No minimum pay needed for new credit card
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different card got different privileges.. if not, why would banks work so hard trying to 'sell' their credit cards?Originally posted by KangZ:let's leave the issue of ethics and values aside first and focus on this product in the market. Honestly, I think it's crap because of the spending cap. $500??? If your bank account has more than $500, then a debit card may be alot more useful. In the event of an emergency while I'm overseas, the $500 is good enough to buy me erm... 10 min in the ICU??
Plus you can earn points and enjoy the same discount privileges as its credit card cousin. The ones who claim that debit cards don't offer the same privileges as credit cards obviously haven't done their homework.
So at the end of the day, what good is this thing? If I don't even have $500 in my bank to spend using debit card, maybe I should not be getting a CC in the first place.
most debit cards only help to accumulate smart$.. unlike credit cards, that u can get instant discounts. -
With regards to your previous post..my bad. It should be Xtra Saver.Originally posted by browniebaobao:different card got different privileges.. if not, why would banks work so hard trying to 'sell' their credit cards?
most debit cards only help to accumulate smart$.. unlike credit cards, that u can get instant discounts.
Yeah true, different privileges come with different types of cards. But if you think about it, will the Citi Clear Card serve the needs of the intended target market better than say, a UOB Mini debit? Plus the Citi card doesn't come with alot of privileges to begin with. Let's not talk about golfing and spa privileges...these are all not applicable. Simply put, what the Citi card can do, a UOB debit card can do most of it. At least the $500 credit part, which to me is pathetic.
Now to answer your qn, why are banks trying so hard to sell their credit card? Because this is the only way they can loan money at that high an interest rate. And did I mention the annual fees? How about the % of the sale amount they get from credit card firms? Credit card is a big cash cow for banks, period.
And by the way, debit card holders do enjoy instant discounts as well. -
actually i prefer to pay using cash/debit/nets instead of CC
CC is more like emergency than will use or to enjoy priviledges but i try to keep the amount low...coz later the monthly bill come sure scare me ah!
one of my friend say, only when she is damn poor than will resort to use CC. -
the target audience is different.Originally posted by KangZ:With regards to your previous post..my bad. It should be Xtra Saver.
Yeah true, different privileges come with different types of cards. But if you think about it, will the Citi Clear Card serve the needs of the intended target market better than say, a UOB Mini debit? Plus the Citi card doesn't come with alot of privileges to begin with. Let's not talk about golfing and spa privileges...these are all not applicable. Simply put, what the Citi card can do, a UOB debit card can do most of it. At least the $500 credit part, which to me is pathetic.
Now to answer your qn, why are banks trying so hard to sell their credit card? Because this is the only way they can loan money at that high an interest rate. And did I mention the annual fees? How about the % of the sale amount they get from credit card firms? Credit card is a big cash cow for banks, period.
And by the way, debit card holders do enjoy instant discounts as well.
if everyone can apply for a normal Credit Card, then for wat they go and intro a Credit Card like Clear Card? -
if i dun use.. 28% still must pay?
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How different is the target audience? Both are targeted at people who do not want to, and cannot apply for a normal credit card. The only difference? The Citi Clear Card allows you to enjoy a $500 cash advance every month (provided they don't block your card). As I pointed out before, this credit advantage is particularly useful for people who do not have $500 in the bank at any moment. But if someone doesnt even have that amount in the bank, won't it be advisable for him/her to stay off any credit card?Originally posted by browniebaobao:the target audience is different.
if everyone can apply for a normal Credit Card, then for wat they go and intro a Credit Card like Clear Card?
So why does Citi introduce this kind of product into the mkt? Beats me. I think they are expecting MAS to be less stringent when the rules of giving credit to people with no credit rating is concerned. But that will be in the future. -
Haha if you don't use, what's there to pay?Originally posted by mhcampboy:if i dun use.. 28% still must pay? -
with money who cares about morals
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Tsk "spend money without thinking"? Stupid fool.
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its not only $500.. Cos other banks oso gg to launch this card, so if apply 4 banks = 4 x $500 = 2000 IN DEBTS
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Originally posted by KangZ:How different is the target audience? Both are targeted at people who do not want to, and cannot apply for a normal credit card. The only difference? The Citi Clear Card allows you to enjoy a $500 cash advance every month (provided they don't block your card). As I pointed out before, this credit advantage is particularly useful for people who do not have $500 in the bank at any moment. But if someone doesnt even have that amount in the bank, won't it be advisable for him/her to stay off any credit card?
So why does Citi introduce this kind of product into the mkt? Beats me. I think they are expecting MAS to be less stringent when the rules of giving credit to people with no credit rating is concerned. But that will be in the future.
This Clear Card is basically a card catered to those who earn less than $30K per year. Normal credit cards are only meant for ple who earn at least $30K per year.
This is what I mean by different target audience.
It's only your assumption that this card is meant for people who dun even have $500 in the bank. I do know of people who qualify for credit cards, but they insist on using debit cards. Why? It's their personal preference.
Citibank is the first bank to introduce this credit card. Other banks will launch similar card soon. -
i apply already.
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I think you meant $28 annual fee right?Originally posted by mhcampboy:if i dun use.. 28% still must pay?
where got so good thing wan?Originally posted by KangZ:Haha if you don't use, what's there to pay?
even if u dun use, u also need to pay the annual fee.
but for this card, the first year annual fee is waived.
