A conversation with a regular reader of my blog:
Hi AK,
How's it going for you AK?
This is in regards to the OCBC 360 account and in particular to the criteria of generating an additional 0.5% interest amid the payment of 3 unique bills in a calendar month.
I am wondering do you know that the topping up of our CPF-SA is considered a bill payment because I was so amazed when i discovered it.
My excitement behind this is that most bill payments are expenses and the topping up of our CPF-SA is not an expense at least in my opinion, considering that it is our own money at the end of the day.
In addition, for the younger ones who do not own a house and have minimum bills to pay yet (no utilities or mortgage), clocking three unique bills in a month may be a challenge.
The discovery of this means that a single person like myself can essentially use a combination of monthly CPF-SA top up, credit card bill payment and mobile phone plan to qualify for the 0.5% additional interest!
What's even sweeter is that, other forms of mandatory payments can be soaked into my credit card component where an individual is required to incur a $500 monthy expenditure through an OCBC credit card in order to qualify for the separate 0.5% additional interest.
1% additional interest could never have been easier!
Warmest Regards,
P
AK asked for some clarification as his ageing brain couldn't keep up with the excitement:
Hi P,
I would like to share your discoveries in my blog very much. LOL.
I didn't know that topping up of the CPF-SA is considered a bill payment.
What "other forms of mandatory payments can be soaked into my credit card component"? Could you provide some examples?
P readily obliged:
Hi AK,
Yea for sure!
Maybe using the word like "mandatory" may not be the most appropriate word, I think a better one would be "common".
1) I paid a household utility bill which amounted to $50 in May with my Ocbc credit card (that's 1 out of 3 bills clocked to qualify for that 0.5% additional interest rate )
2) the same 50 dollars will also be counted as an expenditure on my Ocbc credit card since I used the card to pay for it. ( that's 50 out of 500 dollars of expenditure "soaked" into my credit card to qualify for the other 0.5% interest rate)
So my example previously was that for a single person who may not or has yet to own a property, may encounter difficulties when finding for 3 unique bills to pay. In this case, he or she may top up his cpf account and choose the option to pay via billing an Ocbc credit card to qualify for the additional interests. I like this option a lot because topping up our cpf is our money at the very end of the day isn't it?
I'm not sure would you find this useful since ur sa is probably maxed out, but for someone like me since I'm single, I think this is one of the very useful discoveries I have made for myself to qualify for higher interest rates on a savings account.
B,
P
If you have an OCBC 360 account, I think P has shared some pretty amazing stuff. :)
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