All posts tagged: Credit Cards

Citi launches new Lazada co-branded credit card

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%

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%. …