Credit Card Welcome Offer: A Comparison of The Best Gifts

In all likelihood, you got a new credit card not only for its perks, but its can’t-miss signup gift. Here’s a look at some of the best ones being offered by banks in Singapore. 

Banks often use attractive welcome rewards as a means to entice consumers to snag a credit card, and also to stand out from the rest of the pack. But before you apply for a credit card to get yourself that reward, let’s first examine when is the best time for you to get a credit card. 

When should you get a new card 

• When you are new to bank 

Being new to the bank is one of the main criteria to be eligible for a credit card’s sign up reward. To be classified as a new-to-bank customer, you cannot have owned the bank’s credit card in the last 12 months. This means that fortunately, you are not limited to receiving just one sign up bonus from the bank in your lifetime. 

If you play your cards right, you can enjoy the welcome gifts from the same bank every few years. If you are an existing customer, you will not be eligible for most of the bank’s welcome promotions. You can instead consider applying for the credit cards from other banks to make the most of sign up promotions. 

• When you have a big spending coming up

Most credit card welcome bonuses require a minimum spending within the first three to six months. It often ranges between $3,000 and $6,000. 

If you know you have a big ticket purchase coming up, such as home furniture, wedding expenses or multiple travel bookings, you can consider getting a new credit card beforehand. This allows you to hit the spending requirement with ease. 

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SingSaver’s Exclusive Promotion: Score an Apple AirPods Pro (worth S$379), Sennheiser Momentum True Wireless 2 (worth S$449) or S$300 via PayNow when you apply for the Standard Chartered Unlimited or Standard Chartered Rewards+ credit card!

To be eligible for this promotion, you’ll have to be a new Standard Chartered Bank cardholder and activate your new card within the first 30 days of card approval. Also, a min. spend of S$300 is required. If you already have a Standard Chartered credit card, you’ll be rewarded with S$30 cash via PayNow when you sign up. Promotion is valid till 15 June 2021, T&Cs apply.

Welcome offer: Enjoy 35,000 miles upon card approval and payment of the annual fee. Valid till 31 December 2021. T&Cs apply. Apply for the Standard Chartered Visa Infinite Credit Card now!

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List of cards eligible for this promotion here.

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Credit card preferences also differ based on lifestyles. Some prefer to chase miles, while others might opt for monetary returns in the form of cashback. Here are the credit card welcome offers currently available. 

Miles Credit Cards

For the globetrotters, having a miles card (or a wallet full of miles cards) is a given. Earning miles on all your spending can go towards paying for your next travel (whenever that will be). You can even earn yourself a luxurious experience by flying first class with your miles. 

Here are the miles card for you to consider to help you get a headstart on your miles journey.

Credit Card	Welcome Offer	Requirements	Key highlights of card
American Express KrisFlyer Credit Card	13,300 KrisFlyer Miles 1-night stay at the Conrad Centennial Singapore (worth S$300++) S$20 Dairy Farm Group Voucher	Spend SS$3,000 in the first 3 months of card approval Apply by 30 Jun 2021	1.1mpd on local spend  3.1mpd on Grab (capped at S$200 every month) 12,000 Bonus KrisFlyer miles upon upgrade to KrisFlyer Ascend Credit Card Receive 3,000 KrisFlyer miles when you successfully refer a friend
American Express KrisFlyer Ascend	1-night stay at the Shangri-La Hotel (worth S$450++) 10,000 KrisFlyer miles S$20 Dairy Farm Group voucher	Spend S$5,000 in the first 3 months of card approval Min. annual income of S$50,000 Apply by 30 Jun 2021	1.2mpd on local spend 3.2 mpd on Grab (capped at S$200 every month) Complimentary one night stay at participating Hilton Properties each year 4 complimentary airport lounge access passes each year
Citi PremierMiles	45,000 Citi Miles Earn 4 miles per S$1 on food delivery and home entertainment merchants	Spend S$9,000 in the first 3 months of card approval Apply by 30 Jun 2021	1.2mpd on local spend 2 complimentary visits every year to airport lounges worldwide Citi Miles never expire
Citi Rewards	30,000 Citi ThankYou Points	Spend S$3,000 in the first 3 months of card approval Apply by 30 Jun 2021	Earn 10X Rewards Points (4 miles) on:  – Online and retail purchases – Rides with Grab,ComfortDelGro, Gojek etc. – Online food delivery – Online groceries
Citi Prestige	62,500 Citi ThankYou Points or a tablet worth S$499 or hairdryer worth S$599	Pay the annual fee Min. annual income of S$120,000 Apply by 30 Jun 2021	5 ThankYou Points (2 miles) for every S$1 spent overseas 3.25 ThankYou Points (1.3 miles) for every S$1 spent locally Unlimited complimentary access to hundreds of Priority Pass airport lounges 8 complimentary one-way airport limousine transfers
DBS Altitude	Get up to 38,000 miles when you apply using the promo code ALTAF or DBSALT	Spend at least S$6,000 within 90 days of card approval and pay S$192.60 annual fee	1.2mpd on local spend 3mpd on online flight and hotel transactions Up to 50% more miles on your spend in the first 3 months for DBS Altitude American Express (not applicable for DBS Altitude Visa)
HSBC Revolution	Get up to S$200 cashback	Sign up via SingPass MyInfo and spend S$500 in the first month after card approval Valid till 30 Apr 2021	10X Reward points (4mpd) on contactless payments and online purchasess 1 Reward point (0.4mpd) for all other spends Enjoy complimentary ENTERTAINER with HSBC access
HSBC Visa Infinite	Receive 35,000 miles and S$30 cashback	Min. annual income of SS$120,000 Apply online using SingPass MyInfo	1mpd for local spend Enjoy complimentary ENTERTAINER with HSBC access Unlimited access to over 1,100 VIP airport lounges worldwide
The American Express® Platinum Credit Card	Receive a B&O Beoplay E8 3rd Gen (worth S$499) Enjoy a S$30 statement credit when you patronise Love Dining merchants	Spend S$5,000 in the first 3 months of card Min. spend of S$60 required to receive statement credit at Love Dining merchants Valid till 30 Jun 2021	Earn 2 Membership Rewards Points for every $1.60 spent Up to 50% off your food bill at over 50 restaurants Receive 12,000 Membership Rewards® points when you successfully refer a friend
Krisflyer UOB	3,000 Krisflyer miles	Make a min. spend of S$5 in a single transaction	1.2mpd on all spend  3mpd on Singapore Airlines, SilkAir, Scoot and KrisShop purchases
Standard Chartered X Card	Get 30,000 air miles upon payment of annual fees	Pay $695.50 annual fee Min. annual income of S$80,000	Apply now and get S$20 cashback when you apply via MyInfo 2 complimentary visits to Priority Pass lounges around the world each year

