Tuesday, March 5, 2013

Credit Cards another “Source of Income”?

Wow! What a Paradigm Shift!

Some people are applying for credit cards to get rebates or “free money”. Rebates viewed as “discounts” on spending/expenses. Rebates viewed as “free money” or “source of income”?

Some people apply, then cancel, then re-apply for the credit cards to get application rebates, “free money” to spend. Some people know what to do to get the rebates without having to spend! Wow! Rebates as “source of income”?

I only learnt or fully understand this Paradigm Shift end of 2012 and decided I should also have a share of this “Pie”! But I only qualify for secured credit cards, so at a disadvantage, cannot benefit from all of these.

Just when I thought I could benefit from these, the bank decided to cut off/back the rebates! From 1 April 2013, no more rebates for payment via NETS! Rebates for charges against the Mastercard will be reduced to 1%, at a lower cap of $200 per mth. Yes, I'm referring to the Standard Chartered Xtrasaver Account which comes with a Debit Card (Mastercard). So March 2013, last chance to get the maximum rebate of $300 per mth, which includes $15 for NETs payment. I'm going to max it, then close the account when it hit 6mths. Many people are talking about it and planning to close the account after March 31 2013.

I cannot share how Credit Cards or rebates are viewed as “Source of Income” as the Bank might slowly close all those “loopholes”. But next month, I might share how I max the rebate with Xtrasaver. Even without the Xtrasaver Account, there are other means to get that other “Source of Income” or “Source of Pocket Money”! I'm waiting for my cards lor!

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