Are you looking for a credit card that offers great cashback rewards without any minimum spend requirements? Then the POSB Everyday Credit Card might be the perfect fit for you. This card is designed to offer Singaporeans a convenient and affordable way to earn cashback on their everyday expenses.
With up to 10% cashback on online shopping and ecommerce, up to 3% cashback on recurring bills, and 0.3% cashback on everything else, this card is one of the best cashback credit cards available in Singapore. Additionally, the card comes with no annual fee, no minimum spend requirement, and a range of other benefits that make it a popular choice among Singaporeans.
In this article, we will take a closer look at the POSB Everyday Credit Card and its key features and benefits, including how to understand the cashback system, fees and charges, eligibility and application, and how it compares to other cashback cards in the market. We will also explore the pros and cons of the card and answer some frequently asked questions to help you make an informed decision. So, let’s dive in!
Key Takeaways
- The POSB Everyday Credit Card is a great option for Singaporeans looking for a cashback credit card with no minimum spend requirements.
- With up to 10% cashback on online shopping and ecommerce, up to 3% cashback on recurring bills, and 0.3% cashback on everything else, this card is one of the best cashback credit cards available in Singapore.
- While the card comes with no annual fee and a range of other benefits, it is important to understand the cashback system and fees and charges before applying.
Key Features and Benefits
If you are looking for a credit card that rewards you for your daily expenses, the POSB Everyday Credit Card might just be the one for you. Here are some of the key features and benefits that make this card stand out:
Cash Rebates on Daily Essentials
With the POSB Everyday Credit Card, you can earn up to 10% cash rebates on your daily essentials. This includes categories such as dining, groceries, utilities, and online shopping. You can also earn cash rebates on your telco bills, making it a great card for those who are looking to save on their monthly expenses.
Fuel Savings with SPC and More
If you are a driver, you will be pleased to know that the POSB Everyday Credit Card offers fuel savings at SPC petrol stations. You can enjoy up to 20.1% savings on petrol and diesel purchases, as well as 5% cash rebates on your SPC transactions. Additionally, you can also enjoy discounts on car rentals and car servicing with selected partners.
Dining and Online Food Delivery Perks
If you love dining out or ordering food online, the POSB Everyday Credit Card has got you covered. You can enjoy up to 15% cash rebates at over 1,000 dining merchants in Singapore, including popular restaurants such as Crystal Jade and Paradise Group. You can also enjoy up to 8% cash rebates on your food delivery orders with foodpanda and Deliveroo.
Online Shopping Rewards
For those who love shopping online, the POSB Everyday Credit Card offers up to 10% cash rebates on your online purchases. This includes popular online marketplaces such as Lazada, Shopee, and Qoo10. You can also enjoy cash rebates on your purchases at Watsons and RedMart.
Overall, the POSB Everyday Credit Card is a great card for those who are looking to save on their daily expenses. With its cashback and rebate offers, you can earn rewards on your daily essentials and enjoy savings on your monthly bills.
Understanding the Cashback System
If you’re looking for a credit card that rewards you for your everyday expenses, the POSB Everyday Credit Card might be the perfect fit for you. The card offers a generous cashback system that can help you save money on your daily expenses. Here’s what you need to know about the cashback system:
No Minimum Spend Requirement
One of the best things about the POSB Everyday Credit Card is that there is no minimum spend requirement to earn cashback. This means that you can earn cashback on all your purchases, no matter how small. This is great news for those who don’t want to spend a lot of money to earn rewards.
Cashback Caps and Categories
The POSB Everyday Credit Card offers cashback on a wide range of categories, including groceries, transport/petrol, telecommunications, dining, shopping, travel/attractions, and utilities. However, it’s important to note that there are cashback caps for each category. For example, you can earn up to 10% cashback on groceries, but only up to $50 per month. Similarly, you can earn up to 10% cashback on dining, but only up to $100 per month.
