All About Credit Cards! Why I Have 5 Credit Cards & How I Use Them
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- เผยแพร่เมื่อ 20 พ.ค. 2024
- Turn on [CC] for subtitles.
In this video I bring you as comprehensive of a guide as I can about credit cards: everything from what they are, how to use them, what to look out for - everything that I wish I had known about credit cards when I started out.
🕑 TIMESTAMPS:
0:00 Introduction
1:18 What are credit cards
2:35 Benefits of credit cards
11:17 How to apply
13:45 How to pay your credit card bills
14:20 Things to note (annual fees, late charges)
17:50 Personal checklist for credit cards
23:14 Credit cards I’m using
35:20 Other tools
36:11 Closing thoughts
🧡 FIND ME ON PATREON: / lisa_k
👉 If you're looking for a financial advisor, I would highly recommend the folks at DaretoFinance: forms.gle/UCSudcU21ngzHXCF8
💳 ALL CREDIT CARDS MENTIONED:
1. DBS Live Fresh: www.dbs.com.sg/personal/cards...
2. AMEX True Cashback: www.americanexpress.com/sg/cr...
3. Citi Cash Back+ Mastercard: apply.creatory.hyphengroup.io... *
4. Maybank Platinum Visa: www.maybank2u.com.sg/en/perso...
5. Standard Chartered Spree: www.sc.com/sg/credit-cards/sp...
6. Standard Chartered Smart: apply.creatory.hyphengroup.io... *
7. DBS Altitude Visa: www.dbs.com.sg/personal/cards...
8. POSB Everyday: www.posb.com.sg/personal/card...
9. OCBC Frank Credit Card: www.frankbyocbc.com/products/...
🎞 OTHER TH-cam VIDEOS & RESOURCES MENTIONED:
- More info about Credit Score ➡️ www.investopedia.com/how-to-i...
- Ultimate App for Budgeting | How I Budget & Manage My Money Daily ➡️ • Ultimate App for Budge...
- How I Live on a $3200 Monthly Salary in Singapore ➡️ • How I Live on a $3200 ...
- Shopback ➡️ app.shopback.com/t9kA1X1wrqb
- Money, Explained | "Episode 2: Credit Cards" ➡️ www.netflix.com/sg/title/8134...
- Vox | Who actually pays for your credit card rewards? ➡️ • Who actually pays for ...
✏️ RESOURCES:
- 📊 Budget Template (go to "File → Make a copy" to be able to edit the template) ➡️ docs.google.com/spreadsheets/...
🔗 SERVICES I USE + REFERRAL CODES (only if you wish to support me, no pressure):
- 💰 Money Lover app (expense tracker app) ➡️ apps.apple.com/sg/app/money-l... (iOS) / play.google.com/store/apps/de...
id=com.bookmark.money&hl=en (Android)
- 💰 *Stashaway (investment robo-advisor) ➡️ www.stashaway.sg/lisa-k
- 💰 *Syfe (investment robo-advisor) ➡️ syfe.onelink.me/CBOg/LisaK (code: LISAK)
- 💰 *Singlife (cash management account) ➡️ app.singlife.com/y1Iyf0TB
- ☎️ *giga! (my phone plan) ➡️ bit.ly/refergiga (code: rU0Bvk)
📹 MY EQUIPMENT & TOOLS:
- *Logitech Yeti Nano Microphone: shope.ee/4pZfTbrnIP
- *iPad Pro 11" (3rd gen): shope.ee/8p5rSCBYO1
- *Apple Pencil: shope.ee/2KsNiHhwjw
- iMovie for video editing
- Canva for graphics
*Indicates use of affiliate links which provide a small commission that help to support this channel.
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hi everyone, IMPORTANT update: turns out, for citibank cards, you may not be able to stack both bank promotions and external promotions (e.g. singsaver, moneysmart). because i applied for an external promotion for my citi cash back plus card, i was not eligible for the bonus cashback bank promotion! but it's fine, because the value of the external promotion was greater than the bank one anyway. just take note!
Yea, you make long videos but I've learnt so much from them. One of the few things we don't learn in school is how to navigate the complex financial world. Your talent is breaking down big (and sometimes confusing) information into palatable and accessible bite-sized ones! This video seem to come at a serendipitous moment for me and I'm so eternally grateful for your effort in producing them. Thank you!
