The Best Credit Cards in Singapore

Living in the fast track nowadays, credit card has become a convenient mode of payment to everyday purchases and expenses.  Imagine not having to bring with you cash and being able to purchase items and paying it in a later date.  In Singapore, more so that people are living in the fast phase.  People are most often in the run from their homes, to dropping their children off of school to rushing to work and still running errands after.  A lot of Singapore’s residents resort to acquiring a credit card because it suits their way of life and they find the comfort of being able to buy the things they need with just one card.


Top Credit Cards in Singapore. Image taken from: Cosulich

In Singapore a lot of banks offer credit cards but of course, there are those that give better deals than the rest.  Just one example that we can discuss is the American Express Platinum Credit Card.  If you want to get a credit line then you better check it out for it’s been branded to be a “must-have” in the country.

Citi is probably famous worldwide and in Singapore another “must-have” for them is the Citi Dividend Card which boasts that you can save up to 18.3 percent at Esso and 18.1 percent at Shell.

If you’re looking into free miles and discounted Airline tickets then you better check out American Express Singapore Airlines KrisFlyer Ascend Credit Card which will offer you lounge tickets and complimentary stays in hotels besides the miles and airline tickets you could get from your credit card points.

Other cards that you could look into are ANZ Platinum MasterCard CreditCard, Citi Clear Platinum Card, DBS Altitude American Express Card, HSBC Revolution Credit Card, OCBC Platinu, MasterCard, CIMB World MasterCard, Family & Friends Platinum MasterCard, Maybank Platinum Visa and etc.


There are a lot of credit card choices in Singapore. Image taken from: On Singapore

If you’re really confused on which credit card company to get then go and research further about reviews.  Some sites would say that HSBC Visa Platinum Credit Card deserves the highest rating but still other companies does not fall behind for every bank offers great interest rates and competitive annual fees.

It is a big convenience when you own a credit card but always remember to be a smart shopper and don’t abuse your credit line because at the end of the month, you will be paying all your expenses.  Be sure to take advantage of the freebies and discounts you could get from your credit card company.

Knowing if Debt Consolidation Loan is Right for You

If you are interested in availing a Debt Consolidated Loan then you must understand all sides of it.  From the pros to its cons and how it really works. An advantage of consolidation loans is that it is more manageable since all your debts are going to be transferred in one company.  With this, you only make one payment a month thus not making everything very confusing for you.  This means that you are able to close down other loan accounts thus giving you a better financial reputation for your credit ratings.  This will also reflect that you are starting to handle your finances and shows your intention of fixing your debts.  With all of these there is one great disadvantage of such, you end up paying much more than what you were just supposed to pay because of the summed up interest.


Image taken from: Nelnet

Although, there are instances wherein a person is left with this choice alone so if that happens the best thing he or she can do is just to take note of the things he or she should be remembering about Debt Consolidation Loan.

Just like any other loan, same goes with this type, the first thing you should do is check the interest rate and interest rates are usually dependent on how much you are going to borrow.  The more money you borrow, the lower the interest rate becomes.  Also, remember that the longer it takes for you settle your debt, the more interest amount you will have to pay.  Interest rates are always checked first because a lot of banks will offer you different rates so you have the freedom to choose the best deal offered out there.

It is important for you to be able to get the right consolidation loan for you.  There are a lot of different types available and be sure to get the one that is right for your needs.  Research online and ask around before you secure any deal.  Read articles about the different type of consolidation loan and see its purpose.


Consolidation Loans will combine all your loans thus making it easier for you by settling just one account. Image taken from: Borrow Wisely Org

If you have loans here and there then it is suitable for you to acquire a consolidated loan for it will consolidate your debts into just one loan.  No more multiple payments needed making your life much easier.  Yes, in return you have to suffer a bigger summed up amount of interest but it is better than not being able to handle your finances because of it being overwhelming.