To help you keep track of your spending and cashback, POSB provides a detailed breakdown of your cashback earned by category in your monthly statement. This makes it easy to see where you’re earning the most cashback and where you might need to adjust your spending.
Overall, the POSB Everyday Credit Card’s cashback system is a great way to earn rewards on your everyday expenses. With no minimum spend requirement and a wide range of categories to earn cashback on, it’s a credit card that can help you save money on your daily expenses. Just be sure to keep an eye on the cashback caps for each category to maximize your rewards.
Fees and Charges
If you are considering applying for the POSB Everyday Credit Card, it’s important to understand the fees and charges that come with it. Here is what you need to know:
Annual Fee and Waiver
The POSB Everyday Credit Card comes with an annual fee of SGD 192.60 for the principal card, and SGD 96.30 for each supplementary card. However, the good news is that the annual fee may be waived for the first year you have the POSB Everyday Card. To qualify for the waiver, you must charge a minimum of SGD 6,000 to your card within the first 12 months of card approval.
Foreign Currency Transaction Fees
If you plan to use your POSB Everyday Credit Card for transactions in foreign currencies, you will be charged a fee of 2.5% of the transaction amount. This fee is charged on top of the prevailing exchange rate.
Other Potential Costs
In addition to the annual fee and foreign currency transaction fees, there are a few other potential costs to be aware of. These include:
- Overlimit fee: If you exceed your credit limit, you will be charged a fee of SGD 40.
- Cash advance fee: If you withdraw cash using your POSB Everyday Credit Card, you will be charged a fee of 6% of the amount withdrawn or SGD 15, whichever is higher.
- Late payment fee: If you do not make your minimum payment by the due date, you will be charged a late payment fee of SGD 100.
Overall, the POSB Everyday Credit Card offers a range of benefits and rewards, but it’s important to understand the fees and charges associated with the card before you apply. With the right knowledge and responsible use of the card, you can enjoy the benefits of the POSB Everyday Credit Card without incurring unnecessary costs.
Eligibility and Application
If you’re looking for a credit card that can help you save money on your everyday expenses, the POSB Everyday Card might be the perfect choice for you. Here’s what you need to know about the eligibility requirements and application process.
Who Can Apply?
The POSB Everyday Card is available to Singapore residents who are at least 21 years old. If you’re a Singaporean or PR, you’ll need to have an income of at least SGD 30,000 per year to be eligible for the card. Foreigners will need to have an income of at least SGD 45,000 per year to be eligible.
How to Apply Online
The application process for the POSB Everyday Card is simple and can be completed online. Here are the steps you need to follow:
- Visit the official POSB website and click on the “Apply Now” button.
- Fill in the online application form with your personal and financial details, including your income, employment status, and contact information.
- Submit your application and wait for the bank to review your application.
- If your application is approved, you’ll receive your POSB Everyday Card in the mail within a few days.
Before you apply, make sure you meet the eligibility requirements and have all the necessary documents on hand, including your NRIC or passport, income documents, and employment details.
Overall, the POSB Everyday Card is a great choice for anyone looking for a credit card that can help them save money on their everyday expenses. With its generous cashback rewards and no minimum spend requirement, it’s a card that can help you stretch your budget further and enjoy more of the things you love.
Comparing with Other Cashback Cards
POSB Everyday vs Other Market Players
When it comes to cashback credit cards, there are many options available in the Singaporean market. However, the POSB Everyday Credit Card stands out with its unique features and benefits.
Let’s compare the POSB Everyday Card with some other popular cashback cards in Singapore:
- Citibank Cashback+ Mastercard: This card offers up to 1.6% cashback on all spend, with no minimum spend required. However, the cashback rate is capped at S$80 per month. In contrast, the POSB Everyday Card offers up to 10% cashback on selected merchants, with no minimum spend required.
- UOB Absolute Cashback Card: This card offers up to 1.7% cashback on all spend, with no minimum spend required. However, the cashback rate is capped at S$80 per month. In contrast, the POSB Everyday Card offers up to 10% cashback on selected merchants, with no minimum spend required.