Wow Lisa, absolutely wow!
Credit cards in Singapore is a pet topic for me so I was just really impressed with just how much wisdom you managed to stuff into a relatively short 37 minute video. I don't think any other content creator out there has managed to say so much in such an easy to listen and concise manner.
Everyone in Singapore should watch this video - except possibly the airmiles bros, I think they'd be very upset with how you dismissed their favourite credit card reward so easily.
My only minor criticism would be that a couple of your references apply more to the credit card industry overseas, and doesn't quite match Singapore's very strict regulations on credit cards (namely the Investopedia article on credit score and the Netflix Money, Explained episode). But largely it doesn't affect the content of your video, which is why it's a very minor quibble.
Excellent work, Lisa!
thank you so much! 🥰
and thank you for pointing out about the references, i realise they might not really apply to singapore’s context specifically 🤔 i’d be curious to know how singapore’s bank/credit card system works, might do more research!
Hi Lisa, I have gotten the Maybank Platinum Visa card to pay my insurance bills. however, the app is rather confusing and I cannot figure how to pay my bills. It seems that I am unable to use my OCBC savings account to pay the bills as well. Will you be able to share how you make the bill payment ?greatly appreciate it
Hi Lisa! Thank you for this really clear and useful video. I really like how you approach this topic.
Hey Lisa, thanks a lot. Amazingly explained
OMG this youtuber is so underrated ! subscribed !
I consider myself pretty up-to-date, so was quite shocked to learn about the Maybank card being able to get insurance cashback! Will check it out! Thanks for putting all the links in your youtube description as well =)
Hey Lisa just wanted to say a big thank you! I just went ahead and applied for my own DBS live fresh card thanks to your simple & easy to understand video!! 😁
Always love watching your video & learning new things!
Thank you for this video, it was very comprehensive! I'm considering getting my first credit card but the different T&Cs were so confusing. Your video did the best job explaning and helping to make a decision. Also, I found your criteria matches mine quite closely especially regarding the app experience, I closed a bank account just because of the app experience before.
Thank you! I have been wondering which CC to take on recent
Hi Lisa! This is an interesting topic. My current fav card is SCB spree giving 2% Cashback; glad it made it’s way to your list !
Thanks for your video! liked and commenting for TH-cam algorithm. jiayouss! keep the videos coming
While I myself is a miles chaser, I agree your perspective to focus on cashback card at your current circumstance. Miles cards are technically easy to accumulate through 4mpd cards, but I do also know that you are careful and frugal in spending and in this case, cashback will make better sense for you. Redeeming "free" flights (only paying for airport tax and points conversion fee) will only be worthy when you can hit an estimated 1.5-2k monthly spend by yourself on your cards. To further maximise on the rewards system, it will be more ideal to accumulate your points within 2 to 3 cards in order to save the conversion fees. Given that it can be a stretch to do this with miles or rewards card for your situation, cashback cards are still a good choice as compared to paying with debit or cash.
you're absolutely incredible!
Love the bonus documentary in the end haha
Thank you for the video! Could you make one about insurance?
Personally I believe that the bash on SC Smart card was a bit sad, and people like me love it, because it gives the highest cash back and miles for transportation and subscription. And the miles accumulation on it is even better when coupled with their visa infinite cards. For the DBS Altitude, the selling point is actually its lounge capabilities (Priority Pass), not its miles accumulation. If you really do want to accumulate miles, do give Citi Rewards a go. That would be way faster, and has little exclusion for most online spending, except for overseas hotel + transport booking. For that, you would pick for HSBC Revolution purpose.
Lisa are you secretly a v funny person? Bc I laughed at “that’s just my advice, you can do wtv you want”
I didn’t even know about the spree card! I signed up for the smart card but had issue with figuring out how to redeem the reward points ☹
Greetings Lisa, can you do a short video about debit cards? Also, is it always possible to waive all your credit card annual fees all the time?
great video! Btw any tips on how you keep track of when to pay your card bills and when do you call up the bank to ask for annual fee waiver?
i set all my billing cycles to end around the end of the month, so i know that my credit card bills will usually come out at the end of the month and i just methodically go through each account and pay at one go! :-) i have a general reminder to "pay all credit card bills" on my reminder app that pops up at the end of the month too.
for the annual fee waiver, you can usually call after the annual fee gets charged, then they will just reverse the transaction automatically. for DBS, you can submit a request the month that it's due to be charged, or at least that's how i've done it the past 2 years.
