POSB Cashback Bonus

[royalmix]

For me the key is becuz my salary credit is with POSB and I don't like multiplier 3K minimum.

your salary credit qualifies for multiplier. the min 3k is not a problem with me cos I will put 100k if I can hit 30k in transactions to max the interest per mth.

 

[royalmix]

Thanks for all your input. I realise that for cashback, I only have the credit card category. My salary credit is with UOB one which gives a good 5%.

No salary can still play provided you are willing to invest - you can hit 3 category in multiplier easily but without sufficient transactions, difficult to earn much interest.

POSB bonus, might not be worth it, with credit card and invest and another category, or with the help of salary from a joint account owner (i think what applies to multiplier applies to this too)

 

[Ceschfab]

Hi if anyone is in similar situation or knows something abt it, pls advise.

Story is like this. Previously I have been on the POSB cashback thingy for a number of years, using salary credit, investment and cc spend as my 3 categories.

Recently I switched out my salary credit to achieve 5% interest on UOB one account. So still stay in the POSB cashback programme and continue making my $1000 monthly investment, yst I signed up on Protectfirst at less than $5 per mth. What that means now is I am paying a sales charge of $5 - 8 for my monthly investsaver and $5 for insurance but getting ard $30 from the cashback programme.

But one night after, I thought of another idea. Can I just convert my spouse's single account (her salary credited there) and make it into a joint one without changing the account number (she doesnt want the hassle of having to inform HR). Will that auto means that I can fulfil the 3rd category and I can actually cancel my protectfirst during the free look period?

 

[Nofear40]

No salary can still play provided you are willing to invest - you can hit 3 category in multiplier easily but without sufficient transactions, difficult to earn much interest.

POSB bonus, might not be worth it, with credit card and invest and another category, or with the help of salary from a joint account owner (i think what applies to multiplier applies to this too)

Thanks for sharing. I have not explored Unit Trust yet.

 

[reddevil0728]

Hi if anyone is in similar situation or knows something abt it, pls advise.

Story is like this. Previously I have been on the POSB cashback thingy for a number of years, using salary credit, investment and cc spend as my 3 categories.

Recently I switched out my salary credit to achieve 5% interest on UOB one account. So still stay in the POSB cashback programme and continue making my $1000 monthly investment, yst I signed up on Protectfirst at less than $5 per mth. What that means now is I am paying a sales charge of $5 - 8 for my monthly investsaver and $5 for insurance but getting ard $30 from the cashback programme.

But one night after, I thought of another idea. Can I just convert my spouse's single account (her salary credited there) and make it into a joint one without changing the account number (she doesnt want the hassle of having to inform HR). Will that auto means that I can fulfil the 3rd category and I can actually cancel my protectfirst during the free look period?

So you are asking when can add ur name to her account?

you should check with POSB. Can multiplier can only be single

 

[Imhthc]

Already write in but one person no power need a lot of readers write in so they take note. Hence I ask in this forum readers on this scheme to also write in flood them with request so they can consider. Me IT developer same only when many ppl request the feature will the marketing and PM decide to build it.

I like ur “if u never ask, u never know” mindset. tbh, I dun think other banks have such mechanism as posb cashback if I m not wrong. Meet at least 3 categories and you get ur due cashback. If the cap is low, u can jolly well move to multiplier when u can earn higher tier interest with more salary. U have a choice and try to find for a like to like program.
Worse if they hear you and increase the cap but reduce the cashback % for the salary category. End up who benefits?

 

[hwmook]

Hi if anyone is in similar situation or knows something abt it, pls advise.

Story is like this. Previously I have been on the POSB cashback thingy for a number of years, using salary credit, investment and cc spend as my 3 categories.

Recently I switched out my salary credit to achieve 5% interest on UOB one account. So still stay in the POSB cashback programme and continue making my $1000 monthly investment, yst I signed up on Protectfirst at less than $5 per mth. What that means now is I am paying a sales charge of $5 - 8 for my monthly investsaver and $5 for insurance but getting ard $30 from the cashback programme.

But one night after, I thought of another idea. Can I just convert my spouse's single account (her salary credited there) and make it into a joint one without changing the account number (she doesnt want the hassle of having to inform HR). Will that auto means that I can fulfil the 3rd category and I can actually cancel my protectfirst during the free look period?

Can, that is what I have done by converting my bank account to a joint account.

 

[pantss]

Hi if anyone is in similar situation or knows something abt it, pls advise.

Story is like this. Previously I have been on the POSB cashback thingy for a number of years, using salary credit, investment and cc spend as my 3 categories.

Recently I switched out my salary credit to achieve 5% interest on UOB one account. So still stay in the POSB cashback programme and continue making my $1000 monthly investment, yst I signed up on Protectfirst at less than $5 per mth. What that means now is I am paying a sales charge of $5 - 8 for my monthly investsaver and $5 for insurance but getting ard $30 from the cashback programme.

But one night after, I thought of another idea. Can I just convert my spouse's single account (her salary credited there) and make it into a joint one without changing the account number (she doesnt want the hassle of having to inform HR). Will that auto means that I can fulfil the 3rd category and I can actually cancel my protectfirst during the free look period?

No. Banks won’t entertain your account number preference. Unless u some vip customer or what

 

[Squaredot]

For joint account, both account holders can enroll in POSB Cashback Bonus programme?

 

[Ceschfab]

For joint account, both account holders can enroll in POSB Cashback Bonus programme?

yeah

 

[Techmummy]

Heard from my friend that CIMB bank is giving 1k?? y’all think it’s worth applying for?

