Friday, February 1, 2008

Redeem full brokerage fees

It was brought to my attention by someone that you can actually redeem your brokerage fees in full. First of all you need to make bill payment to your brokerage for stock purchases using credit card as described in my post here.

If you have a Standard Chartered XtraSaver account, use the nets card to settle your DBS credit card bill. As you can earn rebates of 0.5% on your nets transaction with XtraSaver card, it can effectively offset your brokerage fee which is at 0.27% of your trading amount. You can read more on XtraSaver account here.

Isn't that wonderful? Now it makes it more compelling for me to open an XtraSaver account. The only drawback is that you have to deposit $6000 into the XtraSaver account.

I would like to thank a Channelnewsasia forummer by the nick of Verbatin for highlighting to me on this kind of arrangement. Well I am sure there are some who have known this kind of payment method but I am sure there are many others who are not aware. So I hope this tip can give you a bit of cost savings while you are on your road to financial freedom by reducing costs of investment.

4 comments:

Verbatin said...

MikeDirnt78,

do note the maximum cap for Nets cashback rebates using Standchart Xtra savers is $50 a mth (used to hv to cap of $300 a mth but standchart recently cap it at $50 a mth).

you can trade $10k a mth. pay your DBS card via AXS and get $50 cashback.

if u want to get more than $50 cash back - open 2 standchart Xtra Saver acct. one personal and another joint account with someone.

Mike Dirnt said...

Yes great stuff! thanks

Anonymous said...

mike,

no offence, i knew the trick before i came to this blog. but if this knowledge is shared more and more, the rules of the game will simply change, just like the rules in the trading market :) your call.

Mike Dirnt said...

Glad that you know earlier. :)

My objective is to share. And whatever benefits me should benefit everyone else.

Anyway there is no trick here. The dbs credit card payment has been around for very long time. im sure the dbs staff are aware. if not dbs staff should have removed credit card payment to broker together when they removed the rewards for cc payments