@@LisaAdultinginSingapore thanks for sharing :)
would like to see how you plan your finances with your partner, looking forward to such video in future!
it seems 50% spilt on credit card does not give great accountability to either party and prone to abuse. i met a friend who held a grudge with the same planning as in long term she realized the husband was spending so much more.
for me, i set up a spreadsheet to account for spending and do the brainstorming of optimizing credit cards, but it does take a toll on me
hmmm i’ll think about it! and yes, i realise this 50-50 system might not work for everybody, and a lot of it is also about establishing ground rules and communication ☺️
Hello Lisa, where do you find out what are the eligible transactions to be able to get any cashbacks? For example, I am looking at Maybank Platinum Visa, since you said Insurance are included, I read their TNC, but it doesn't really indicate what kind of transactions are eligible, although it does state what kind of transactions that are not eligible.
Thank you for your videos too!
usually credit card TNCs will only clarify the ineligible transactions, at least that's been my experience! so i think it's quite normal.
Hi Lisa! I love your channel - it really helps all the millennials who are going through the same issues. Can I ask - for your joint credit card with your partner, do y'all both have access to the card (ie. one main and one supp card) or is it in your name only? When do you know if you're ready for a joint credit card? My partner and I have been thinking about it for awhile now and we're still not sure if there's really a need for it yet. For now, we just take turns to pay but it can get confusing at times. Wonder what are your thoughts on this!
it's only in my name, and the reason is because the process of applying for a supp card a bit troublesome and we're too lazy haha. but we can put the same card on both our ApplePay so it works out even tho we only have 1 physical card!
i would say you're ready for a joint card if both of you trust each other without question about how that card is meant to be used. literally the only time we use that card is when we're with each other buying food, or buying something that we consider a joint spend (something that we will eventually split costs for later anyway). and we always tell the other person when we're using the card, so that i can record it down in my money tracker app which i always do for my own personal spending too.
it really depends on each couple so it's hard to say for sure! for myself, i like the assurance that with the card, i know we're going dutch most of the time -- so personally it makes ME feel better haha bc my partner doesn't really care about these things and would happily pay for most things if given free reign whereas i really like to know that i'm contributing my part. so ya the credit card system was my suggestion to that situation!
Hi, thanks for the guide. Could u do a video on Bank Accounts as well.
good idea!
@@LisaAdultinginSingapore also im a graduating student just wondering if u could do like a guide on job pay scope in different industries or job searching agencies etc. Im just suggesting
hi, what happens if i don't use the minimum spend stated? like the ocbc frank card
Has any of the terms and conditions of the cards you use changed since? In terms of cash back rates, eligible categories for payment etc
I am just wondering is it really that easy to get annual fee waiver?
Becuase currently only time i would use my debit card for payments are for groceries, telco bills and sometimes dining and those usually ranges from 200 to 300 every month which makes me hesitate thinking that my annual spending amount may not reach their annual fee waiver requirement.
depends on the bank! for DBS, it's much easier because the process is automated, whereas for other banks you might need to call their customer service to request waiver.
Hey Lisa... ...
I think that your videos = Really Fun and Enjoyable to watch
... ...
and also have a great educational atmosphere to it
Keep Up with the good work
😸
Sincerely thankful and grateful for beneficial videos👍
Hello, saw in the excel sheet that you're using Citi credit card for your utility payment e.g. phone plan payment. Was wondering if you're using the Citi Cashback plus card and if you get Cashback from utility payment?
Yup, I do!
@@LisaAdultinginSingapore oh. Phone plan payment gives Cashback using Citi Cashback plus credit card? Looks like I've been missing out on so much cashback
@@ttanj though honestly, i prefer amex true cashback because the redemption of the cashback is much more straightforward. you have to accumulate at least $10 of cashback on citi cashback plus in order to redeem it, which is very troublesome.
