Singapore Profit

Paying credit card bills can be a pain, but I’ve found a good way to solve this problem. Using Internet Banking allows me to set the payment dates for my bills, so I can have post-dated payments. That means if my deadline is on the 7th of the month, I can set my payment on the 2nd, after the pay comes in. This allows the bank sufficient time to make payments. At the same time, this method is great because I hate to pay the credit card company way in advance (I just want to earn that paltry few cents in interest more).

The only problem I’ve faced is sometimes I forget about my post-dated payments, so I pay twice. The good thing is it offsets the next month’s payment.

Using Internet Banking works only if you Internet Banking for all your credit cards. At the same time, you need to have accounts at all the banks your cards belong to. I can’t use Bank A’s internet facility to pay my bill for Bank B. What I can do is to transfer money over to my bank account at Bank B.

Using a cheque is troublesome because I do not have a chequebook, and I used to get my father to write cheques for me before I transfer money to his account. I still have to walk to the mailbox to post the letter. In addition, we have to pay for each cheque we send, and having a chequebook means you can only keep a current account, that does not earn you any interest. Furthermore, you need to keep a few thousand dollars there to avoid additional charges.

Using Giro may be a good way to solve the problem, because you do not need to worry about missing a payment. However, I dislike Giro due to a few reasons. First, I’ve read about how some people have problems stopping their Giro deductions, even after they have cancelled their cards or other payments.

Second, the date of deduction may not be right after your pay day, so there is a slight chance that you may forget to transfer money over to this account. That means you have to pay cancellation charges, and at the same time make late payment charges, if you happen to have low funds in this particular account.

Third, I prefer to have some control over the way I pay. I will be aware of how much I am spending if I do not use Giro.
 

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