Forum
Last updated: 

How can I apply for the Debt Consolidation Plan and who is eligible for it?

If I am correct, the CIMB Platinum MasterCard’s Debt Consolidation is a debt refinancing program which offers the customer the option to consolidate all his unsecured credit facilities across financial institutions with 1 participating financial institution. How exactly do I go about applying for this plan?

User comments

  • user image

    No Name

    You may approach any of the 14 Participating financial institutions which offer the Debt Consolidation Plan to apply for a Debt Consolidation Plan. An applicant is only allowed to apply once with one Participating financial institution in Singapore as an applicant can only have one Debt Consolidation Plan. To be eligible for DCP, you must be a Singapore Citizen or Permanent Resident; and earn between $30,000 and $120,000 per annum plus have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times of your monthly income. However, certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/or credit facilities granted for businesses or business purposes

    2019.08.01 4:13

Please leave your knowledge and opinion!

Recommending Forums

Investment

Who can please share with me the features and benefits you enjoy with the CIMB Platinum MasterCard?

CIMB Platinum Mastercard

Related Forums

Investment

WHat is the best way to invest my money on?

Investment

What are the different types of stock?

Investment

Why should I invest my money in Singapore?

Investment

What are the characteristics of a bond?

Investment

What is the best unlimited mobile data plan in Singapore?

Investment

Are there free sim plans in Singapore?

Related Reviews

Investment

40,000 Membership Rewards points to refer a friends to the card

I like the idea that I can receive 40,000 Membership Rewards points when I get to successfully refer any of my friends to the card. Even more so as my friends can also receive 40,000 Membership Rewards points upon spend of S$5,000 in the first 3 months of their Card Membership. I think that is pretty much a win-win situation.

American Express Platinum Card / American Express International

Investment

Close to 6.5% rebates on dining

I have held this card for quite a long time and one thing I like about the card is the fact that it is used for CapitaLand malls and they are almost everywhere. So I enjoy dining taking advantage of the 10x rewards merchants to accumulate the points faster. Imagine getting close to 6.5% rebates on dining. Not to forget their sign up bonus of $60 rebates in vouchers when you spend $1,500. That's a 4% rebate excluding the points you will earn which will convert into vouchers too.

American Express CapitaCard / American Express International

Investment

Spa privileges that come with card membership

I find it very pleasant and rewarding the Platinum Wellness offerings of the AMEX Express Platinum Credit Card as I get to rest and replenish after a hard week at work. I treat myself to spa privileges that come with my Card Membership with spa vouchers from Adeva Spa, Spa Rael and The Ultimate. I do this one’s a week and enjoy up to 40% off à la carte spa services at Adeva Spa, Spa Rael and The Ultimate. Simply relaxing and feels good to be pampered.

American Express Platinum Credit Card / American Express International

Investment

Fee waivers and No transfe fees

The AMEX Express Singapore Airlines Solitaire PPS Credit Card gives a First Year Fee Waiver for you to enjoy and also for your supplementary card members. In addition there are no transfer fees and all the KrisFlyer miles you can earn are directly transferred automatically to your KrisFlyer account with no transfer fee. I would recommend this card for these few reasons which could really make the difference.

American Express Singapore Airlines Solitaire PPS Credit Card / American Express International

Investment

Zero Travel Related Online Merchants

The Citi SMRT card is a pretty decent card for spending but they unfortunately exclude travel related online merchants. This to me is the downside of the card and may be a reason to get another card for travel websites.

Citi Prestige Card / Citibank Singapore

Investment

Family Package Rewards

My family had a really fun time with the 10% off Siam Adventure Club Family Package Booking which came with breakfast for 2 adults and up to 2 kids with a Kids room setup in room and full access to kids activities. We even enjoyed daily evening drinks for whole family on selected menu from 5pm to 6pm.

HSBC VISA Platinum Credit Card / HSBC Bank Singapore