I wonder whether u use credit cards. -
debt or not, it depends on ur mentality and how u are gg to use those cards.Originally posted by snobbish:its not only $500.. Cos other banks oso gg to launch this card, so if apply 4 banks = 4 x $500 = 2000 IN DEBTS -
In case you haven't realised, I am NOT comparing the target audience of 2 different kinds of credit cards. And I also did not state that the Citi Clear Card is meant for people who do not have $500 in the bank. What I am doing is that I am questioning the logic of Citi to launch this product.Originally posted by browniebaobao:
This Clear Card is basically a card catered to those who earn less than $30K per year. Normal credit cards are only meant for ple who earn at least $30K per year.
This is what I mean by different target audience.
It's only your assumption that this card is meant for people who dun even have $500 in the bank. I do know of people who qualify for credit cards, but they insist on using debit cards. Why? It's their personal preference.
Citibank is the first bank to introduce this credit card. Other banks will launch similar card soon. -
mhcampboy obviously meant the interest rate, and I am talking about the interest rate. I wonder whether you actually read other people's posts before actually posting.Originally posted by browniebaobao:where got so good thing wan?
even if u dun use, u also need to pay the annual fee.
but for this card, the first year annual fee is waived.
I wonder whether u use credit cards. -
u asked what's the difference between the target audience. And so I answered your question.Originally posted by KangZ:In case you haven't realised, I am NOT comparing the target audience of 2 different kinds of credit cards. And I also did not state that the Citi Clear Card is meant for people who do not have $500 in the bank. What I am doing is that I am questioning the logic of Citi to launch this product.
u mentioned that if one has $500 in the bank, then what's the use of this card? Also by you,The Citi Clear Card allows you to enjoy a $500 cash advance every month (provided they don't block your card). As I pointed out before, this credit advantage is particularly useful for people who do not have $500 in the bank at any moment. But if someone doesnt even have that amount in the bank, won't it be advisable for him/her to stay off any credit card?
maybe u din assume that the Clear Card is for people who do not have $500 in bank, but it's the implied meaning that I get.
Anyway, logical or not, the bank and the customers happy can liao. If you dun like, dun apply lor. -
Originally posted by KangZ:mhcampboy obviously meant the interest rate, and I am talking about the interest rate. I wonder whether you actually read other people's posts before actually posting.
The card, mainly aimed at students and other young adults, will have higher 28 per cent interest on rollover balances.
28% interest on rollover balances..
i tot it's already very clear.
ah boy, you dun understand what is rollover balances ma?
that's why i tot ah boy was asking about the annual fee. -
walao
the infamous eat-non-working-students-money-strategy -
Firstly, I was talking about the target audience between the Clear Card and the Debit card. Yes, I did mention that "this credit advantage is particularly useful for people who do not have $500 in the bank at any moment." But I can assure you in no way am I implying that this card is for people who do not have $500 in the bank. What I am saying is, if I have more than $500 in a bank, what other advantage(s) can the Clear Card offer me that others can't? And for those who don't have this amt in the bank, is it wise to get a credit card?Originally posted by browniebaobao:u asked what's the difference between the target audience. And so I answered your question.
u mentioned that if one has $500 in the bank, then what's the use of this card? Also by you,
maybe u din assume that the Clear Card is for people who do not have $500 in bank, but it's the implied meaning that I get.
Anyway, logical or not, the bank and the customers happy can liao. If you dun like, dun apply lor. [/color]
Of course, it is a free world out there. But somehow you seem to have a problem with my opinion about this product. I am entitled to my opinion here my friend, just like you are entitled to yours. -
Tomorrow me sending my application forms.
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no, i dun have a problem with ur opinion.Originally posted by KangZ:Firstly, I was talking about the target audience between the Clear Card and the Debit card. Yes, I did mention that "this credit advantage is particularly useful for people who do not have $500 in the bank at any moment." But I can assure you in no way am I implying that this card is for people who do not have $500 in the bank. What I am saying is, if I have more than $500 in a bank, what other advantage(s) can the Clear Card offer me that others can't? And for those who don't have this amt in the bank, is it wise to get a credit card?
Of course, it is a free world out there. But somehow you seem to have a problem with my opinion about this product. I am entitled to my opinion here my friend, just like you are entitled to yours.
juz that we have our own opinion. -
Yes we definitely do have our own opinions. Maybe we have a little misunderstanding. Anyway, peace dude. Citi won't stop earning money because we are here debating its card.Originally posted by browniebaobao:no, i dun have a problem with ur opinion.
juz that we have our own opinion. -
That's not the only way bank loan money at a high interest rate.Originally posted by KangZ:....
Now to answer your qn, why are banks trying so hard to sell their credit card? Because this is the only way they can loan money at that high an interest rate. And did I mention the annual fees? How about the % of the sale amount they get from credit card firms? Credit card is a big cash cow for banks, period.
And by the way, debit card holders do enjoy instant discounts as well.
You think the bank earns from the annual fees? You've got to be joking.
Nope. Credit card is NOT a big cash cow for banks. -
Perhaps I should help clarify. Citibank did not introduce this product into the mkt because the expect MAS to be less stringent. Citibank did that because MAS relaxed their unsecured lending rules.Originally posted by KangZ:......
So why does Citi introduce this kind of product into the mkt? Beats me. I think they are expecting MAS to be less stringent when the rules of giving credit to people with no credit rating is concerned. But that will be in the future.