UOB CashPlus 0% Interest and No Nominal Fee

[Jirachi]

I let the bank decide. Was surprised it was that low or rather was hoping something higher

Wow. That’s quite high considering people got much much lesser.

 

[paurusu]

Yes, but have a few caveats based on what I gathered from insights from many others here too:

• your credit score will tank during the period, so if you are planning to apply for other loans/cards you may be rejected by other banks
• other banks may stop your credit lines if the total unsecured loans you take is above 12x of your monthly salary they have on file, unless you earn more than 120k a year
• for civil servants, if the unsecured loan is too large (3x) vs your monthly salary, you'll be deemed to be financially embarrassed and will get a call from HR
• the credit line you get is subject to what UOB is willing to lend you

Well , this is in fact the ultimate carry trade since when promo happens it is real 0 % interest and you can utilize the balance up to your credit limit. Since it is free up to your credit limit without paper work , you have the convenience to lock in your money based on your scope in flexible ways

 

[iadpotato]

oh can actually do it online via this form.

https://forms.uob.com.sg/personal/cards/services/credit-limit-apportionment.html#form

my request was rejected without any reason lol...

some more still send me official e-letter "after careful consideration blah blah blah, we regret to inform you blah blah blah"

so credit limit for CC still remains at 97,800 and CP at 6,600

 

[ericcsn]

From what I understand after my on line account was created and loan was taken (transfer was simply effected from cash plus account to UOB one account using UOB apps):

1. estatement by bank is issued on the 9th day of each month.

2. Min 2% repayment of loan amount (look at apps it has these KPIs on the min payment and due date or at the estatement ) to be done by 2nd day of following month (first condition to meet to keep your 0% fees and 0% interest profile intact) -careful that it is not a Sun/ PH when putting it back into the same cash plus account.

3. So then repayment sequence could be 2% (first month), 2% (second month), 96% (last month) if you are intending on the 3 months promo of 0% fees and 0% interest rate

4. Note the end date to pay back the entire amount to enjoy 0% fees and 0% interest is 3 months from the day approval was granted (which can be about two days shorter than the day when the Cashplus account first become available to you to transfer the money out).

5. the 3 months 0% fees and 0% interest rate is a promotion (by bank till end Aug 2025) for new to cashplus customers.

6. Cancellation of account can be done anytime without penalties (no minimum months needed to hold onto account from date of account opening).

7. First year annual fee waived. Beyond that there is an annual fee of $120.

8. Enjoy.

9. (Max loan amount by bank can be up to $200k).

 

[sglandscape]

Well , this is in fact the ultimate carry trade since when promo happens it is real 0 % interest and you can utilize the balance up to your credit limit. Since it is free up to your credit limit without paper work , you have the convenience to lock in your money based on your scope in flexible ways

The real carry trade you can scale, and it's typically partially collateralised so you can get a much larger limit. This is the poor man's carry trade.

 

[paurusu]

The real carry trade you can scale, and it's typically partially collateralised so you can get a much larger limit. This is the poor man's carry trade.

Won't disagree , but the fact of 0% interest bring a lot of return compared to real carry trade. So even if you can scale , your risk exposure is higher , while 0 % interest here cushion a lot of your risk .
Depending on your credit limit , you can take over big amount too.

 

[xueni84]

Anyone knows if I applied but didn't withdraw out as intended, does it still showed that I borrowed the money in credit report?

 

[sglandscape]

Anyone knows if I applied but didn't withdraw out as intended, does it still showed that I borrowed the money in credit report?

Nope

 

[Velton]

Is this still in play? Need to wait for UOB to offer or can apply online?

 

[Velton]

has to apply on line. in my case: next business day approved. Account created the following day. can be up to $200K, I got way in excess of $100K.

Problem is park where also.. and is it worth to tank the credit score.. haha

 

[ericcsn]

Problem is park where also.. and is it worth to tank the credit score.. haha

if you dont need a loan can consider hysa:

ocbc 360, dbs multiplier, uob 1, boc smartsaver, hsbc ega, stanchart bonussaver, stanchart esaver, uob stash, even maribank, gxs, trust etc

 

[Jirachi]

Problem is park where also.. and is it worth to tank the credit score.. haha

HYSA. I left it in UOB One Account

 

[Jirachi]

has to apply on line. in my case: next business day approved. Account created the following day. can be up to $200K, I got way in excess of $100K.

Can just ask something? Are you way higher than the median salary to get in excess of 100K?

 

[ericcsn]

Can just ask something? Are you way higher than the median salary to get in excess of 100K?

Quite normal salary

 

[Jirachi]

Quite normal salary

Thanks. UOB is really generous to you!

 

[sglandscape]

Problem is park where also.. and is it worth to tank the credit score.. haha

With many rate cuts, it's getting less and less attractive.

 

[iadpotato]

Recent check on my CBS credit report shows the exact amount I used for this cash plus 0% interest promo being listed under “unsecured credit interest bearing” even though it is 0% interest.

 

[Trazora]

Recent check on my CBS credit report shows the exact amount I used for this cash plus 0% interest promo being listed under “unsecured credit interest bearing” even though it is 0% interest.

yes of cos

 

[iadpotato]

yes of cos

no wonder my rating drop to BB....

 

[Jirachi]

Recent check on my CBS credit report shows the exact amount I used for this cash plus 0% interest promo being listed under “unsecured credit interest bearing” even though it is 0% interest.

Yes. This is unsecured credit.