Can Singaporeans buy property in Thailand - All you need to know
Buying property in Thailand as a Singaporean? Learn more about how to buy, where to buy, restrictions and requirements.
If you are a Qoo10 shopper, the Bank of China (BOC) Qoo10 World Mastercard’s rebates on purchases can look pretty good. But before you sign up, its a good idea to read the fine print. To even get any rebates at all you need to spend a minimum of S$ 400 a month, with a minimum of S$ 800 per month to get the attractive rebates. More than that, the rebates you get are only for Qmoney, not real cash. Read on to unravel the complexities of this credit card.
If you want to save money when you shop on Qoo10 and spend overseas, take a look at Wise multi-currency card |
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At its core, the BOC Qoo10 World Mastercard works like a normal credit card. You’ll be given a credit line once you are approved, which you can spend against. Then, after every statement cycle, you will receive a bill with the full and minimum amounts to pay back. If you aren't able to pay back the entire amount, the remaining balance will be hit with an interest rate.
Although the BOC Qoo10 World Mastercard has attractive rebate offers, it doesn’t mean that the card is easy on the wallet. Take a look at the fees associated with the card below, and how it compares to the Wise multi-currency borderless card. The Wise borderless card is on average 7x cheaper than the banks.
Bank of China Qoo10 World Mastercard®¹ | Wise borderless card | |
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Annual fee | S$ 203.30 | None |
Annual interest rate | 28.8% | None |
Overseas exchange rate | Set by Mastercard | Mid-market exchange rate |
Late payment fee | S$ 100, or 5% of the unpaid amount, whichever is higher | None |
Minimum monthly repayment | 3% of the outstanding balance | None |
Foreign currency transaction fee | 3% | None |
Cash advance transaction fee | 6% of the amount withdrawn with a min. of S$ 20 | None |
Overlimit fee | S$ 40 | None |
To apply for the BOC Qoo10 World Mastercard, you need to be at least 21 years old. If you are a Singapore citizen or a PR, the minimum annual income requirement is S$ 30,000. If you are a Singapore citizen/PR between the ages of 55-65 the annual income requirement is reduced to S$ 15,000. If you are a Foreigner, the minimum annual income requirement is S$ 60,000.
If you aren’t able to make the income requirement there are two options. You can either put down a fixed deposit collateral of S$ 10,000, or your application can be switched to the BOC Qoo10 Platinum Mastercard. That card has a lower threshold.
You can apply through the credit card’s website, your local BOC bank near you, or through the downloadable paper application. If you have MyInfo, you can easily apply online.²
The BOC Qoo10 World Mastercard can be used as a regular credit card to shop, dine and to pay for day to day expenses. The biggest perk is, of course, the rebate offered by Qoo10 on your purchases. But read closely, because the rebates are only for more Qmoney, not real cash in hand.
First, there is a minimum monthly spend of S$ 400 on the card to qualify for any rebate at all. Spend below S$ 400 a month, and you won’t get any rebates. Once you have met this minimum spend, you will get a 3% rebate on Qoo10 purchases and .3% on all other purchases. And the rebate comes in the form of Qmoney, and not actual money to your account.
Now, to get the additional 15% rebate on public transport spend, 10% on Qoo10 spend, and 3% spend on certain categories, you need to spend a minimum of S$ 800 a month on the card. So this card only really works in your favor if you spend the minimums on it regularly.
Again, the rebates you receive will be in Qoo10’s own Qmoney and there is a cap per month. You can only get a max of S$ 30 as a rebate on Qoo10 spend, and S$ 40 on all others. So the total maximum rebate you can get per month is S$ 70.³
For a shopping-oriented card, the BOC Qoo10 World Mastercard doesn’t necessarily make it cheaper to shop globally. In fact, you are hit with two different fees when you are shopping abroad or online from a global brand. First is the foreign transaction fee of 3% on any and all purchases. The second is a hidden fee in the exchange rate.
With this credit card, Mastercard sets the exchange rate it gives you. And what happens is that the rate you get is weaker than the rate the banks and companies use themselves. By giving you a weaker rate, the bank and credit card company is able to take a slice of every transaction. That means less money in your wallet, and more in theirs.
But with the Wise borderless card, shopping globally does not need to be this way. The borderless card always gives you the mid-market exchange rate, which is the rate you see on Google, and only one conversion fee. No hidden fees here.
The Wise borderless card on average lets you shop, spend and travel cheaper than the banks. With one account, you can hold 40+ currencies that you can spend locally. And you can take cash out at ATMs wherever you are for free up to S$ 350. All you have to pay is one low conversion fee of between .35-1% whenever you move money out of Singapore dollars. So if you are shopping on Alibaba, Amazon or Qoo10, you only have that one fee. With no gimmicks or confusing rebates, you get to keep real money in your wallet with the Wise borderless card.
Sources used for this article:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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