BOC SmartSaver

[ymbynd]

9. What are transactions that do not qualify for Bonus Interests for Card Spend?

These transactions do not qualify for this bonus:

Cash withdrawal
Fees or charges
Funds transfer or Cash advance
Transactions on BOC Cards that are terminated or unsuccessful
The unposted amounts under Installment Payment Plan (“IPP”) and Flexi-Balance transactions
Any amount charged to your BOC Debit or Credit Cards that is subsequently cancelled, voided or reversed.

What does it mean by unposted ipp installment? Means ipp installment is excluded?

 

[chuanz]

What does it mean by unposted ipp installment? Means ipp installment is excluded?

Should be referring to those unbilled installments. Say you take up 12-mth IPP of $1200, the monthly posted amount is $100 only.

 

[stamploversg]

Am researching ways to fulfil the 500 credit/debit spend requirement since the Shop card cashback is no longer available starting this August.

Has anyone used the BOC debit or credit card to pay for other credit cards successfully and is recognised as the 500 spend?

Thanks for the sharing.

 

[vince123123]

Whilst the bank certainly has the right to terminate the contractual relationship (just like you have the right to terminate at any time), or accept/reject credit card applications (just like you have the right to do so when they try to push a credit card to you), the same may not apply if the termination of the relationship results in monetary loss, ie the loss of your cash rebates. At the least, the bank should refund you your cashback earned to date in the form of a cheque. To do otherwise would be a grounds for complaint.

 

[expert128sg]

Whilst the bank certainly has the right to terminate the contractual relationship (just like you have the right to terminate at any time), or accept/reject credit card applications (just like you have the right to do so when they try to push a credit card to you), the same may not apply if the termination of the relationship results in monetary loss, ie the loss of your cash rebates. At the least, the bank should refund you your cashback earned to date in the form of a cheque. To do otherwise would be a grounds for complaint.

Since we do not have the full picture, i think it is hard to comment. For all you know what he did was not in line of the Bank's TnC?

 

[vince123123]

You are correct, that was something he was not willing to disclose. Perhaps it wasn't clear, but my comment was made generally.

That being said, even if he did breach the bank's T&Cs, I'm not too sure if T&Cs contain a clause which says that "upon breach of the T&Cs, we will forfeit any cashback rebate that you currently have on account with us" or words to that effect that would entitle the bank to forfeit monies or monies worth that was accumulated.

Since we do not have the full picture, i think it is hard to comment. For all you know what he did was not in line of the Bank's TnC?

 

[vince123123]

Hi Trazora,

I just joined the BOC SmartSaver bandwagon.

Can I ask - in relation to Point 2 below, does it therefore mean that the same 3 bills from the same 3 organisations can be used to meet both the requirement of OCBC 360 and BOC SmartSaver (ie just pay half of the bill on each).

As a follow up to that, would there be any reason why someone would want to pay the absolute minimum of $5, other than for bills of say, less than $10?

Thanks for your wonderful insight.

1) You can use credit card (in the list of billing organisation, eg citibank cc not in the list) to pay bills payable by credit card.
- It counts towards card spend bonus interest.
- It may also count towards the rebate/rewards for the credit card, subjected to their individual TnC.

(Some banks allow payment of billing through internet banking charged to cc, but these likely not eligible for counting towards bonus interest or rebate.)

2. Paying 3 unique credit card (or bills not payable by credit card) per month via giro or internet banking bill payment using funds from boc smartsaver account should meet the requirement for bill payment bonus interest for boc smartsaver. Min amount for credit card payment using internet banking bill payment is $5.

(Separately if u can also do likewise for ocbc 360 account to meet its bill payment bonus interest. Min amount for credit card payment using internet banking bill payment is $1.)

As for boc smartsaver vs ocbc 360 or other savings account. Just need to find out and consider what are the bonus interest components you can get, the ease of getting the interest, other considerations like ease of ibanking etc.

 

[Trazora]

Hi Trazora,

I just joined the BOC SmartSaver bandwagon.

Can I ask - in relation to Point 2 below, does it therefore mean that the same 3 bills from the same 3 organisations can be used to meet both the requirement of OCBC 360 and BOC SmartSaver (ie just pay half of the bill on each).

As a follow up to that, would there be any reason why someone would want to pay the absolute minimum of $5, other than for bills of say, less than $10?

Thanks for your wonderful insight.

Payment to same 3 unique bills can be used to meet pay bill for both OCBC 360 and BOC smartsaver. The same bill can be split up to be paid using different means for fulfilling requirement for interest/ rebate.

 

[cybercom8]

Payment to same 3 unique bills can be used to meet pay bill for both OCBC 360 and BOC smartsaver. The same bill can be split up to be paid using different means for fulfilling requirement for interest/ rebate.

can please sic the monthly cc spend of $500?

