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DBS Bank

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hi DBS,

I read this notice from the DBS website:

Closure of DBS CapitaCard Card Programme

Thank you for your support of the DBS CapitaCard Card Programme. We would like to inform you that effective 1 June 2016, the programme will be discontinued. As such, your DBS CapitaCard Card and supplementary card(s) (if any) will be automatically closed from that date.

Could we check if we have installment plans for this card, do we have to pay up all the balance amount at one go on the last bill payment in May or will the balance installments be transferred to another DBS/POSB card?

Hi viktOzzz,

About installment plans, after the closure of CapitaCard – the good news is that you’re not expected to pay up the entire balance amount a one go. In fact, you can still continue to settle your outstanding balances and/monthly installments when your monthly statements are available. Your monthly Card balances are view-able through iBanking.

If you’ve got GIRO payments or Recurring Bill Payment arrangements, then it’s best to contact the respective billing organizations to make alternative arrangements.

You'll likely be notified of your options, via a formal letter addressed to you closer to the date.
 

kero89

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For funds transfer using Credit Card, there will be a Cash Advance Fee of 6% of the amount withdrawn (minimum charge of S$15) plus finance charge of 28% per annum (minimum charge of S$2.50) on the amount withdrawn, calculated on a daily basis from the date of withdrawal until receipt of full payment.

Scary charges! Aww well thanks!
 

viktOzzz

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Hi viktOzzz,

About installment plans, after the closure of CapitaCard – the good news is that you’re not expected to pay up the entire balance amount a one go. In fact, you can still continue to settle your outstanding balances and/monthly installments when your monthly statements are available. Your monthly Card balances are view-able through iBanking.

If you’ve got GIRO payments or Recurring Bill Payment arrangements, then it’s best to contact the respective billing organizations to make alternative arrangements.

You'll likely be notified of your options, via a formal letter addressed to you closer to the date.

Hi DBS,

Thanks for replying. So does it means that even the card is no longer valid after 31 May, the statement for the card will continue to be sent to me every month until the installments are all cleared?

Is this correct? Thanks.
 

DBS Bank

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Hi DBS,

Thanks for replying. So does it means that even the card is no longer valid after 31 May, the statement for the card will continue to be sent to me every month until the installments are all cleared?

Is this correct? Thanks.

Yes, that's the plan now. Although do look out for the formal notice sent to you closer to the date as that will likely have the finalized info.
 

denial86

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Yes, that's the plan now. Although do look out for the formal notice sent to you closer to the date as that will likely have the finalized info.

Good to know! My sis got instalments too I think.=:p
 

viktOzzz

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Yes, that's the plan now. Although do look out for the formal notice sent to you closer to the date as that will likely have the finalized info.

Thanks, DBS for your reply. Good to know of this earlier as no formal notice had been received as at today.
 
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