 

[sohguanh]

Heard from my friend that CIMB bank is giving 1k?? y’all think it’s worth applying for?

This lobang from where got website show?

 

[reddevil0728]

Heard from my friend that CIMB bank is giving 1k?? y’all think it’s worth applying for?

If is just free 1k need to consider worth meh.

this sort of lack of details post a bit no head no tail

 

[Darwinson]

I converted my DBS Multiplier to POSB Cashback on 18th Apr. Then I purchased UT transaction on 20 Apr. Credit card transaction on 20 Apr. But till now the ibanking Bank and Earn Summary still show 0 for all the categories, even though it mentions it reflects transaction till 23rd Apr.
Is this normal?

Hi brothers and sisters. Thanks for recommending and opening my eyes on the Myaccount where I can maintain perpetually zero dollars account balance


stages in my life


0)compare benefits of multiplier Vs posbcashback bonus. Finally chose the latter
1)received the multiplier bonus interest of $80 just now midnight. Immediately applied for DBS account conversion from multiplier to myaccount .now waiting for result
2)now hoping (1) happens by 14 may the day when mortage activity happens. Cos I don’t want to miss the mortgage category of the cashback bonus
3)once myaccount is ready , will do a UT purchase
4)cancel posb everyday card since 3 categories has been hit
5)claim cashback bonus $80 and profit

 

[Imhthc]

Hi brothers and sisters. Thanks for recommending and opening my eyes on the Myaccount where I can maintain perpetually zero dollars account balance


stages in my life


0)compare benefits of multiplier Vs posbcashback bonus. Finally chose the latter
1)received the multiplier bonus interest of $80 just now midnight. Immediately applied for DBS account conversion from multiplier to myaccount .now waiting for result
2)now hoping (1) happens by 14 may the day when mortage activity happens. Cos I don’t want to miss the mortgage category of the cashback bonus
3)once myaccount is ready , will do a UT purchase
4)cancel posb everyday card since 3 categories has been hit
5)claim cashback bonus $80 and profit

Just to chip in an advice, not sure it makes sense to you: I see that you will achieve 3 categories and your monthly cashback is secured but you can always keep your card(provided annual fee can be waived) as a back up to backfill the 3rd category should situation with not fulfilling of one category arises. For eg, salary crediting when you change job and have a month gap in this during the transition. Forgotten to purchase ut till last few days of the month after an unsuccessful Rsp purchase. In addition, there is a 0.3% cashback on top of your credit card spend and there is no con to fulfil 4 categories

 

[Darwinson]

Hi brothers and sisters. Thanks for recommending and opening my eyes on the Myaccount where I can maintain perpetually zero dollars account balance


stages in my life


0)compare benefits of multiplier Vs posbcashback bonus. Finally chose the latter
1)received the multiplier bonus interest of $80 just now midnight. Immediately applied for DBS account conversion from multiplier to myaccount .now waiting for result
2)now hoping (1) happens by 14 may the day when mortage activity happens. Cos I don’t want to miss the mortgage category of the cashback bonus
3)once myaccount is ready , will do a UT purchase
4)cancel posb everyday card since 3 categories has been hit
5)claim cashback bonus $80 and profit

Update

0)
1)
2)completed conversion to ’myaccount’
2.5) just enrolled inTo posb cashback bonus. Cannot see ’bank and earn ‘ summary on DBS ibanking app. Should I download posb ibanking app for better ui and info ? Are they both identical ?
3) when can I purchase my UT ?

 

[sohguanh]

Update

0)
1)
2)completed conversion to ’myaccount’
2.5) just enrolled inTo posb cashback bonus. Cannot see ’bank and earn ‘ summary on DBS ibanking app. Should I download posb ibanking app for better ui and info ? Are they both identical ?
3) when can I purchase my UT ?

If you got time just scroll back and a helpful reader wenguang has answered your questions.
2.5) The Bank And Earn summary can only be seen from internet banking not mobile app. The tracker move only when at least 3 categories is hit
3) You can buy after you are enrolled into posb cashback bonus. Else you buy don't think is counted. How I know enrolled is I go and tap the Bank And Earn summary tab and it show for me the tracker just not updated as I have not hit 3 categories.

 

[Darwinson]

only when u complete 3 or more categories, the tracker will show value, otherwise all will be still 0

I enrol in posb cashback bonus yesterday.

till today ,I check on my computer ibanking ,’bank and earn’ summary show not available .

why would such a simple enrolment take time to be accepted in ?


uodate : I got successfully enrolled 2 days after application .today 11 May

 

[sohguanh]

I enrol in posb cashback bonus yesterday.

till today ,I check on my computer ibanking ,’bank and earn’ summary show not available .

why would such a simple enrolment take time to be accepted in ?

Get used to it. wenguang advise is 2-3 days later then check which if you follow by 3rd day should see it reflected.

 

[wenguang]

I enrol in posb cashback bonus yesterday.

till today ,I check on my computer ibanking ,’bank and earn’ summary show not available .

why would such a simple enrolment take time to be accepted in ?

if you received an email:

Your request to switch from DBS Multiplier Programme to POSB Cashback Bonus on XXXXXX has been completed.

Now, you can enjoy monthly cashback when you bank regularly with us. Kindly note that cashback accorded on eligible banking transactions will be credited into your POSB Passbook Savings Account, with the account number ending XXXXX.

You can start clocking. interface is lagging tracker even you clock 3 cat, you still need to wait 2 day more to reflect on tracker.
As of now it showed "Cashback Earned as at 8 May:"