Revolving Loan


Definition of a Revolving Credit. Image taken from: Dave Manual

If there is one word that can best describe the Revolving Loan, that word would be flexible.  A borrower has the power to decide when he or she wants to get money from the loan and even the time intervals which is not possible in other types of loans for they have fixed amounts and schedule of payment.


Revolving Loan Fund is a flexible type of loan. Image taken from: Lincoln Electric

The greatest advantage of a Revolving loan is that you can access the account anytime you want.  You can withdraw from the loan at your own time and pace.  It does not have a fixed number of payments which is the total opposite of Instalment Loans.  A very popular example of a revolving loans is a credit card.  This type of loan allows it’s consumer to use the credit repeatedly like for a credit card, every month the card holder has a credit limit.  The borrower only pays the amount that he or she was able to use plus the interest of course.  Once you are approved of the loan you can re-borrow again and again without having to apply again.

The disadvantage of such is that it is only considered to be a short term type of loan so if you are searching for a loan that will give you ample time then this might not be the loan for you.

If you compare it to instalment loans, there are a number of points that Revolving Loan wins.

Your loan being able to be withdrawn in a manner you prefer is a big convenience because since it is pattered to you favour then you can easily set it up to where it is most convenient for you to settle the payment.

As mentioned earlier, the most famous example of this type of loan is a credit card.  You know how convenient a cash less transaction is and every month you just have to pay what ever amount you have purchased plus the banks interest and you don’t have to worry about going over board because you have a credit limit.

In a gist, remember that in a Revolving loan it is only suitable for short-term revolving.  If you compare it to a term loan, yes it may incur to a higher interest rate charge.  Interest rates could be fixed or variable.  Also, in Revolving Loan, loans can be tapped on after your payment has been made.  It does not have a fixed instalment payments and you can always repay ANYTIME.



Debt Trap: Credit Cards

You can be indebted if you mismanage your credit card. Image taken from: Penny For Your Thoughts

You can be indebted if you mismanage your credit card.
Image taken from: Penny For Your Thoughts

Credit cards are great inventions for they have made life of many really convenient although, these cards may also ruin one’s financial stability if not taken cared of.  Card holders should always be careful on how they use their credit cards because it being really easy to use it just equal to it being a cause of a big problem.  The most dangerous problem that can occur is the card holder being extremely indebted.  Sometimes, because it is too much convenient, people forget that they are to pay off those expenses too after some time.  In some cases, debts get piled up months after month because of the failure to settle these running bills.  This is a domino effect for if you fail to settle your debts then your credit scores will be affected to ruining your credit rating.  Also, make sure you are taking the details of the expenses you make because if your card is copied and is used by another person to purchase things for his or herself, then you are still forced to settle the bill that was made and if big purchases were done then automatically you are indebted right away.

Don’t put yourself in a situation where in you will be having a hard time paying for the money your borrowed and where it will be impossible for you to repay.  Mismanaging your credit card is completely within the power of your hands so it is completely avoidable.  Once you fall into a debt trap it would be a hard way back up and you’d be bombarded with penalties and fees which just makes everything harder for you.

Credit cards if not used properly can be debt traps. Image taken from: The Australian

Credit cards if not used properly can be debt traps.
Image taken from: The Australian

It is will be really hard getting back up but it is not impossible.  People can bounce back after falling into the debt trap of credit cards and there are already people who have done it.  If you are in this situation then don’t fret but instead take a moment to look into loans that will help you settle your bills like consolidated loans.  If will take a long time to fully cover whatever debt you have incurred but you just have to work hard every day for it.

Be a responsible credit card user.  Be mindful  with your expenses and know that everything has limits.  Be a responsible card holder and everything will just follow.  Don’t over use the cards that you have.


Things that Might be Debt Traps

It is important that you know the situations and events that could cause you to fall into what they call, “Debt Traps“.  Debt Trap is a situation wherein you have gotten into an event that a debt becomes difficult or even impossible to pay.  This may be caused by high interests payments and other factors.

