How to Choose The Right Credit Card For Your Spending Lifestyle
If there was ever a perfect phrase to describe the capitalist dystopia we live in today it would be this – “It was the best of times, it was the worst of times”. Singaporeans have been thrust into this capitalist race of marvelous materialism, yet they always run out of gas before they ever get to their objects of desire due to the exorbitant costs of living.
It doesn’t matter if you’re a student with a part-time job or a working professional with years of experience; it’s just too difficult to pay full price for all your living essentials and miscellaneous expenditure. Groceries, dining out, shopping, movies, travel, etc. do a mighty fine job of eating a hefty chunk out of our monthly savings.
So what do you do when cash starts flying out of your wallet faster than you can possibly keep a track of? The answer is simple – go plastic!
Thanks to the internet, credit cards aren’t just weapons of mass financial self-destruction anymore. There is enough information to give you a comparative analysis of all the leading credit cards offered by different banks for different promotions to turn you into a credit card expert itself. You can now accurately gauge their utility factor to pick and choose from a plethora of confusing options to get the ones that are tailor-made for your lifestyle.
Let us highlight the 5 key categories of expenditure Singaporeans engage in and help you zero in on the best credit card to service those needs:
If there was ever a class of credit cards that could put its money where its mouth is for grocery shopping, the cash back would be the last one standing. This credit card scheme essentially works by charging retailers a fixed administration fee from which you are given a sliver of that amount.
Therefore, every purchase you make will net you a fixed sum of money back. It’s imperative that you consistently pay off your monthly credit bill in full on time; or else, the interest will hack away any savings you make.
If you’re looking for a viable choice in this category, then you might want to give the HSBC Visa Platinum Card a shot. With 5% cash back on groceries bought from Cold Storage, Jasons, Market Place, and Giant and Guardian, this cash back card definitely makes shopping for home essentials a lot more affordable.
The OCBC Plus! Visa Credit Card is another excellent alternative that offers 5% cashback for every S$5 spent on groceries along with several bonus LinkPoints rewards.
Globalization has given wings to corporate professionals and travel enthusiasts to fly to different places on a frequent basis. Unfortunately, traveling at your own expense every now and then is completely out of the realm of affordability for most Singaporeans. This is where airline credit cards can be your knight in shining armor and help you fetch major discounts on future tickets.
The HSBC Revolution Card is a fantastic option for avid travelers looking for great rebates and complimentary travel insurance. You can avail up to 5% cash back on any travel expenditure and 7% rebates on any top-ups made while signing up for EZ-Reload.
On the other hand, Singaporean vehicle owners will savor the “19.68% cashback for every S$1 spent” clause offered by the UOB One Card, which also offers up to S$600 in annual cash rebate on everything you purchase.
Recreation may seem like a frivolous expense on paper, but we cannot emphasize how much of a sanity checkpoint it can prove to be for us by taking a break from the breakneck hustle-bustle. Entertainment cards allow you to get rebates at selected social hotspots like restaurants, cafes, nightclubs, movie theaters, theme parks, etc. that can significantly cut down your recreational expenses.
The Standard Chartered Manhattan Platinum Card is a highly popular entertainment card that guarantees regular one-for-one movie ticket deals, restaurant and nightclub discounts and 15% rebate at Harry’s.
Singapore’s a hotbed of multi-ethnic gastronomical delights, so it’s naturally hard for someone to not give in to their cravings every once in a while and experiment with new cuisines.
Although it may be a little challenging to qualify for, the DBS Black American Express Card is pretty much the king of all dining credit cards. It offers a host of great one-for-one dining offers and buffet meals at top establishments with jaw-dropping rebates of up to 25%. It is also a nifty card for alcohol purchase as you can get up to 10% off on wines at Cold Storage and Jason’s.
Here’s an evergreen endeavor that no one ever has ever tired of and no one ever will, be it retail shopping or online shopping. Even though there’s no shortage of festive sales, there’s only so much they can do to cushion your savings. You can leave the rest to specialized shopping credit cards to do the rest of the heavy lifting.
The Citibank Rewards is a highly recommended option for both online and retail shopping enthusiasts in Singapore. With this credit card, you can quickly multiply your reward points on every shopping transaction you make (S$1 spend = Citi $10). You can also get a 15% discount off the total bill when you visit Balaclava, KPO and Wala Café Bar at Zouk.
All information in this article was source by iMoney Singapore without any direct contact or fact verification with the banks mentioned.
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