Despite the wariness Singaporeans seems to innately have when it comes to finances, there are times when they lavish on shopping spree. And to take away the aftermath guilt, credit card rebates are welcomed with open arms. Rebates seem to mean earning cash while spending with the use of a credit card, however credit cards have various terms and conditions such as a minimum expenditure to be able to get the rebate.
If you are going to make an expensive purchase, then 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. Nowadays, we are into ‘acquire-now-pay-later’ shopping strategy thanks to credit cards. If your dream signature bag suddenly came up on a rare sale, then you have to grab the once in a lifetime chance.
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ANZ Switch Platinum Card
The ANZ credit cards come with a 0% instalment plan applicable to over 500 merchants if you spend at least S$500. The ANZ Switch Platinum Card has more benefits than other ANZ credit cards such as its waived annual fees for life (which means saving S$130 every year), a relatively low Effective Interest Rate of 23% per annum, dining treats at hotel and restaurants, more reward points whenever you pay your income tax, 20X Rewards Points and 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 S$168 cash credit plus a 28” luggage if you are one of the first 100 approved credit card applicants for the week. However, you have to charge at least S$388 if you want to get an S$88 rebate, and charge at least S$588 to be eligible for the S$168 rebate. ANZ Switch Platinum Card payment plan can also stretch for 36 months,. this means your expensive purchase can spread its payment for three years.
Have outstanding balance in other banks you have to settle? This card is also best used for balance transfer in case you have an outstanding balance with other banks as you will not be charged with any processing fee and interest rate for 6 months.
- Large expenses you want to pay for more than a year
American Express True Cashback
With your first S$5,000 using American Express True Cashback, you can automatically get a 3% cashback. This means you can get S$150 right after your initial S$5,000 expenditure. Then your succeeding purchases will yield 1.5% cashback. If you have a large purchase such as paying your flat at S$12,000, then you can get S$255 rebate.
- S$5,000 x 3% = S$150 rebate
- S$7,000 x 1.5% = S$ 105 rebate
- Total Rebate = S$ 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 have a limit on how much rebate you can avail, the American Express True Cashback has no limit and you can automatically get it upon purchase. 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 S$40 Starbucks Card upon your credit card approval and 10% savings on Expedia Rate Hotel Bookings.
- Those who want a simple cash back card and can pay the full balance on time as the Effective Interest Rate per annum is 24.99%.
UOB Lady’s Card
UOB Lady’s Card is the only credit card in Singapore which is gender specific. Created for women with sophisticated taste in fashion, this card is partnered with stores which sell shoes and bags. With a 6- or 12-month instalment plan, buying a pair of wedges and a luxury bag worth at least S$500 is now affordable.
This card also comes with a bonus of 4X UNI$ for every S$5 you spend on taxis, department stores, online shops and overseas. If your card gets approved before 9 November 2016 and you are one of the first 500 applicants who purchased at least S$600 within a month, you get S$80 cash back.
- Ladies who love luxury purchases since the minimum required purchase is very high.
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 S$1,000. If you charged more than S$1,000, you be given 6 months to settle the bill. Get a 1% rebate in every S$1,000 you spend and 0.5% cash rebate in charges less than S$1,000.
Though it seems good 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 else you will 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 and your future purchases will not be spread anymore into its exclusive instalment scheme.
- Large purchases since the balance is automatically spread out from three to six months.
Maybank Platinum Visa
With Maybank Platinum Visa, you can get up to 3.33% cash rebates with a minimum expenditure of S$300 in any local merchants. If you are going 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 make sure you 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%.
- Large purchases including overseas spending with the cash rebate of 3% in every spending not more than S$300.
When you choose a cash back credit card, make sure that you are getting it for the sole purpose of purchasing the items you usually get. Getting a card for the rebates and freebies will only give you financial headache especially if you do not understand the fine prints of its terms. These cards usually have conditions before you get something in return, if you will only use it for small payments, then these cards are not the right choice for you.
If you think you are not regular larger purchases, you can just get a low interest personal loan from Cash Mart and make that one time spending you want.
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