There are common situations that mostly causes you to be indebted so much thus can be called as signs of debt traps.  Well, this may help in a way that if one or so example is familiar then you know it is time to make some actions and most definitely so you know which situations are to avoid!


Use these signs to avoid Debt Traps. Image taken from: Debt Consolidation USA

One situation that can lead you to the being indebted is mismanaging your credit card.  Sometimes because of the credit card being so easy to use, people forget that they have a budget to follow.  Overspending often happens and it results to the card holder having a hard time paying for it or not being able to pay it at all.  Just like that, you are already indebted.  This debt trap is very common because almost everyone has credit cards today.  A lot has the mindset of “It’s okay, I can pay it after a few months”, but be very careful and it is always better not to purchase anything if you do not have an excess from your budget that you can use for buying it.

Another situation you should be careful of is with your loans.  Whether it is a housing loan, auto loan, business loan or any other type, you should be aware of the bills and payments you have to settle.  Loans are usually of big amount of borrowed money and you not being able to pay means you are instantly indebted in a big amount.  Making it really hard for you to repay the money you have borrowed and losing as well your secured assets.


Avoid potentially dangerous situations that may cause you to being indebted by so much. Image taken from: Gulf News

One last thing to remember is to be very picky with the investments you make or where you put your money.  One big reason invitation to debt trap is through money scams.  There are already numerous scams involving money today.  Sometimes fraud happens in an investment you make thus wiping all your money and you being left with not even a cent.  If you think that something is too fishy or you just having the guts of it being risky, don’t do it.

Best Credit Cards in the Philippines

There are credit cards offer here and there.  Just when you’re shopping for groceries, someone will approach you and offer you a credit card application.  Even when you’re just walking around the mall there are people who hands you fliers and application form for a credit card with the promise that their company offers the lowest rates and etc.

Because of the number of banks that has been offering such service competition today is now very high.  Banks would think of gimmicks and strategies to attract potential card holders.  But, what are really the top or best credit cards in the Philippines today?


There are a lot of banks in the Philippines today that offer credit cards with competitive features. Image taken from: Philstar Business Section

Standard Chartered Gold cards are among the top credit cards in the Philippines.  It offers an annual fee of 2,500 pesos and brags about it’s easy instalment plans for ticket items and up to 30 percent cash advance of your credit limit.

PNB Essentials MasterCard are fighting its way to the top too.  PNB presents an annual fee of 1,200 pesos only.  PNB offers free travel insurance up to 10 million pesos.  And, they have a feature for their future card holders of being able to pay in pesos even transactions done overseas.

The company CitiBank has been a name that goes along with the words credit card.  Citibank is one of the famous bank and they offer today CitiBank Gold Card which has an annual fee of 2,500 pesos. They are proud of their protection plan from fraud, theft and even card loss.  They also have Citi CreditShield Plus which protects your credit card too at maximum level.

HSBC Gold Credit Card has an annual fee of 2,500 pesos and offers a rebate from it’s affiliate company, Caltex.  It also offers discounts and other privileges to its other affiliated companies.

Of course, the largest bank in the Philippines today won’t allow them being left behind.  Banco de Oro or BDO owned by the tycoon Henry Sy, offers BDO Platinum MasterCard or Visa to Filipino consumers.  It has a membership fee of 4,500 pesos per year.

Another bank joining the list is Metrobank.  Metrobank is been here for a long time already and they’ve made their Filipinos credit card clients happy about their Metrobank M Free and M Lite.  The two has differences in features that is suitable to two different types of clients.

Last Bank to make it to the list is East West Bank.  Recently East West bank has modernised their look which makes it more attractive to potential clients.  The best things about East West Platinum MasterCard is that it’s principal membership fee is totally free.


