29 March 2014

Finally Received My POSB Everyday Card (Update)

Previous post.

Now I know how to use my credit card! I went to Sheng Siong, trying my best not to look stupid and told the cashier, "charge to this card", she took the card and did her stuff, then she took out a small writing pad with a pen, I asked, "sign here?", she smiled and said wait for the receipt haha, nabehz, first time use kena caught by her! Anyway next thing she took the receipt and asked me to sign on it and that's it, my first credit card payment completed.

And regarding the EZ-Reload feature, I checked the terms and conditions and found that the auto-top can only happen once every 24 hours, quote:

2.3  Notwithstanding  anything  to  the  contrary  herein  contained,  the  Account  Holder  agrees  that  a minimum period of 24 hours must elapse between each Revaluation for each EZ-Reload by Card Enabled ez-link card. EZ-Link shall not be obliged to revalue the EZ-Reload by Card Enabled ez-link card with another Revaluation Amount until after the Account has been successfully debited for any previous Revaluation Amounts.

And let's say if I lose my card, they will cancel it within 48 hours after I report the loss:

6.2  EZ-Link  shall  cancel  the  Lost  ez-link  Card  within  48  hours  after  a  Lost  ez-link  Card  has  been reported  in  accordance  with  paragraph  6.1.  EZ-Link  shall  refund  to  the  Account  Holder  the remaining Stored Value on the Lost ez-link Card (if any) within 4 weeks of the date of cancellation. EZ-Link shall not be liable to refund to the Account Holder for any monies deducted from the Lost ez-link Card within the period of 48 hours after the Lost ez-link Card has been reported lost:

And seems like they have a free insurance to cover up to $10 loss:

17. Upon registration for the ACTIVATE! Programme, you will automatically be extended complimentary insurance cover from ACE Insurance Limited to protect you against unauthorized usage on your registered card that has been reported lost. The cover is up to $10.00 of unauthorized usage, and you may only make one insurance claim per policy year in relation to one of your registered ez-link cards . Please call our customer hotline at 6496 8300 to make your loss report and to invoke the insurance claim for the lost card. You will also need to file a police report and submit it to customerservice@ezlink.com.sg within 7 days after you report the card loss before we can proceed with the insurance claim.

Still sounds risky because they can take up to 48 hours to cancel the card, 2 days a lot of things can happen, let's say I set the auto-top-up amount as $50 to maximise the rebates, my card still have say $50 because I top-up yesterday, and today I lose my card and I go report, the person who picks up use up the $50 and it auto-top-up another $50, he also use finish, tomorrow he still can use another $50, so in total I can lose up to $150! The rebates and $10 insurance cover also not enough to cover the loss! And also their reporting hotline seems to be available from 8am to 6pm only, I think it's daily excluding public holidays:

Contact EZ-Link

For queries on the EZ-Reload by Card, EZ-Reload by GIRO and EZ-Online,
please call 6496 - 8300.
Operating Hours: 0800 - 1800 daily except public holidays.

Compared to credit card loss, I am not liable for any transactions from the date and time of report and reporting is very easy because their hotline is 24 hours, you report the loss they immediately cancel the card:

How do I cancel my card if it’s lost or stolen?

If your debit or credit card is lost or stolen, you should report it immediately. We’ll cancel it and arrange a new card for you.

Once you report that your card is lost or stolen, you will not be liable for any fraudulent transactions on your lost or stolen card from the time you notify us:

    In Singapore: Call our Customer Service Centre on 1800 111 1111.
    From overseas: Call +65 6327 2265.

So my conclusion is I will not use the EZ-Reload service, I find it too risky, anyway topping up the EZ-Link card is not difficult, just top up once a week and that's it!

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