1) You can use credit card (in the list of billing organisation, eg citibank cc not in the list) to pay bills payable by credit card.
- It counts towards card spend bonus interest.
- It may also count towards the rebate/rewards for the credit card, subjected to their individual TnC.

does the above still apply or is using the debit card to pay such bills still part of the $500 monthly spend?

 

[zenezone]

No offence to anyone but please stop calling the bank to ask if certain transaction qualifies. By doing so you are constantly reminding the bank to review their exclusions.

 

[Trazora]

can please sic the monthly cc spend of $500?

1) You can use credit card (in the list of billing organisation, eg citibank cc not in the list) to pay bills payable by credit card.
- It counts towards card spend bonus interest.
- It may also count towards the rebate/rewards for the credit card, subjected to their individual TnC.

does the above still apply or is using the debit card to pay such bills still part of the $500 monthly spend?

Why not just read the TnC and then test it out yourself.

 

[vince123123]

Thank you very much for confirming!

Payment to same 3 unique bills can be used to meet pay bill for both OCBC 360 and BOC smartsaver. The same bill can be split up to be paid using different means for fulfilling requirement for interest/ rebate.

 

[expert128sg]

You are correct, that was something he was not willing to disclose. Perhaps it wasn't clear, but my comment was made generally.

That being said, even if he did breach the bank's T&Cs, I'm not too sure if T&Cs contain a clause which says that "upon breach of the T&Cs, we will forfeit any cashback rebate that you currently have on account with us" or words to that effect that would entitle the bank to forfeit monies or monies worth that was accumulated.

Sorry, but I share different views with that matter. It depends on how "out" is the transactions. If it is totally not valid, I see no wrong for Bank to even claw back previous cash back earned not in accordance to T&C.


My analogy is as such, I sign a contract to do task A, B and C. However, I did report for work, but I went to eat snake by asking my colleague to do on my behalf. Do you still expect your employer to pay you when u did nothing (if found out that during the term of contract), you did nothing?

 

[expert128sg]

Why not just read the TnC and then test it out yourself.

these are the people who do not want to take risk but wants to reap maximum benefits...


zzz

 

[FrontierX]

Am researching ways to fulfil the 500 credit/debit spend requirement since the Shop card cashback is no longer available starting this August.

Has anyone used the BOC debit or credit card to pay for other credit cards successfully and is recognised as the 500 spend?

Thanks for the sharing.

no it is not.

only satisfy the 3 bill payment criteria.

u can try to prepay phone bills if u are close to the target at month end.

 

[cybercom8]

Why not just read the TnC and then test it out yourself.

tnc tldr...but i tried it in jul...hopefully can see the results in aug

 

[power_range]

Hello i need help..
I tried to set up a bill payment for my IRAS - Income Tax (Tax Ref No.) for my BOC account.
I used my IC number as my tax reference number with a S in front, and my last alphabet behind.
When I tried to make the payment of $10.. it prompted me for the OTP which i entered.. then I kept getting the "no data" error message..

anyone had the same issue, and managed to resolve it? can share on how to resolve?
Thanks in advance!

 

[vince123123]

I didn't have "non-qualifying" transactions rebates in mind when i was talking about cashback. In that case, perhaps if the T&Cs allow for a "clawback" as you describe, that might very well be possible. I was actually referring more generally to some other breach of the T&C. In any case, it is all speculative as because we don't know what his exact situation is. He may not even have breached any T&C but the bank just decided it does not want to do business with him.

As an observation, it is not about what's right or wrong, it is about whether there is a legal right under the Terms and Conditions as enforceable by law in the courts. There are also many Terms and Conditions, even though written down, have not been upheld by the courts, a notable example being penalty clauses. Therefore, even though it is written, whether it is enforceable is another question altogether.

Sorry, but I share different views with that matter. It depends on how "out" is the transactions. If it is totally not valid, I see no wrong for Bank to even claw back previous cash back earned not in accordance to T&C.

My analogy is as such, I sign a contract to do task A, B and C. However, I did report for work, but I went to eat snake by asking my colleague to do on my behalf. Do you still expect your employer to pay you when u did nothing (if found out that during the term of contract), you did nothing?

 

[hyperbole]

Hello i need help..
I tried to set up a bill payment for my IRAS - Income Tax (Tax Ref No.) for my BOC account.
I used my IC number as my tax reference number with a S in front, and my last alphabet behind.
When I tried to make the payment of $10.. it prompted me for the OTP which i entered.. then I kept getting the "no data" error message..

anyone had the same issue, and managed to resolve it? can share on how to resolve?
Thanks in advance!

Cannot. I wrote to them they said they don't support payment to iras. Stupid la you don't support then why put there.

 

[cybercom8]

Cannot. I wrote to them they said they don't support payment to iras. Stupid la you don't support then why put there.

yeah lor, its one of the billing organisations in their list lei