I have a comment on this latest promotion. If you were to scrutinise through individual Terms and Conditions (T&C) for each card, you will notice eCard Platinum and eCard Vibes cards have a special clause. These 2 credit cards have a hidden clause in their T&C that says cardholder will incur a S$10 quarterly service fee unless there is at least one transaction of any amount being made within the 3 months window.
What will you be getting?
- You will be entitled a one-time S$100 cash credit credited into your account. This will be printed and confirmed on your first bill statement. T&C says you must make at least one transaction of any amount within a month of receiving your card.
My advice to you are as below:
- Spend a very small amount within a month receiving your card. I suggest you buy necessities or buy stationery from Popular Bookstore. Popular Bookstore allows customers to pay by credit card irregardless of the cash amount of your purchase i.e. even an eraser can be paid using credit card.
- Stop once you have made the first transaction.
- Wait for the first bill statement to confirm if Maybank really credit S$100 into your account.
- The moment you received your first bill and if S$100 is credited into your account, S$100 is yours.
- Do note that annual fee waiver is not life time and it is your responsibility to monitor and pay the fee should you wish to continue using it, terminate or get it waived early before your annual fee kicks in.
What does it imply when you have received the S$100 cash credit? This implies you have made at least one transaction in the first 3 months upon receiving your card which means you will not be "caught" in the S$10 service charge. This practically gives you 2 quarters (6 months) minus 1 month of buffer period for you to "react".
Last word of advice: Practise prudence and stay disciplined in managing your finances.
Maybank Credit Cards [via]