DBS Multiplier Programme - include Credit Card spending

[idwish]

Is this any good ?

DBS Multiplier Programme | DBS Singapore

 

[idwish]

If one consolidate everything with DBS bank only, perhaps this is a great product.

 

[xtwis7]

$20k monthly cash flow for 1.58%. If you're making that much dough, that interest is nothing to you as you probably have other means.

 

[idwish]

$20K cash flow include mortgages, cc spending, salary so not difficult to hit .....still high interest rate than FD for the amount in your account....

$20k monthly cash flow for 1.58%. If you're making that much dough, that interest is nothing to you as you probably have other means.

 

[naro]

i think Stanchart's Bonusaver account better. just need to spend $500 to earn 1.88% pa for the 1st $25,000 in your Bonusaver account.

 

[swordspirit]

i think Stanchart's Bonusaver account better. just need to spend $500 to earn 1.88% pa for the 1st $25,000 in your Bonusaver account.

Seriously pawn DBS. further, *Higher interest is paid on the first S$50,000 in your Multiplier Account. Remaining balance will be accorded the prevailing base interest rate for that month.

Unless u have loans with them + salary bank to them, better to use credit card spending elsewhere.

 

[Awesom Andy]

I think for the SC bonusaver, you have to spend the $500 from the account itself - and won't be able to accrue points/miles/whatever-tickles-your-fancy. With the DBS multiplier, you just have to spend it from your credit card.

But this condition can hurt: Fall below fee of S$5 will be charged if average daily balance falls below S$10,000

 

[imaxine]

Anyone open this account already?

 

[beri stupid idiot]

meana if my salary cheque jin fat ... 20k then no need other components is it?

 

[hwmook]

meana if my salary cheque jin fat ... 20k then no need other components is it?

Yes. But 1.58% is not attractive.

 

[idwish]

Just to share with the folks here.

I opened the account and have my salary credited to this new account. Then I have been told that my salary will not be counted because the tx code is IBG even tho the description shown as Salary and was told that it could be due to my company has not arrangement with DBS. What a BS ! I will be moving my salary credit back to UOB soon as it is useless to me...

Anyone open this account already?

 

[shimmermike]

Just to share with the folks here.

I opened the account and have my salary credited to this new account. Then I have been told that my salary will not be counted because the tx code is IBG even tho the description shown as Salary and was told that it could be due to my company has not arrangement with DBS. What a BS ! I will be moving my salary credit back to UOB soon as it is useless to me...

what is the code you got in UOB?

 

[gravityz3r0]

It's useful if you have cashflow of at least 7.5k. I already have salary crediting with DBS since day one and my total cashflow including DBS Home Loan and credit card can hit 10k easily (that's 1.28% interest). As of now, i have my first 25k savings in BonusSaver to take advantage of the 1.88% and the rest in CIMB Starsaver of 0.8%. Even the first tier in multiplier is better than CIMB already. I will move exactly 50k from my CIMB to Multiplier Account to maximize the benefit.

If only somehow I can hit 1.48%, that interest is higher than DBS Fixed Home Loan Rate of 1.38% which is a no brainer. You can use your multiplier interest earned to cover your loan interest for free.

 

[gravityz3r0]

Yes. But 1.58% is not attractive.

huh, if 1.58% is not attractive, then what is? 10%? Especially if you already have existing salary crediting and home loan with them and you can hit the minimum 7.5k monthly, why not? sure it's limited to 50k, but it's still better than nothing, and you are not tied down like FD which offer worse interest. If you dont mind me asking, other than investment, may i know where do you park your savings where you consider the return is attractive?

People can argue that 1.88% on bonussaver is higher, but so what? it's also limited to first 25k which is less than multiplier account and you lose out on cashback/miles/points opportunity on your credit card.

On multiplier account, whichever DBS/POSB card that you use counts towards your eligibility for interest and yet, you STILL earn the benefits from the respective credit card itself, be it miles from Altitude card, or cashback from Everyday Card, etc. Therefore, you are stacking all the benefits together.

 

[rotiboyz]

huh, if 1.58% is not attractive, then what is? 10%? Especially if you already have existing salary crediting and home loan with them and you can hit the minimum 7.5k monthly, why not? sure it's limited to 50k, but it's still better than nothing, and you are not tied down like FD which offer worse interest. If you dont mind me asking, other than investment, may i know where do you park your savings where you consider the return is attractive?

People can argue that 1.88% on bonussaver is higher, but so what? it's also limited to first 25k which is less than multiplier account and you lose out on cashback/miles/points opportunity on your credit card.

On multiplier account, whichever DBS/POSB card that you use counts towards your eligibility for interest and yet, you STILL earn the benefits from the respective credit card itself, be it miles from Altitude card, or cashback from Everyday Card, etc. Therefore, you are stacking all the benefits together.

Quite true but still If got high celery then can cover already

 

[beri stupid idiot]

wonder if using credit card also accumulate rebates or points separately

 

[sebastgt]

wonder if using credit card also accumulate rebates or points separately

Should be credited separately.
One is multiplier account, one is credit card account.

 

[sebastgt]

Anyone open this account already?

Me. Think this is DBS's answer to SC Bonusaver.
Customers will need to do their math and choose one that suits them best.

 

[gravityz3r0]

Me. Think this is DBS's answer to SC Bonusaver.
Customers will need to do their math and choose one that suits them best.

I think the answer is quite straight forward . Assuming you are eligible for both BonusSaver and Multiplier interest. Put your first 25k savings into SC (1.88%), and next 50k into Multiplier (0.98-1.58%). Rest in CIMB Savers (0.8%). Win Win situation.

 

[bestmonto]

DBS has upped the interest rate for this account. Looks more even more tempting now.

DBS Multiplier Programme | DBS Singapore