Thursday, February 27, 2014

Random thoughts: My second horrible experience with UOB card

Readers would know that I feel cheated by the telemarketer of UOB one card.

I didn't use the card anymore, but have not terminate it.

I thought it is good to have another credit card from another bank.

I still have  a $50 rebate not used. Think my appeal the other time work.

But I just cancelled all my cards with UOB, very upset with how they work.

I think a few years ago, I receive an UOB visa card. I didn't activate it. I have no use for it.

I didn't receive any statement from it, so although the account number appear in my online account, I thought it is dormant.

To my horror, I receive an consolidate bill with my UOB one card, stating that I have 90 over dollars outstanding. Huh? I never use the card.

Ok, $35 for membership, $60 for late payment penalty.

I want nothing to do with UOB card from now on.

Talk to the bank to waive it? Forget it! I will view UOB cards like I feel most s-chips companies, unscrupulous. I want nothing to do with it anymore.

I will use Lim and Tan to buy shares from now on. There will not miss a small pathetic customer like me, but they can forget about earning another cent from me.



  1. obviously you are a credit card IDIOT. Whether it is UOB or ANY other bank, even if you don't use the card you will still be charged an ANNUAL FEE except NON-Annual fee cards. As this is a charge and you dont pay, the SYSTEM auto charges you a late fee. Rather than show how pathetic you are as a "FINANCIAL BLOGGER" in terms of personal finance , why not find out whether if this is an industry norm instead. I worked for 10 banks including 2 call centers before I started my own biz and you really remind me of those personal finance idiots that I use to deal with in customer service who scream their head off when all this is just par for the course.

    Don't believe me ? Try doing it to other banks CC as well

  2. Hi Charles,

    U are right that I am idiot. But I would expect a statement telling me I incurred annual fees for it. I would have call to get it waive or just pay if off.

    It happen to me when I hold an HSBC card, for signing up perks. One year later I receive statement that I have incurred such fees. I didn't just happen to me, it happen to my wife too. I never have problem with Ocbc.

    I always receive statement for uob one card, but never for visa Card. If I incurred yearly fees, they could have send a separate statement or like they did, send a consolidate statement telling me I have incurred an annual fees.

    Why wait for late penalty to be incurred and then send the consolidated statement to me.

    But point taken, as I blog, I do realised more and more of my inadequacies, I do intent to blog less or even just stop.

    Anyway, thanks for your honest comments. I didn't scream at call tellers. I didn't like unsolicited cards send to me, such that I have to terminate it without applying it. Thanks for reminding me that this is industry norm.

  3. I am not sure about this, but I feel that Mr Sillyinvestor has highlighted that he did not activate the card.

    I do not think it is fair to him that the bank charge him for the things he never used (, or even touched).

    It just like a loan shark depositing money into my bank account forcefully and request for interests payment from me.

    What if I never received the card, or the card was lost in mail. Are the bank going to charge me for not using the (lost) card?

  4. Hi Raymond,

    Thanks. Dun call me Mr la, u are too polite. Actually after thinking through the whole thing, while I am an idiot in some ways, UOB card is really not steady in some ways.

    It happen 6 years ago, then my card was apparently used by someone else for booking Tiger airway trip. When I try to get the cost waived by visiting both UOB and tiger airways, I terminate the card then and then. Tiger airway agreed to waive the costs. They ask me if u wanted a replacement card, I said no.

    I didn't receive any card until 2-3 years ago. On hindsight, that card was never terminated, they send me a replacement card after expiry of the card. I never paid a single year of annual fees.

    I was lazy and silly, should have call and ask them to wake up their ideas then and then.

    For past 2 years, I receive not a single statement or a request for annual fees. I do understand most cards have a number of years of free membership, I guess my free period is over.

    I believe they should not send an unsolicited card when I have indicate clearly I do not need a replacement card. I believe they should have given me a statement when I am up for annual fees charge.

    I am not without fault, and as Charles pointed out, an idiot in some ways. But I do not think UOB cards did a good job either.

  5. Hi,

    Anyway MAS has clamped down on unsolicited cards so if you say this card is some time back, it is possible is an unsolicited card.

    As for not sending you statement, that is unlikely because once there is any activity on the statement, the system sends you a statement (either e-statement or physical depending on what you opt for) . You could have missed it out like I do sometimes when I get statements from 7 different banks every end of the month.

    However, the point is that any credit facility that is under your name is your own responsibility, so if you do not need the CC , best is call in and cancel. Best time to call in is usually 2-5pm in the afternoon and after 1AM at night . Using a pin verified system will get you priority q =)

    Also, waiver of fees you can just call in and request for waiver via automated system so you do not need to Q .

  6. Hi,

    I really think you should call UOB, get them to waive the annual fees and late charge and say you don't want the credit card or go direct to the bank. Cos there is such a thing call credit bureau and your late payment and non payment (think if more than 2 months) will be recorded there and cause your credit score to suffer. And i believe any late payment or non payment can be recorded for a few years.

    This will affect you later if you apply to other credit cards or loans (ie housing loan). May get low score and cause your loan or credit card application to be rejected. So better cancel asap and tell them cancel it.

  7. Hi Charles,

    I am sure I receive no statement. It happens to my wife too. It could be lost in transition or someone at home threw it away, that I wouldn't know. I am aware of the e-statement option, that is my arrangement with oCBC

    Nonetheless, it's all over since I have terminate all cards with them.

    Will have to be more card savvy as u said. Thank you for all the tips u give. Will keep them in mind. U are right about being responsible for our own card. This time round, they say they will send an confirmation letter for termination, I will double check if there is no letter after a week or so.

  8. Hmm.. Thanks for your advice.

    Maybe I should ...

    I am glad my grumbling throw up so much info and CC which I didn't know from u and Charles.

    Thank you. I benefitted and I think others will too

  9. Hi ,

    To add on to lemizeraq..... payment are reflected for a 12 PAYMENT cycle . However unless it is more than 30 days past due, it is not considered as "adverse" and would reflect as normal payment in your report. However, it is actually a bad idea to close the account IF you have an adverse payment record , it will still be shown years down the road as the report reflects PAYMENT cycle NOT monthly CYCLE ! It would be better to use it for 1 sgd payment and pay off in full for the next 12 months to remove it from your PAYMENT cycle in your Credit Bureau Report (and improve your credit score) OR you can just leave it as it is for 12 month cycles (the dash will slowly "push back: your credit report.

    And VERY VERY important to stress this.... NEVER EVER close off an account when there is still outstanding balance. This is adverse and highly permanent on your record even if the amount is 1sgd. The CBR only reflects payment records (full, partial, non-payment) it does not record outstanding amounts. This is almost equivalent to NEAR-DEFAULT status in banking parlance.

    Ensure that all charges are waived BEFORE closure.

    It is the system like NS, scold all you like it will still be here =)

  10. Oh...

    That is something new, the telemarketer did ask me to clear the balance first, which I did, so no issue with that.

    No wonder that always say pay first, we will process the waive later