MayBank SaveUp Programme

[pcmdan]

Boc cc rebate generally higher than 3.33%. Counting the rebate in probably these 2 more or less similar depending on spending habit

not true. Maybank cc requirement is poor

Boc u can use any card and lets take family card vs maybank plat card

with $500 spending on dining

boc gives 7% and maybank only gives 3.33% for the $300. the $200 earns u nothing..unless u hit $1k in spending

Maybank interface is much better than BOC. Boc CSO support is lousy maybank is much better

 

[pcmdan]

BOC criteria is harder to hit. one would need to hit salary net cpf at 6k and need to spend 1.5k to hit 3.55%

maybank is much easier... to earn slightly below 3

 

[Tormented Soul]

Thinking hard about maybank, but BOC CC better so actually does it even out to be sort of same?

I can get about 2.2% from BOC, about 2.9% from Maybank but CC Boc like much better sigh

 

[cnotsniw]

Seems like Maybank Saveup may be the next best thing after the OCBC360 revision.

Exploring spending options on the credit card on petrol. Is it worthwhile to use Maybank CC on petrol? Which petrol brand has tie up/discount promo with Maybank?

Thanks.

 

[Trazora]

Seems like Maybank Saveup may be the next best thing after the OCBC360 revision.

Exploring spending options on the credit card on petrol. Is it worthwhile to use Maybank CC on petrol? Which petrol brand has tie up/discount promo with Maybank?

Thanks.

Btw can only use Maybank Visa Platinum to meet criteria for bonus interest on Maybank SaveUp

 

[Trazora]

All things equal, a cc with better cashback rate would give you more than a bank account with a marginally higher interest rate.

For eg if you spend 1k monthly on cc, and between a cc with average 2% cashback and a more generous cc with average 4% cashback, that persistent difference of $20 cashback a month would require you to have an extra 35k in the 2.9% bank account to make up the difference, which may not be even possible to be held depending on where the bank limits deposits to earn 2.9%.

Of course, it's important to note that we should not spend more to get more cashback, so it really depends on one's normal cc spending pattern to make the final decision.

Depends case by case. Should use the best combi with highest rebate+interest for a certain account balance.

 

[darwinkoh]

Nets Flashpay ATU is disallowed for Maybank Platinum Visa Card as well....

 

[wealth_farmer]

Actually you're right. Just punched the numbers in my spreadsheet and it's not that different by 35k. I guess you'd have to be a big cc spender for cashback to make a difference. Deleted my original post.

Depends case by case. Should use the best combi with highest rebate+interest for a certain account balance.

 

[Tormented Soul]

Wealth Farmer, quick question. I have no idea on how to go about counting.

Say 20k in account. Spend 500 per month on CC. Able to fulfill all criteria to get saving account %. Which one will be more profitable?

UOB One card + UOB One (1.75%)

or

Maybank Platinum + Maybank Saver (2.9%)

 

[SBC]

How to Giro other banks CC to Maybank save up account?
This can be considered as part of $300 requirement ?

 

[Trazora]

How to Giro other banks CC to Maybank save up account?
This can be considered as part of $300 requirement ?

Can fill up GIRO forms. Yes count to the $300

 

[wealth_farmer]

In your scenario, assuming salary credit, bill GIRO and cc spend all met, Maybank is still better. The problem is that UOB interest rate is just not competitive, especially at lower deposit balances.

UOB (1.75% @ 20k): annual interest earned is $350.

UOB ONE card ($500 spend every month): $50 cash back per quarter for total annual cashback of $200

UOB total annual: $550

MBSU: Blended rate (cos different base rate for first $3000) gives you total annual interest of $598.13

MB CC: $500 spend each month gets you $30 per quarter for annual total of $120.

MB total annual: $718.13.

