Don't make the same mistake I did!

I have been paying the annual fee for my POSB Everyday credit card for the last few years. I only have 2 credit cards and even so I couldn't make it a point to remember to waive off the annual fee every year….. I checked yesterday and realized that I have been paying a total of about $270 of Annual fee for a couple of years. This works out to be around $1000 and is way..way..way..way... more than the cash rebates I'm getting from the card since I had it 10 plus years ago.

It seems like I have totally forgotten about the card annual fee charges because I opted for electronic statement and is paying my bill via Giro with my bank account.

It's very convenient as I can view my statement on my phone and I also don't have to worry about the late charges and fees for forgetting to pay my bills. Overtime, the convenience seems to have made me forgotten that I even have a credit card bill to pay….. Well I guess convenience does have a huge price tag…….

Fortunately, I found out yesterday that I was being charged the annual fee for my card because I was clicking around while I was logged onto my internet banking account to subscribe for the latest trench of Singapore Savings Bond. To make things worse, I realized that I had a supplementary card for my Mom, which she never ever use, and it was also being charged the annual fee…

This was a painful $1000 plus mistake….. Immediately after finding that out, I called DBS to waive off the annual fee. They have now made it such that the wavier can be done via their phone automated system which is much faster and convenient. You can also do it via their DBS digibot. Typically they will waive the fee off if you are using the card. On top of that, I have also asked for the supplementary card to be cancelled immediately and also setup annual task in my calendar to remind myself to waive off the fee. These are really simple steps that can help save me some money annually.

If you also have credit cards, please don't make the same mistake as I did. Do check your credit card bills and if you are being charge the annual fee, remember to try to waive it off. If you are using those cards, they should waive them off. If you are not using those cards, please cancel them and save yourself some good money. Those extra money can come in handy now for more eggs and chicken… 

Thanks and do support me on my referral page. Stay Safe and Happy Savings!