If you’re looking for a credit card that offers cashback on your daily expenses, the POSB Everyday Card might be just what you need. With no minimum spend required, you can earn cash rebates on categories like groceries, dining, and petrol. Plus, you can unlock even bigger savings when you achieve a qualified spend of S$800 in a calendar month.
However, it’s important to understand the minimum spend requirement to ensure you’re getting the most out of your POSB Everyday Card. While there’s no minimum spend required to earn cash rebates on certain categories, you’ll need to spend at least S$800 in a calendar month to unlock bigger savings. This can be a challenge for some cardholders, but with some careful planning, you can easily meet this requirement and earn even more cashback.
In this article, we’ll take a closer look at the POSB Everyday Card and its minimum spend requirement. We’ll also discuss the card’s key features, annual fees and charges, eligibility and application process, and how to maximise rewards and promotions. Whether you’re a new or existing cardholder, you’ll find valuable information to help you get the most out of your POSB Everyday Card.
Key Takeaways
- The POSB Everyday Card offers cashback on daily expenses with no minimum spend required.
- To unlock bigger savings, you’ll need to spend at least S$800 in a calendar month.
- By understanding the minimum spend requirement and maximizing rewards and promotions, you can earn even more cashback with the POSB Everyday Card.
Key Features of POSB Everyday Card
If you are looking for a credit card that offers cash rebates on your daily essentials, the POSB Everyday Card is definitely worth considering. Here are some of the key features of this card:
Cash Rebates on Daily Essentials
With the POSB Everyday Card, you can earn up to 10% cash rebates on your daily essentials, including groceries, online shopping, and dining. What’s more, there is no minimum spend required to enjoy these cash rebates. You can also get 0.3% cash rebates on other eligible spend.
Fuel Savings with SPC and More
If you are a car owner, you will be pleased to know that the POSB Everyday Card offers up to 20.1% cash rebates on fuel at SPC. In addition, you can also enjoy 2% cash rebates at SpeedyCare. There is no monthly cap imposed on these fuel savings.
Dining and Online Food Delivery Perks
The POSB Everyday Card also offers dining and online food delivery perks. You can enjoy up to 10% cash rebates on online food delivery, as well as discounts and deals at a wide range of dining establishments.
Other notable benefits of the POSB Everyday Card include up to 3% cash rebates on bill payments, capped at Daily$3 per month. You can also earn up to 5% cash rebates at Sheng Siong, capped at Daily$30 per month.
Overall, the POSB Everyday Card is a great choice if you are looking for a credit card that offers cash rebates on your daily essentials, fuel savings, and dining and online food delivery perks. With no minimum spend required to enjoy cash rebates and a wide range of benefits, this card is definitely worth considering.
Understanding the Minimum Spend Requirement
If you’re considering the POSB Everyday Card, you may have heard about the minimum spend requirement. In this section, we’ll explain what it is and how it affects your rebates. We’ll also provide some strategies to help you meet the minimum spend requirement and maximize your rewards.
How the Minimum Spend Affects Rebates
The POSB Everyday Card offers cash rebates on a variety of categories, including utilities, transport, groceries, and more. However, in order to qualify for these rebates, you must meet the minimum spend requirement. This means that you need to spend a certain amount of money on your card each month in order to receive the cash rebates.
For the POSB Everyday Card, the minimum spend requirement is $800 per month. If you don’t meet this requirement, you won’t receive any cash rebates for that month. However, if you do meet the requirement, you’ll receive cash rebates on all eligible transactions.
Strategies to Meet the Minimum Spend
If you’re having trouble meeting the minimum spend requirement, there are a few strategies you can use to help you reach the threshold. Here are some tips:
- Use your card for all your everyday expenses, such as groceries, dining, and transport.
- Consider using your card for larger purchases, such as electronics or furniture.
- Use your card to pay your utility bills, as these transactions are eligible for cash rebates.
- Take advantage of the POSB Everyday Card’s bonus categories, such as online food delivery and online shopping, to earn more cash rebates.
By using these strategies, you can help ensure that you meet the minimum spend requirement and receive the maximum cash rebates possible.
In conclusion, the minimum spend requirement is an important aspect of the POSB Everyday Card. By understanding how it works and using these strategies, you can maximize your rewards and get the most out of your card.
Annual Fees and Charges
If you are considering getting the POSB Everyday Card in Singapore, it is important to understand the annual fees and charges associated with the card.
Fee Waivers and Conditions
The annual fee for the POSB Everyday Card is S$196.20, but the good news is that it is waived for the first year. After that, you can enjoy a waiver of the annual fee for the next year if you spend a minimum of S$6,000 in a year.
If you are a SAFRA member, you can enjoy a waiver of the annual fee for the SAFRA DBS Card. However, SAFRA membership fee applies.
Comparing Costs with Benefits
When it comes to fees and charges, it is important to consider the benefits of the card. The POSB Everyday Card offers up to 10% cash rebates on daily essentials, which can help you save money on your regular expenses.
