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Thursday, April 4, 2013

Credit Card with the Best Cash Rebates

Any Singaporean would own at least 5 credit cards. Unheard of in other countries, but fortunately (for those who pay their bills on time), the credit card landscape here is awesome because it is very competitive and lots of freebies and discounts given across our small nation. Unfortunate for those who never pay their bills on time because temptation to swipe is great (there is an alarming amount of Singaporeans below 30 who are in debt).

Therefore, how do you make your money work?
By working out which card offers the BEST cash rebate.

I own 7-8 cards and like cleaning up my Facebook friends list, i want to clean up my wallet. I hate long wallets so mine is a small Gucci folio wallet with a riding boot charm from Tokyo. It can only hold 6 cards and 4 already holds my driving license, IC, ATM and Ez-link.
I was carrying an extra pouch just to hold extra cards but i want to be a MINIMALIST now!
So i've been collecting the bills of my 3 most used credit cards to make a comparison.

I signed up for CIMB Bank because they said it would give me a good cash rebate for overseas spends. Overseas spends usually have a 0.5% charge + conversion depending on the bank, thus CIMB said by giving me a 1.5% rebate, i could still earn 1%.

And 1% it is that i got. $1.12 rebate from a $111.03 spend.
CITIBANK Dividend card has been my default card, also one that i used the longest. Only because my dad uses it, so naturally i follow his footsteps.

However, i didn't like that the rebate comes in the form of a cheque once it accumulates to $50. It's a hassle having to bank it in. However, the hassle will be worthwhile if the rebate is good!

I never really did check how much rebate am i really getting from the Citibank Dividend until lately, there've been very attractive contenders.

A cash-back of $1.47 from a $82.60 = 1.7%. Better than CMIB! Although the spend isn't on overseas expenditure, so not a fair comparison.
I found myself shopping more and more online. Air tickets, Groupon and blog shops! I was delighted to know the new FRANK Credit Card is designed to help me get the best and most unique deals anywhere around the world (via the Internet)!

Frank by OCBC gives Card-members 6% rebates for online purchases. Currently the highest rate offered in the market, receive 6% rebates (capped at S$60) with an unlimited 0.5% rebates on all other spends. However, you must spending S$500 or more per month in order to enjoy the rebates. Easily accumulated if you're a travel bug like me.

Sounded too good to be true when i heard it, so i tested it. 

In Feb, i spent $730.76. However, rebates are given back in the next month. Thus, the rebate reflected in your March's bill is Feb's.

Checking March's bill, my heart pounded as i did the calculations. Cheap thrill, i know.

$22.20 from $730.76, it is INDEED 6%!!

So that's how i make my spending work :P
Hitting jackpot.

12 comments:

Camswipe said...

I like so much your casino credit card :-).

Anonymous said...

Hi. For Frank cc, what is the typical statement date?

Anonymous said...

@anon: what do u mean typical statement date? i think its according to when you start your card. but i read that you can dictate a statement date, you can make it earlier to sync with your other statements. just not later.

xtine

Willy said...

Your calculations are wrong. $22.20 of $730.76 is 3% NOT 6%. You only get 6% for your online purchases not all.

Anonymous said...

Actually the UOB One Card gives much better rebate of 3.33% than the dividend card for everyday purchases. The Standard Chartered MANHATTAN World MasterCard also gives up to 3% but subject to min spend. Source: http://www.moneylobang.com/what-is-the-best-credit-card-for-cash-back.php

Xtine said...

@willy, yes that's what i meant. you only get 6% on Online purchases if u hit a spend of 500 monthly.

@anon: really? but i use the UOB one card, i dont see the rebates reflected. in fact it was the worst.The Manhatten is worth considering tho..since you say so

Carol said...

How about the annual membership fees, do you always get them waived? I saw there is an annual fee for FRANK card of $32... have you always got it waived successfully? Your post is very helpful!

Xtine said...

@camswipe you can get it too! many other cool designs to choose from too.

@carol yes i believe so, i can't remember if i have passed my first year actually. but i dont remember paying for any annual premium (yet).

Anonymous said...

Jenn: UOB cashback works that the rebates are credited every quarter, provided you meet their requirements, which I feel is not difficult to meet. Their requirement works in the tier of cashback of $30 for $300 spent for 3 mths consecutively, $80 for $800 spent for 3 mths consecutively, and $150 for $1,500 spent for 3 mths consecutively. Once you work out the sums, $30 rebates for $900 total spendings (for tier 1) is as good as 3.33% cashback. On top of it, any overseas spendings is an additional 2% rebates. IMO, this is the best rebates cc so far for everyday use.

Anonymous said...

@jenn: thanks for sharing, i do have a UOB One but i gave up using it because i can't seem to rake up 300 consecutively bc UOB don't have the nice discounts at restaurants like citibank does.i hate it that you have to consecutively spend 300 for 3 months instead of instant cashback.

xtine

Anonymous said...

Jenn: 'Cause I 'giro-ed' some of my mthly bills to the card. That's why it's easy for me. :)

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