Secured Credit Cards - 2014

[tomatoman]

Why do you want a credit card?
Why not use a debit card?

debit card perks not so good mah

 

[Motoconnect]

debit card perks not so good mah

I agree. I am also spending a lot with my debit card (Air Tickets, Hotels, Shoppings, etc) and I am only getting a 0.3% rebate every quarter.

Yes, it will appear on your credit report. It will be stated as "Secured Credit Card" under Product Type.

If I am not wrong, it does go towards contributing towards your credit rating so that is one benefit of applying for a secured credit card when you are ineligible for unsecured credit facilities (as compared to restricting yourself to debit cards which do not feature in your credit report).

When the time comes for you to apply for unsecured credit facilities, the bank may give you some credit if your payment history is positive.

You should also take note that after cancelling the secured credit card, there will usually be a holding period of 30-45 days before the bank lifts the pledge from your cash deposit.

Thanks. Well noted. For Citibank, it's 45 days. I've read the fine print carefully and on the good side, the Personal Banker and TeleSales informed me as well. But my S$10k is earning very little interest. Unlike if other people borrow S$10k, they give a huge interest. Oh well, that's how bank works.

 

[tomatoman]

can shift to 360, cimb combined

 

[Motoconnect]

can shift to 360, cimb combined

Thanks. Will save more money then open up a new account again, maybe with CIMB or OCBC next time.