Are you considering the POSB Everyday Card?
Before you sign up, you need to know if this is the right card for you. You might have heard the POSB Everyday Card is the only card you will need to get maximum cashback while spending on what you usually pay. But it is really worth it?
Get your POSB Everyday Card. You have to be at least 21 years old with a minimum gross income of $30,000 a year. If you are a foreigner, your annual income must be at least $45,000.
For salaried employees, you have to prepare photocopies of these documents. These are your NRIC, latest Income Tax of Assessment, half-yearly CPF Statement of Account, or computerised payslip.
Suppose you are Self Employed, Commissioned or Variable Income Earners. In that case, you will need 12 months’ CPF Statements or the Latest 2 years’ Income Tax Notice of Assessment in addition to the photocopy of your NRIC.
If you are a Foreign Applicant, you need to present the photocopies of your E- pass, passport, computerised payslip and Company Letter certifying Employment. Your Company Letter must not be more than three months before applying for POSB Everyday Card.
Did you notice something? Or did you just get excited with the high cash rebates?
When you look at it closely, the high cash rebates are only given to those who will use the POSB Everyday Card to specific merchants. Cash rebate will be awarded on a maximum spend of $1,000 a month at Sheng Siong.
If you are not a usual shopper in Sheng Siong and Watsons and don’t usually refuel at SPC, you should shop for another credit card.
Dining also is not included with earning cashback. If you are into dining out with family and friends, you can’t earn rebates from these expenses. Then, if you don’t shop in partnering merchants, you will only receive 0.3% cash rebates.
Is it worth it with all the charges if you can’t maximise the cash rebates? Choose the card that will fit your lifestyle best.
If you need to make an immediate purchase that you want to pay in instalment, you can apply for a quick cash loan in Cash Mart. It is a Singapore loan company that strictly abides by Minlaw. Thus, it ensures you a safe transaction.