Are you looking for a flexible credit line that can help you manage your finances better? Look no further than OCBC EasiCredit in Singapore! EasiCredit is an unsecured revolving credit facility that gives you access to funds whenever you need them, without the need to apply for a new loan every time.
With EasiCredit, you can enjoy a credit limit of up to four times your monthly income and repay the amount at your convenience.
If you are worried about the fees and charges that come with EasiCredit, don’t be! OCBC offers a range of fee waivers and promotions to make the process more affordable. For instance, you can apply for an EasiCredit fee waiver by following the instructions on the Phone Banking system or requesting a waiver via Digital Banking. Additionally, eligible customers can enjoy an annual fee waiver for EasiCredit until 29.
With OCBC EasiCredit, you can enjoy the convenience and flexibility of a credit line that suits your lifestyle and financial needs. Watch for the latest promotions and fee waivers to maximise your EasiCredit account.
1-Minute Read: Slash EasiCredit Fees in Singapore
Calling all Singaporean EasiCredit users! Here’s some fantastic news that could lighten your financial load. OCBC has introduced a waiver program specifically for EasiCredit, potentially saving you money on various fees.
Here’s a quick breakdown of the key points:
- Goodbye Fees! This waiver program eliminates multiple fees typically associated with your EasiCredit account.
- Potential Savings: Annual fees, monthly service charges, and other pesky costs could vanish, putting more cash back in your pocket.
- Eligibility: Not sure if you qualify? Don’t worry; our comprehensive guide dives deep into who can benefit from the waiver.
- Understanding the Waiver: We break down the specifics, such as which fees are waived and any exclusions.
Wondering how much you can save and if you’re eligible? Our in-depth guide unlocks all the details about the EasiCredit waiver program.
It’s your one-stop shop for maximising savings and navigating this fantastic offer!
Understanding OCBC EasiCredit
What Is OCBC EasiCredit?
If you are looking for a flexible credit option in Singapore, OCBC EasiCredit is great. It is a personal line of credit that allows you to access funds when needed without applying for a new loan every time.
With EasiCredit, you can enjoy a credit limit of up to four times your monthly income. This credit limit is subject to approval and can vary depending on your credit score, income, and other factors.
Key Features of EasiCredit
One of the criticalcritical features of EasiCredit is its flexibility. You can use the credit line to pay for unexpected expenses, consolidate debt, or finance a major purchase. Unlike a personal loan, you only pay interest on the amount you use, not the entire credit limit.
Another great feature of EasiCredit is its low interest rate. The prevailing interest rate for EasiCredit is 19.98% per annum, which is much lower than the interest rates charged by most credit cards. However, it is essential to note that the interest rate is subject to change and can vary depending on your credit score and other factors.
When it comes to repayment, EasiCredit offers a minimum repayment option. You can repay only 3% of your outstanding balance or S$50, whichever is higher, every month. This can help you manage your finances better and avoid late payment fees.
OCBC EasiCredit is an excellent option if you need a flexible credit line with a low interest rate and minimum repayment option. With its high credit limit and easy application process, it can help you easily meet your financial needs.
Eligibility and Application Process
If you’re looking for a flexible and easy-to-use credit line, OCBC EasiCredit is an excellent option to consider. Here’s what you need to know about the eligibility and application process.
Eligibility Criteria
To be eligible for OCBC EasiCredit, you must be a Singaporean citizen or permanent resident above 21 years old with an annual income of at least S$20,000. Foreigners above 21 years old with a yearly income of at least S$45,000 can apply.
Application Requirements
When applying for OCBC EasiCredit, you must provide identification and income documentation. This may include your NRIC or passport, employment pass or work permit, and proof of income.
How to Apply Online
The application process for OCBC EasiCredit is simple and convenient. You can apply online through OCBC’s website and use MyInfo to auto-populate the application form with your government-verified information. By using MyInfo, most of the fields in the application form will be auto-populated, thereby shortening the entire application process and providing you with an almost immediate application outcome.
To apply online, you must log in to your OCBC online banking account. If you don’t have an account yet, you can quickly sign up for one online. Once logged in, you can select the EasiCredit option from the menu and follow the step-by-step instructions to complete your application.
Overall, the application process for OCBC EasiCredit is quick and easy, and the credit line offers great flexibility and convenience. If you meet the eligibility criteria and have the necessary documentation, applying for EasiCredit is a great way to get the cash you need when you need it.
