- The new players
This card is unique in the sense that you have to select a category every quarter (usually by 25th of Mar, Jun, Sep or Dec) so as to enjoy the bonus rebate of 5%, failing which you will fall back on the default 1%. The good thing it’s a 5% rebate if you choose the dining category, and there is no minimum spend for the month. However, do note there is a cap of $30 rebate per transaction, hence do not spend more than $600 per bill as you will not get additional bonus rebate. One other thing, they tend to round down the rebate dollars every month, so if you accrue $1.90 in rebate, this becomes $1 Optimum dollar (which is your rebate), and you need to accrue $50 because you can use it to offset your credit card bill the following month.
b. Bank of China Family
This card was rebranded recently, and looks like a direct competitor to the Citibank Cash Back (previously known as Dividend card). The dining category is pretty awesome with a 7% cash rebate, and there are additional perks like 5% rebate on groceries, hospital bills, Nets Flashpay auto-top up. The only catch is the $500 per month minimum that you need to spend in order to accrue the bonus interest.
c. OCBC Voyage
This is the only card of the lot that offers miles instead of rebates. 2.3 voyage miles per $1 is not a bad deal, considering other miles card generally give you 1.2-1.4 miles per $1 for local spending and 2 miles per $1 for overseas expenditure. The only problem is the annual fees of this card, which is a hefty $488 per annum.
d. POSB Everyday
The dining rebate for this card is seasonal, and this time, this will end on 31/10/16. 9% rebate is definitely great, but remember to spend a minimum of $700 for that month to qualify. However, do note that you need to register for this promotion, and wait for up to 2 weeks before you will receive a SMS to confirm. Until that happens, it is best to use the other cards instead.
e. UOB YOLO
The structure of this card is a direct competitor to the OCBC 365 card, but from now till end Sep, they are offering 8% rebate on weekends instead of 6%. Take note of the minimum spend of $600 though.
2. The old timers
a. CIMB Visa Signature
There’s been a change in the rebate structure for this card since the last update. Even though they offer 10% rebate for dining, there is a need to spend $30 per transaction and chalk up a minimum of 8 transactions to qualify. Not to mention the minimum spend of $500 and a cap of $60. Too cumbersome.
b. Citibank Cash Back (a.k.a Dividend)
This has also been revised to a neater structure – 8% rebate for dining, grocery and petrol, and a minimum spend of $888 per month. Note there is a rebate cap of $25 per category. To keep things simple, spend $300 per category per month to qualify.
c. OCBC 365
This has remained status quo. 6% rebate for dining on weekends and 3% for weekdays.
3. The ones who have left
Citibank Clear platinum and DBS black have removed the dining reward from the card’s privileges. UOB Preferred Platinum has also ceased to exist.
Consumers are so spoiled by the number of credit cards out there with dining rebates and rewards now. There is no one best card to recommend, as ultimately it depends on what’s your usage of the cards – whether you spend on dining regularly only or you perform grocery shopping and petrol as well. Look through the table above and decide on your options. Also, have at least 2 cards in your wallet, just in case you exceed the rebate cap for one card and you can use the other one for payment to reap its benefits.