Why I STOPPED using Debit Cards

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STOP USING DEBIT CARDS, but I understand Why people love Debit Cards
- Access: Easy to apply regardless of income, even for students
- Convenient: instant approval and can be used online/offline at the same retail merchants which accepts VISA/MC
- Prudent: Will not overspend since you need to deposit the money before you could spend it i.e. no risk of bearing interest
I used to think like that as a student, and it stills remain true because you don’t have access to a credit card if you cannot earn more than $30K SGD annual income as per MAS requirements.
Rewards
- Weak rewards compared to Credit Cards
- E.g. DBS Visa Debit card
- 4% on Online food delivery, 3% on Public Transport
- Min spend $500 + Less than $400 Cash withdrawals monthly
- For the same minimum spend, I could use UOB One Credit Card, get 3.33% Base cashback on almost all retail spend + 5% additional on ACB merchants
Security
- Limited fraud protection compared to credit cards
- Unauthorized purchases are harder to recover since it is already deducted from your bank account
- Credit card fraud transactions can be blocked & recovered as they take 2-3 work days to settle
- But if you link your Debit card to your HISA, e.g. $100K savings can be entirely wiped out.
Credit Rating
- Does not build your credit score
- Misconception: No debts = good score. Rude shock when you apply for loan
- Banks have no way to judge your credit rating if you have no history, similar to fresh grads pay
Fees
- Some banks like UOB charges annual fee on debit card
- UOB One debit card $18 after fee waiver period, look through your bank statement
- Remember to waive it or just cancel it and convert to credit card, which annual fees can be waived as well
#Sponsored #moomoo

[@HoneyMoneySG]

Sponsor: 🐮 moomoo SG hmsg.link/sgmoomoo
📙 Advanced Credit Card Mastery Course: hmsg.link/accm
☕ Buy from my Ko-fi shop: hmsg.link/shop
🔭 Telegram Group: t.me/HoneyMoneySG
📷 Instagram @HoneyMoneySG instagram.com/honeymoneysg
🎵 TikTok www.tiktok.com/@honeymoneysg
📧 Email (Business only): [e-mail]

[@user-wc8xb5rj3p]

interesting point.but debt card is so convenient.

[@LonganLee]

New Topic idea for Chris
❤Hard or Soft question to Investment experts :
1. Must hdb flat be demolished after 99 years ? Is it a Hard problem , that is, an engineering, structural issue or constraint?
2. Is LEASE PERIOD purely Artificial? If so, lease can be extended after 99 years. So, is lease a Soft issue? 😅

[@LeakyBucketsg]

I LOL when u ask ppl to cancel their card and apply new one using your link

[@dionnelson9919]

How old are you bruh? Its called affiliate marketing

[@raphaelalwayslearning]

@@dionnelson9919 content quality used to be better :(

[@DD-qe6uk]

which credit card u recommend for nsf?

[@NazriB]

Lies again? Google Drive Grab Car

[@maxlimgj]

What if is a student, still can get credit card?

[@cashflowmagi]

Wondering the same leh... I applied DBs student credit card but never use at all cuz credit limit only 500 Nia hahaha

[@limcheehean]

Can ask your parents to apply supplementary card for you, help them hit the minimum spend.

[@iam-we6lj]

Im a noob this video helps alot