If you’re looking for a credit card that can help you earn cashback rewards in Singapore, POSB cashback is definitely worth considering. POSB is one of Singapore’s most popular banks, and its cashback credit card is designed to help you earn money back on your everyday spending. With a range of benefits and rewards, this card is a great way to save money and make the most of your purchases.
One of the key benefits of POSB cashback is that it allows you to earn cashback on a wide range of purchases. Whether you’re buying groceries, dining out, or shopping online, you can earn cashback rewards on your spending. This makes it a great card for people who want to save money on their everyday purchases, and who want to make the most of their spending.
If you’re interested in applying for POSB cashback, the process is relatively simple. You can apply online or in person at a POSB branch, and you’ll need to provide some basic information about yourself and your financial situation. Once you’ve been approved, you’ll be able to start using your card to earn cashback rewards on your purchases. With a range of benefits and rewards, POSB cashback is a great way to save money and make the most of your spending.
Key Takeaways
- POSB cashback is a credit card that allows you to earn cashback rewards on your everyday spending in Singapore.
- With POSB cashback, you can earn cashback on a wide range of purchases, including groceries, dining out, and online shopping.
- Applying for POSB cashback is simple and straightforward, and once you’re approved, you can start earning cashback rewards on your purchases.
Understanding POSB Cashback Rewards
If you are looking for a credit card that rewards you for your spending, the POSB Everyday Card might just be the one for you. With its cashback rewards programme, you can earn cashback on your daily transactions and save money on your credit card bill.
The Mechanics of Cashback
The POSB Everyday Card offers cashback on your spending in different categories, such as dining, groceries, and petrol. The amount of cashback you can earn varies depending on the category and your spending habits. You can earn up to 5% cashback on your spending, subject to a cashback cap of $100 per month.
To maximise your cashback rewards, it is important to understand the mechanics of the programme. For example, you need to spend a minimum amount in each category to qualify for the cashback. Additionally, there is a cashback cap for each category, which means that you can only earn a certain amount of cashback in each category.
POSB Everyday Card Features
Aside from its cashback rewards programme, the POSB Everyday Card also comes with other features that can help you save money. For example, you can enjoy discounts and privileges at selected merchants, such as restaurants and retail stores. Additionally, you can use the card to pay for your bills and earn cashback on your transactions.
Maximising Your Cashback Cap
To maximise your cashback cap, you need to plan your spending carefully. For example, you can use the card to pay for your groceries and petrol, which are two categories that offer high cashback rates. Additionally, you can use the card to pay for your bills and other expenses, which can help you reach the minimum spending requirement and qualify for the cashback.
In conclusion, the POSB Everyday Card is a great credit card for those who want to earn cashback on their daily transactions. By understanding the mechanics of the cashback rewards programme and maximising your cashback cap, you can save money on your credit card bill and enjoy the benefits of using a rewards credit card.
How to Apply for POSB Cashback
If you’re interested in getting cashback on your purchases with POSB, here’s what you need to know about the eligibility and application process.
Eligibility and Application Process
To apply for POSB cashback, you need to meet the following eligibility criteria:
- You must be a Singaporean or Permanent Resident
- You must be at least 21 years old
- You must have a minimum income of $30,000 per annum
If you meet these criteria, you can apply for the POSB Everyday Card online through the POSB website. You’ll need to provide personal and financial details, including your income and employment information. Once you’ve submitted your application, it will be reviewed by the bank and you’ll be notified of the status of your application.
Understanding Fees and Interest
Before applying for the POSB Everyday Card, it’s important to understand the fees and interest rates associated with the card. Here’s what you need to know:
- The annual fee for the POSB Everyday Card is $192.60, but it is waived for the first year.
- The interest rate for the card is 25.90% per annum, but it can be reduced to 19.80% per annum if you make prompt payments on your outstanding balance.
- To earn cashback, you need to make a minimum spend of $800 within 60 days of card approval date.
By understanding the fees and interest rates associated with the card, you can make an informed decision about whether the POSB Everyday Card is right for you.
Strategic Spending with POSB Cashback
If you’re looking for ways to maximise your savings while spending, POSB Cashback has got you covered. With its wide range of merchant offers and exclusive deals, you can earn cashback on your daily expenses without breaking the bank. Here are some ways you can strategically spend with POSB Cashback:
Earning Rewards on Daily Expenses
POSB Cashback offers up to 8% cashback on dining, groceries, and petrol purchases, making it a great option for those who frequently spend on these categories. You can also earn up to 3% cashback on your investment products when you sign up for the “Bank and Earn” programme. With no minimum account balance required, you can start earning cashback bonuses on your bank transactions right away.
Exclusive Merchant Offers
POSB Cashback has partnered with a variety of merchants to offer exclusive deals and discounts. From Lazada and Shopee to RedMart and Watsons, you can enjoy cashback rewards when you shop at these popular online stores. You can also earn cashback when you dine at participating restaurants or fuel up at selected petrol stations.
