EZ-reload is the feature where you can link up your ez link card to automatically top up a pre-determined amount. This feature used to be free for the older ez link card, but it is currently chargeable for a fee of 25 cts for every automatic reload. This pisses off quite a lot of people, as far as I remembered. A service that is rendered free suddenly becomes chargeable, so the response is thus understandable, especially to the lower income household where 25 cts can be a part of the cost of a trip.
However, with this 2% cash rebate, things will be different. I worked out the maths of the whole deal. No matter how much you pre-set for the auto top up to occur, there will always be a charge of 25 cts. I think it's more worthwhile to put a higher pre set amount (I think you can do $20, $30, $40 or $50) to reduce the percentage of the charges. Here's a table to show you the summary:
As you can see, by getting the ez-reload using POSB everyday card, you can not only offset the admin cost of 25 cts but also earn a tiny sum ranging from 16 cts to 76 cts, depending on the top up amount that you pre-set. Seems like a good deal. The advantages of such a deal is obvious - besides the cost savings (in fact, it's earning you some cents), there's also the time savings feature. In the past, before I used this ez-reload feature, I've to keep in mind the value in my ez link card. If it's nearing $5, I'll top up because if it runs out, I'll be in trouble. Now, it's going to be one less thing off my mind. The final advantage is that you can carry less cards, since a credit card and the ez link card is merged into one.
The disadvantages are as follows:
1. Precisely because there are so many features packed into one card, the card becomes immensely important. It better don't get lost because you'll have to cancel both the ez-link reload feature as well as the credit card. Not for people who are careless and have a history of losing such things.
2. The feature is good while it lasts. Not sure if there's any time duration for such cash rebates. It could be a permanent feature of the card. Citi smrt card is also joining the band wagon to offer 2% cash rebates for ez-link reload.
Anyone who wants to apply can go to this link here and follow the instructions. It's really quite simple.
8 comments :
hello can advise where in ibanking can we check the rebate amount accumulated? i can't seem to find it.. thanks!
Hi anonymous,
Go to account summary. You should see that under the "credit card accounts at a glance", there's a link for POSB everyday card.
Click on that link, you'll be brought to the credit/charge card summary. Look for a link with your 16 digit credit card number. Click on it and you'll be brought to another screen.
Below the date/time line, there'll be buttons to click for unbilled transactions/current statement/previous statement/cash rebate. Click on the cash rebate.
You'll see the rebate amount accumulated.
hi! I did the same calculation when I first heard of the 2% rebate a few months back, and came to the same conclusion as you. :)
additional tip#1: it makes sense, therefore, that the faster you use up the cash value in the card, the more frequent ez-reload will occur = more rebates
additional tip#2: the train is not the only place where ez-link can be used ;)
-bryan
Hi Bryan,
Hmm, for I'm aware that other places can use ez-link card. Mac donalds for example, right? Hmm, maybe I can use that next time.
As for tip 1, I agree that the faster you use it, the more rebates you would have. But to purposely use more of the card to get the miserly rebate doesn't make much sense, since the 'profit' is only a few cents. Of course, if you use it for getting the stuff you're getting anyway, it's fine.
But really, thanks for the comments and the tips!
how about linking your ezlink card to a uob one card. they give up to 3.33% cash rebate. the admin fee of $0.25 is also charged, and you carry 2 cards (ezlink and uob one card) instead of just 1 (everyday card).
Hi,
Why would I want two cards instead of just 1? Secondly, I think the 3.33% cash rebate is conditional right - meaning that if you hit certain min for a quarter of a yr consecutively, then you'll get it.
Anyway, it's just too troublesome. The pt of doing this is not mainly for the cash rebate, should wouldn't amount to much, but the kick of finding a loophole around a system where they charge pple for a service which was once free.
At least that's my viewpoint lah..thanks :)
Hi LP,
Was reading on your 'cheat code'.
Correct me if I'm worng. I believe for those with XtraSaver account, you can achieve the same 2% rebate by topping up using the XtraSaver debit card. The main advantage you earn real cash and will be debited back to your account montly.
Not sure if you can top up multiple Ez-link cards with the same debit card. If so, you can consolidate your family members and earn more cash rebate.
Cheers!
Derek
Hi derek,
I've no idea on whether we can do the same by using debit card. I suppose it can. But to use the machine, you'll have to use nets right? I think the rebate is slightly different for nets as compared to mastercard using the same debit card.
The main purpose of this 'cheat' is to reduce the time spent on queuing up, not so much as to earn on cash rebate. It's not going to be much anyway :)
BTW, using posb card, the rebates is also counted as cash and is debited straight to your account once you spend. It can be used to pay for credit card bills, so it's as good as cash.
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