Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Thursday 13 July 2023

[Credit Card] Earn Miles Cheap With CitiBank


Citibank launched a Citi PayAll promotion in April 2023.

For every dollar spent via Citi PayAll from 20 April 2023 to 20 August 2023, customers who pay a fee will enable the amount spent to be eligible to earn miles/points + bonus miles/points.


What is Citi PayAll?

Citi PayAll is a service offered by Citibank in Singapore that allows Citibank credit cardholders to make payments to various recipients using their credit cards.

It enables customers to pay for expenses such as rent, education fees, taxes, and insurance premiums, which are typically not payable by credit card. 

The service is free to use to pay for these items.

However, for a small fee, customers can earn rewards, cashback, or air miles on these credit card transactions that they wouldn't have been able to earn otherwise. 

It essentially provides customers with the convenience of using their credit cards for a broader range of payments, thus maximizing their credit card benefits. 

The fee is currently 2.2%, however, it may differ for each individual.


Is it Worthwhile to Pay a Fee for Miles?

It depends on your circumstances.

Let's say you need to pay $5,000 for your annual insurance.

If you don't want to earn any rewards via your credit card, you can pay it via any means you like (PayNow, Giro, etc).

However, if you pay using Citi PayAll + Citi PayAll fees of 2.2%, the fees work out to be $110.00.

So you will end up paying $5,110.00, and in return, you will earn 6000 Citi air miles (1.2mile/$1 spent), or 1.83¢/mile.

However, Citibank is currently having a promotion where every Citi PayAll transaction earns 2.2 miles instead of 1.2 miles.

So your $110.00 fees paid will earn you an extra 5000 Citi air miles, which works out to 1¢/mile.



Recommended Read: Why You Should Max Your CPF Retirement Sum Early


Is 1.x ¢/mile Worthwhile?

We did some math, and you can judge it for yourself.

For a more detailed explanation, you can refer to our previous article HERE.


The lowest cost/mile is a two-way trip to Tokyo on Economy, and it costs 1.4¢/mile.

If you paid 1¢/mile, the two-way trip to Tokyo on Economy would cost $900.00, add in all the other taxes etc, it will cost about $1,000.00.

You could save almost 40% on that trip just by using miles instead of paying for the flight itself.

But the savings are most significant when you fly business class, where the savings could be almost 70%, as shown below.



Alternative Airlines/Transfer Partners?

We converted the Citi air miles into Kris Flyer air miles and checked how worthwhile it would be to be buying miles in order to use them to redeem for flights.

However, we found that Citi has 11 other airline partners you can transfer your miles, and some of them will offer better conversion rates than SIA - aka fewer miles to the same destination.



Recommended Read: Why is CPF Ordinary Account Interest Not Rising?


Conclusion

It is up to individuals to determine if it is worthwhile or not for them to pay to accumulate miles or not.

For myself, I'm currently in the process of accumulating miles for a return business ticket to Paris, and I calculated that it is worthwhile for me to do this -> $2.7k (to buy miles) vs $7.7k (cost of the tix).

But, if you are interested in paying for miles but have no huge expenses coming up for you to spend to earn the miles while the promo last, fret not!

At InvestmentStab, we are always here to help our readers maximise the tricks and tips that we are working on.

So to help our readers who want to buy miles but have no major expenses coming up, we have launched a new concierge service called CardPerks.

We connect you with business expenses to pay using your credit cards, then reimburse you the amount less our fees.

For more detail, refer to the link above or here.



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Thursday 29 June 2023

[Credit Card] How Much Are Air Miles Worth?



Could not find an article online about how much air miles are worth, so I decided to write one myself.

First things first: Air Miles or Cashback?

This is the thing that has split the internet since the dawn of credit card rewards.

Both sides will have their fair share of arguments to support their team, and we are not going to get into it.

Instead, today, we will be going into the math of air miles to determine if it is valuable to us.



How Much Are Air Miles Worth?


If you ask different people, there will be different answers, particularly depending on which credit card you use and which airline you are transferring the miles to.

Using SIA flights as the basis of comparison, we compared how much each miles are worth based on their corresponding flight cost.

So for a 1-way ticket to New York, it will cost $2908.50 or 75k KrisFlyer miles + $120.10.

This makes the miles worth about 3.7¢ each ( [2908.50-120.1] / 75k).



Business Class Flights

If you take Business Class flights, then the air miles will be worth much more.


*Miles and flight cost calculation are done based on flight searches done on 22 June 2023 for flights flying on 17 October 2023 and returning on 27 October 2023. Different searches/flights may get differing results. These cost/rewards are also subjected to changes based on the credit cards and airlines' discretion.


Recommended Read: Why You Should Max Your CPF Retirement Sum Early


Is It Worth It To Redeem Miles For Flight?


It depends on how much are you paying for your miles.

