Are you looking for ways to get an OCBC EasiCredit annual fee waiver in Singapore? If so, you’re in the right place. OCBC EasiCredit is a personal line of credit that allows you to withdraw cash anytime needed. However, it comes with an annual fee that can be quite steep.
Fortunately, there are ways to waive the annual fee, and we’ll discuss them in this article.
If you’re a Singaporean or Permanent Resident, you can get the OCBC EasiCredit annual fee waived by spending a certain amount on your credit card. The minimum spend varies depending on the type of credit card you have.
For example, if you have an OCBC 365 Credit Card, you need to spend at least S$10,000 a year to get the fee waived. If you have an OCBC Titanium Rewards Credit Card, you must spend at least S$12,500 annually.
Remember that the spending requirement may change occasionally, so it’s best to check with OCBC for the latest information.
60-Seconds Guide to OCBC EasiCredit Annual Fee Waiver
Calling all Singapore residents with an OCBC EasiCredit card! Here’s some fantastic news that could save you some serious cash: OCBC’s EasiCredit annual fee waiver program! But before you jump in, let’s break down the key facts in simple terms:
- Save on Fees: This program waives the annual fee on your EasiCredit card, potentially putting money back in your pocket.
- Eligibility Boost: First-year cardholders with an annual income of S$30,000 and above automatically qualify for the first-year waiver.
- Young Cardholder Bonus: Even better, if you’re under 29, you may enjoy the waiver until your 30th birthday!
- Simple Process: No complicated applications are needed. The waiver is automatically credited to your account if you meet the criteria.
Here’s what this means for you:
- More Money in Your Wallet: Save on fees and use that extra cash for things that matter, like travel, entertainment, or even paying down existing debts.
- Greater Financial Flexibility: Freeing up money on fees can give you more breathing room in your budget.
- Peace of Mind: Knowing you’re not paying an annual fee can be a weight off your shoulders.
Curious? There’s More!
This is just a taste of the benefits. For a complete breakdown of the program, including any hidden terms or spending requirements, check out our comprehensive guide. We’ll equip you with all the information you need to decide if the OCBC EasiCredit annual fee waiver fits your financial goals.
Don’t miss out on this chance to potentially save – let’s explore the details together!
What Is OCBC EasiCredit?
If you’re looking for a flexible line of credit that you can use to cover unexpected expenses, OCBC EasiCredit may be just what you need. With EasiCredit, you can get access to funds whenever you need them, without having to apply for a new loan every time.
Understanding EasiCredit
EasiCredit is a personal line of credit that gives you access to funds on standby. This means that you can withdraw money from your EasiCredit account whenever you need it, up to your credit limit. Once you’ve used the funds, you can repay them at your own pace, with flexible repayment options.
Standby Line of Credit
EasiCredit is a standby line of credit, which means that you don’t have to use the funds right away. Instead, you can keep them available for when you need them. This makes EasiCredit a great option if you’re not sure when you’ll need the funds, or if you want to have a safety net in case of unexpected expenses.
Flexible Repayment Options
With EasiCredit, you have the option to choose between fixed or flexible repayment. Fixed repayment means that you’ll pay a fixed amount each month until you’ve repaid the full amount. Flexible repayment means that you can repay the funds at your own pace, as long as you make the minimum repayment each month.
Low Minimum Income Requirement
OCBC EasiCredit has a low minimum income requirement, making it accessible to a wide range of people. If you’re a Singapore citizen or permanent resident, you’ll need a minimum annual income of S$20,000 to be eligible for EasiCredit. If you’re a foreigner, you’ll need a minimum annual income of S$45,000.
Overall, OCBC EasiCredit is a flexible and accessible line of credit that can help you cover unexpected expenses. With a standby line of credit, flexible repayment options, and a low minimum income requirement, EasiCredit is a great option for anyone who needs access to funds on standby.
Eligibility and Application
If you are interested in applying for the OCBC EasiCredit annual fee waiver in Singapore, there are certain eligibility criteria you need to meet. The application process is straightforward, and you will need to provide some documents to support your application.
Eligibility Criteria
To be eligible for the OCBC EasiCredit annual fee waiver, you must be a Singapore citizen or permanent resident. You must also be at least 21 years old and have an annual income of at least S$20,000. Foreigners with an Employment Pass or Work Permit are also eligible to apply.
Application Process
To apply for the OCBC EasiCredit annual fee waiver, you will need to have an OCBC account. If you do not have one, you can easily open an account online or visit any OCBC branch. Once you have an account, you can apply for the fee waiver online through the OCBC website.
The online application process is simple and straightforward. You will need to provide your NRIC or identification number, as well as your MyInfo details. You will also need to provide proof of your income, such as your CPF contribution history or income tax statement.
Required Documents
To support your application for the OCBC EasiCredit annual fee waiver, you will need to provide some documents. These documents include:
- NRIC or identification number
- MyInfo details
- Proof of income, such as CPF contribution history or income tax statement
Once you have submitted your application and provided the required documents, your application will be processed. If you are eligible for the fee waiver, it will be applied to your EasiCredit account automatically.
