UOB CashPlus 0% Interest and No Nominal Fee

[yslvlys]

Oh, so this Cash Plus account should not be closed?

Haha not sure leh. Now u mentioned it, seems like better to close so can take part in future promo right lol?

 

[ericcsn]

1. TnC clauses 2 & 4 : https://www.uob.com.sg/assets/web-r...s-sea-cp&vid=mindshare-sea-cp&pid=CPPRSBPEXCO

(2) To participate in this Promotion, you must satisfy all the following requirements: (i) you must not be an existing holder of a UOB CashPlus Account at United Overseas Bank Limited (“UOB”) prior to the commencement of the Promotion Period or at the time of submission of your Application (as defined below) during the Promotion Period

(4) The following persons are not eligible to participate in this Promotion: (i) any individual who had terminated or cancelled his/her UOB CashPlus Account within six (6) months prior to the commencement of the Promotion Period.

2. A point of clarification also to item 3 in my post of https://forums.hardwarezone.com.sg/...est-and-no-nominal-fee.7137591/post-156933321
The repayment for the second month is 2%. This is 2% of the remaining not original amount.

So if the loan is $100K, then
the 1st month 2% repayment means the total amount to repay is now $98K and then the 2nd month 2% repayment becomes 2/100*98000= $1960.

 

[sglandscape]

Haha not sure leh. Now u mentioned it, seems like better to close so can take part in future promo right lol?

It's a personal choice, no such things as better or not for future promo, because you would not know what promos they would have in the future.

 

[Jirachi]

So...

1st payment: minimum
2nd payment: minimum
3rd payment: remaining sum on the overdraft.

 

[sansanjikikut]

In before this gets nerfed or publicised by finfluencers…

 

[crazylin]

Take 50k loan for example, withdraw all 50k at beginning, pay the minimum 800 for first month on due date, can we transfer 800 from cash plus to another account in the second month or the 800 need stay in the cash plus account to avoid interest charge?

 

[highsulphur]

Take 50k loan for example, withdraw all 50k at beginning, pay the minimum 800 for first month on due date, can we transfer 800 from cash plus to another account in the second month or the 800 need stay in the cash plus account to avoid interest charge?

I just kept the 800 there just to be safe

 

[yslvlys]

I'm in my 2nd month liao. Must remember next month pay back in full and pay 1 working day earlier to be safe from interest charges

 

[sglandscape]

In before this gets nerfed or publicised by finfluencers…

Quite unlikely, it's just like BT too, not many people can afford to have their credit score tank so much. Even worse if you're a civil servant, will get a call from HR the next month

 

[Jirachi]

I'm in my 2nd month liao. Must remember next month pay back in full and pay 1 working day earlier to be safe from interest charges

I pay quite early since my quantum is low so the interest difference is not that huge. Are you planning to close the account after the 3rd month?

 

[Jirachi]

In before this gets nerfed or publicised by finfluencers…

I doubt so, not many would also want to take up such things.

 

[sglandscape]

I doubt so, not many would also want to take up such things.

The other OP likely only talk theoretically and flexing ability to spot promo, but then likely haven't done it before. Not everyone can afford to have their credit score tank, or afford to take unpaid revolving credit many times above their monthly pay without repurcusion.

Usually need to have high enough income, not working in public service, not taking other loans that may trigger a credit review, not planing to take up a new loan or card in the next 6 months.

 

[yslvlys]

I pay quite early since my quantum is low so the interest difference is not that huge. Are you planning to close the account after the 3rd month?

Will just leave it for at least a few more months, I think close with 6 months banks will take note? You are asking this because u planning to close and take advantage of any future similar promo?

 

[Jirachi]

Will just leave it for at least a few more months, I think close with 6 months banks will take note? You are asking this because u planning to close and take advantage of any future similar promo?

I just did not want to leave the account there. Like I am not sure how that balance would affect anything. First time doing this.

 

[highsulphur]

I just did not want to leave the account there. Like I am not sure how that balance would affect anything. First time doing this.

Use it for the 10% cash rebate for using the debit card

 

[Jirachi]

Use it for the 10% cash rebate for using the debit card

I don't have the debit card.

UOB seems to lost it during the first delivery. I reported the matter. They attempted the second time and I have not gotten it since then.

 

[highsulphur]

I don't have the debit card.

UOB seems to lost it during the first delivery. I reported the matter. They attempted the second time and I have not gotten it since then.

Thats the super benefit of this account

 

[iadpotato]

I bet this year will be the last year for 10% rebate on almost everything.

 

[hwmook]

I bet this year will be the last year for 10% rebate on almost everything.

3 more months then, super good deal. Maybe they will cut it down to a lower figure.

 

[iadpotato]

3 more months then, super good deal. Maybe they will cut it down to a lower figure.

and also probably throw in all the restrictions as per usual... it was good while it lasted...