For example, if you use the Citi PremierMiles card, the card rewards you with 10,000 Citi Air Miles (equivalent to 10,000 KrisFlyer miles), if you pay the annual fee of $194.40.

This means each mile cost 1.94¢.

You probably don't want to be using them to redeem economy flights to Tokyo because mathematically, you are better off paying cash for the flights (it'll cost 1.9¢ instead of 1.94¢ per mile).

But it is definitely worthwhile if you redeem it for a economy flight to New York, which cost 3.7¢/mile -> you get almost a 50% discount redeeming the annual fee's miles for the flight.

But, if you are just going about your day and earning miles on your usual spending for free, then the cost/miles to you is $0.00.



Recommended Read: Simplifying UOB's 7.8% Interest Rate


So...What Are The Cons of Redeeming Miles?


1. Not much flights available

For example, if you chose to pay cash for trips to Tokyo, you will see more than 5 flights available to choose from.

But if you choose to redeem miles, there's only 3 flight options available.

However, this could due to late booking (book earlier if you want to use miles) or could be just that miles aren't as "flexible" as cash.


2. Waitlist for Flights

Simple to understand booking mechanism: you see seats that are available and you can instantly book them.

Then, SIA decided to be special and gives you this option to be on a "waitlist" for a flight - which I cannot understand because not every flight has this waitlist thing.

For the waitlist, the explanation given is that you will be given the seat if and when it becomes available.

If the seat is available, why can't I just book it instead of having to wait?

If the seat is not available but I am allowed to be waiting for a seat to "become available", why can't I be allowed to "waitlist" myself on any and every other flights that are full?

I don't understand the logic for this, but it is what it is.

And apparently, quite a lot of flight seats are "waitlist" seats, especially business class seats.



Recommended Read: Why is CPF Ordinary Account Interest Not Rising?


Conclusion


Knowing how much you paid for your miles is crucial in knowing if it is worthwhile redeeming them for certain perks.

In general, miles are much more worthwhile redeeming for flights than they are for hotels, vouchers, or other rewards.

However, as you can see from our calculations above, not all flights are redeemed equal, and it is best to check which mile redemption gives you the best bang for your buck!



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Monday 5 June 2023

[CPF] Why is CPF Ordinary Account Interest Not Rising?


On 29th May 2023, CPF Board announced that they will increase the interest rate on Special Account (SA) and Medisave Account (MA) to 4.01% for July-September 2023.


The CPF Ordinary Account (OA) and Retirement Account (RA) interest rates will remain at 2.5% and 4% respectively.


With interest increasing on things like mortgages and loans, fixed deposits and government securities, why is it CPF interest has barely changed?

We will explain it today in this article.



Recommended Read: Trevor Noah Explaining CPF


How is Ordinary Account (OA) Interest Calculated?


Every three months, CPF will look at the average 3-month interest rates provided by the main local banks.

If the 3-month bank rate is > 2.5%, the bank rate will be used as the interest rate for the next 3 months.

If the 3-month bank rate is < 2.5%, 2.5% will be used as the interest rate for the next 3 months.



Recommended Read: Why You Should Max Your CPF Retirement Sum Early


What is the Average 3-Month Bank Rate?


The average 3-month bank rate for the period February-April 2023 is 0.66%.

Because it is lower than 2.5%, hence 2.5% is given to all CPF OA balances.



Recommended Read: Simplifying UOB's 7.8% Interest Rate


I Thought Banks are Giving Up To 7.5% Interest?


CPF uses the various banks' 3-month fixed deposit rates to determine the CPF OA rates.

The 7.5% rate given by the banks are "promotional" rate given on the respective banks' savings accounts.

The CPF OA uses the fixed deposit rate instead of the savings account rate, so even if the interest rates on savings accounts are higher, it will not affect the CPF OA interest rates.



Conclusion


Although the CPF OA interest rate is not increasing in the latest round of interest rate review, 2.5% is still a pretty good interest rate for an account that provides the flexibility of funding a home purchase, education, or investment.



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Wednesday 24 May 2023

[Profit] +17% Gain On The Icahn-Hindenburg Trade


I made a trade 3 weeks back when Hindenburg Research published a paper accusing the legendary activist investor, Carl Icahn, of running a Ponzi scheme with his listed investment vehicle; Icahn Enterprise L.P.  (IEP).



Background Story


On 2nd May 2023, Hindenburg Research published a paper online accusing the investor Carl Icahn, of running a Ponzi scheme and overvaluing its underlying investments to prop up the share price.

IEP stock crashed from $50 to $32 (-36%) within 2 days of the paper's release.

 


Recommended Read: Trevor Noah Explaining CPF


Analysis


I took notice of the massive dip and immediately thought if a short-term trade could happen in this scenario.

I went to look up the previous 2 companies that Hindenburg had released a short report on - Adani Enterprise and Block Inc; and noticed a trend.

