The POSB Everyday Card is designed to save money on your everyday essentials. Can you make the most out of it?
Credit card promotions, terms, and conditions valid as of 18 May 2016.
It’s easy to see why the POSB Everyday Card is said to be Singapore’s favourite card. Besides being backed by POSB’s long heritage, the Everyday Card promises cash rebates on groceries, petrol and utilities. Who can resist such a well-rounded offering?
As you go through the fine print however, you’ll find that the savings offered only apply for specific establishments. And there are some limits you should know about the new dining rebates.
Find out if you can make the most out of the POSB Everyday Card.
Basic Card Features
- Up to 9% rebate on dining until 31 October 2016. Get 9% rebate when you dine on weekends, and 3% rebate on weekday dining. To qualify, simply apply for the POSB Everyday Card between 1 May 2016 until 31 October 2016. If you’re already an existing cardmember, you can get the dining rebates by being one of the first 10,000 to register for the promotion between 1 May 2016 until 30 June 2016.
- Up to 20.1% savings on petrol. With this card, you can save up to 20.1% when you load up on petrol at SPC.
- 5% cash rebate at Sheng Siong. Shop at your friendly neighbourhood Sheng Siong and get 5% cash rebate every time – with no minimum spend!
- 3% cash rebate at Watsons. Use your card on medical, beauty, and personal care products at Watson’s to get 3% cash rebate.
- Cash rebates on recurring bills. Charge your recurring bills from SP Services and get 1% cash rebate, and another 1% cash rebate on recurring bills from StarHub mobile, digital cable, or broadband.
- Use as your all-in-one Card – credit card, EZ-Link card and ATM card. Activate the EZ-Reload feature on the card to use it as your EZ-Link card. Link your credit card to your POSB Savings account to use it as an ATM card.
- S$80 cashback welcome offer. Apply online to get S$80 cashback if you spend S$700 on your card per month for the first two months.
What’s Great About the POSB Everyday Card
- Well-rounded card. It’s comforting to know that a single card offers small savings on virtually all the things you spend on daily, and with dining rebates to boot.
- No minimum spend required (except for dining). Unlike most cashback cards, the POSB Everyday Card does not require a minimum monthly spend to earn rebates (except for dining – see below). Furthermore, rebates never expire.
- All-in-one card. No need to make your wallet fat with different cards when you use the POSB Everyday Card as your ATM and EZ-Link card.
- Option to redeem vouchers with your rebates. Most cashback credit cards only let you use the rebates to offset your credit card statement for the following month. However, the POSB Everyday Card also gives you the option to redeem your rebates for vouchers at Watsons, SPC, and 400 other participating outlets. To redeem, just log onto your iBanking account and click on the “Redeem POSB Daily$ & Safra$” button.
The Fine Print
- S$700 minimum spend, S$30 rebate cap on dining. Whenever a credit card promises a high cashback rate, figure out what the catch is before swiping like crazy. You may have to meet a minimum spend requirement (which may go beyond your monthly budget), and there will be a limit to the rebates you can earn (which may be too small to make the large monthly spend worth it). This is no less true for the POSB Everyday Card’s new dining rebates. You need to spend at least S$700 on retail each month to earn dining rebates, which are capped at S$30 per month. The good news is that your everyday spend plus 0% instalment payments, recurring bill payments, and foreign retail transactions also count toward the minimum spend. This means you can still enjoy the dining rebates without drastically altering your budget.
- You need an SPC&U card to maximise petrol savings. The 20.1% petrol savings at SPC is composed of the 5% discount when charged to a DBS/POSB credit or debit card, plus 10% discount with SPC&U Card. POSB Everyday Cardmembers get 6% cash rebate on the final cash amount after all discounts. Promotion is valid until 30 June 2016.
- S$50 rebate cap at Sheng Shiong. Cash rebates at Sheng Siong will be awarded up to maximum spend of S$1,000 (equivalent to Daily$50) every month.
- Maximum spend on utilities rebates. 1% cash rebate for SP Services and StarHub is awarded on a maximum spend of S$100 per CardAccount, per calendar month per respective billing organization.
Your Savings Per Month
When you use this card to pay for your groceries, petrol, and utilities, you can save quite a bit of money. Besides offsetting your next credit card bill, don’t forget that you can also trade in your rebates for vouchers:
|0% Monthly Instalment Payment||S$250||0.3%||S$0.75|
* Dining rebates capped at S$30 per month
Should You Get the POSB Everyday Card?
In theory, the POSB Everyday Card’s money-saving promise sounds great. Who doesn’t want to save on everyday expenses and get rebates on dining? By spending the way you normally do, it can be quite easy to reach the minimum spend required to earn dining rebates. While the S$30 cap isn’t much, it’s still slightly higher than the dining rebates you earn from a similar credit card, the Citi Cash Back Card.
The biggest drawback of the POSB Everyday Card is its lack of versatility. For you to earn significant savings on this credit card, you might as well forget other petrol stations, supermarkets, telcos etc. apart from the ones listed above.
So if you do your groceries at Sheng Siong, top up your petrol at SPC, and patronise all the other establishments listed here, then the POSB Everyday Card is for you. You might also want to get this card if you have a POSB ATM account and would like the convenience of linking your credit card to it.
Otherwise, find a cashback credit card that offers savings at any supermarket.
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By Lauren Dado
Lauren has been a content strategist and digital marketer since 2007. As SingSaver.com.sg’s Content Manager, Lauren edits and publishes personal finance stories to help Singaporeans save money. Her work has appeared in publications like Her World, Asia One, and Women’s Weekly.