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Read the latest news about Rewards Credit Card products in Singapore and the best money saving tips.
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What is Rewards Credit Card?
These cards let you earn reward points when you spend on your card. It is an incentive to make you charge your purchases to your credit card instead of paying by cash or other cashless payment modes. These reward points can be accumulated and used to redeem a huge array of items. The types of credit card rewards include vouchers and discounts on dining, hotel stays, air miles, shopping, electronics, groceries and much more. Most cards have an expiry date for the reward points, so be sure to redeem them before they expire. The best rewards credit cards in Singapore, however, let you keep your rewards points for life. So, you can continue to accumulate rewards points and redeem a big-ticket item.
Types of Rewards Credit Card
The two popular types of rewards credit cards are air miles credit cards and cashback credit cards. Air miles credit cards, also known as frequent flyer miles, are part of a loyalty program by airlines and credit card companies. Miles are accumulated as you spend on your credit card, and you can claim the cost of your flights in the miles you have clocked.
Cashback credit cards offer cash rewards when you make purchases. The more you spend, the more cash rewards you accumulate. The interest rate for the rewards differs from each card and can differ depending on your category of expenses, i.e. shopping or bills. Cashback credit cards tend to be suitable for people with fixed expenses each month.
While air miles and cashback credit cards are the common credit card rewards, there are also cards with specialised incentives for shopping, gas or hotel stays when you charge to it.
Tiered Versus Flat Rewards
A tiered reward system is a rewards-earning calculation that rewards card users for spending more. As you spend more in a tiered system, the percentage of your rewards increases, up to a maximum. For example, a tiered reward offer might offer you 1 percent cash back for the first $500 spent and 2 percent for the next $500 spent, up to a maximum. Some cards also allow you to unlock additional rewards when you hit a certain amount of spending in specific categories. For flat reward systems, card users typically get a fixed reward offer regardless of the amount and type of purchases made.
How can I use my credit card rewards?
For most airmiles card users, users can choose to accumulate points to claim a big-ticket item of a higher value. Rewards miles can usually be redeemed with travel site partners. However, it’s good to note the terms of redemption as there may be travel restrictions like blackout dates, or changing mileage conversion rates between the time you earned the points and the time you spend the points.
Cashback rewards are usually credited back to your credit card as rebates on a monthly basis. Most credit cards do not require to do anything extra after making your purchases. As long as you fulfil the requirements to meet the cashback rewards, it will be automatically credited to your account.