You can choose the top credit cards in the Philippines from a wide range. Image taken from: Mikhail Writes

Instalment Loan

An Instalment Loan can be summed up as a scheduled payment. It is a loan which is paid through a term like a set period of time.  Often times, the time frame of the loan is from a few months up to 30 years.

The benefit of an instalment loan is that you can do staggered payment.  Instead of having to pay back the money you borrowed for a short term, you can make installment payments which are lighter on the pocket.  This is more convenient that having to pay off a big amount of money one time big time.

The downside of the loan though is the interest rates.  You are allowed to pay it off little by little but a an additional payment caused by the interest rates added to your monthly payment.

Still, instalment loans are a big help to middle class families for example they want to purchase a house and they could only spent up to this much a month and the rest goes to their savings, then they could use that amount and pay monthly for the house until they get to pay the full amount of the house they bought.  This way, you are able to follow your budget and even put some money aside because you are not forced to use everything that you have just to be able to purchase.


Amortization Schedule for Monthly Payments Image taken from: Echecktrac Loan Software

If you search it off the internet, you could find the long list of instalment loans you could avail depending on your needs.  There are types of instalment loans that will help you buy a house, or some that will support you when you buy your car.

Instalment Loans is also useful for emergency purposes.  Knock on wood but for example you got hospitalised and you do not have enough money to settle the hospital bill and fees then you can use your credit card to pay the bills and just repay it through time.  This is good because if you are need of instant money for emergency cases like such or other unexpected expenses then a credit card with an instalment loan feature can back you up.


You can use a loan that can pay your purchases through a scheduled terms payment and not all at once. Image taken from: Sterling Finance Company

If you are interested in such, you can read further about the instalment loan requirements and where you can apply.  There are also a lot of banks that offer such program so all you have to do is choose the best deal there is.  Select from the wide range types and for sure there is one that will match your need.

Debt Trap: Buying Too Much & Co-Signing a Loan

You must familiarise yourself with different ways that can be wrong decisions and can cause you to be indebted in just a snap.  You should know the top debt traps that are really avoidable.

First is buying too much.  Often times we don’t realise that we spend more than we should.  The rule is for you not to spend more than 36 percent of your gross income although this may differ depending on your financial status but for common people this is the estimated right amount.  Without you knowing while you are too busy splurging and spending your money here and there, you do not realise that you are already putting half of your body in the ground.  It is best to buy houses, cars and other big purchases when you are only financially ready for it meaning if you can truly afford it and not because you are depending on a loan and other unstable sources of income.  If you make a big purchase and you are unable to sustain paying for it then it just might lead to foreclosure or repossession thus wasting everything.

Buying too much things when you are not financially ready is a debt trap. Image taken from: CNN

Another thing you must watch out is co-signing a loan.  This doesn’t totally mean that you should never co-sign a loan but instead just be extremely careful because which and with who you co-sign a loan with.  If you are a co-signer and a problem happens you are dragged along with it for sure.  It might be someone else’s debt but you co-signing it entails that you are attached to the said debt.  Also, if the borrower fails to keep up with the payments you are expected to handle the bill.  You are expected to settle whatever the borrower has failed to settle and failure to do this will  affect your credit rating which will be checked when you apply for personal loans.  Remember that you have a right to say no to an invitation of co-signing a loan especially if you do not fully trust the person.  Do not risk it because you have your own name to protect and this is just saying no to the invitation of a probable bigger problem.


Think twice before co-signing a loan because that could be a debt trap. Image taken from: Redifining Face of Beauty

Always make wise financial decision for yourself because you will be the one suffering incase something happens and causes you to be indebted.  These two types of debt traps are completely avoidable and remember never to risk things especially in a financial note.

Understanding Debt Consolidation Loan

Debt consolidation Loan may be helpful especially if you are in need of more time to pay off your debt but you must realise that prolonging your debt will incur to a greater amount of payment from interests.  This is how the business of Consolidation Loan run, even if they lower your interest rate and they extend your period of payment, they will be getting more money from you from the total interest you are going to pay.  As mentioned, yes it is beneficial in ways that your monthly interest rate is lessened and you can pay off your debt in a longer period for it is extended for years.  Although, the downside is that if you sum it all up, you have a bigger total than if you have paid it earlier and with the higher interest rate.

