Having trouble reducing the number of credit cards you have? Or do you have zero cards and wondering which one to sign up for?
Well, I will be summarizing the number of cards we have as of April 5 April 2015 and list down the advantages of using these cards.
The gf: 8 cards (Do I really need so many cards?)
The bf: 3 cards
So, why did I sign up for so many cards? Well, for aunty reason, yes, some is to get free gift.
Below is a summary of what bf and me are using, hope you find it useful! (Although I have 8 cards I only use 5 of them.)
Cards as of 2015
Basically, both of us use almost the same cards, but in different ways. You might be wondering whats the difference among all these cards, which bank provides you the best rebates etc. When you google, you can find tons of comparisons on them. Do remember, everyone has different spending habits, so let me tabulate and summarize how we distribute our spending.
Best credit cards for Ez-link
OCBC 360 might be useful if you have a 360 account with them. It gives a total of 1% of your savings if you meet the minimum spending of $400 every month. However for me, I always believe that a credit card should not be a liability to us, and POSB everyday card gives the simplest and best form of rebate here.
Best Credit Cards for Petrol (SPC)
- American Express Platinum Credit Card
- UOB PRVI Miles Platinum Card
- POSB Everyday Card
Which one to choose? Simple. If you can meet the eligibility income criteria of $50,000 annually, you can choose to use the first option (AMEX Express), provided you do spend more than $100 on petrol monthly. If you meet the income criteria of $80,000 annually, you can choose the second option (UOB PRVI Miles). If not, stick to POSB Everyday Card, in which you only need minimum of $30,000 income annually. The Bf uses the POSB Everyday Card + SPC membership card to pump petrol at SPC.
Best Credit Cards for Installments
For me, I accumulate all my installment plans on one card which is the UOB ONE Card. The criteria is simple, spend a minimum of either $300, $500, $800 or $1500 monthly for 3 consecutive months to get 3.33% in CASH REBATE. Yes! Cash rebate again! Remember, you need to have minimum of 3 transactions monthly.
Initially I felt that I was starting to become a slave to this card and at some point in time I wanted to cancel it. However after reorganizing my spending, I realize this card rebates can be obtained by either grouping your monthly bill payments or your your monthly installments to reach $300 monthly.
The BF actually did a great job by tracking all his spending on this card until it reaches the minimum criteria, plan ahead 2 months later on what he wants to buy and try to maximise the rebates. You must have great control of your credit card spending and be careful not to become a slave to it, which nearly happened to me.
Best Credit Cards for Online shopping (Buying from other countries)
Edited this table after I called bank to bank on their charges. If you purchase items using FOREIGN CURRENCY, you have to add Cross Border Fee under ‘Foreign currency’ with Mastercard/Visa Fee. If you purchase items using LOCAL CURRENCY, there is only a flat fee of 0.8% (Dynamic Currency Conversion Rate) for certain bank. Looks like it is cheaper to convert your currency to SGD first before you make payment!
Currently I am using my HSBC revolution card or Standard Chartered Manhattan card to purchase stuff online from overseas. Beware of American Express Card though. Their extra charges are normally higher compared to other banks. Also, do take note of the rebates each card will have when purchasing things online.
Best Credit Cards for Meals and shopping (in malls)
The BF pays most of our meals when we meet-up, and he charges them to his UOB ONE card. As mentioned above in ‘Best Credit Cards for Installment’, UOB ONE card has to reach certain limit to enjoy the cash rebates, therefore you have to think of what to do with this card if you do own one. Once we reach the limit, say $300, we will charge the rest of our spending to our Manhattan card, which we can enjoy 0.5% cash rebate if we spend less than $1000 per month. Below is a summary of the cash rebates you can enjoy for Manhattan card:
–> 0.5% – Spend less than $1000
–> 1% – Spend between $1000 and $3000
–> 3% – Spend more than $3000
One more card 2015
I’m on the way to signing up the new American Express True Cashback Card. It provides you with 5% cash rebates during the first 3 months after signing up and subsequently 1.5% cash rebates on ALL purchases. Simple and straightforward. With this card, I do not need the Manhattan card anymore, so Goodbye Manhattan!
* Bonus Auntie Tip *
How do you maximize your rebate with POSB Everyday Card?
This is something I only found out recently. As my POSB Everyday Card is frequently utilised, I have accumulated lots of cash rebates. To maximize the use of cash rebates earned, this is how you do it:
- DO NOT redeem your earned rebates in purchases.
- Sign up for iBANKing through POSB/DBS website if you do not have one.
- Redeem your rebates through iBANKing and the cash rebate will be deducted from your next bill.
- By not immediately redeeming your rebates on your purchases, you can enjoy maximum rebate each time you charge a purchase to the card. However, if you redeem your earned rebates upon spending, your subsequent rebate will only be based on the total bill minus amount redeemed. (E.g: Instead of Rebate = x% times Total Bill, you can only get Rebate = x% times Total Bill – Earned rebates)
Hope this tip helps!
Remember, make use of your card, not be a slave to it!
Any additional saving tips on using your credit card? Don’t be shy, share in the comments below!