Understanding OCBC EasiCredit Fees
If you’re considering applying for an OCBC EasiCredit account, it’s important to understand the fees and charges that come with it. Here’s a breakdown of the most important fees and charges you should know about:
Annual Fee and Waiver
The OCBC EasiCredit account comes with an annual fee of S$120 for customers with an annual income of less than S$30,000. However, if you have an annual income of S$30,000 or more, you can enjoy a waiver of the annual fee for the first year. Additionally, if you’re under the age of 29, you can enjoy an annual fee waiver until you reach the age of 30 (source).
Interest Rates and Calculations
The interest rate on your OCBC EasiCredit account is calculated based on the prevailing interest rate plus a margin of 9.5% per annum. The Effective Interest Rate (EIR) is 20.02% per annum, based on a credit limit of S$10,000 and a 12-month repayment period. The minimum overdraft interest is S$20 or 3% of the outstanding balance, whichever is higher.
Other Charges and Fees
In addition to the annual fee and interest charges, there are other charges and fees you should be aware of. These include:
- Cheque stop: S$10 per cheque
- Lost / stolen card: S$100 per card
- Forgotten PIN: S$5 per request
- Statement retrieval charges: S$20 per statement
- Overdraft interest: 3% per annum above the prevailing interest rate
- Late fee: S$80 per month
- Stop cheque: S$10 per cheque
- Loss of cheque book: S$50 per cheque book
- Service fee: S$5 per month
It’s important to read the terms and conditions carefully before applying for an OCBC EasiCredit account to ensure that you understand all the fees and charges that may apply.
Credit Limit and Usage
Determining Your Credit Limit
When you apply for an OCBC EasiCredit account, your approved credit limit will depend on your annual income, credit score, and other factors. The higher your income and credit score, the higher your credit limit will be. You can check your credit limit by logging into your account on the OCBC website or mobile app.
How to Use Your EasiCredit Account
Your EasiCredit account can be used like a credit card, allowing you to make purchases and pay for them over time. You can also use it for balance transfers or cash-on-instalment transactions. To use your EasiCredit account, simply charge your purchases to your account and make payments on your balance each month.
One advantage of using your EasiCredit account is the annual fee waiver that OCBC offers to eligible customers. To qualify for the fee waiver, you must spend a minimum of SGD 10,000 on your EasiCredit account in the previous year [1]. You can also request for a fee waiver by contacting OCBC’s customer service.
Another benefit of using your EasiCredit account is the flexibility it offers. Unlike a traditional credit card, you can choose to pay only the minimum amount due each month, or pay more to reduce your balance faster. You can also choose to pay off your balance in full each month to avoid interest charges.
Overall, your EasiCredit account can be a useful tool for managing your finances and making purchases. With a high credit limit and the annual fee waiver, it can be a cost-effective way to borrow money when you need it.
[1] Source: Quick Credit
Tip: Remember It’s a Loan, Not Free Money
Always be mindful of your spending and only borrow what you can afford to repay. Interest rates on credit lines can be high, so prioritise paying off your balance each month to avoid accruing debt.
Payment and Charges
If you are considering applying for an OCBC EasiCredit account, it is important to understand the payment and charges involved.
Repayment Methods
There are several repayment methods available to you, making it easy to manage your account. You can make payments through fast funds transfer, AXS machines, cash deposit machines, or at any OCBC branch.
To ensure that you do not miss a payment, it is important to keep track of your payment due date. You can find this information on your monthly statement. The minimum repayment amount is 3% of the outstanding balance or S$50, whichever is higher, plus any overdue amount.
Understanding Late Payments
If you miss a payment or do not pay the minimum amount due, you may be charged a late payment fee. This fee is S$80 and will be charged to your account. To avoid late payment fees, it is important to make your payments on time.
Overall, the payment and charges associated with an OCBC EasiCredit account are reasonable and easy to manage. With multiple repayment methods available and clear guidelines for minimum repayment and late payment fees, you can easily stay on top of your account and avoid any unnecessary fees.
Online and Mobile Banking Features
Are you tired of waiting in long queues or making trips to the bank just to manage your OCBC EasiCredit account? With OCBC’s online and mobile banking features, you can manage your account from the comfort of your own home or on-the-go.
Managing Your Account Online
OCBC’s online banking platform allows you to access your EasiCredit account information and manage it with ease. Simply log in to your account using your access code and PIN or fingerprint ID. Once logged in, you can view your account balance, transaction history, and upcoming payments. You can also request a credit card fee waiver by navigating to “Request fee waiver” or “Credit card fee waiver” and selecting the card you would like to request a waiver for [1].
In addition to managing your EasiCredit account, you can also use online banking to transfer funds, pay bills, and view your credit card statements. With OCBC’s online banking platform, you can save time and manage your finances with ease.