Fees and Charges
If you are considering applying for an OCBC EasiCredit account, it is crucial to understand the fees and charges associated with it. In this section, we will break down the different fees and charges you can expect to pay, as well as the interest rates and fee waiver eligibility.
Annual Fee and Other Charges
The annual fee for an OCBC EasiCredit account is S$120 for individuals with a yearly income of S$30,000 and above. For those with a yearly income of S$20,000 to S$29,999, the annual fee is also S$120. In addition to the yearly fee, there are other charges that you should be aware of, such as a S$5 monthly service fee, a S$50 early account closure fee, and a S$25 per transaction fee.
Understanding Interest Rates
OCBC EasiCredit interest rates are calculated based on a tiered system, which means that the interest rate you pay will depend on the amount you borrow. For example, if you borrow less than S$5,000, you will be charged % interest rate of 29.8% per annum. If you borrow between S$5,000 and S$10,000, the interest rate drops to 26.8% annually. The interest rate decreases as you borrow more, with the lowest interest rate of 19.98% per annum applying to loans of S$100,000 and above.
Fee Waiver Eligibility
You may be eligible for a fee waiver if you are concerned about the annual fee and other charges associated with an OCBC EasiCredit account. Customers with a yearly income of S$30,000 and above may waive their annual fee for the first year, subject to specific terms and conditions. Additionally, eligible customers can enjoy an annual fee waiver up until the age of 29. If you want to request a fee waiver, you can do so through OCBC’s digital banking platform.
Overall, while there are fees associated with an OCBC EasiCredit account, it is crucial to understand that they are in line with industry standards. By understanding the fees and charges, interest rates, and fee waiver eligibility, you can decide whether an OCBC EasiCredit account is proper for you.
Managing Your EasiCredit Account
Congratulations on getting approved for an OCBC EasiCredit account! You’re now one step closer to achieving your financial goals. Here are some tips on managing your EasiCredit account to help you make the most of it.
Online Account Management
With OCBC’s online banking system, you can easily manage your EasiCredit account from anywhere, anytime. Log in to your account to check your balance, view your transaction history, and even transfer funds to other accounts.
Adjusting Your Credit Limit
You can adjust your credit limit easily through the OCBC Digital App. Log in and select “Increase Limit” under the EasiCredit section. You can then choose your preferred credit limit and submit your application.
Balance Transfer Options
If you have outstanding balances on other credit cards or loans, you can transfer them to your EasiCredit account to take advantage of lower interest rates. You can do this easily through the OCBC Digital App or by contacting customer service for assistance.
Managing your EasiCredit account is easy and convenient with OCBC’s online banking system and digital app. If you have any questions or concerns, don’t hesitate to contact customer service for assistance.
Tip: Utilise Credit Limit Increases Strategically
Only request a credit limit increase if essential to avoid overspending. A higher limit can be tempting, but responsible credit management dictates using it only when essential.
Additional Services and Support
OCBC’s Supplementary Tools
OCBC offers a range of supplementary tools to help you manage your EasiCredit account. These tools include the OCBC OneToken, SMS OTP, and hardware token. With these tools, you can securely access your account and perform transactions online without worrying about security risks.
In addition, you can also update your personal details online, including your address, contact number, and email address. This ensures that you receive important notifications and updates regarding your EasiCredit account.
Customer Support Channels
If you have any questions or concerns about your EasiCredit account, OCBC provides several customer support channels to assist you. You can visit any OCBC branch to speak to a customer service representative in person. Alternatively, you can call the OCBC hotline or use the phone banking system to access your account and speak to a customer service representative.
For foreign customers, OCBC provides additional support in the form of online banking access codes and supporting documents. These documents can be submitted online or in person at any OCBC branch.
To ensure the security of your account, OCBC also provides various security features such as SMS OTP, card PIN, and hardware token. These features help to prevent unauthorised access to your account and ensure that your transactions are secure.
Overall, OCBC provides a range of supplementary tools and customer support channels to help you manage your EasiCredit account. With these tools and support, you can easily access your account, perform transactions, and get help whenever you need it.
Making Payments and Transfers
If you have an OCBC EasiCredit account, you have several options to make payments and transfers. Here are some of the most convenient ways to manage your account:
Payment Methods
OCBC EasiCredit offers several payment methods, including PayNow, FAST, and GIRO.