Adani Enterprise -53% within 5 trading days of the short report released on 25 Jan 2023.

 
Block Inc -26% within 3 trading days of the short report released on 23 Mar 2023.

However, both stocks experienced a short-lived bounce back up within 5 days of their corresponding short-research release date.

Based on this, I was convinced that IEP would exhibit a similar trend pattern, bearing a closer resemblance to Block than Adani.

 


Recommended Read: Why You Should Max Your CPF Retirement Sum Early


Trade & Results


03 May 2023: I entered a position on IEP at $32/share. 

It had fallen more than Block over a shorter period of time. 

Given that Icahn was famed for being aggressive, it felt like it was about time he would make an announcement strong enough for the stock to bounce.


04 May 2023: IEP fell to $30/share. Held on because the upside is coming!


05 May 2023: Stock bounced to $38, but I sold all my positions at $37.50 because the upward momentum was losing steam towards the back half of the trading day.


Return: +17% over 3 days, not too shabby I would say.





Recommended Read: Simplifying UOB's 7.8% Interest Rate


Conclusion


I don't know how strong this trading strategy is, but so far it seems to be working fine on 3 examples.

I now look forward to the next Hindenburg short report, which I guess will be in July 2023, because they seem to be releasing one every two months.


If you like articles like this, you might like our other previous trade on Netflix, link below.


Recommended Read: My 30% Gain from Netflix


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Saturday 6 May 2023

供房贷:使用 CPF 还是用现金?


 
“我应该用 CPF 还是现金支付我每月的房贷?”

这可能是要买房的人们经常考虑的问题。

您应该选择哪个?

让我们来看看吧!




情境一:用现金支付房贷,把 CPF 里的钱留在 CPF 赚利息

这是最不常见新加坡人用来支房贷的方式。

  1. 当您将您的资金保留在 CPF OA 里,您可以赚取 CPF OA 的利息(2.5% + 1%)。
  2. 使用现金支付房贷款也不会产生 accrued interest。
  3. 但用此方式付房贷,您的流动现金会减少。因此不建议大多数人这样做,除非您有相当大的一笔现金或收入来维持您的每月房贷。

我所认识的那些人会这样做的人,

  1. 有足够的现金/工资支付他们每月的房贷,
  2. 故意保留他们的钱在 CPF 里以获得高利率。



情境二:使用 CPF 支付房贷


这是绝大部分新加坡人最常用来支付房贷的方式。


大多数人的想法是:我的钱被锁在 CPF 里。我得等到 65 岁才能取出,大不如好好把用它来支付我每个月的房贷。


  1. 您将无法赚取 CPF 利息,因为这笔钱已被用于支付您的物业。
  2. 您所动用的 CPF 资金将会累计 accrued interest。将来当您卖房子时,您需要将所动用的资金 + accrued interest 一起归还到您的 CPF 账户中。
  3. 您可以留有现金在手!手里有现金,若祥投资或用于其他用途都行。



总结

最后一切都得根据您自身的情况,决定哪个是最适合您的方式。

没有正确或错误的选择;只有是否适合您的选择。 


Recommended Read: Get Free $8+ By Signing Up For Google Pay
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Sunday 5 March 2023

ChatGPT says 'No' to NCMP Land Sales Proposal


In the recent budget debate, NCMP Hazel Poa proposed an alternative source of revenue to be added to Singapore's yearly budget.


Current Framework (CF):

  • Keep proceeds from land sales in reserves and invest them.
  • Allow up to 50% of investment returns generated from the proceeds to be spent in the budget under the NIRC.


Alternative Proposal (AP):

  • Land sale proceeds are dividend equally over its lease period, with each portion added into the corresponding year's budget as revenue.  
  • Invest the unused portion of the proceeds in reserves, with up to 50% of the investment returns allowed to be spent under the NRIC.


Needless to say, DPM Lawrence Wong rejected the proposal, citing that over the long term, the AP does not generate returns very different from the CF.



Recommended Read: Why We Still Need Insurance Agent


Introducing, ChatGPT


We figured, rather than rely on our brains, let's rely on an AI.

Hence we pit the CF against the AP in ChatGPT.

We screenshot the questions and answers we got below.


So, it doesn't seem ChatGPT is very pro the AP.

But, to make sure it is not biased, we also asked it what are the benefits of the AP.



Obviously, at this stage, ChatGPT started to contradict itself a little.

It first stated that drawing on land sales is volatile while NIRC provided stable funds.

Then it contradicts itself by saying that land sales are stable while NIRC is volatile due to investment risk.

Our conclusion is: to take the ChatGPT response with a pinch of salt.



Recommended Read: What I Learnt During My 1-Year SGUnited Traineeship - Part 1


Rationale of the Alternative Proposal


In personal finance, there are several schools of thought on how to manage money for retirement.

