By MoneyBees
What a missed credit card payment costs in Singapore: the S$100 late fee, interest at the higher rate, your Credit Bureau record and the MAS 60-day rule.
S$100 at DBS, OCBC, UOB, Citi, Standard Chartered and HSBC, according to their own fee pages. It is charged when the minimum payment is not received by the due date, whatever the size of the bill.
Often. DBS and UOB add 3% a year to the card rate, and OCBC and Citi move to 30.78% and 30.9%. The extra rate stays until you have paid on time for a few statements.
If you pay at least the minimum, there is no late fee, but interest runs on the whole balance from each transaction date, and on new purchases, until you pay in full.
When a credit card or unsecured loan is 60 days past due, your bank cannot grant you more unsecured credit, and other lenders cannot raise your limits or give you new cards or credit lines. MoneySense describes it as missing the minimum for two months in a row.
Pay all the minimum payments due. You do not have to clear the whole debt. The bank can then restore your card after fresh credit bureau and income checks.
Yes. Credit Bureau Singapore shows 12 months of payment history and scores you on it, and late payments lower the score. Each further month in a row moves the account into a worse status.
The payment history covers a rolling 12 months. A default that is later settled stays for 3 years from settlement, and an unpaid default stays with no end date.
Some banks allow it. Standard Chartered, for one, states a policy of one waiver every 12 months. Ask your bank, and pay at least the minimum first.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).