This post was written in collaboration with POSB. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
Inflation is still high, so some of us might be tempted to live in a cave, away from the call of consumerism. But the fact is that we need to spend money to get our daily essentials. So, the smart thing to do is to ensure we can extract maximum value out of our daily spending and get more bang for our buck.
But that’s not always easy. Due to factors like the rising price of just about everything and the upcoming GST hike, it looks like our money’s spending power could actually be going…down!?
Some tried and tested ways to optimise our spending include comparison shopping, buying groceries in bulk, looking out for discounts, minimising consumption wherever possible and using a credit card that rewards us with cashback when we spend.
Speaking of that last tip, choosing the right card is key to maximising our cash rebates. The POSB Everyday Card makes it super easy to maximise what you get for your spending on daily essentials thanks to its straightforward spend mechanics. You can easily earn up to 7% cash rebates with no minimum spend required on some categories like groceries, transport and utilities and unlock up to 10% cash rebates on dining and online shopping with an easy-to-fulfill minimum spend of S$800.
This could mean almost S$90 in savings every month with the POSB Everyday Card, as our case study below shows.
No minimum spend
Base cashback rate: 0.3% POSB Daily$ rebate for all purchases
Activate SimplyGo to use your card as an EZ-Link card. SimplyGo charges MRT and bus fares to your credit card, eliminating the need for auto top-ups
Link the POSB Everyday Card to your DBS or POSB Savings or Current account to use card at ATM
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
The POSB Everyday Card to the rescue
If you’re looking for a credit card that rewards you for your daily spending, you really can’t go wrong with the POSB Everyday Card. It does so by offering up to 10% cash rebates on daily essentials, with no expiry date on the cash rebates earned.
Here are some of the card’s key benefits:
Up to 10% cash rebates on online food delivery & other dining
Up to 8% cash rebates on shopping, including online purchases
7% cash rebates on your grocery essentials
5% cash rebates on recurring utility bills
5% cash rebates on public transport
Up to 20.1% + 2% fuel savings at SPC
There’s no expiry to the cash rebates earned, and you can use them to offset your next month’s spending.
The card’s mechanism is super easy — there’s no need to juggle multiple layers of quarterly and monthly spend requirements. With no minimum spend, enjoy the following cash rebates!
In addition, by fulfilling a S$800 qualifying spend per calendar month, POSB Everyday Card holders can enjoy even bigger savings.
The card is so useful that virtually any working adult with daily expenses to take care of can benefit greatly from it.
Jim, working adult, POSB Everyday Cardholder
Let’s take the example of Jim, an ordinary Singaporean guy who goes to work during the day and tries to spend whatever free time he has with his friends and family.
When Jim goes out, he can use the POSB Everyday Card to get fuel discounts and cash rebates on petrol.
On weekends out, he can use the card to earn cash rebates when dining at restaurants and some types of entertainment, such as spending an afternoon at Sentosa, making a trip to the zoo or surprising the kids with tickets to the Disney On Ice show.
The card is also useful when staying at home! Jim can use it to earn cash rebates when paying for groceries online, ordering food delivery, shopping online and paying his bills.
Clearly, this is one very versatile card! Let’s take a closer look at some scenarios where Jim can optimise his everyday spending.
POSB Everyday Card x Utilities
The POSB Everyday Card offers up to 5%* cash rebates when you pay your utility bills from most merchants and telco bills with the card.
This is perfect for Jim since, like most adults, he is juggling several bills every month! He decides to pay his utilities bill from SP Group using the card as it will earn him 5%* cash rebates (capped at S$5/month). As he usually spends around S$100 per month, he can earn up to S$5 worth of cash rebates.
There is no minimum spending criteria required to earn the cash rebates on utilities, so all Jim needs to do is to make sure he sets up recurring bill payments with his provider.
If he decides to use the card to pay his telco bills from M1, totalling about S$100 a month. That can earn him 3% worth of cash rebates (capped at S$3/month), which adds up to S$3.
To receive the 3% rebates on his telco bills, Jim will need to meet the minimum spending requirement of S$800 in each calendar month.
