In November 2021, the Association of Banks in Singapore launched eGIRO, a service that aims to fully digitise the current paper-based GIRO process.
I was delighted by the announcement, because one of the biggest headaches for miles chasers is setting up a new GIRO arrangement every time you get a new credit card (and believe me, you’ll be getting a lot of them). It always amazed me that 20 years into the new millennium, filling up paper GIRO forms and sending them via post was still the SOP.
In recent months, I’ve set up eGIRO arrangements for AIA, Aviva, CPF and StashAway, and it’s taken me no more than a couple of minutes each time.
But I’ve yet to set up a single eGIRO arrangement for a credit card.
That’s because it simply isn’t an option- not for American Express, not for Citibank, not for DBS, not for UOB. In fact, the list of eGIRO billing organisations includes just two credit card issuers: BOC and ICBC, neither known to be a driving force for innovation!
| ❓ Reminder: eGIRO setup |
| To set up eGIRO, you need to visit the participating billing organisation’s app or website. So if I want to pay my BOC credit card with a DBS bank account, I visit BOC’s ibanking portal, not DBS’s. |
Why pay credit card bills via GIRO?
I’ve heard people saying that they prefer to pay their credit card bills manually, because “it reminds me of how much I’m spending each month”. Fair enough, but unless you’re very disciplined about doing it, it also creates the possibility you’ll forget a payment and incur late charges plus interest.
And if you do, that pretty much negates the value of any miles or cashback you may have earned through the card (not to mention the potential impact on your credit score).
It’s for that reason I make it a habit to set up a GIRO arrangement for each of my cards, as soon as I get it in the mail. Since I have close to two dozen cards (some of which see heavier use than others), you can imagine what a nightmare it’d be to make all payments manually.
Moreover, setting up GIRO arrangements for your credit card bills can earn you bonus interest or cashback:
- BOC SmartSaver offers an additional 0.9% p.a. on the first S$100,000 when paying at least three GIRO bills of min. S$30 each per month
- HSBC EGA offers 1% cashback on GIRO bill payments, capped at S$300 per month for HSBC Personal Banking and S$500 per month for HSBC Premier
- Maybank SaveUp considers GIRO bill payments as one category for earning bonus interest, with a min. S$300 paid per month
- StanChart Bonus$aver offers an additional 0.33% p.a. on the first S$100,000 when paying at least three GIRO bills of at least S$50 each per month
- UOB One offers up to 3% p.a. on the first S$75,000 when paying at least three GIRO bills and spending at least S$500 on an eligible card (e.g. UOB Lady’s Card) per month
That’s free money sitting right there, and you’d be silly not to take it.
What’s the timeline?
I’ve asked my contacts at a few local banks about the timeline for eGIRO credit card payments, only to be told each time it’s “still on the roadmap”. No one’s been willing to provide even a rough window.
I find it hard to understand why this hasn’t been made a priority, because unlike some existing eGIRO billing organisations where payments are made as infrequently as once a year, you’d think credit cards and their monthly payment cycles would be a perfect use case.
Mark this as one of life’s big mysteries then…
Conclusion
It’s been almost a year and a half since the launch of eGIRO, and to date the only credit card issuers on the platform are BOC and ICBC. All the big players are conspicuously absent, which means you still need to resort to paper forms and snail mail to set up payment arrangements for your new cards.
For goodness’ sake, it’s 2023, people.
Anyone knows why eGIRO’s taking so long to come to credit cards?
