If you’re looking for a credit card that can earn you cashback on your everyday purchases in Singapore, then a cashback everyday card might be the perfect option for you. These cards offer a percentage of cashback on your purchases, allowing you to earn money back on your spending. With so many options available in Singapore, it can be difficult to know which card is right for you.
One of the most popular cashback everyday cards in Singapore is the POSB Everyday Card. This card offers up to 10% cashback on categories like dining, groceries, utilities, and online shopping. Additionally, you can earn up to 6% cashback on petrol purchases at SPC and up to 5% cashback at Sheng Siong and Watsons. With no minimum spend required, this card offers a great way to save money on your everyday purchases.
To get the most out of your cashback everyday card, it’s important to understand the key features and benefits of the card you choose. You should also consider your spending habits and which categories you spend the most money in. By strategically using your cashback everyday card, you can maximise your rewards and earn even more cashback on your purchases.
Understanding Cashback Everyday Cards
Defining Cashback
Cashback is a type of reward system offered by credit card companies to encourage customers to spend more on their cards. With a cashback card, you can earn a percentage of the money you spend back in cash. This can be a great way to save money, especially if you use your card for everyday expenses like groceries, dining, and utilities.
Cashback cards are different from reward cards, which offer points or miles that can be redeemed for discounts, freebies, or travel perks. With cashback cards, you get actual money back, which you can use to pay off your balance, save, or spend however you like.
Benefits of Cashback Cards
Cashback cards offer several benefits that make them popular among consumers. Here are some of the advantages of using a cashback card:
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Earn money back on your spending: With a cashback card, you can earn a percentage of your spending back in cash. This can help you save money and reduce your expenses over time.
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No minimum spending required: Unlike some reward cards, cashback cards usually don’t require you to spend a minimum amount to earn rewards. This means you can earn cashback on all your purchases, regardless of how much you spend.
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Easy to understand and use: Cashback cards are straightforward and easy to use. You don’t need to worry about complicated redemption rules or blackout dates. You simply earn cashback on your spending, which is credited to your account automatically.
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Flexible and versatile: Cashback cards offer a lot of flexibility and versatility. You can use your cashback to pay off your balance, save for a rainy day, or treat yourself to something special. You can also choose to redeem your cashback as a statement credit, a cheque, or a direct deposit.
Overall, cashback cards can be a great way to save money and earn rewards on your everyday spending. If you’re looking for a simple, easy-to-use credit card that offers cashback rewards, a cashback everyday card in Singapore might be just what you need.
Key Features of the POSB Everyday Card
If you’re looking for a cashback credit card that rewards you for your everyday spending, the POSB Everyday Card is definitely worth considering. Here are some of the key features of this card that make it stand out:
Daily$ Rewards
With the POSB Everyday Card, you can earn Daily$30 for every $1,000 spent on eligible transactions. These Daily$ can be redeemed for cashback, vouchers, or air miles. Plus, you can earn Daily$3 for every $100 spent on non-eligible transactions.
Fuel Savings with SPC
If you’re a driver, you’ll appreciate the fuel savings you can get with the POSB Everyday Card. You can enjoy up to 20.1% savings on petrol at SPC, which is one of the highest discounts available in Singapore. Plus, you can earn additional rebates on your fuel purchases when you use your POSB Everyday Card.
Groceries and Dining Perks
The POSB Everyday Card offers great perks for those who love to dine out or shop for groceries. You can enjoy up to 10% cashback on your dining expenses, including restaurants, cafes, and fast food outlets. You can also earn up to 5% cashback on your grocery purchases at Sheng Siong and Watsons.
Overall, the POSB Everyday Card is a great choice for those who want to earn cashback on their everyday spending. With its generous rewards and discounts, you can save money on fuel, groceries, and dining while enjoying the convenience of a credit card.
Maximising Rewards with Strategic Spending
If you want to get the most out of your cashback everyday card in Singapore, you need to be strategic with your spending. By taking advantage of the different categories and promotions that your card offers, you can earn more rewards without changing your spending habits too much. Here are some tips to help you maximise your rewards:
Meeting Minimum Spend Requirements
Many cashback everyday cards in Singapore come with a minimum spend requirement in order to qualify for the cashback or rewards. To meet this requirement, you can plan your spending around big-ticket items or events, such as a holiday or a home renovation. You can also use your card for everyday expenses like groceries and petrol, as long as you stay within your budget.
Leveraging Online Shopping Rebates
With the rise of e-commerce in Singapore, many cashback everyday cards offer rebates for online shopping. To take advantage of this, you can make your purchases through the card’s partner merchants or use the card’s online shopping portal. Some cards also offer additional rebates for certain categories of online shopping, such as fashion or electronics.
Cashback on Utilities and Phone Bills
You can also earn cashback on your monthly utility and phone bills with some cashback everyday cards. To qualify for this, you need to set up a recurring payment with your card and ensure that your bills are charged to your card every month. This can be a great way to earn rewards without changing your spending habits too much.
