bad photo good.

Llg2178 SG

Thank you.

:-D

Haji2012 SG

Back in the 1970s, credit cards don’t even exist in the world and people pay with cash also no problem then why now you pay with cash got problem?