PayNow: You can use PayNow to make payments instantly using your mobile number or NRIC/FIN. To use PayNow, link your mobile number or NRIC/FIN to your OCBC EasiCredit account. Once linked, you can make payments to any PayNow-registered business or individual.
FAST: FAST is another way to make payments instantly. You can use FAST to transfer funds between participating banks in Singapore. To use FAST, log in to your OCBC online banking account and select “Transfer Funds.” Choose the account you want to transfer from and the account you want to transfer to. Then, select “FAST” as the transfer method.
GIRO: You can also set up GIRO to make automatic payments from your bank account to your OCBC EasiCredit account. To set up GIRO, log in to your OCBC online banking account and select “GIRO Arrangement.” Choose the account you want to use for payments and the billing organisation you want to pay. Then, select the payment due date and submit your request.
Using PayNow and FAST
If you want to use PayNow or FAST to make payments or transfers, you’ll need to link your mobile number or NRIC/FIN to your OCBC EasiCredit account. To do this, log in to your OCBC online banking account and select “Link Mobile Number or NRIC/FIN.” Follow the instructions to complete the linking process.
Once your mobile number or NRIC/FIN is linked, you can use PayNow or FAST to make payments or transfers. To use PayNow, simply enter the recipient’s mobile number or NRIC/FIN and the payment amount. To use FAST, log in to your OCBC online banking account and select “Transfer Funds.” Choose the account you want to transfer from and the account you want to transfer to. Then, select “FAST” as the transfer method and follow the instructions to complete the transfer.
With these convenient payment methods, managing your OCBC EasiCredit account has never been easier.
Promotions and Rewards
If you’re looking for a credit card that offers you great promotions and rewards, then OCBC EasiCredit is the perfect choice for you! Here are some of the exciting promotions and rewards that you can enjoy with your OCBC EasiCredit account.
Current Promotions
OCBC EasiCredit offers a variety of promotions that are updated regularly. For example, you can enjoy an annual fee waiver for your EasiCredit account when you charge a minimum of S$1,000 to your EasiCredit account within the first 30 days of account opening. You can also enjoy a waiver of the annual fee for the first year when you apply for an OCBC Credit Card together with your EasiCredit account.
Loyalty Rewards
In addition to promotions, OCBC EasiCredit also offers loyalty rewards. With OCBC$ rewards programme, you can earn OCBC$ for every dollar spent on your EasiCredit account. You can redeem your OCBC$ for a variety of rewards, including cash rebates, air miles, and more.
With your EasiCredit account, you can also enjoy exclusive deals and discounts at selected merchants. For example, you can enjoy up to 15% off dining at selected restaurants, or up to 10% off when you shop at selected retailers.
Invest and save with your EasiCredit account to earn even more rewards. For example, you can earn up to 1.2% p.a. interest on your EasiCredit account balance when you deposit a minimum of S$500 in your OCBC account. You can also enjoy a variety of investment opportunities, such as unit trusts, stocks, and bonds.
In summary, OCBC EasiCredit offers a range of promotions and rewards that make it an attractive choice for anyone looking for a credit card with great benefits. With exclusive deals, loyalty rewards, and investment opportunities, you can enjoy more value for your money with your EasiCredit account.
Security and Fraud Prevention
Protecting Your Account
When it comes to your OCBC EasiCredit account, it’s important to take measures to protect your information and keep your account secure. One of the best ways to do this is by using strong passwords and changing them regularly. Make sure your password is unique and not easily guessable. Avoid using personal information such as your name, date of birth, or address.
Another way to protect your account is to enable two-factor authentication. This adds an extra layer of security by requiring you to enter a code sent to your mobile phone or email address in addition to your password. This helps to prevent unauthorised access to your account, even if someone has your password.
OCBC also has various security measures in place to protect your account. For example, they use encryption to protect your online transactions and personal information. They also monitor your account for suspicious activity and will contact you if they notice anything unusual.
What to Do in Case of Fraud
Despite these measures, it’s still possible for fraudsters to gain access to your account. If you suspect that your account has been compromised, it’s important to act quickly.
The first step is to contact OCBC immediately. They can help you to freeze your account to prevent further unauthorised transactions. They can also investigate the fraud and work with you to resolve any issues.
It’s also a good idea to check your account regularly for any suspicious activity. This can help you to identify any fraudulent transactions early on and take action quickly.
By taking these steps, you can help to protect your OCBC EasiCredit account from fraud and ensure that your personal information remains secure.
