It is no surprise that there are more credit card owners than our population of 5 million in Singapore. A financially prudent individual will ensure that the monthly credit card bills are paid up in full as the interest rates on the bills are no big joke. They will snowball in no time if you are not careful! However, not many people are aware that every month when they pay up their credit card bills, they can earn some extra money in the form of cashback!
Xtrasaver is a card offered by Stanchart Singapore which offers 0.5% cashback rebate on NETS every month (subject to a cap of $15 i.e. maximum spend of $3000). There are many different ways of paying your monthly credit card bills – cheque, GIRO, online bill payment, cash and last but not least AXS machine. Did you know that each credit card payment using the AXS machine is actually via NETS? From my observation standing in the AXS queues, most people use their favourite POSB cards and are not aware of this card that offers this amazing cashback!
Anyone above 18 years old are welcomed to apply for this card. Currently the initial deposit is $0 but bear in mind that you need to maintain an average daily balance of $6000 in order to qualify for the rebates. So far the membership is free for the 1st 2 years but you need to pay $15 per year thereafter. This card also offers cashback of 1-5% on any purchase and 7-15% for petrol at any petrol kiosks. If you are a non-driver and you have a lot of cash, then this card is probably of the better ones in the market as it offers up to 5% cashback. For drivers with deep pockets, the 15% cashback is also unrivalled. So far, the only change to the cashback terms is the reduction of NETS cashback from $50 to $15. For those who spend more than $3000 a month, one can actually consider enrolling their family members to increase the amount of cashback per month!