SNACK Promo Part 2: Get S$420 eCapitaVoucher With S$4,000 Investment

Update: there are new challenges issued today amounting to S$240 which seem to stack with this current promo as long as you sign up on 1st January 2024.

Missed last night’s pretty crazy SNACK flash deal? There’re still a couple of days to take advantage of another SNACK promo that is ending 11.59PM of 1st January 2024. To be clear, if you have accepted all the challenges and completed the requirements last night, you should have already qualified for this challenge and do not need to do it again.

The promo requires you to sign up for an investment-linked policy (gasp!) but there are a few reasons why this is a compelling offer. As always, note that this is not personal financial advice and you have to do your own due diligence when proceeding with a financial product or decision.

What even is SNACK?

SNACK is NTUC Income’s app that offers micro-insurance/investment. The point, it seems to me, is to let people insure and invest with very small amounts at a time. It’s a concept I find interesting as I’ve discussed about in my review of GrabInvest AutoInvest (RIP).

Steps

StepActionReward
1Download and sign up for a SNACK account
2Use referral code WEE5311To qualify for S$20 eCapitaVoucher
3Redeem any of the free insurance coverage (Life, Critical Illness, or Accident)

When asked for credit card details, you can just give any Visa/Mastercard credit card, preferably one that you do not use
Free insurance coverage
4At the Home page, start all the Challenges (e.g. Issue $120/$400/$800/$2,000/$4,000 Worth of Premiums)

⚠️ Update 01/01/2024: new challenges are issued (totalling S$240) which seem to stack with this promo as long as it’s done on 1st January 2024; make sure to accept all challenges
To qualify for rewards
5Go to Portfolio → Investment → Go through the questions → Fund S$4,000 S$2 + S$4 + S$14 + S$80 + S$300 = S$400 eCapitaVoucher
6Optional: to fund the S$4,000, you are able to use an American Express card. UOB Absolute, Amex True Cash Back, or Maybank cards are good cards for this.UOB Absolute: 1.7% cashback = S$68

Amex True Cash Back: 1.5% cashback = S$60

Maybank Visa Infinite: 1.2 miles per dollar = 3,600 miles (capped at S$3,000 per month)

Maybank Horizon: 0.4 miles per dollar = 1,600 miles
7Go to Portfolio → Investment → Add activity to boost investment

Add an activity, set a low amount of S$1, auto-invest can be turned off. (Steps 1 to 4 of this guide)
Required for bonus S$20 eCapitaVoucher
8Tap Redeem on the Challenges (restart the app if they are not tappable). Vouchers will be emailed by 15th February 2024 Up to S$420 eCapitaVoucher + S$68 cashback
For reference only, check the terms and conditions in the app for exact details

Important things to take note of

This is an ILP
Firstly, we have to be aware that this is an investment-linked policy (ILP). I have spoken a lot of times about the drawbacks of ILPs which are mainly fees and lock-in period with high termination penalties. Secondly, there are many types of investment-linked policies each with their own fee structure and mechanics.

There are fees
SNACK’s ILP is a single-premium ILP that has no termination fee or lock-in period. Looking through the policy documents, there are also no sales charges specified (in technical jargon: the units are bought and sold on a bid-bid basis). There is an annual management fee which is currently 1.25% per annum.

For an investment under a year, you would likely pay less than this annual charge. After the group chat discussion and looking through the policy documents, these are the fees I am aware of. Do chip in if you come across any other fee.

Investments can be volatile
Do note that investments can be volatile and the underlying Asian Income Fund can rise or drop in value so proceed at your own discretion.

Look through the policy document as well as terms and conditions
To be clear, everything in this post is based on my interpretation of the terms and conditions (found in app) as well as the policy, so I have uploaded the policy document in the Telegram so you can look through it first.

Good deal?

Personally, I find this (and last night’s promo) attractive since you get as much as S$420 of eCapitaVouchers and even some credit cashback. These should more than negate the fees in the short-term and importantly, you are not locked in to the investment.

Anyway, there was a discussion earlier in the day on why Seth is promoting an ILP. I stated my reasons for promoting this despite my longstanding views on ILP and also clarified my position on what gets promoted.

Some parting thoughts

There will always be some who are either sceptical or hesitant because they are very risk-averse. This is especially so since 2023 has seen a couple of too-good-to-be-true deals. I encourage these people to do their own research and listen to their gut to avoid any product or promo that makes them feel uncomfortable.

All financial promos come with varying levels of risk or gotchas, so doing one’s due diligence and taking steps to mitigate the downsides while enjoying the upside is what we can do to maximise our own financial interests.

Perhaps the bad thing about last night’s promo was that the time period was too short to properly look through the promo, but this at least gives us 1-2 days to make up our minds whether to go for it. Maybe flash deals for investment products aren’t such a good idea.

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