If you have plans to spend close to S$5,000 over the next few months, you can consider the American Express cards. However, if you aren’t a big spender, you can instead consider the Krisflyer UOB or the Citi Rewards card.

Cashback Credit Cards

The most generous welcome gifts tend to be offered for miles cards, in the form of miles or reward points. However, not everyone chases miles, especially with the uncertainty surrounding travel, brought about by COVID-19. If you prefer a cashback credit card, here are a few that do offer welcome gifts. 

Credit Card	Welcome Offer	Requirements	Key highlights of card
American Express CapitaCard	Up to 192,000 STAR$® (worth S$192 eCapitaVouchers)	Spend S$2,400 within the first 2 months of card approval and sign up via SingPass MyInfo	Earn 15 STAR$® for every S$1 spent in participating CapitaLand Malls, capped at S$1,200 per calendar month (5,000 STAR$® is equivalent to a S$5 CapitaVoucher) Limited-time offer: Earn 30 STAR$® in participating CapitaLand Mall’s merchant Earn an additional 50 STAR$® when you spend at participating merchants in participating CapitaLand Malls Referral bonus of 20,000 STAR$® (worth $20 CapitaVouchers) when you refer a friend
American Express True Cashback	3% cashback on up to a total of S$5,000 spend in your first 6 months	Additional cashback is only for first S$5,000 spent in the first 6 months	1.5% cashback on all purchases No min. spend required and no cap on cashback Register to enjoy additional 1% cashback on all foreign currency spend
Citi Cash Back+	Up to S$225 cashback when you apply via MyInfo on the Citibank website and spend $5,000 in the first 3 months	Make a min. spend of S$200 within 30 days of card approval Get 4.5% cash back on up to S$5,000 spend in the first 3 month	1.6% cashback on all spend No min. spend required, no cap
HSBC Advance	Up to S$200 cashback	Make one qualifying spend to get S$50 cashback; S$500 min. spend to get S$120 cashback Apply with MyInfo via SingPass to get S$30 cashback	1.5% cashback on all purchases (if you spend S$2,000 or less) Up to 2.5% cashback (if you spend more than S$2,000) 1% bonus cashback if you’re an HSBC Everyday Global Account holder and meet the monthly criteria Enjoy ENTERTAINER with HSBC perks
OCBC FRANK	Get S$50 cashback	Make two qualifying transactions by the end of the next month following card approval. Promotion is available to first 600 new cardmembers who fulfil the spend requirements	6% cashback on online purchases 6% cashback on mobile contactless payment and foreign currency spending You can read our review of the OCBC FRANK’s revamp here

The American Express True Cashback, Citi Cash Back+, and HSBC Advance cards have competitive offers but act fast because these all end later in the month. The cards’ cashback rates are nothing to scoff at either and might prove to be more valuable than air miles in this environment.

Exclusive SingSaver promotions

On top of these welcome gifts, SingSaver also offers exclusive promotions from time to time. You can earn yourself items such as wireless earbuds, Grab vouchers or cash via PayNow. Check out the current promotions available for the different banks below.

Read these next: 
Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?
Credit Card Housekeeping: 3 Reasons To Cancel Unused Credit Cards
6 Credit Cards Which Give Free Access to Airport Lounges
Best Cashback Credit Cards In Singapore 2021
Top 6 Air Miles Credit Cards In Singapore 2021

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By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence. 

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