By following these tips and being strategic with your spending, you can maximise your rewards with your cashback everyday card in Singapore. Just remember to stay within your budget and pay off your balance in full every month to avoid interest charges.
Comparing Cashback Cards in Singapore
If you’re looking for a cashback card in Singapore, you have several options to choose from. In this section, we’ll compare some of the most popular cashback cards in Singapore to help you make an informed decision.
UOB One vs POSB Everyday
UOB One and POSB Everyday are two of the most popular cashback cards in Singapore. UOB One offers up to 5% cashback on all spend categories, while POSB Everyday offers up to 8% cashback on dining, groceries, and petrol.
If you’re a big spender, UOB One might be the better option for you. However, if you spend more on dining, groceries, and petrol, you might want to consider POSB Everyday. Additionally, POSB Everyday has a lower minimum spend requirement, making it easier to earn cashback.
Citi Cash Back+ and CIMB Options
Citi Cash Back+ and CIMB offer several cashback cards in Singapore. Citi Cash Back+ offers up to 1.6% cashback on all spend categories, while CIMB Visa Infinite, CIMB Visa Signature, and CIMB World Mastercard offer up to 1% cashback on all spend categories.
If you’re looking for a card with a higher cashback rate, Citi Cash Back+ might be the better option for you. However, if you’re looking for a card with no minimum spend requirement, CIMB cards might be a better fit for you.
HSBC’s Cashback Card Offerings
HSBC offers several cashback cards in Singapore, including HSBC Advance and HSBC Visa Platinum. HSBC Advance offers up to 3.5% cashback on all spend categories, while HSBC Visa Platinum offers up to 5% cashback on dining, groceries, and petrol.
If you’re a big spender, HSBC Advance might be the better option for you. However, if you spend more on dining, groceries, and petrol, HSBC Visa Platinum might be a better fit for you. Additionally, HSBC Visa Platinum has a lower minimum spend requirement, making it easier to earn cashback.
Overall, there are several cashback cards in Singapore to choose from. Consider your spending habits and choose a card that suits your needs.
Understanding Fees and Charges
When choosing a cashback everyday card in Singapore, it’s important to consider the fees and charges that come with it. Here are some things to keep in mind:
Annual Fee Waivers and Conditions
Most cashback everyday cards in Singapore come with an annual fee, which can range from a few dollars to over $100. However, some cards offer annual fee waivers, either for the first year or for subsequent years if you meet certain conditions.
For example, the POSB Everyday Card has an annual fee of $192.60 for the principal card and $96.30 for each supplementary card. However, the annual fee may be waived for the first year, and subsequently waived for the following year if you spend at least $6,000 per year on the card.
Other Potential Costs
Aside from the annual fee, there are other potential costs to be aware of when using a cashback everyday card in Singapore. These include:
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Cash advance fees: If you withdraw cash using your credit card, you may be charged a cash advance fee, which is typically a percentage of the amount withdrawn.
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Foreign currency transaction fees: If you use your credit card to make a purchase in a foreign currency, you may be charged a foreign currency transaction fee, which is typically a percentage of the transaction amount.
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Late payment fees: If you don’t make your credit card payment on time, you may be charged a late payment fee, which can range from a few dollars to over $100.
To avoid these potential costs, it’s important to read the fine print and understand the terms and conditions of your cashback everyday card. Make sure you’re aware of any fees or charges that may apply, and try to avoid using your card for cash advances or foreign currency transactions unless absolutely necessary.
Frequently Asked Questions
What exclusive benefits can I expect from my POSB Everyday Card?
With the POSB Everyday Card, you can enjoy up to 10% cashback on your daily essentials such as groceries, transport/petrol, telecommunications, dining, shopping, travel/attractions, and utilities. Additionally, you can earn up to 3% cashback on recurring bills.
How can I maximise my cashback with the POSB Everyday Card?
To maximise your cashback with your POSB Everyday Card, you should ensure that you use it to pay for your daily essentials and recurring bills. You can also take advantage of the card’s exclusive promotions and discounts.
Are there any ongoing promotions for new POSB Everyday Cardholders?
Yes, there are exclusive promotions for new POSB Everyday Cardholders. For instance, you can earn S$388 cashback when you apply for the card and meet the required terms and conditions.
What steps should I take to redeem my accumulated cashback?
To redeem your accumulated cashback, you can simply log in to your POSB account and select the “Redeem Cashback” option. You can then choose to redeem your cashback as a statement credit or have it credited to your bank account.
Can you detail the cashback rates for different spending categories on the POSB Everyday Card?
Yes, you can earn up to 10% cashback on groceries, transport/petrol, telecommunications, dining, shopping, travel/attractions, and utilities. Additionally, you can earn up to 3% cashback on recurring bills.
How does the overseas spending rebate work with my POSB Everyday Card?
When you use your POSB Everyday Card for overseas spending, you can earn a 3% cashback rebate. This rebate is capped at S$50 per month and is subject to the card’s terms and conditions.