POSB Everyday Card x Groceries, Dining and other Essentials
Every hungry family needs to eat, and there’s no better way to lower your monthly grocery bill than by using a card that rewards you for those trips to the supermarket.
The POSB Everyday Card offers 7%* cash rebates when you shop at Sheng Siong. This is perfect for Jim, as he and his wife love whipping up tasty meals in the kitchen to share with family and friends. Groceries for his family of four cost about S$400, which means Jim could potentially be earning S$28 worth of rebates.
On “lazy” days, he opts for online food delivery from foodpanda, Deliveroo or WhyQ, from which he can earn 10% cash rebates; other dining spend nets him 3% cash rebates. Cash rebates for dining are capped at S$15 per month.
Jim also uses the card at Watsons, where he can get 3% cash rebates with no cap. There, he picks up items like contact lens solution and his wife’s favourite sheet masks. He tends to spend about S$50 there per month, which translates to S$1.50 worth of rebates.
Let’s not forget Jim’s beloved cat, Whiskers. Jim buys Whiskers’s cat food, treats and cat litter at Pet Lovers Centre using the POSB Everyday Card, which gets him 3% cash rebates on purchases above S$15 with no cap. He usually spends about S$30 there each month, which entitles him to S$0.90 worth of rebates.
There is no minimum spending requirement for the above spend categories. But if Jim manages to spend at least S$800 per calendar month, he can enjoy even bigger savings on his daily essentials, including up to 5% cash rebates on online shopping at Amazon.sg, Lazada, Qoo10, Shopee, Taobao, RedMart and iHerb, capped at S$15 per month. Jim sometimes orders groceries at some of these websites, earning 5% cash rebates in the process.
POSB Everyday Card x Transport
On weekends, Jim and his wife like to take the kids on outings around Singapore, and they also frequently visit Jim’s parents and in-laws. Jim usually drives, with petrol costing him about S$80 per month.
He uses his POSB Everyday Card to pay for petrol at SPC, enjoying 20.1% fuel savings. That works out to about S$16.08 worth of savings per month.
To get to work on weekdays, he prefers to take the MRT, since getting stuck in a traffic jam on the way to the CBD is no fun. Luckily, he can get 5%* cash rebates on his public transport fares via SimplyGo. As he spends a good S$80 on MRT fare per month, he can earn about S$4 worth of rebates.
The above perks don’t require Jim to satisfy any minimum spending requirements. However, if he manages to spend at least S$800 in a calendar month, he enjoys even bigger savings on his daily essentials, including an additional 2% cash rebates at SPC on top of the 20.1% fuel savings, which works out to an additional S$1.27 worth of cash rebates.
Maximise your everyday spend
Just by using the POSB Everyday Card on his daily essentials, here’s the cash rebates Jim can earn:
Utility and telco bills
S$5 + S$3 = S$8
Groceries and other essentials
S$28 + S$1.50 + S$0.90 = S$30.40
S$4 + S$1.27 = S$5.27
Dining and food delivery
In addition, Jim also enjoys about S$16.08 worth of fuel savings every month. This adds up to almost S$90 savings every month with his POSB Everyday Card!
The POSB Everyday Card is perfect for people like Jim who need a card that they can use for all types of everyday spending in order to earn maximum rewards. Consolidating all spend on one card will enable you to earn even higher rebates by hitting the minimum spending requirement.
With the POSB Everyday Card, you can earn up to 10% cash rebates on food delivery, 5% cash rebates on online shopping and 3% cash rebates on telco bills. With no minimum spending, you can earn 7% cash rebates on groceries at Sheng Siong, 3% cash rebates at Watsons, 5% cash rebates on utilities, and 5% cash rebates on bus/MRT via SimplyGo.
* Valid until 31 Jan 2023.
Full terms and conditions apply. Visit posb.com.sg/EverydayCard to find out more.
The post How to Maximise Your Daily Spend With Just One Card appeared first on the MoneySmart blog.
The post How to Maximise Your Daily Spend With Just One Card appeared first on MoneySmart.sg.
Original article: How to Maximise Your Daily Spend With Just One Card.
© 2009-2018 Catapult Ventures Pte Ltd. All rights reserved.