Special Deals on Online Shopping
If you’re an avid online shopper, POSB Cashback has plenty of special deals for you. You can enjoy up to 10% cashback on your online purchases at popular online stores such as Qoo10, Taobao, and Amazon.sg. With these deals, you can save money while shopping for your favourite products.
In conclusion, POSB Cashback offers a range of benefits for those looking to save money while spending. By strategically spending on dining, groceries, petrol, and online shopping, you can earn cashback rewards and maximise your savings. So why not sign up for POSB Cashback today and start earning cashback bonuses on your daily expenses?
POSB Cashback Bonus Program
If you’re looking for a way to earn cashback on your banking transactions, the POSB Cashback Bonus program might be just what you need. By simply practicing three or more categories, you can start earning up to $140 on your monthly banking transactions, with no minimum account balance required.
Linking Salary and Investments
One way to earn cashback is by linking your salary and investments to your POSB account. By doing so, you’ll be able to earn cashback on your monthly banking transactions, as well as on your investments.
Banking Transactions That Qualify
To start earning cashback, you’ll need to practice at least three or more categories. These categories include regular banking transactions, such as bill payments, online purchases, and more. You can also earn cashback on your insurance premiums, unit trust regular savings plan, and POSB Invest-Saver.
If you’re looking for a way to earn even more cashback, you might want to consider opening a DBS Multiplier account. This account allows you to earn higher interest rates on your savings, as well as cashback on your monthly banking transactions.
In conclusion, the POSB Cashback Bonus program is an excellent way to earn cashback on your banking transactions. By simply practicing three or more categories, you can start earning up to $140 on your monthly banking transactions, with no minimum account balance required. Whether you’re looking to link your salary and investments or practice regular banking transactions, the POSB Cashback Bonus program has something for everyone.
Leveraging POSB Partnerships and Promotions
POSB Bank offers a range of partnerships and promotions to help you maximise your savings and earn cashback bonuses. Here are some of the ways you can utilise these partnerships and promotions to your advantage.
Collaborations with Popular Brands
POSB has partnered with popular brands such as Sheng Siong, Foodpanda, Deliveroo, and WhyQ to offer you exclusive deals and discounts. With the POSB Everyday Card, you can enjoy up to 10% cash rebates on online food delivery, and up to 5% cash rebates on groceries from Sheng Siong and RedMart. These cash rebates never expire, so you can accumulate them over time and use them to offset your future purchases.
Utilising Fuel Savings and Travel Offers
In addition to food and grocery discounts, POSB also offers fuel savings of up to 5% at SPC petrol stations. If you are a frequent driver, this can add up to significant savings over time. POSB also collaborates with travel partners to offer you exclusive travel deals and discounts on attractions and utilities.
By leveraging these partnerships and promotions, you can maximise your savings and earn cashback bonuses effortlessly. With the POSB Cashback Bonus programme, you can earn up to S$130 a month, with no minimum account balance required. So what are you waiting for? Start exploring the POSB partnerships and promotions today and get the most out of your bank transactions!
Frequently Asked Questions
How can I apply for the POSB Everyday Card to start earning cashback?
To apply for the POSB Everyday Card, you can visit the POSB website or any POSB/DBS branch in Singapore. You will need to meet the eligibility criteria and provide the necessary documents. Once you have been approved for the card, you can start earning cashback on your transactions.
What are the steps to redeem my cashback with POSB?
You can redeem your cashback by logging in to your POSB account and selecting the “Redeem Rewards” option. You can choose to redeem your cashback as statement credit, vouchers, or other rewards. The redemption process is straightforward and easy to follow.
Could you explain the cashback benefits of the POSB Everyday Card?
The POSB Everyday Card offers up to 6% cashback on your daily essentials, such as groceries, dining, and petrol. Additionally, you can earn up to 1% cashback on all other spend. The cashback is credited to your account monthly and is capped at $100 per month.
What is the required minimum balance to earn cashback bonuses with POSB accounts?
There is no minimum balance requirement to earn cashback bonuses with POSB accounts. However, you will need to meet the transaction requirements to earn cashback. These requirements include salary crediting, credit card spend, home loan instalment, insurance, and investments.
Are there any differences between the DBS Multiplier and the POSB Cashback accounts?
Yes, there are differences between the DBS Multiplier and the POSB Cashback accounts. The DBS Multiplier offers higher interest rates on your savings, while the POSB Cashback account offers cashback on your transactions. You can choose the account that best suits your needs and financial goals.
Is there a connection between POSB and DBS, and how does it affect cashback options?
Yes, POSB and DBS are both part of the DBS Group. This means that you can enjoy the same cashback options and benefits with both banks. Additionally, you can access your POSB and DBS accounts using the same login credentials, making it easier to manage your finances.