One of them is the "living off the interest" approach, which emphasises on:

  1. Accumulate a large pool of capital (principal)
  2. Spending only the returns generated by the principal
  3. Never draw down on the principal.
This is the approach utilised by the CF.

 

Another school of thought is the "4% rule movement", which emphasises:

  1. Accumulate a large pool of capital (principal)
  2. Principal and the returns generated go back into the pool to form the portfolio
  3. Draw 4% of the portfolio every year to spend

This is the approach utilised by the AP, but with a much more conservative twist: drawing only 1% instead of 4%.



Recommended Read: Trevor Noah Explaining CPF


Excel Spreadsheet


So we ran an Excel Spreadsheet just to see how much of a difference each framework would generate in terms of returns.

Below are some of our basic findings

  1. By the end of the 99-year period, CF would have 75% more funds than the AP.

  2. By the end of the 99-year period, CF would provide 57% more in annual NIRC contribution than the AP.

  3. Over the full 99-year period, CF would have contributed 23% more than the AP, in terms of total dollar contribution.

  4. In the beginning, AP would contribute more to the NIRC as compared to the CF. The switch will happen at the 35th-year mark, where onwards CF will start contributing more to the NIRC than the AP.

  5. At the 64th-year mark, CF would surpass the AP in total accumulated dollars contributed to the NIRC. 


Recommended Read: Why You Should Max Your CPF Retirement Sum Early


Conclusion


There is no right or wrong answer on this matter.

It is a matter of perspectives and personal preference.

Because at the end of the day, mathematically, both approaches still grow the reserves and contribute to the budget.

It is just whether we prefer the "living off the interest" approach (our current way) or the "4% rule movement" approach (NCMP's suggestion).

Personally, we're on the "living off the interest" camp, but that's our preference.

What about you?

Let us know in the comment section which approaches you prefer.


Recommended Read: Simplifying UOB's 7.8% Interest Rate


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Thursday 2 March 2023

Reasons Why the 99-Year Term Limit on Properties are a Must

There are 3 (R)easons why Singapore set a 99-year term limit on public housing and most private housing.

2 of which have been mentioned by the Singapore Government multiple times on multiple occasions.

The last reason was one we thought of as a potential reason that was not explained/explored by people.



Recommended Read: Trevor Noah Explaining CPF


Reason One: Revitalise old Building(s)


Buildings deteriorate over time.

Eventually, there will come a time to demolish and rebuild.

However, if no absolute deadline is set, the probability of the building being demolished is ZERO as people living inside the building will not allow it to happen.

Hence a rule (or law in this case) has to be set in place to mandatorily allow the buildings to be vacated for demolishing and rebuilding.



Recommended Read: Why We Still Need Insurance Agent


Reason Two: Re-purpose the Land


The second reason for the 99-year lease limit on public housing in Singapore is to ensure a sustainable supply of land for future generations. 

By having a set lease period, the government can plan for the redevelopment and renewal of housing estates and allocate land for new developments, such as parks, schools, and hospitals, in a systematic and sustainable manner. 

This helps to prevent a situation where land becomes scarce and unaffordable, which could lead to social unrest and economic inequality. 

Therefore, the 99-year lease limit serves as a long-term planning tool to ensure that land remains available and affordable for the benefit of all Singaporeans.



Recommended Read: What I Learnt During My 1-Year SGUnited Traineeship - Part 1


Reason Three: Reduce Land Concentration


The 99-year limit is required to prevent the land from being concentrated in the hands of a tiny group of the population.

The Pareto Principle (80-20 rule) has been shown to be evident in most social and economic situations, be it investments, properties, wealth, productivity, or even crime.

Should everyone be allowed to freely own their home indefinitely without a "redistribution" from an external force, it is only a matter of time before 80% of the land goes to 20% of the population, and the rest of the people have to scramble for the remaining 20% of the land.

There was a research that dove into land ownership in Singapore before we had the Land Acquisition Act (LAA).

Research had estimated that the Hadrami Arab community had at one point owned close to 50% of all the land in Singapore, although they made up less than 1% of the population.

They were one of the major property owners in Singapore before the implementation of the LAA.

Had it not been for the LAA, it would be safe to assume that there would most likely be a lot less land today for public use. 

Hence to prevent properties from concentrating into the hands of a few, term limits were set on properties so that the majority of the land would return back to the government for redistribution for the next generation.

Of course, this might be counterfactual as it has not happened.

But we definitely would not want to plan our policies in a way that would put this theory to the test.



Recommended Read: Why You Should Max Your CPF Retirement Sum Early


Conclusion


These are the 3 reasons why we think there's a 99-year limit on Singapore's lands.

Do you know of any other reasons?

Let us know in the comments below.


Recommended Read: Simplifying UOB's 7.8% Interest Rate


Fuel Our Caffeine Fix


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