Wow! Best credit card voted 5 years in a row! I guess this is essentially a card that is good for the general public for a few good reasons
1. 3% cash rebate on HDB season parking fees.
Who says Singaporeans are not rich? Even in the HDB carparks, you do see big and expensive cars, not to mention in some more popular carparks, the season parking owners do not have a parking lot when they return home late! Anyway i digressed. HDB offers 2% rebate if you pay through GIRO, but this 3% cash rebate is definitely better. The other card that offers a higher cash rebate is UOB One card which offers an effective rate of 3.33% provided you spend $300 per month for a quarter to qualify for a $30 cash rebate for that quarter.
2. 2% cash rebate on EZ-reload
Refer to my previous article on Best Credit Cards for EZ link topup, the best is HSBC revolution with 7% rebate, but with a lot of terms & conditions. POSB everyday card is a no-frills 2% with every topup.
3. 3% cash rebate at Watsons
Frankly, things at Watsons are not cheap. But with their Members card and frequent Members Only Sale with 6% cash rebate with POSB everyday card, things do become cheaper. Just need to a keep a lookout for them.
4. 3% cash rebate at SPC
Refer to previous post on Best Credit Cards for Petrol Topup. I still prefer Citibank Dividend at Esso, and SAFRA+ Standard Chartered Xtrasaver at Caltex, unless there are special promotions of course. Now there’s a 6% rebate till 31 Aug 13.
5. 5% cash rebate at Sheng Siong
This is a new merchant that’s been added to the list. From my previous post on Best Credit Cards for Supermarkets, it’s the best one out there for Sheng Siong since Sheng Siong has few tie-ups with credit cards.
6. 1% rebate at Popular, Singapore Power, Starhub, Comfort-Taxis
These are all household names that the public is familar with, but honestly the 1% rebate is pathetic and should be avoid since there are better credit cards out there to pay your bills with.
7. 0.3% rebate with everything else!
Honestly, don’t bother. Even Citibank dividend gives you 0.5%, so why settle for something less?
So with all these rebates, what do you do with them? Should you just use it at Sheng Siong when you pay for your grocery shopping at the next visit? Or use it at SPC when you pump petrol?
First and foremost, you need to understand how the rebates are awarded. Whenever you make a purchase, the net amount (after all the discounts) will be awarded the rebates. For example, you spend $100 at SPC (after all the SPC discount), so you will receive $3 cash rebate (3%). However, if you already have some rebates and want to use them, then the rebates would be used to offset the amount and the final amount would be rewarded the cash rebate. For instance, if you have $3 cash rebate and you want to use it, your final bill becomes $97. That means your final cash rebate is $97* 0.03 = $2.91. Logically speaking, you would want to redeem your cash rebate at the merchants with the lowest rebate right?
Well, if you did not already know, you can actually use your cash rebate to offset your credit card bill instead! Choose option 2 instead of option 1 and maximise your cash rebates!