The only bad thing I'd say about MB (other than the fact I think UOB IB interface is probably better), is that the GIRO bill requires $300 and cannot be offset using the MB CC bill. So you have to spend $300 extra, in a sense. If you can meet that, then fine but not everyone can. For UOB, you just need three GIRO bills of which the UOB credit card GIRO counts too.

Let me know if the numbers checks out and sorry for the earlier erroneous reply to your question. I personally haven't decided whether to go with BOC or MB yet but UOB is not the front runner for sure.

Wealth Farmer, quick question. I have no idea on how to go about counting.

Say 20k in account. Spend 500 per month on CC. Able to fulfill all criteria to get saving account %. Which one will be more profitable?

UOB One card + UOB One (1.75%)

or

Maybank Platinum + Maybank Saver (2.9%)

 

[cnotsniw]

Btw can only use Maybank Visa Platinum to meet criteria for bonus interest on Maybank SaveUp

Thanks. That's why checking if there're any tie-ups with the petrol companies.

Else, hard for me to hit $500 CC spending, which will be the 3rd product.

Otherwise, have to fall back to BOC/UOB

 

[zumaba]

Can fill up GIRO forms. Yes count to the $300

but can fill up Giro to pay other banks CC a fixed amout (e.g $300) every month?

 

[deepblueli]

Hi, for those who have opened SaveUp account, after you have transferred the initial $500 fund, how long do you have to wait before you receive the SMS saying that the account is activated?

Thanks.

 

[Trazora]

but can fill up Giro to pay other banks CC a fixed amout (e.g $300) every month?

No. Can only choose to pay min sum or full balance.

 

[Tormented Soul]

In your scenario, assuming salary credit, bill GIRO and cc spend all met, Maybank is still better. The problem is that UOB interest rate is just not competitive, especially at lower deposit balances.

UOB (1.75% @ 20k): annual interest earned is $350.

UOB ONE card ($500 spend every month): $50 cash back per quarter for total annual cashback of $200

UOB total annual: $550

MBSU: Blended rate (cos different base rate for first $3000) gives you total annual interest of $598.13

MB CC: $500 spend each month gets you $30 per quarter for annual total of $120.

MB total annual: $718.13.

The only bad thing I'd say about MB (other than the fact I think UOB IB interface is probably better), is that the GIRO bill requires $300 and cannot be offset using the MB CC bill. So you have to spend $300 extra, in a sense. If you can meet that, then fine but not everyone can. For UOB, you just need three GIRO bills of which the UOB credit card GIRO counts too.

Let me know if the numbers checks out and sorry for the earlier erroneous reply to your question. I personally haven't decided whether to go with BOC or MB yet but UOB is not the front runner for sure.

Yeah UOB requirement is much easier. I agree with you in general, but there are also intangibles we have to factor in. UOB have loads of discount for petrol, 1-for-1 dining deals, entertainment deals etc. Not sure if that is worth the $160 difference though in total annual interests though.

I was looking at this offer by UOB recently, seems interesting.

http://www.uob.com.sg/personal/solu...x.html?i_cid=YP_youngprofessionals_vanity_URL

BOC is pretty much in the middle of them. The family card is very decent too. By my calculations, 2.2% will add up to about $400. Family card cash back a bit hard to count though.

 

[wealth_farmer]

Something else I just noticed about Maybank account. If you're fortunate enough to draw a high salary and your monthly income tax is more than $1k, may as well pay GIRO through them.

http://info.maybank2u.com.sg/personal/promo/income-tax-giro.aspx

 

[gnooliew]

What i don't quite like is that u have to spend 200 more on their cc when the rebate is for 300 unless u can hit 1k consecutively. So effectively cc rebate only abt 2%. And the bonus interest is up to 50k whereas boc is 60k and has bonus interest above that if u hit the criteria

 

[zumaba]

No. Can only choose to pay min sum or full balance.

Thanks.

In case there is no spending for the month on the credit card which is used MayBank SaveUp account GIRO to pay, is this considered not fullfilled so no GIRO bonus for the month?