debit and credit cards
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Are you absolutely sure about this? Define the application requirement of POSB MasterCard Debit and UOB VISA Regular Classic/Gold Card.Originally posted by ^tamago^:i've been using online with posb mastercard like nobody's business. go malaysia shop also using POS to sign mastercard. buy movie ticket in singapore. buy air ticket in malaysia.
urs cannot?
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Originally posted by berll:
I totally agree with you.
i don't think the application of debit card requires the above minimum income.
as long as you're 18 and above, able to put deposit of SGD500-1000, depending on banks, you should be able to apply for one.
[b]Some Info:
Scenario 1
When applying for a debit card and you don't have an existing account with the bank, you will be asked to open 2 accounts:
1) Current Account - This is where your money is deposited, is a statement account and ATM card can also be requested.
2) Debit Card Account - Linked to your Current Account
When you swipe your card, draw cash, purchase things online etc, the amount will be deducted from your Current Account immediately, just like NETs.
Scenario 2
When applying for a debit card and you have a existing with the bank, you may link the Debit Card to your existing account.[/b]
However, you get UOB Debit Card (VISA Electron) and POSB Go! Card for both of the two scenarios you mentioned. Therefore, you can make local and foreign purchases at the point of sale but not for Internet purchases.
Refer to all my previous posts to get a comprehensive understanding. -
no, they do work for online purchases unless otherwise stated, such as the POSB Go! Card.Originally posted by jeffning:I totally agree with you.
However, you get UOB Debit Card (VISA Electron) and POSB Go! Card for both of the two scenarios you mentioned. Therefore, you can make local and foreign purchases at the point of sale but not for Internet purchases.
Refer to all my previous posts to get a comprehensive understanding.
i haven't seen visa electron for a long time, it used to be on the older generation of debit cards, but i think it's still available on some cards.
for the recent debit cards issued, you'll only see the the visa insignia(not visa electron). everything looks very simlar to a credit card.
in recent years, banks have upgraded their debit cards and most allows online purchase, TT and some even issue you with cheque books. -
he is absolutely correct, recent debit cards are just like credit cards. you're able to do online purchases.Originally posted by jeffning:Are you absolutely sure about this? Define the application requirement of POSB MasterCard Debit and UOB VISA Regular Classic/Gold Card.
the differences between a debit card and credit is once a debit card transation is made, the amount is deducted immediately from your account. while for credit card, you'll wait for your monthly statement.
you need a min income of SGD30,000 to apply for a credit card, but applying for a debit card dosen't need that. -
What are you talking about? I think you are missing the point here.Originally posted by berll:he is absolutely correct, recent debit cards are just like credit cards. you're able to do online purchases.
the differences between a debit card and credit is once a debit card transation is made, the amount is deducted immediately from your account. while for credit card, you'll wait for your monthly statement.
you need a min income of SGD30,000 to apply for a credit card, but applying for a debit card dosen't need that.
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my DBS moneysmart debit mastercard can make online transaction leh n it doesnt requires min income also.Originally posted by jeffning:Just like Visa Electron by UOB or other local banks. A debit card with no minimum income required can be used only for local purchases at the point of sales.
If you want to make online payment, you should look for smart debit card that requires minimum income of SGD18,000.00 p.a. like I previously listed for local banks. -
+11111
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i'm using posb mastercard debit since 19, and i'm not working then leh.... no need minimum income... just got my visa debit not long ago... and it can be tied to a savings account actually....
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At wad age can u get debit card...i m only 14
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18Originally posted by OasisBlue:At wad age can u get debit card...i m only 14 -
UOB TX is 16Originally posted by FireIce:18 -
I use it and no minimum deposit needed, no issues with online purchases.Originally posted by lousyboiboi:UOB TX is 16 -
hmm
i'm using UOB TX Visa Debit Card.
so far the best debit card for my age (1
looks nicer than posb mastercard, no minimum amt in the account, no monthly or yearly charges, and so far it functions exactly the same as a credit card visa.
used it for purchasing thigns from usa over the internet, used for dinners, movie tickets, pump petrol etc.
at first when i got the card then go to the shop they sometime sae onli nets or credit card.. then i ask them debit card can a not.. they Huh? me back n say dunno wad is that.. so i juz give it a try.. and apparently it works.. so i found out.. my visa debit is no different from a visa credit except that i cannot sign an amount greater than my credit limit or the amount i have in my account, whichever is lower. so if I have $0 it basically cant go thru.
so yeah hope this answers some questions abt the differences.. basically there's no main difference. i love my tx card and nobody can tell its not a credit. unless they know beforehand. ^^ -
very sure. or else how can me and my frens hold debit cards and use everywhere and online.... it's plain ridiculous if a bank turns down my application for a debit card...Originally posted by jeffning:Are you absolutely sure about this? Define the application requirement of POSB MasterCard Debit and UOB VISA Regular Classic/Gold Card.
i'm using UOB VISA R Classic (Debit) leh...
What are the requirements?
1. For UOB VISA R Classic Cardmembers:
You must be a Singapore Citizen or Singapore Permanent Resident and at least 21 years old
You must be at least 18 years old if you're a full-time student at a tertiary institution
You must have a UOB Savings Account or Current Account
No minimum income is required
http://www.uobgroup.com/pages/personal/cards/debit/uobvisaclassic.html
2. Eligibility to apply DBS MoneySmart/POSB Debit MasterCard (Singaporeans/Permanent Residents of Singapore)
To apply for the DBS MoneySmart and POSB Debit MasterCard, you will need to have an existing DBS AutoSave, DBS Savings Plus or POSB Savings Passbook account with the minimum required deposit for each type of bank accounts.
