Singaporeans love their credit cards, and it isn’t a surprise given how much money you get to save when you know how to utilise them properly. Of course, credit cards have their downside if they are not used in a responsible manner, but as long as you do not overdraw on them and pay your bills at the end of each month, they can help you more than harm you.
So if you are confused about which cashback credit card suits you best, we bring you an updated list on which card to choose depending on your spending habits and what you spend most on.
Dining
Singaporeans are known to love their food – how many of us do not spend time on Facebook and Instagram checking out the latest food fad and planning where we would be going for our Sunday brunches?
If you belong to one of those who love food, you definitely need a cashback credit card that helps you save on dining. The CIMB Visa Signature is one credit card that gives you a 10% cash rebate on all your wine-and-dine spending. On top of that, there is no annual fee on the card at all! Imagine this, every time you use the card for your dining purposes, you will automatically get a 10% discount! The maximum cashback you can earn per month is at $60.
Grocery Shopping
The smartest credit card users are those who are able to incorporate the use of credit card into their everyday spending. This means you do not just use your credit cards for online purchases or large purchases only, but also for grocery shopping, paying your utility bills and meals.
In Singapore, the cash back you get on grocery may not be wonderful, but the key is to get a card according to which supermarket you patronise the most. For those who love the good old NTUC Fairprice, the OCBC NTUC Plus! A credit card gives you 10% cash back with a minimum spend of S$400 spent outside of Fairprice and Unity.
For those who shop at Giant, Cold Storage and Marketplace, it’s best that you get the UOB Delight card that gives you an 8% rebate if you spent S$800 or more per month. If you spend between S$400 to $799, you get a cashback of 3%.
Large Purchases
If you are intending to make a large purchase worth a few thousand dollars, such as buying some new furniture or a new 60-inch TV, you might want to consider getting the AMEX True Cashback card before you make your purchases.
With this card, you get a welcome offer of 3% cashback for the first 6 months, up to S$5,000 spend. This gives you a direct cashback of $150! Other than that, you get a flat cashback of 1.5% all year round on any type of purchases. While 1.5% is not a lot, it does take away the headache of remembering all the conditions you need to fulfil with other cards. There is no minimum spend, no maximum cap and you get the first year’s annual fee waived as well.
Online Shopping
So we’ve all heard of how retailers are having a hard time since shoppers are loving the fact that they can now shop in the comfort of their home on their laptop or mobile. Since one is required to pay online, credit card payment naturally helps you to pay conveniently, with some cashback benefits to boot.
The Standard Chartered Spree Credit Card may not be the most famous of all cashback card, but gives the online shopper some great benefits! Not only do you get a 7% discount on online shopping, but it also offers an online price guarantee which ensures you get the best price for what you purchase online.
Since there are so many cashback cards available, you need to remember to examine your spending patterns to ensure that the card serves your needs. Look at your average monthly spend, the spend category you use the most and the maximum cashback you can get from your card before you apply for them!