- Amex Card: The Amex True Cashback Card offers up to 1.5% cashback on all spend, with no minimum spend required. However, the cashback rate is capped at S$150 per month. In contrast, the POSB Everyday Card offers up to 10% cashback on selected merchants, with no minimum spend required.
- Standard Chartered Unlimited Cashback Card: This card offers up to 1.5% cashback on all spend, with no minimum spend required. However, the cashback rate is capped at S$80 per month. In contrast, the POSB Everyday Card offers up to 10% cashback on selected merchants, with no minimum spend required.
As you can see, the POSB Everyday Credit Card offers a much higher cashback rate than other market players, with no minimum spend required. Additionally, the card offers a wide range of benefits, including cash rebates on utility bills, fuel, and more.
Overall, if you’re looking for a cashback credit card that offers high cashback rates and a variety of benefits, the POSB Everyday Card is definitely worth considering.
Pros and Cons
Advantages at a Glance
The POSB Everyday Credit Card offers a range of benefits that can save you money on everyday expenses. Here are some of the advantages of using this card:
- Cashback on everyday expenses: With no minimum spend required, you can earn cashback on groceries, petrol, dining, and more. This can help you save money on your regular expenses and earn rewards at the same time.
- EZ-Link and ATM card functions: The POSB Everyday Credit Card doubles as an EZ-Link card and an ATM card, making it convenient to use for public transport and cash withdrawals.
- Additional cash rebates: You can earn additional cash rebates on food deliveries, online shopping, and more, giving you even more opportunities to save money.
Potential Drawbacks
While the POSB Everyday Credit Card offers many benefits, there are also some potential drawbacks to consider:
- Limited rewards on some categories: While the card offers cashback on a range of expenses, some categories may have lower cashback rates than other credit cards. For example, if you spend a lot on travel, you may be better off with a travel rewards card.
- Fees and limits: There are fees and limits that apply to the POSB Everyday Credit Card, such as foreign transaction fees and cash advance fees. This can make the card relatively costly to use, especially if you frequently travel overseas or need to withdraw cash from ATMs.
Overall, the POSB Everyday Credit Card is a solid choice for those looking to save money on everyday expenses. With no minimum spend required and a range of cashback categories available, you can earn rewards on your regular spending. However, it’s important to consider the fees and limits that apply to the card before applying to ensure that it’s the right choice for your needs.
Frequently Asked Questions
How can I get my POSB Everyday card annual fee waived?
You can get your POSB Everyday card annual fee waived by spending at least S$1,200 per year. If you do not meet this requirement, the annual fee is S$128.40.
What are the current interest rates for the POSB Everyday Credit Card?
The current interest rate for the POSB Everyday Credit Card is 25.9% per annum.
How does one check their POSB Everyday Card rebate balance?
You can check your POSB Everyday Card rebate balance by logging in to your internet banking account or by calling the POSB hotline at 1800-339-6666.
Is there a minimum spend required to earn cashback on the POSB Everyday Card?
No, there is no minimum spend required to earn cashback on the POSB Everyday Card. You will earn cashback on all eligible transactions.
Could you clarify the cashback terms for the POSB Everyday Card?
Sure! You can earn up to 10% cashback on your daily essentials such as groceries, transport/petrol, telecommunications, dining, shopping, travel/attractions, and utilities. The cashback rates vary depending on the category. For example, you can earn 5% cashback on groceries at Sheng Siong and 8% cashback on RedMart purchases. There is no cap on the cashback you can earn, and the cashback never expires.
What’s the credit limit for a POSB Everyday Credit Card?
The credit limit for a POSB Everyday Credit Card is subject to approval and varies depending on your income and creditworthiness. You can check your credit limit by logging in to your internet banking account or by calling the POSB hotline at 1800-339-6666.
That’s it for the frequently asked questions about the POSB Everyday Credit Card.
