Credit Card Welcome Offer: A Comparison of the Best Gifts

Credit Card Welcome Offer: A Comparison of The Best Gifts

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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. 

SingSaver’s Exclusive Promotion: Receive a LUMOS RAY Home Cinema Projector (worth S$298) or S$250 cash 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 a min. spend of S$300 must be made on eligible goods and services within 30 days of card approval, inclusive of min. 1 card-on-file transaction at select merchants. 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 23 September 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!

List of cards eligible for this promotion here.

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 CardWelcome OfferRequirementsKey highlights of card
American Express KrisFlyer Credit Card13,300 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 Ascend1-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 PremierMiles45,000 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 Rewards30,000 Citi ThankYou PointsSpend 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 Prestige62,500 Citi ThankYou Points or a tablet worth S$499 or hairdryer worth S$599Pay 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 AltitudeGet up to 38,000 miles when you apply using the promo code ALTAF or DBSALTSpend 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 RevolutionGet up to S$200 cashbackSign 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 InfiniteReceive 35,000 miles and S$30 cashbackMin. 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 CardReceive 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 UOB3,000 Krisflyer milesMake a min. spend of S$5 in a single transaction1.2mpd on all spend 

3mpd on Singapore Airlines, SilkAir, Scoot and KrisShop purchases
Standard Chartered X CardGet 30,000 air miles upon payment of annual feesPay $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 CardWelcome OfferRequirementsKey highlights of card
American Express CapitaCardUp to 192,000 STAR$® (worth S$192 eCapitaVouchers)Spend S$2,400 within the first 2 months of card approval and sign up via SingPass MyInfoEarn 15 STAR$® 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 Cashback3% 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 months1.5% 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 monthsMake 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 AdvanceUp to S$200 cashbackMake 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 FRANKGet S$50 cashbackMake 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 requirements6% 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

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.