I read that Standard Chartered Spree Card excludes ezlink or transit for cashback, if you pay for public transport wtih simply go, would you be entitled for cashback?
hmmm i’m not sure leh! i personally have never used the spree card as my ezlink. sorry i don’t have an answer for this! 😅
Is the new card user requirement a lifetime clause or can you cancel the card and say a year later apply and qualify as a new card member?
i believe you can cancel the card, wait 12 months, and qualify as a new card member!
Kind of surprised u didn't mention the standard charted unlimited cashback card, also can I know if u were successful in getting your Amex card waiver?
yup, managed to get my amex waiver! also i don’t have the sc unlimited cashback so i didn’t talk about it. i’m already holding an sc card and i alr have citi cashback+ and amex true cashback for big ticket expenses, so i probably don’t need it for now.
For the Maybank Platinum Visa Card, if my monthly insurance from AIA is $352.40 (monthly installments), it will still qualify for the cashback?
i believe so! as long as it’s consistently $300 every single month, you should be eligible for cashback.
@@LisaAdultinginSingapore Hi Lisa, thanks for the amazing content! I would like to ask if the cashback is only for insurance? Does endowment and investment policies work as long as it’s from an insurance company?
i think so - since the merchants are the same, it shouldn’t be an issue
AIA only accepts mastercard for giro deduction
Hello Lisa, may I check if you know if paying for electricity retailers like geneco, senoko, keppel is eligible?? Cause thats also a way of lowering your utility cost as compared to paying SP group for the electricity component
Yes, Credit card is more useful. Debit card cannot be used to pay monthly instalment when you buy laptop.
Credit card is useful when you go for hotel stay because you need to place security deposit.
Debit card cannot be used to place security deposit
I have question , It is very confusing rule by individual bank
When you earn $1700 monthly, but your annual income is $31000 because of AWS plus variable bonuses, can you apply for credit card?
Some bank say yes because your annual income for previous year is at least $30,000
Some bank cannot because your monthly salary must be at least $2500 per month
I have one credit card from Trust Bank ,no annual fee.
I earn only $1600, but my company did extremely well in business, thus they are generous to give us big bonus, thus I earn $31xxx for last year.
DBS and UOB cannot accept my application because my monthly salary is lower than $2500
but Trust Bank accept my application for credit card because my annual income last year was at least $30,000
Very confusing rule right?
FYI since you're using this for education and critique, you are protected under Fair Use. However, I think using a screencapture of the live site is pretty good =)
I’m using DBS live too. But going be nerfed… and increase to $800. 😂
If I haven’t use your DBS live fresh card for half a year, would I still be eligible for waiver of annual fees?😳
you can try apply regardless! if they reject, you can call up their customer service and request nicely and say “i plan to use the card more in the future etc.” that worked for me 😂
@@LisaAdultinginSingapore Thanks Lisa😂
Have the Citibank Cashback+ card, they have been sending me mailers to take loan from them. Super annoying 😤
oh man, maybank keeps doing that to me too. i wish it was possible to unsubscribe from physical mail 😂
Wait so shop back app "set it and forget it" so does that mean u just put your card in it and don't use it again?
i still have to go into the shopback app if i’m making online purchases. but for offline purchases in store, you can set up your card in the app and it’ll automatically track the purchase.
@@LisaAdultinginSingapore woah I never knew that existed. So all I need is to add my card to linked payment methods in the app?
@@Chinix yup! for eligible merchants, shopback automatically track the cashback 😁
Lol exactly the miles is seriously complicated…
What happens if you sign up for credit card but dont activate them because you change your mind
hi! even if you don’t activate the physical card, your digital card may be activated and you still technically have a credit card account in your name. so if you really changed your mind, you should write to the bank’s customer service and request to cancel the card! if not you might be charged with annual fees unknowingly.
realised in your intro video 5months ago, you mentioned were single, and in this video you already doing reno 😨
it's reno for my own house back in april last year haha
UOB cards is better
Not sure if anyone mentioned this already.
You can use your Amex true cash back to topup grabpay mastercard and still earn 1.5% cb
This way you can use your grabpay card to pay for insurances or any dining in hawker and get 1.5% cb from the amex