BfGf: Credit Cards Review 2016

bf gf credit cards management

I will be doing a yearly review on Credit Cards we are using. Credit Cards become obsolete from time to time and new cards are introduced to suit to the market’s need. After doing a review last year, many readers gave recommendations and comments on the cards. I did a review and decided to combine and cut down on the number of cards I have. I can say it is a big improvement for me. *Pats my own back*

Here is a summary of the number of cards we own:

The gf: 4 cards

The bf: 3 cards

BFGFCARD

Updates to our Credit Cards

As both of us charge less than $500* to our cards every month, we choose the cards which do not require minimum spending. ( *The Bf’s business expense will add up to more than $500)

We have removed UOB ONE card from our list after they increased the minimum monthly expenditure to $500. Even after combining all our individual spending into that one credit card, we found it hard to hit the minimum requirement for 3 consecutive months .

Initially, I wanted to remove the AMEX Krisflyer Gold Card from my list. However when I called to cancel the card, I was told that they are revising the benefits of the card… for the better!

Our favourite card is still POSB Everyday, which gives generous rebates on daily purchases and spending. There are the occasional EZ-link promotions throughout the year. For example, they had Fare Free Friday last year, whereby transportation is free on all Friday for 4 months. In total, I have saved about $40 on transportation for that period of time. The nearest supermarket near the BF house is ShengShiong, which also gives up to 6% rebate for the POSB Everyday Card!

I have received much feedback on the purchase of movie ticket using the HSBC credit card. Well, that only works for Golden Village cinemas.  Unfortunately, GV isn’t near our place.  We frequent the Cathay instead. Not only it is nearer to our home, but it also has very comfortable couple seats. For movie ticket purchases, I will stick to the MasterCard promotion, where you get $8 tickets on a weekday.

 

Which Card suits you better?  HSBC, Citibank, AMEX

 

If you look at the table below, I have summarized the cards which are worth getting, depending on your lifestyle options. However the table only shows cards which need a minimum income of $30,000. (If you earn more than a minimum income of at least $80,000, look at the next table which have better benefits to offer.)

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The HSBC Visa Platinum card is probably more for working adults who do not spend much on clothes, whereas the Citibank Rewards card is more for adults who shop quite often. It is only valid for purchases of shoes, clothes and bags.

 

The Citibank Rewards card actually gives 10x Rewards in terms of Citi Dollars. You can choose to exchange it for cash rebate or flyer miles!

When you shop, you will get 10 Rewards Points for S$1 spent.

When you redeem for cash back, you will get Redemption Rate: 3,600 Citi Dollars = $10 cash rebate

If you do the maths, that is ~2.78% cashback on shopping!

As for miles, the rate is $1 = 4 miles. If you look at other credit card, most of them only gives around 1 to 2 mile point per dollar spent. This is actually a good deal!

 

The AMEX True Cashback card is truly a great card. Do optimize the 3% cashback. Plan when and what you are going to buy before signing up for this card. After the first 6 months, you probably would like to look at other cards. Most of them offer more than 1.5% cashback worth of rebates if you do your own math!

 

Cards for High Earners – CIMB, ANZ

MORETHAN80

This table offers card for people with higher earnings. It has much better cash rebate benefits than the first table.

 

If you want to split the use of credit card into categories, I would recommend: Shopping on Citibank Rewards, Dining on ANZ Optimum, Miscellanous on AMEX True CashBack. If you just need one card, that would be the ANZ Optimum card.

 

Cards for OCBC and UOB bank acount holders.

family

The two cards above is recommended for users with related savings account with the respective banks. I believe married couples are easier to meet the minimum requirement for these two cards by combining their spending and expenses. Word of caution is, do read the terms and conditions carefully. This 2 banks have revised their benefits of the card some time ago, some might have hidden clauses which you are not aware of. The only plus side of using this 2 cards is that you will have bonus cash rebate in savings if you meet their requirements each month.

 

Cards for Frequent Flyers

miles

This last table is another option you can look at if you are not comfortable with cash rebate and prefer frequent flyer miles. Some of the cards do not only tie in with SIA, but it also can be used with other airline as well.

Take a look at the newly-revised benefits for the AMEX Gold Card with effect from 1st May 2016. Do take note that the name of the card will be changed too. That is the only card which does not need any conversion fee when you transfer the miles from your credit card to Krisflyer.

If you only need one card, I would recommend the UOB PRVI Miles World Mastercard as it does not have minimum conversion of miles each time you transfer.

 

Final Notes

Remember, before you sign up for any card, check whether the bank has promotion for signing that particular card. You might be able to get additional free gifts!

Do comment below if you have any recommendation on the cards, or would like to share the credit cards you have currently and how you manage them.

 

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2 Comments

  1. Kevin Chan

    You forgot to mention that even though there is no conversion fee for Amex Krisflyer Gold, there is a non-waiveable annual service fee of about $60 or $90 to transfer your miles accumulated into your krisflyer account every month.

    Reply
    1. The Gf (Post author)

      Hi Kevin, thanks for highlighting this extra charge. I did receive this annual service fee, however I manage to get a waiver for it.
      Good news is, I was informed by the customer service officer that from 1st May 2016, there will not be any miles transfer charges anymore. Do read up the changes from 1st May 2016!

      Reply

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