Here is a simple guide to set up GIRO arrangement to pay all your credit card bills on time and in full: Since I never advocate spending money we don’t have, to me, a credit card works like a debit card + rewards + additional level of security.
With the General Interbank Recurring Order (GIRO), you can easily pay billing organizations (BO) through your bank account using a convenient, cashless, paperless payment option. You’ll be able to set up automatic electronic payments, where funds is taken out of your DBS/POSB account and sent to your chosen billing organization. Make sure there are enough funds in your bank account by the due date for the payment to be successful. Otherwise, you will be charged $30 for a failed GIRO payment.
I recommend getting the HSBC Everyday Global Account to pay your credit card bills to earn 1% cashback on all your GIRO payments. (UPDATE: From 2 May 2024, the 1% cashback on GIRO payments will no longer apply to financial institutions, securities brokerages or dealers)
How to set up GIRO Payment for DBS/POSB Credit Card Bill
Step 1: Log in to your digibank Online with your login credentials
Step 2: Complete the authentication process
Step 3: Under Pay > click ADD GIRO ARRANGEMENT
Step 4: Select the following:
- Billing Organisation: DBS/POSB Credit Card
- Bill Reference: Last 12 digits of the DBS/POSB credit card no. (Without Hyphens/Space)
- e.g. Card no: 4556 1234 5678 9101 = 123456789101
- Payment Limit: *Enter “0” for no payment limit. (This will ensure that your bill is paid in full)
- My Account: Select your Account for GIRO Deduction.
Step 5: Verify the details and click SUBMIT then DONE!
Important Information:
- On the second working day after the due date (excluding Sundays and public holidays), your payment will appear in your credit card(s) account.
- Only Full Payment is eligible for the GIRO arrangement applied through digibank Online for DBS/POSB Credit Card bill payment.
- The POSBkids (personal), POSBkids Trust, MySavings, and My Account accounts are not eligible for GIRO debiting.
- On POSBkids (personal) & My Account accounts, GIRO payment arrangement set up is not allowed if account holder is below 16 years old (by birth year). Special exception for MOE GIRO deductions, where account holder 12 years old & above can apply.
Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
