Everyday POSB Card Review: A Cash Back Credit Card With No Minimum Spending Requirement, Money News
The Everyday POSB card looks like a simple auntie card, but don’t be fooled by its ho-hum exterior. It is in fact one of the best cashback credit cards for cash back at Sheng Siong and Watsons.
This is because it is one of the few cash back credit cards with no minimum spending requirement. The cash backs are surprisingly decent, and for some categories there isn’t even a cap.
As someone who refuses to let my credit card dictate my monthly spending habits, I totally agree. Take a closer look at the Everyday POSB Card to see if it’s right for you.
General conditions of the POSB Everyday card
|POSB everyday card|
|Annual contribution and exemption||$ 192.60 (one year exemption)|
|Additional annual fee||$ 96.30|
|Interest-free period||25 days|
|Annual interest rate||26.80%|
|Late payment fees||$ 100, if the outstanding balance is greater than $ 50|
|Minimum monthly repayment||Three percent or $ 50, whichever is greater|
|Foreign currency transaction fees||3.25 percent|
|Cash Advance Transaction Fee||Eight percent or $ 15, whichever is greater|
|Over limit fees||40 $|
|Minimum income||$ 30,000 (Singaporean / PR) / $ 45,000 (non-Singaporean)|
|Wireless payment||MasterCard PayPass|
How the POSB Everyday Card works
The POSB Everyday Card likely owes its reputation as an aunt to its main bonus discounts for Sheng Siong and Redmart, where you can earn five percent and eight percent cashback respectively.
The POSB Everyday card is also one of the few credit cards that allows you to get cash back on your utility and telecom bills. Electricity retailer bills are also eligible! Of course, that’s only one percent, but it’s better than nothing, isn’t it?
Plus, cash back never expires. You can therefore use them fully to offset your purchases in more than 200 partner outlets and via the DBS Lifestyle app.
Who should use the POSB Everyday Card?
Some credit cards are for people who drive Aston Martins and drink black truffle lattes. Not this card. The POSB Everyday Card is for the average Singaporean who eats cai peng, not the âprotein bowlsâ at Saladstop or similar stores.
In short, it’s better for thrifty Singaporeans who don’t mind shopping at Sheng Siong and Redmart. You get a pretty decent five to eight percent cash back on these everyday items without any pressure to spend.
Also, since there is no maximum reimbursement for gasoline, it is ideal for those who spend a lot on gasoline, such as sales agents or those who have to drive a lot for work. Get six percent cash back on the final fee amount, after any other applicable discounts).
(Those with a Professional Private Rental Car Driver’s License (PDVL) are better off with the new Esso Private Hire Smiles card instead.)
Alternatives to the POSB Everyday Card
It’s not the only credit card targeting Singaporeans on a budget. Far from there. Let’s take a look at others on the market that offer full cash back rewards with low minimum spend:
Citibank Cashback + Mastercard – Yay, another credit card with no minimum spending! This one is a hassle-free credit card with 1.6% fixed cash back in most categories, but it doesn’t include utility or telecom bills.
UOB Absolute Cashback Card – This card offers the highest unlimited cashback on the market. at 1.7 percent. There are also no minimum expenses or expense exclusions, so you can use this card to pay your bills and insurance premiums. But, and that’s a really big but – it’s an Amex card, so small merchants might not accept it.
Standard Chartered Unlimited Cashback Card – This card is the second fiddle to the Citi Cashback + Mastercard, as it is essentially the same, but at a 1.5% refund rate, 0.1% less.
Have you decided that the POSB Everyday Card will literally be your everyday card for everyday necessities? Apply here.
This article first appeared in Smart money.
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