DBS AutoSave - S$3,000
DBS Savings Plus - S$500
POSB Savings Passbook - S$500
All card applications will be assess based on a set of criteria in place in our proprietary system. Approval is on a case-by-case basis. Therefore, all applications are subject to approval.
http://www.dbs.com/sg/personal/cards/additionalinfo/faq/application/answers/#debitsingaporean
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thanks all! one more question also :
after u use the POSB Master Debit card to make online purchases, will POSB send you a receipt of the transactions you made on the debit card?(like which URL you go to, how much is deducted etc, the date/time u made the transaction)
(bbb)POSB debit cards are waived for first 2 yrs wor. doesn't matter how much u have inside ur account.
that means i can buy car for you wor! also, SGD$1400 enough for your daily shopping needs anot?
BBB so cute de.....
thanks!
nikar. -
they do not send u debit card statements seperately. instead, they will appear as mastercard transactions on ur monthly bank statement. yes, merchant name will be stated, even if it's online. (however, wat the merchants want to put is also up to them.) for e.g., if i buy airasia plane tickets, they will show up as AIRASIA.... and yes, date and time (up to minute) is given, just like ur other transactions made via NETS and ATM...Originally posted by Nikar2:thanks all! one more question also :
after u use the POSB Master Debit card to make online purchases, will POSB send you a receipt of the transactions you made on the debit card?(like which URL you go to, how much is deducted etc, the date/time u made the transaction)
(bbb)
that means i can buy car for you wor! also, SGD$1400 enough for your daily shopping needs anot?
thanks!
nikar.
stop ur bbb crap, later she complain and u kena ban again, not my problem wor... debit card's credit limit is limited by how much ur bank account has... the visa backend server will dial to ur bank to ask for approval beyond sending the approval signal back to the point-of-sales terminal... -
touching on the waivers, for posb mastercard debit, after the first 2 yrs, u simply need to use ur card 18 times for that year to qualify for waiver...
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stop ur bbb crap, later she complain and u kena ban again, not my problem wor
then i die-die use my debit card to bao sgForums and FI as well loh.
my problem now is whether my bed is enough, or must i buy a god-size one?... debit card's credit limit is limited by how much ur bank account has... the visa backend server will dial to ur bank to ask for approval beyond sending the approval signal back to the point-of-sales terminal...
but.....if the websites are fraud-types, then won't it be risky for us, since the debit card is tied directly to my bank account?
if i got hundreds of thousands in there, then got anything happen, all gone liao. -
if u have enough money in ur bank account to do that, no problem, the transaction will go through, ur available balance will drop within minutes (go ATM check and try), stay in the ledger books for a few days and then it will also be gone......
actually, tat's the thing about credit and debit cards. it's the balance between the power to spend and exposing ur credit card details to fradulent users. in singapore, credit and debit cards have the same coverage and usage, the only difference is the strict credit limit imposed on debit cards.
overseas, debit cards function quite differently from credit cards, and have even tighter restrictions altogether. my line, we deal with uk credit card transactions and online payment solutions, it's a daily thing to look for fraud, and to verify if a particular card is flag as stolen before allowing money to leave our side. just a few days, there is a big case of someone in sweden using a stolen credit card (in fact he used 8 cards then finally 1 got through), try to use for online transaction with multiple accounts from the same IP (stupid!), but before he could request for bank wire to get hard cash, it's flagged and now is a police case liao.
tat's why, if ur card is spolit, call the hotline, disable immediately, they will send u a new card FOC. no questions asked. if u ever found the card, snip it into two. settle. -
to make credit cards safer, there are certain technologies and techniques used to minimize fraud, like location-mismatch, merchant-filtering etc...
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Ban Nikar2!!!Originally posted by Nikar2:then i die-die use my debit card to bao sgForums and FI as well loh.
my problem now is whether my bed is enough, or must i buy a god-size one? 
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(bbb)
Ban Nikar2!!!
ok ok lah, cool down. sorry loh!
bbb is so cute de..... -
i don't think i'm missing anything here.Originally posted by jeffning:What are you talking about? I think you are missing the point here.
maybe you are?
read more and you'll find out. -
Guess i have to wait till 16~Originally posted by Tayysj:hmm
i'm using UOB TX Visa Debit Card.
so far the best debit card for my age (1
looks nicer than posb mastercard, no minimum amt in the account, no monthly or yearly charges, and so far it functions exactly the same as a credit card visa.
used it for purchasing thigns from usa over the internet, used for dinners, movie tickets, pump petrol etc.
at first when i got the card then go to the shop they sometime sae onli nets or credit card.. then i ask them debit card can a not.. they Huh? me back n say dunno wad is that.. so i juz give it a try.. and apparently it works.. so i found out.. my visa debit is no different from a visa credit except that i cannot sign an amount greater than my credit limit or the amount i have in my account, whichever is lower. so if I have $0 it basically cant go thru.
so yeah hope this answers some questions abt the differences.. basically there's no main difference. i love my tx card and nobody can tell its not a credit. unless they know beforehand. ^^ -
It does come fast.Originally posted by OasisBlue:Guess i have to wait till 16~