Mobile Banking Convenience
OCBC’s mobile banking app allows you to manage your EasiCredit account on-the-go. With the app, you can view your account balance, transaction history, and upcoming payments. You can also transfer funds, pay bills, and view your credit card statements.
The mobile banking app also includes features such as fingerprint and facial recognition login, which makes accessing your account quick and secure. In addition, you can set up push notifications to receive alerts for account activity and upcoming payments.
With OCBC’s online and mobile banking features, managing your EasiCredit account has never been easier. Say goodbye to long queues and hello to convenience and accessibility [1].
Customer Support and Services
If you have any questions or concerns regarding your OCBC EasiCredit account or annual fee waiver, you can contact the hotline at any time. The hotline is available 24/7, so you can get the help you need whenever you need it. The hotline is staffed by knowledgeable and friendly customer service representatives who are eager to assist you with any questions or concerns you may have.
Contacting the Hotline
To contact the hotline, simply call 1800 363 3333. Press 1 for English and then follow the prompts to speak with a customer service representative. You can also choose to speak with a representative in Mandarin, Malay, or Tamil. When you call, be sure to have your EasiCredit account number and other relevant information handy so that the representative can quickly and easily assist you.
SMS Services for Account Management
If you prefer to manage your EasiCredit account via SMS, you can do so by sending a text message to 72323. To check your account balance, send the message “BAL” followed by a space and your EasiCredit account number. To view your transaction history, send the message “HIST” followed by a space and your EasiCredit account number. You can also use SMS to make payments, request a credit limit increase, and more.
Overall, OCBC’s customer support and services are designed to help you get the most out of your EasiCredit account. Whether you prefer to speak with a representative over the phone or manage your account via SMS, you can rest assured that you’ll receive the help you need in a timely and efficient manner.
Alternatives to OCBC EasiCredit
If you’re not eligible for OCBC EasiCredit or simply want to explore other options, there are several alternatives you can consider. In this section, we’ll look at some other credit options available in Singapore and compare them with OCBC EasiCredit.
Other Credit Options
DBS Cashline
DBS Cashline is a personal line of credit that offers you financial freedom and flexibility. You can borrow up to four times your monthly income, subject to eligibility requirements. DBS Cashline also offers an annual fee waiver for the first year, and a subsequent waiver if you maintain a minimum outstanding balance of S$1,200.
UOB CashPlus
UOB CashPlus is another personal line of credit that allows you to borrow up to six times your monthly income, subject to eligibility requirements. UOB CashPlus offers a competitive interest rate and an annual fee waiver for the first year.
Comparing with Other Banks
When comparing OCBC EasiCredit with other personal lines of credit offered by other banks, it’s important to consider the interest rates, fees, and eligibility requirements. DBS Cashline and UOB CashPlus both offer competitive interest rates and annual fee waivers for the first year. However, the eligibility requirements may differ, so it’s important to check with each bank to see if you meet their criteria.
In summary, if you’re looking for an alternative to OCBC EasiCredit, DBS Cashline and UOB CashPlus are two options worth considering. Both offer competitive interest rates and annual fee waivers for the first year, subject to eligibility requirements.
Frequently Asked Questions
How can I apply for an annual fee waiver on my OCBC EasiCredit account?
You can apply for an annual fee waiver for your OCBC EasiCredit account by contacting OCBC customer service. You will need to provide your account details and explain your request for a fee waiver.
What are the steps to contact OCBC for an EasiCredit annual fee waiver?
To contact OCBC for an EasiCredit annual fee waiver, you can call their customer service hotline at +65 6363 3333 or visit any of their branches in Singapore. You can also send them a message through their online banking platform.
Where can I find the form to request an OCBC EasiCredit annual fee waiver?
There is no specific form to request an OCBC EasiCredit annual fee waiver. You can simply contact OCBC customer service through their hotline, branches or online banking platform to make your request.
Is it possible to get a late fee waiver for OCBC EasiCredit, and how?
If you are unable to make your payment on time, you may be charged a late fee. However, you can apply for a late fee waiver by contacting OCBC customer service and explaining your situation. Late fee waivers are granted on a case-by-case basis.
What methods are available for paying my OCBC EasiCredit online?
You can pay your OCBC EasiCredit online through their online banking platform. You can also make payments through FAST Funds transfer from any participating bank’s online banking platform. Refer to the Association of Banks in Singapore’s website at www.abs.org.sg/fast.php for a list of participating banks.
What constitutes the minimum payment requirement for my EasiCredit account?
The minimum payment requirement for your EasiCredit account is 3% of the outstanding balance or S$50, whichever is higher. However, to qualify for an annual fee waiver, you must spend a minimum amount with your OCBC EasiCredit card. Check the OCBC website for more information on the minimum spending requirement.
Quick Credit: Fast Cash, Lower Rates for Responsible Borrowers
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Why Quick Credit Pte Ltd?
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So, why just avoid fees? Get a Quick Credit Personal Loan! Our fast approvals mean you get the money you need quickly.