Important changes to the prevailing interest rate for all outstanding balances of Salary Advance and Preferred Line of Credit accounts

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Important changes to the prevailing interest rate for all outstanding balances of Salary Advance and Preferred Line of Credit accounts

With effect from 4 April 2021 (inclusive of this date), the prevailing interest rate for all outstanding balances of Salary Advance accounts and Preferred Line of Credit accounts, will be revised to 17.9% p.a. as illustrated below.

The revised prevailing interest rate which is applicable to the outstanding balance of your Salary Advance account or Preferred Line of Credit account, as the case may be, is as notified to you by us in writing and can also be found in all statements issued by us, on or after 4 April 2021, for your Salary Advance account or Preferred Line of Credit account, as the case may be.

A new paragraph will be added to the “Personal Credit / Salary Advance / Personal Line of Credit” section of the Pricing Guide to reflect the changes which are stated above. The revised pricing guide which will take effect on 4 April 2021.

Outstanding balance	Prevailing interest rate	Prevailing interest rate from 4 April 2021(inclusive of this date)
S$0 – S$3,000	0% p.a.	17.9% p.a.
>S$3,000	17.9% p.a.	17.9% p.a.

Here are some examples to show how the change in the prevailing interest rates may impact you:

Scenario 1: If the outstanding balance of your Salary Advance or Preferred Line of Credit account is S$100 on 3 April 2021 and during the period of 3 to 5 April 2021 (both dates inclusive), no sums are credited to and no further withdrawals is made from your Salary Advance account or Preferred Line of Credit account, as the case may be.

Assumption: Statement cycle is on the 1^st of every month.

3 April 2021

(Prevailing interest rate)

4 April 2021

(Revised prevailing interest rate)

5 April 2021

(Revised prevailing interest rate)

Daily interest calculated on S$100 of outstanding amounts

S$100 * 0% * (1/365) = S$0.00

S$100 * 17.9% * (1/365) = S$0.05

Scenario 2: If the outstanding balance your Salary Advance or Preferred Line of Credit account is S$4,000 on 3 April 2021 and during the period of 3 to 5 April 2021 (both dates inclusive), no sums are credited to and no further withdrawals is made from your Salary Advance or Preferred Line of Credit account, as the case may be.

Assumption: Statement cycle is on the 1^st of every month.

	3 April 2021 (Prevailing interest rate)	4 April 2021 (Revised prevailing interest rate)	5 April 2021 (Revised prevailing interest rate)
Daily interest calculated for 1st S$3,000 of outstanding amounts	S$3,000 * 0% * (1/365) = S$0.00	S$3,000 * 17.9% * (1/365) = S$1.47	S$3,000 * 17.9% * (1/365) = S$1.47
Daily interest calculated subsequent S$1,000 of outstanding amounts	S$1,000 * 17.9% * (1/365) = S$0.49	S$1,000 * 17.9% * (1/365) = S$0.49	S$1,000 * 17.9% * (1/365) = S$0.49
Total daily interest charged	S$0.49	S$1.96	S$1.96

To learn more, please refer to the Frequently Asked Questions below, or call our 24-hour Client Contact Centre at 1800 747 7000.

Frequently Asked Questions

Is there a change to interest rate earned on credit balances?	There is no change to the interest rate which is applied to credit balances of Salary Advance and/or Preferred Line of Credit account.
Is there a change to how the interest on my account is computed?	The revised prevailing interest rate will apply with effect from 4 April 2021 (inclusive of this date) to all outstanding balances of your Salary Advance or Preferred Line of Credit account, including the first S$3,000 of outstanding balances. Interest will still be accrued on a daily basis and calculated based on a 365-day year, unless otherwise specified in our banking agreement. Interest will be charged to your account on the last day of each month, as long as there is an outstanding amount in the calendar month.
I have a personal credit balance transfer on my Salary Advance or Preferred Line of Credit account. Does my promotional rate still apply?	Yes, the promotional rate is applicable on your Salary Advance or Preferred Line of Credit account until the specified end date of the promotion period. The revised prevailing interest rate will apply after your promotional rate expires or if your Salary Advance or Preferred Line of Credit account is past due. An account is considered past due if the minimum payment due is not received in full on or before the due date set out in the statement we issue for your account. You may refer to your monthly statement for the expiry date of your promotional rate.
I have a Personal Credit, Credit Manhattan and/or Credit One account. Does the rate change apply?	No, the rate change only applies to Salary Advance and Preferred Line of Credit accounts. You will continue to enjoy the existing prevailing interest rates applicable on those account(s).

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Important changes to the prevailing interest rate for all outstanding balances of Salary Advance and Preferred Line of Credit accounts