Approved Debt Consolidation Loan Application Form with pen, calc

Debt consolidation Loan may be helpful especially if you are in need of more time to pay off your debt but you must realise that prolonging your debt will incur to a greater amount of payment from interests. Image taken from: First Class Business

If you want to know the truth, getting a consolidation loan is not the best way to fix your debts.  Many cases, people are only indebted more due to the longer terms of payment that it seems like the debt is not being lessened even after that period of time.  You might think that you have already solved your dilemma through the consolidation loan but you must not forget that your debt is still there, it is still present and it is still a money you owe.  Most financial advisers does not recommend this method at all for they believe that it just doesn’t work.

It is certainly attractive and luring but do not be blinded by the benefits because it just might be another way to dig your hole deeper if there is another way to fix your financial problem then don’t seek for this option.  Though, it is understandable that in some circumstances, getting a consolidation loan is the only hope for them to acquire a lower interest rate especially with a poor credit report, if so, then take your chance with it but remember to pay off your debt as soon as you can.  Just because it feels lighter doesn’t mean you are not indebted anymore so don’t lose your focus in paying your debt.


Debt Consolidation Loan may not be the best solution to resolve your debts. Image taken from: Richmond Lending Group

Debt Consolidation Loan is a business and it was not created for the reason of helping a borrower but it was made with the priority reason of the company earning money from the borrower.

For whatever it is, it is always a case to case basis so if you think Debt Consolidation Loan is what you need then go ahead.


Top Credit Cards in the Philippines

Philippines is one of the fastest growing countries in Asia today. There is a continuous development in their economy, that is why it is not surprising that having credit cards is becoming a necessity for the working class Filipinos.  The top banks in the Philippines that offer credit cards has a competing values of Principal Membership Fee, Interest Rates and the perks that each bank offers.

Citibank has been known for it’s PlatinumVisa card with a principal membership fee of 5,000 pesos and an interest rate of 2.75 percent monthly.  This card is perfect for Filipinos who would need a high credit limit.  An advantage of having a Citibank credit card is that the company has numerous affiliated establishments in the Philippines and abroad that accepts the said credit card alongside with the discounts and freebies you could obtain by using your card.


BDO is the largest bank in the Philippines. Image taken from: Compare Credit Cards PH

You’ve probably seen this bank all over and you might have noticed that SM Malls only carry this bank.  Banco de Oro or BDO is also one of the top banks that offer a credit card in the Philippines.  BDO Platinum MasterCard or Visa has a principal membership fee of 4,500 pesos annually and has an interest rate of 2.49 percent per month.  As mentioned, BDO is the largest bank in the country.  And, since SM and BDO is owned by the same person, you get to have your own perks at the SM Supermalls.

With it’s renovated new look, East West also offers it’s Platinum MasterCard to Filipino consumers.  They offer their principal membership for free with an interest rate of 2.75 percent per month which is considered to be one of the lowest rates there is in the Philippines.


Metrobank’s M Lite Card Image taken from: Metro Bank Card

Metrobank offers M Free and M Lite with a principal membership that is free or 1,500 pesos per year.  Interest rate is at 2.50 percent per month.  M Free credit card does not require you to pay any annual membership fee for the rest of you life while M Lite gives you a low interest rate that is why Metrobank is one of the banks that offers the best credit card in the Philippines.

With a principal membership fee of 5,000 pesos and an interest rate of 2.75 percent per month, HSBC offers Filipinos their Platinum Visa.  It has almost the same features of Citibank’s Platinum Visa so you can use your card to almost all affiliated establishments.  The bank also offers it’s clients great perks and promos that would surely be enjoyed by their card holders.