Tips on managing your spending
Credit Cards and Charge Cards are important financial management tools that allow you to purchase the things you want sooner - and pay for them later. But, because Cards are so convenient, it can be tempting to overuse them, and overspend your budget. The popular use of Cards also made them attractive target of fraudsters.
Being Card Smart includes knowing how to manage your spending, realising the importance of having a good Credit rating and safeguarding your Cards from fraudulent use.
These simple tips can help you be even more Card smart:
1. Know your Credit limit and don’t exceed it.
2. Know the due date of your payment and be disciplined about making payment on time and account for processing time at your financial institution.
3. Always pay at least the minimum due to keep your account in good standing. For Charge Cards, remember to always pay your balance owing in full and on time each month.
4. Maintain your preferred interest rate by paying at least your minimum payment on time each month.
5. Consider consolidating outstanding balances into one convenient payment or to a lower interest rate.
6. Use online financial management tools to keep track of your Card spending. That way, there are no surprises when your statement arrives.
7. Avoid taking cash advances. They often incur a fee and can add to your debt and borrowing levels.
8. Make a budget, and stick to it. Track your spending to help you remain aware and in control of your purchasing behaviour.
9. Regularly review your monthly statements to ensure that there are no errors or unauthorised charges on your Account.
Quick tips to safeguard your Card
- Keep your Cards in safe places and know where they are at all times
- Sign on the signature panel of your Card as soon as you receive it
- Promptly inform American Express upon any incidence of lost, stolen or fraudulent usage on your Card(s)
- Enrol for Card Alerts to receive notification via SMS/email of any transaction on your Card account above a specified amount. Once enrolled, the default amount is S$1,000, but you can always log in to your online account to make changes to your transaction alerts preferences.
Should your Card get lost or stolen, it is important to report it as soon as possible. Speak to our dedicated servicing team who're available 24 hours a day, 7 days a week immediately to report the loss.
Our online services let you manage your finances and access your Account whenever you want, wherever you are, 24 hours a day.
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Preparing a budget
A budget can be a big help when it comes to managing spending and staying in control of your finances.
Learn more about budgets >