Introduction:
The POSB Everyday Card is a popular credit card that offers a range of benefits, including cashback rewards and discounts. However, it also comes with an annual fee of $127.80. If you’re looking for ways to avoid this fee, here’s a comprehensive guide with various methods:
1. Spend $10,000 Annually:
One of the easiest ways to waive the annual fee is to spend $10,000 or more on your POSB Everyday Card within a calendar year. This spending threshold can be achieved through regular use of the card for purchases, bills, and even online transactions.
2. Maintain $50,000 Average Monthly Account Balance:
If you have a high-interest account with DBS or POSB, such as the DBS Multiplier Account or POSB Savings Plus Account, you can waive the annual fee by maintaining an average daily balance of $50,000 or more. This method allows you to passively waive the fee without actively spending on the card.
3. Redeem Credit Card Rewards:
DBS offers a rewards program called DBS Points. You can earn DBS Points for every dollar spent on your POSB Everyday Card. By redeeming 3,000 DBS Points (equivalent to $30), you can waive the annual fee. This is a cost-effective option if you accumulate rewards points through regular card usage.
4. Apply for a Fee Waiver:
If you meet certain criteria, such as having a good credit history or being a loyal DBS customer, you may be eligible for a fee waiver. You can contact DBS Customer Service at 1800-111-1111 or visit a DBS/POSB branch to explore this option.
5. Negotiate with the Bank:
In some cases, you may be able to negotiate with the bank to have your annual fee waived. This approach is more likely to be successful if you have a long-standing relationship with DBS or have multiple financial products with them.
Additional Tips:
- Sign up for DBS DigiBank: Enrolling in DBS DigiBank, DBS’ mobile banking platform, can help you track your spending and redeem rewards more easily, making it easier to meet the spending or rewards redemption thresholds.
- Consider other credit cards: If you’re unable to waive the annual fee on your POSB Everyday Card, you may want to explore other credit cards that offer fee waivers or lower annual fees.
- Use the card responsibly: Paying your credit card bills on time and keeping your credit utilization low can demonstrate responsible financial behavior, which may increase your chances of qualifying for a fee waiver.
Conclusion:
Waiving the annual fee on your POSB Everyday Card can save you money and maximize the benefits it offers. By following the methods described in this guide, you can find the option that best suits your financial situation and ensure you get the most value from your credit card.
