Loopholes #1: Diners Credit Card

Awhile back, Citibank wouldn’t give me their free credit card, so when Diners approached me and offered me their free credit card, I went ahead and took up their offer. Diners isn’t widely recognized, but I did find out some nice perks to it.

CPF Contributions

Since I’m a freelancer, I don’t have CPF contributions at all. Self-employed people have the option to put money in their CPF. In doing so, you save on having to pay tax on that amount of money, while earning a 2.5%-4.5%* interest rate on your CPF balance. This amount is currently higher then what banks would offer you.

CPF did a tie up with Diners Credit Card, and now, you can make CPF contributions via your Diners, at AXS stations. Here’s the thing: Every transaction you make is treated as a credit card transaction ie. you earn points! So if you are going to make contributions to your CPF anyhow, might as well earn some points while you’re at it right?

So basically by contributing, and with Diners:

    (1) Amount is not taxable
    (2) Interest rates of 2.5%-4.5%* per annum
    (3) Earn points through Diners

So if I contribute $3000, I can exchange for 2 Diners long umbrella, or a $20 Yum Cha voucher.

If I contributed by NETS or online banking, I don’t get freebies!

Of course since my Diners have a $500 limit, I had to pay off my $500 before I could charge it again. It’s kinda a stupid system if you think of it really, cause you can pay off your Diners at the same AXS station you contributed at. It’s kinda like playing the slot machines at a casino, only you definitely win. Haha.

Road Tax

Diners made tie ups such that you can pay your road tax on installment plans of up to 6 mths interest free.

So basically by contributing, and with Diners:

    (1) 0% interest instalment Plan of up to 6 months
    (2) No service or activation charge
    (3) Earn points through Diners

And if you are afraid you’ll forget to pay your monthly installments, you can always pre-schedule internet banking payments to Diners for the next 6 months.

p/s I’m not being paid by Diners to advertise for them! But if you do decide to sign up as a result of this article, and you would like to help me earn an umbrella, drop me a comment so I can recommend you. Lol.

* Do check CPF for latest interest rates.

Leave a Reply