In addition to the cash rebates, the card also offers a 25-day interest-free period, which can help you manage your finances more effectively. However, it is important to note that the annual interest rate is 26.80% and the finance charge is a prevailing interest rate of 27.8% p.a. (subject to compounding if the charges are not repaid in full) on the transaction amount, chargeable on a daily basis from the date of transaction until receipt of full payment (Minimum charge: S$2.50).
If you fail to make your payment on time, you will be charged a late payment fee of S$100 (for outstanding balance over S$200). There is also a minimum monthly payment of 3% of the statement balance or S$50, whichever is greater, plus any amount that is overdue and/or exceeds your credit limit.
Overall, the POSB Everyday Card can be a great way to save money on your daily expenses, but it is important to understand the fees and charges associated with the card. By comparing the costs with the benefits, you can make an informed decision about whether this card is right for you.
Eligibility and Application Process
If you are interested in applying for the POSB Everyday Card, there are a few eligibility criteria you need to meet. Here are the income and employment criteria for the POSB Everyday Card:
Income and Employment Criteria
- You must be a Singaporean or a Permanent Resident (PR) aged between 21 and 70 years old.
- For Singaporeans, the minimum gross annual income required is S$30,000, while for foreigners, it is S$45,000.
- You must have a valid employment pass, S pass, personalised employment pass, long-term visit pass with LOC, or tech pass if you are a foreigner.
Steps to Apply for the POSB Everyday Card
If you meet the eligibility criteria, you can follow these steps to apply for the POSB Everyday Card:
- Visit the POSB website and select the POSB Everyday Card.
- Click on the “Apply Now” button and fill in your personal and contact details.
- Upload the required documents, which include your NRIC or passport, latest payslip or income tax notice of assessment, and a recent utility bill or bank statement.
- Review the application details and submit your application.
Once your application is approved, you will receive your POSB Everyday Card within 7 to 10 working days.
In conclusion, the POSB Everyday Card is an excellent option for those who want to earn cash rebates on their daily essentials without any minimum spend requirements. If you meet the eligibility criteria, you can apply for the card by following the simple steps mentioned above.
Maximising Rewards and Promotions
To get the most out of your POSB Everyday Card, you can leverage the various rewards and promotions available to you. Here are some tips to help you maximise your rewards and promotions:
Leveraging Partner Merchants
One of the best ways to maximise your POSB Everyday Card rewards is to shop at partner merchants. You can earn up to 10% cashback on your daily essentials when you dine, shop online, or purchase groceries. Some of the partner merchants include Sheng Siong, Watsons, and Pet Lovers Centre.
To make it even easier to find partner merchants, you can use the DBS Lifestyle App. This app allows you to search for partner merchants near you and see the rewards you can earn at each one. You can also use DBS PayLah! to make payments at partner merchants and earn cashback.
Utilising Promo Codes and Offers
Another way to maximise your POSB Everyday Card rewards is to take advantage of promo codes and offers. You can find these promo codes and offers on the DBS website or through the DBS Lifestyle App.
For example, you can use the promo code “388CASH” when you apply for the POSB Everyday Card to get S$388 cashback when you spend S$800 within 60 days of card approval. You can also find offers for discounts at partner merchants, such as 50% off family attractions.
To make sure you don’t miss any promo codes or offers, sign up for the DBS newsletter. This newsletter will keep you up-to-date on the latest promotions and offers available to you.
By leveraging partner merchants and utilising promo codes and offers, you can maximise your POSB Everyday Card rewards and get the most out of your card. So start using your card today and start earning those rewards!
Frequently Asked Questions
What fabulous benefits can one enjoy with the POSB Everyday Card?
The POSB Everyday Card is an excellent choice for those looking to save money while spending on everyday essentials. With up to 10% cash rebates on categories like dining, groceries, utilities, and online shopping, you’ll be able to enjoy significant savings on your everyday expenses.
How might one go about altering their spending limit on the POSB Everyday Card?
Your minimum spend amount is personalised based on your average spend between 1 August 2018 and 28 February 2019 charged to your DBS/POSB credit card/s, and cannot be changed.
Could you enlighten me on the annual fee for the POSB Everyday Card?
The POSB Everyday Card has no annual fee for the first year. Subsequently, it is waived with a minimum spend of S$6,000 per year.
What are the latest exciting promotions available for POSB Everyday Cardholders?
As of the current date, the latest promotion allows you to get up to S$15 cash rebates on your online shopping spend with a minimum spend of S$800. Cash rebates will be credited within 60 days of the end of each Qualifying Period.
In what manner can one redeem rewards accumulated on the POSB Everyday Card?
You can redeem your rewards through the DBS Rewards website or mobile app. You can redeem your rewards for vouchers, miles, or cash rebates.
Is the POSB Everyday Card considered a debit or a credit card?
The POSB Everyday Card is a credit card, not a debit card. As such, you can enjoy the benefits of credit card rewards, such as cash rebates and reward points, while building your credit score.