Little Guy in Little Red Dot
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Recently I found out that Standard Chartered’s XtraSaver Account offers quite a good CashBack on the amount spent.

Standard Chartered’s XtraSaver is a MasterCard debit card which also doubles up as an ATM card that enables you to make NETS and MasterCard payments as well as withdrawing cash from its ATM machines.

It is linked to its own chequing account which bears interest, this is good as not much chequing accounts offers interest.

There is no minimum deposit amount required to open XtraSaver and also no need to maintain a monthly minimum balance in the account.

CashBack is calculated based on the average daily balance at calendar month end and is credited into your XtraSaver account on the first working day of the next calendar month.

For people like me who don’t drive a car, the CashBack is doubled on all local and overseas MasterCard transactions when you didn’t spend on petrol any day of a calendar month.

However, there is a monthly cap on the CashBack given.

The interest rate of XtraSaver might not be the best, but i believe the CashBack given can negate the poor interest rates given.

Points to note is that the XtraSaver’s CashBack is given only if the average daily balance is $6,000 and above. And there is a membership fee of $15 per annum, but you can enjoy a 2-year free XtraSaver membership, afterwhich, just call in and request for a waiver of fees.

Cheers!

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Nothing is impossible with a Credit Card? THINK AGAIN!

A small amount of credit card debt can quickly snowballed to a huge sum if it is not taken care of properly.

Banks charge 24%p.a. interest on an overdue amount, there is an addition $30 late payment fee if you forgot to pay or missed the due date, and the bank also charge 24%p.a. interest on the $30 late payment fee!

4 Tips to Avoid Credit Cardit Debt

D.R.A.W

1) D – Differentiate between Needs & Wants

A ‘need’ is something you can’t do without (eg. food) while a ‘want’ is something you would like to have (eg. latest LCD TV, handphone). One can’t survive without food but definitely can survive without the latest Nokia Handphone.

2) R – Record & Tracks Your Expenses

Make it a habit to track your expenses daily, so that you know where your money is spent on and cut down on unnecessary expenses.

3) A – Avoid Late Payments

Don’t be foolish to add on to the debts by incurring additional charges, Always Pay On Time!

4) W – When to use Cash or Credit Card

Only use Credit Card if you have the ability to repay in full when the bills come, if not, it is better to use Cash.

Do you really need a car? I have owned a car for 3 years in the past. Monthly maintenance comes close to 1000 dollars per month with those road tax and misc charges all added in. Now with public transport, I am only spending about 150 dollars per month with buses and MRTs.

In my case, having a car only eats away my finance and pulls me away from reaching financial freedom.