All posts filed under: Credit Cards

Citi launches new Lazada co-branded credit card

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Surprise surprise, banks think that co-branded credit cards are actually still… in? It’s probably about a decade (or two?) ago where such joint cards are extremely popular. M1, Robinsons, and even SingPost, all have a credit card. Having said that, the trend has been dying for a while now. The hottest co-branded card that came out was probably the UOB-Krisflyer card last year, and for good reasons, given that the miles gathering community have grown tremendously in just the last two years. Now, back to the Citi Lazada card. The basics Income requirement: S$30,000 p.a. for Singapore citizens and PRs, S$42,000 for foreigners Annual fee: S$192.60 for principal cardmembers, waived for the first year; S$96.30 for supplementary cards, waived for the first year Annual fee gift:  3 x $50 Lazada vouchers for new-to-Citibank customers (with a lot of conditions) Free LiveUp 1-year membership (worth $59.90). Earn rates: 0.4 mile per dollar spent (mpd) locally & overseas Special earn rates: 4.8 mpd for Lazada transactions (until 29 Feb 20, 4.0 mpd thereafter) 2 mpd on dining, travel, entertainment, commuting …

DBS raises foreign currency transaction fee to 3.25%

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From 1 November 2019, DBS will have one of the highest fees for foreign transactions for its Visa and Mastercard credit cards. DBS will be raising its foreign currency transaction fee on all DBS & POSB Visa and Mastercard credit cards from the existing 3% to 3.25% from 1 November 2019. The notice did not mention anything about Amex cards, so it should be staying at 3% for now. What are foreign currency transaction fees? When you use your credit card overseas, there are typically two fees involved that is added to the converted amount: The card network fee (charged by Visa, Mastercard or Amex) The bank transaction fee These fees are incurred for processing the transaction, converting them into the billing currency (Singapore dollars for those using Singapore credit cards, etc). The prevailing rates charged by the card networks are as follow: Visa & Mastercard – 1% American Express – 1 to 1.25%, depending on bank Different banks have different transaction fees, which will bring the total up to anything between 2.75% to 3.25%. …

Transfer your DBS points to Qantas Frequent Flyer and get 25% more

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Qantas is now running a points transfer promotion, offering a 25% bonus on top of the usual transfer rates. So that means, for every 5000 DBS points transferred, you will get 12,500 Qantas points instead of the usual 10,000. The baseline number of points will usually show up within a couple of days (DBS says it will take up to 7 working days, but in reality it’s usually quite fast), and you will receive the bonus points by 14 November 2019. Qantas first partnered up with DBS earlier this year in March 2019, and offered a launch offer of 20% bonus. Back then, I transferred 30,000 points to Qantas, and the bonus showed up that very weekend. Should you transfer your points to Qantas? If you are familiar with the Qantas Frequent Flyer programme, you will know that the points are generally worth less than an equivalent mile on other programmes such as Krisflyer and Asia Miles, so transfer bank points to Qantas points is usually not a worthy endeavour. Even with a 25% bonus, …