Version 1 was published on 30 September 13. Since then, there have been some notable changes with OCBC rolling out a new card called 365 Card, HSBC removing the rebate privileges from Revolution card and Maybank changing the benefits of their Visa Platinum Card! According to a study by OCBC Bank covering 4,700 consumers last year, close to 60 per cent of the respondents said that their primary card was a cash-rebate or cashback credit card. (Source: http://news.asiaone.com/news/singapore/960-cashback-new-ocbc-credit-card)
With these facts, let’s see the whole spectrum of cards that offer some form of rebates, whether it’s a base rate or bonus rebates when you fulfil certain criteria.
Cheaponana’s Top 3 Rebates Card
These 2 cards stand out as they offer similar privileges – excellent rebate for online shopping. OCBC Frank card provides a 6% rebate if you spend a minimum of $500 per month (otherwise just a paltry 0.5%) and the card also acts as a NETS flashpay card which means you can use it for your ERP/parking/MRT & bus rides as well as shops that accept NETS flashpay such as Cheers, Old Chang Kee etc. Note that there is a cap of $60 of rebate per month for the bonus rebate although subsequent amount above $1k will earn 0.5% rebate
For Boc Shop! Card, there is a minimum spend of $500 per month as well to qualify for the bonus rebate, so anything less than $500 earns 0.5%, between $500-$1000 5.5% and >$1000 6% rebate. Note that there is a monthly cap of $100 for this card. Any shopping done in department stores also yields 5.5-6% rebate so long as you meet the minimum spending of $500.
OCBC website has a list of websites that are eligible, but do note that recurring payment to telcos and utility bills are excluded.
There is a separate post that discusses these 2 cards.
In a nutshell, both cards offer 3.33% rebate so long as there is consistent spending of minimum $300 per month for 3 months. Definitely good for people who have recurring bills to telcos, utilities, gym membership etc as you just need to do the necessary paperwork at the start and so long as your bill amounts are consistent and you are sure they do not fall below $300 per month, the rebate is as good as free money. But do take note that you will not get money if you fall short of even a few cents for a particular month in that quarter.
If you just want one card that offers good rebate without thinking too much, this should be it. $300 a month of credit card spending should be easily attained by most people.
I have been an avid supporter of Citibank since I received my credit cards as the card privileges have always been good. These are amongst the first few credit cards that I received and I have still managed to find good use for them despite the onslaught of many other cards in the market. Citbiank Dividend offers decent petrol discount at Esso (check out the best cards for petrol here), and now they offer 5% rebate at supermarkets as well. However, do note that there is a minimum spend of $50 in order to qualify for these bonus rebates, and you need to accumulate DIV$50 before the money gets credited into your credit card account (1 year validity). On top of that, there is 2% CITI rebate at Dairy Farm chain of supermarkets such as Cold Storage and Giant and these rebates NEVER expire. And of course, the 2% rebate for dining is paltry compared to what OCBC 365 Card has to offer, but there are actually other cards that are pretty good for dining as well which will be reviewed in a separate post later.
Citibank SMRT is an excellent card for coffee places. With 5% SMRT$ rebate and an additional 10% CITI rebate, there is NO other card that can match up to it. And even if you can’t hit $600 of spending a month, the amount of rebate you get is only 0.3% less which is not too great a difference.
Hence, the Citibank cards are pretty good if you spend frequently in these above mentioned places and despite a small amount of spending, you get excellent rebates as well.
What’s your favourite rebate card? Comment and let us know!