The POSB Everyday Card looks like a simple aunt card, but don’t let the ho-hum exterior fool you. It is actually one of the the best cashback credit cards for cash discounts at Sheng Siong and Watsons.
That’s because it’s one of the few cashback credit cards with no minimum spend. The bar discounts are surprisingly decent, and some categories don’t even have a cap.
As someone who refuses to have my credit card track my monthly expenses, I totally agree. Take a closer look at the POSB Everyday Card here to see if it’s the right one for you.
General terms and conditions of the POSB Everyday Card
| POSB day ticket | |
| Annual fee & exemption | $ 192.60 (one year waived) |
| Annual surcharge | $ 96.30 |
| Interest-free time | 25 days |
| Annual interest rate | 26.80 percent |
| Late Pay Fee | $ 100 if the outstanding balance is over $ 50 |
| Minimum monthly repayment | Three percent or $ 50, whichever is greater |
| Transaction fee in foreign currency | 3.25 percent |
| Transaction fee for cash advance | 8% or $ 15, whichever is greater |
| Over-limit fee | $ 40 |
| Minimum income | $ 30,000 (Singapore / PR) / $ 45,000 (non-Singapore) |
| Card association | MasterCard |
| Wireless payment | MasterCard PayPass |
This is how the POSB Everyday Card works
the POSB Everyday Card probably owes its reputation as an aunt to its main bonus discounts for Sheng Siong and Redmart, where you can earn five percent or eight percent cashback.
The POSB Everyday Card is also one of the rare credit cards that gives you cashback on your electricity and telecommunications bills. The bills from electricity traders also qualify! Sure it’s only one percent, but better than nothing, isn’t it?
In addition, the cash discounts never expire. You can use them at over 200 partner outlets and via the DBS Lifestyle App to offset purchases.
Who should use the POSB Everyday Card?
There are some credit cards designed for Atas people who drive Aston Martins and drink black truffle latte. Not this card. For the average Singaporean who eats Cai Peng, the POSB Everyday Card is not a “protein bowl” from Saladstop or similar stores.
In short, it’s best for thrifty Singaporeans who don’t mind doing their basic shopping in Sheng Siong and Redmart. You get a decent cashback of five to eight percent on these everyday objects without spending pressure.
Also, because there is no cashback cap on gasoline, it is ideal for those who spend a lot on gasoline, such as sales reps or those who have to drive around a lot for work. Receive a six percent discount on the final fee amount, after all other applicable discounts).
(Those with a professional license for private rental car drivers (PDVL) are better off with the newly introduced Esso Private Hire Smiles Card instead.)
Alternatives to the POSB Everyday Card
This isn’t the only credit card for Singaporeans on a budget. Far from it. Let’s take a look at what others are out there offering all-round cashback with low minimum spend:
Citibank Cashback + Mastercard – Yay, another credit card with no minimum spend! This is a no-fuss credit card with a flat cashback of 1.6 percent across most categories, but it doesn’t include electricity or telecom bills.
UOB Absolute Cashback Card – This card offers the highest unlimited cashback on the market. at 1.7 percent. There are also no minimum spend or spending exclusions, so you can use this card to pay your bills and insurance premiums. But, and that’s a very big but – it’s an Amex card that smaller retailers may not accept.
Standard Chartered Unlimited Cashback Card – This card plays second fiddle after the Citi Cashback + Mastercard because it’s essentially the same, but with a cashback rate of 1.5 percent, 0.1 percent less.
Have you decided that the POSB Everyday Card will literally become your everyday card for everyday use? Apply here.
This article was first published in Moneysmart.