Financial Planning with EasiCredit
If you’re looking for a way to finance your financial goals, EasiCredit from OCBC Singapore is a great option. With EasiCredit, you can borrow money quickly and easily, and the annual fee can be waived if you meet certain conditions.
Leveraging Credit for Investments
EasiCredit can be used to finance your investment goals. You can use the credit line to invest in stocks, bonds, or other investment products. By leveraging credit, you can invest more money than you would be able to with just your savings. This can potentially increase your returns, but it also comes with risks. Make sure you do your research and understand the risks before investing.
Insurance and Savings Plans
EasiCredit can also be used to finance your insurance and savings plans. You can use the credit line to pay for your insurance premiums or to contribute to your savings plans. This can help you achieve your financial goals faster, but it’s important to make sure you can afford the repayments and that you’re not overextending yourself.
When using EasiCredit for financial planning, it’s important to keep track of your finances and make sure you’re not taking on too much debt. You should also consider other financial products offered by OCBC, such as cash-on-instalment, credit cards, time deposits, and investment products. By using a combination of these products, you can create a well-rounded financial plan that meets your needs.
In addition, you can also keep track of your CPF contribution history and OCBC account to better manage your finances. By doing so, you can make informed decisions about your financial goals and how to achieve them.
Overall, EasiCredit can be a useful tool for financial planning, but it’s important to use it responsibly and within your means. With proper planning and management, you can achieve your financial goals and live the life you want.
Closing Your EasiCredit Account
If you have decided to close your EasiCredit account, there are a few things you need to do before you can complete the process. In this section, we will guide you through the steps and considerations you need to keep in mind when closing your EasiCredit account.
Steps to Close Your Account
Closing your EasiCredit account is a relatively straightforward process. You can do it either through the OCBC hotline or by visiting a branch. Here are the steps to follow:
- Call the OCBC hotline at 6363 3333 and request to close your EasiCredit account. Alternatively, you can visit a branch and speak to a customer service representative.
- Provide your account details and any supporting documents that may be required.
- Once your request has been processed, your account will be closed, and any outstanding balance will need to be settled.
- After you have settled your outstanding balance, you will receive a confirmation letter stating that your account has been closed.
Considerations Before Closure
Before you decide to close your EasiCredit account, there are a few things you need to keep in mind. Here are some considerations:
- Make sure that you have settled all outstanding balances on your account before closing it. Failure to do so may result in additional fees or charges.
- Check if there are any system maintenance or updates that may affect your ability to close your account. If there are, wait until the maintenance is complete before proceeding.
- Keep in mind that once you close your EasiCredit account, you will no longer have access to the credit line associated with it. If you need credit in the future, you will need to apply for a new credit line.
- If you have any questions or concerns about closing your EasiCredit account, contact OCBC customer service for assistance.
Closing your EasiCredit account can be a straightforward process if you follow the steps outlined above and keep the considerations in mind. If you need any assistance, don’t hesitate to contact OCBC customer service for help.
Frequently Asked Questions
How can I apply for an annual fee waiver on my OCBC EasiCredit account?
To apply for an annual fee waiver on your OCBC EasiCredit account, you can follow the instructions provided on the OCBC Singapore website. You can also call OCBC Phone Banking to request an EasiCredit fee waiver.
What steps should I take to request a late payment fee waiver for OCBC EasiCredit?
If you are unable to make your EasiCredit payment on time, you may be charged a late payment fee. To request a waiver of this fee, you can contact OCBC Phone Banking or visit an OCBC branch to speak with a representative.
Where can I find the form to request an OCBC EasiCredit fee waiver?
You can find the form to request an OCBC EasiCredit fee waiver on the OCBC Singapore website. Alternatively, you can call OCBC Phone Banking to request the form.
Who do I contact for queries about OCBC EasiCredit fee waivers?
If you have any queries about OCBC EasiCredit fee waivers, you can contact OCBC Phone Banking. Alternatively, you can visit an OCBC branch to speak with a representative.
What’s the minimum amount I must pay on my EasiCredit monthly?
The minimum amount you must pay on your EasiCredit monthly is 3% of your outstanding balance or SGD 50, whichever is higher.
How can I check the status of my OCBC credit card application?
To check the status of your OCBC credit card application, you can visit the OCBC Singapore website and log in to your account. Alternatively, you can contact OCBC Phone Banking to inquire about the status of your application.
With these frequently asked questions, you can be well-informed about OCBC EasiCredit fee waivers.
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