It's the weekend and I'm currently waiting for the Christmas tree that my wife ordered to arrive. Should be decorating it this weekend as well. Just something nice for us to get into the Christmas spirit!
This is going to be a short update on a SMS I received from UOB Cards notifying me of the below in relation to my UOB One credit card:
With effect from 1 Feb 2017,
1) Monthly instalments under 0% Instalment Payment Plan, SmartPay will not qualify as card transactions and such spend will not go towards the minimum spend and will not be awarded cash rebate.
2) A minimum of 5 transactions per month must be made to earn case rebate and will take effect on my new qualifying quarter.
here and there. I didn't mention it then but one of the key components of my spending on the UOB One credit card is my wife's personal care package costs split into 12 months via the 0% Instalment Payment Plan.
It essentially splits a once-off large expense into 12 smaller monthly expenses at 0% interest rate. This facilitates my cashflow management and conveniently contributes significantly to meeting the minimum spending thresholds of the UOB One credit card.
Given the upcoming change (1) above in 2017, I will have to redirect certain expenses from my other credit cards to the UOB One credit card to make up for it. It's annoying that they have removed a major benefit of participating in the 0% Instalment Payment Plan in the first place if the spending no longer qualifies as UOB One credit card transactions.
Change (2) doesn't hurt as much since I usually have more than 5 transactions per month on the UOB One credit card. It already exceeds the current requirement of a minimum of 3 transactions per month but I just have to do additional monitoring.
Which is why you should always do bank-shopping. Have a look around constantly on the savings & investment accounts and credit cards offered by the various banks here in Singapore. The terms & conditions change frequently but if you don't like it, take your business to a different bank!
In this day and age of internet banking, new accounts can be opened and credit cards can be applied for online easily. Electronic funds transfer between the banks can be done instantly with high transaction limits. We no longer have to waste time and effort going to the bank branches to initiate transactions. Don't let yourself be held hostage by any bank!