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ADVISORY

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Awesome Credit Cards Reward Your Big Spending

Despite the wariness Singaporeans seems to have when it comes to finances innately, there are times when they lavish on a shopping spree. And to take away the aftermath guilt, credit cards reward is welcomed with open arms.

Rebates seem to mean earning cash while spending using a credit card. However, credit cards have various terms and conditions, such as a minimum expenditure to get the rebate.

If you make an expensive purchase, use the right credit card to get the best out of it.

Ideally, we save up for a few months to buy something we have always wanted, such as a new iPhone, a luxury bag or a getaway plane ticket to Bali. However, nowadays, thanks to credit cards reward, we are into the ‘acquire-now-pay-later’ shopping strategy. So if your dream signature bag suddenly came upon a rare sale, you have to grab the once in a lifetime chance.

ANZ Switch Platinum Card

The ANZ credit cards come with a 0% instalment plan applicable to over 500 merchants if you spend at least $500.

The ANZ Switch Platinum Card has more benefits than other ANZ credit cards. For example, the waived annual fees for life, which means you save $130 every year). Also, it offers a relatively low Effective Interest Rate of 23% per annum. Plus, there are dining treats at hotels and restaurants. 

In addition, credit cards reward more points whenever you pay your income tax. You can gain up to 20X Rewards Points. Also, you have up to 20.3% savings in Caltex whenever you refill your tank.

Aside from the points, you can exchange with freebies. You can also get up to $168 cash credit plus a 28″ luggage if you are one of the week’s first 100 approved credit card applicants. However, you have to charge at least $388 to get the $88 rebate and charge at least $588 to be eligible for the $168 rebate. ANZ Switch Platinum Card payment plan can also stretch up to 36 months. It means your expensive purchase can spread out its payment for three years.

Have an outstanding balance in other banks you have to settle? Also, the card is best used for balance transfer if you have an outstanding balance with other banks as you will not be charged any processing fee and interest rate for 6 months.

ANZ Switch Platinum Card is Best For: Large expenses you want to pay for more than a year.

ANZ credit cards reward in Singapore

American Express True Cashback

With your first $5,000 using American Express True Cashback, you can automatically get a 3% cashback. So you can get $150 right after your initial $5,000 expenditure.

Then your next purchases will yield 1.5% cashback. If you have a large purchase, such as paying your flat at $12,000, you can get a $255 rebate.

Sample Rebate Computation

  • $5,000 x 3% = $150 rebate
  • $7,000 x 1.5% = $ 105 rebate
  • Total Rebate = $ 255

The best thing about this card is you do not have to make any minimum payment to get the 1.5% cash back. While other cards limit how much rebate you can avail, the American Express True Cashback has no limit. Furthermore, you can automatically get it upon purchase. So there is no need to wait for a few weeks to get it on your account.

The first annual fee is waived, while the first two Supplementary Cards fee is permanently free. Get a $40 Starbucks Card upon your credit card approval and 10% savings on Expedia Rate Hotel Bookings.

American Express True Cashback is Best For: Those who want a simple cash back card can pay the full balance on time as the Effective Interest Rate per annum is 24.99%.

American Express True cashback Card

UOB Lady’s Card

UOB Lady’s Card is the only gender-specific credit card in Singapore. It is for women with sophisticated taste in fashion. This card is partnered with stores that sell shoes and bags. With a 6- or 12-month instalment plan, buying a pair of wedges and a luxury bag worth at least $500 is now affordable.

This card also comes with a bonus of 4X UNI$ for every $5 you spend on taxis, department stores, online shops and overseas.

UOB Lady’s Card is Best For Ladies who love luxury Purchase since the minimum required purchase is very high.

UOB Ladys Credit Cards Reward

OCBC Cashflo Mastercard

This card will automatically convert all the made charges into a 0% interest 3-month instalment plan when you spend less than $1,000.

If you charge more than $1,000, you have 6 months to settle the bill. Get a 1% rebate in every $1,000 you spend and a 0.5% cash rebate on charges less than $1,000.

Though it seems reasonable that your purchase can automatically spread out without any additional processing fee, you have to make sure that you are charging within your credit limit or lose this privilege.

If you fail to pay on the due date, you will automatically be charged with an interest rate of 25.92% per annum. Also, you will not spread your future anymore into its exclusive instalment scheme.

OCBC Cashflo Mastercard is Best For: Large purchases since the balance are automatically spread out from three to six months.

OCBC cashflow credit cards reward

Maybank Platinum Visa

With Maybank Platinum Visa, you can get up to 3.33% cash rebates with a minimum expenditure of $300 in any local merchant.

If you are out of the country for the remaining days of 2016, you get a 3% cash rebate instead of the 0.3% every time you purchase in foreign currency.

There is no required minimum charge, so remember this goodie when you take your family abroad.

Make sure you settle your balance on time to avoid the Effective Interest Rate of 15 to 24%.

Maybank Platinum Visa is Best For: Large purchases including overseas spending with the cash rebate of 3% in every spending not more than $300.

Maybank Plantinum Visa Card

When you choose a cashback credit card, make sure that you get it for the sole purpose of purchasing the items you usually get. Getting a card for the rebates and freebies will only give you a financial headache, especially if you do not understand the fine print of its terms.

These cards usually have conditions before you get something in return. For example, if you only use them for small payments, these cards are not the right choice.

If you think you do not need these credit cards reward since you seldom make regular larger purchases, you can just get a low-interest personal loan from Cash Mart and make that one-time spending you want.