POSB Cashback Bonus

[hummer]

I got the following error when I clicked on Instant Enrol

You currently do not have any eligible accounts to enrol for this programme. (95133)

I have a POSB Savings account currently. However, I have not arranged my salary to be credited in. Do I need to do that first?

Just tried again. Works now.

 

[Trazora]

For me, definitely cashback bonus is higher luckily I had the multiplier for 6 months already, can close liao.

This is really good for people with existing dbs home loan. Wondering how to make it work for my SO since he already have the home loan and easily hit the credit card spend (spend something can already)

Your SO need to meet a third requirement, think POSB invest saver easiest.

 

[luvalist]

Your SO need to meet a third requirement, think POSB invest saver easiest.

Yeah agreed too. Will apply on next month since already past salary crediting and home loan instalment payment... hopefully the requirements don't really change.

 

[lewissac]

I believe this account is good if you want to gain as many cash back u want per month without saving any balance; since I think you do not gain much benefit for those balance amount (base interest rate 0.05% i think). It resembles like a debit card with rebates spending (if you count those investments as expenditures).

Probably, I can think of this way:
POSB Cashback Bonus:
- Salary crediting
- $500 spending
- Invest saver

+

Any banks that offers good interest rates for savings (CIMB perhaps?)

So in this way, once salary is in you have to fund transfer out everytime to your savings bank account.

 

[luvalist]

yeah prob good for people who just started work with not much savings too

 

[Trazora]

yeah prob good for people who just started work with not much savings too

Yea. Hope other banks also come up with something similar

 

[xipi]

I only have 2 of the five categories. What can I do?

You will need to have eligible transactions in at least 3 of the 5 transaction categories:

Salary Credit (Min. of $2500) - OK
Credit Card Spend - OK
Home Loan Instalments - HDB loan
Insurance (only for new purchases made after enrolment) -
Investment (only for new purchases made after enrolment) -

Force to buy either insurance or investment with them...

 

[moisuperman]

Cannot even hit the salary min. Got invest saver and credit card ..... No home loan also.

Sent from HUAWEI VNS-L31 using GAGT

 

[Trazora]

I only have 2 of the five categories. What can I do?

You will need to have eligible transactions in at least 3 of the 5 transaction categories:

Salary Credit (Min. of $2500) - OK
Credit Card Spend - OK
Home Loan Instalments - HDB loan
Insurance (only for new purchases made after enrolment) -
Investment (only for new purchases made after enrolment) -

Force to buy either insurance or investment with them...

Think POSB invest saver easiest. Invest min $100 each month on etf. http://www.posb.com.sg/personal/landing/invest-saver/index.html?pid=sg-posb-vanity-investments-investsaver

 

[Trazora]

Cannot even hit the salary min. Got invest saver and credit card ..... No home loan also.

Sent from HUAWEI VNS-L31 using GAGT

Only left the insurance option. Think not so worth it though.

 

[POSB]

just saw this too. Seems good as I have the multiplier account which I am still accumulating my savings. This looks like will give me more than my interest in Muliplier.

Anyone joining? I have existing home loan and credit salary and credit card spending. Should count right? Unfortunately both programs excludes my existing Investsaver contribution.

Hi Luvalist,

That’s right - your existing home loan, salary crediting and credit card spend fulfills the 3 categories to earn you cashback with the POSB Cashback Bonus.

Use our calculator to estimate how much cashback you can get: go.dbs.com/POSBCashBackBonusCalculator
You can also enroll into the programme now and later on, if you sign up for new insurance or investment, we will count that into the system and you’ll get to earn more cashback! (As long as you fulfill 3 or more categories within 6 months of enrollment)

Think it depends whether you earn more from the interest of DBS multiplier or from the POSB Cashback bonus. Need to do some calculation considering card spend/salary crediting is 0.3% cashback (capped at $20), home loan/invest/insurance is 3% cashback (capped at $30)

Hi Trazora,

Thank you for your replies
You can try using our POSB CashBack Bonus calculator to help you with the CashBack calculation found here: go.dbs.com/POSBCashBackBonusCalculator

 

[Earnasyougrow]

Hi POSB,

Do I still have a open a new investsaver account to qualify even thou I have existing account?

 

[Trazora]

Hi Trazora,

Thank you for your replies
You can try using our POSB CashBack Bonus calculator to help you with the CashBack calculation found here: go.dbs.com/POSBCashBackBonusCalculator

Thanks, I managed to find out the cashback rates (0.3% for salary/ credit card spend; and 3% for homeloan/insurance/investment) only by using the calculator. I thought important information like the Cashback rate should be mentioned on the website, just as stated in the TnC says "Details of the Cashback rate, minimum amount requirements and Cashback Cap will be published on our website".

 

[lin321]

Hi POSB,
If I sign up invest saver now, when will the interest be credited? The very first month or on the 13th month? If it's the 13th month, how much will be the interest? (1-12th interest, or only 1 month interest?)

Don't really understand the clause for invest saver. Please explain. Thank you

 

[denial86]

Oic, just noticed the monthly cashback is a % of the total monthly transaction.

Salary crediting: 0.3% (capped at $20)
Card spend: 0.3% (capped at $20)
Home loan: 3% (capped at $30)
Insurance: 3% (capped at $30)
Investment: 3% (capped at $30)

Thanks for sharing this. I find it really strange that the website and their TNCs don't even share this information. Like trying to test our math like that.

 

[Trazora]

Thanks for sharing this. I find it really strange that the website and their TNCs don't even share this information. Like trying to test our math like that.

Yea, great minds think alike. Already feedback to POSB. See 3 posts up.

 

[osirisis]

Thanks for sharing this. I find it really strange that the website and their TNCs don't even share this information. Like trying to test our math like that.

Maybe to allow the Bank flexibility to CHANGE the rate as and when is more favorable to them?

 

[Trazora]

Maybe to allow the Bank flexibility to CHANGE the rate as and when is more favorable to them?

Then even more important to have these rates clearly shown on the website. If they want to change the rates they will need to inform their customers also.

 

[badsector]

Invest through DBS Vicker with cash also not applicable?

 

[aKaGiz]

I just started Posb investsaver last month. Can consider as new applicant or not ?