Credit Cards

POSB Everyday Card – MoneySmart Review 2018

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Clara Lim

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The POSB Everyday Card is like one of epic plot twists where the bland, mild-mannered next door neighbour turns out to be a swashbuckling vigilante who knows 21 different martial arts.

… What I’m trying to say is that you shouldn’t be fooled by POSB Everyday Card’s normie exterior. It’s actually a pretty strong credit card.

In fact, it’s one of the very few cashback credit cards in Singapore with decent rebates without a minimum spend requirement. As someone who detests being fiscally manipulated by small rectangles of plastic, I completely approve. Here’s a closer look at this card to see if it’s for you.

POSB Everyday Card

POSB Everyday Card


Card Benefits

    • Up to 20.1% cash rebate at SPC
    • 5% cash rebate at Sheng Siong. S$50 cash rebate cap per calendar month.
    • 3% cash rebate at Watsons, and local medical spend (dental, clinic, hospital)
    • 1% cash rebate on recurring utilities bills from SP Group and recurring StarHub mobile/digital cable/broadband bills and ins-tore purchases
    • Get 0.3% on everything else
    • No minimum spend required

     

    Pros and cons of the POSB Everyday Card

    Pros Cons
    Sign-up bonus of $100 cashback (new to DBS) or $50 cashback (existing DBS cardholders) until 31 Mar 2018. For online applications only. Must spend at least $500 in the first month.
    Save up to 20.1% at SPC until 31 Mar 2018.
    Get 5% cashback at Sheng Siong and 3% at Watsons. Sheng Siong rebate is capped at $50.
    Get 1% cashback on bills for SP Group and Starhub. Cashback is capped at $1,000 a month.
    Get 3% cashback on medical expenses at hospitals, clinics and dentists. Applicable only if your child has a POSB Child Development Account, and with minimum spend of $500 a month.
    Entry-level minimum income requirement of $30,000 a year.
    Annual fee waived for one year. Annual fee of $192.60.

     

    The cashback credit card for Singaporeans on a budget

    There are some credit cards that are for atas people who drive Aston Martins and drink black truffle lattes. Not this card. The POSB Everyday Card is for Singaporeans who eat cai png, not “protein bowls”.

    If you’re happy buying your Milo at Sheng Siong and Dove body wash in bulk at Watsons and pumping petrol at SPC cos it’s the cheapest, get this credit card. You get a pretty decent cashback of 3% to 6% on these brands without any minimum spend.

    It’s also one of the rare credit cards that let you get cashback on your utilities bill. Sure it’s only 1%, but better than nothing right?

    Starting a family isn’t cheap in Singapore, but this credit card can help you defray some of the costs. If you open a POSB Child Development Account for your kid, you can get 3% cashback on your healthcare spending. However, there’s a minimum spend of $500 for that.

     

    Other all-purpose cashback credit cards to consider

    This isn’t the only credit card targeting Singaporeans on a budget. Far from it. Let’s check out what others are on the market that offer all-round cashback with low minimum spends:

    Citibank SMRT Card – Yay, another credit card with no minimum spend! This one seems to be aimed at the younger and car-less crowd with benefits skewed more towards entertainment. It gets you 2.7% to 4.7% rebate on groceries, fast food, movies, coffee and on online shopping. I like the 1.7% rebate on EZ-Link too. If you spend $300 a month, the rebates get bumped up by 0.3%.

    HSBC Visa Platinum Card – With a low minimum spend of $400, the HSBC Visa Platinum gives you 5% rebate on your telco bills (but none on utilities), plus 3% cashback on groceries and petrol. Spend $800 to get higher rebates on the latter categories.

    BOC Family Card – This close competitor of the POSB Everyday Card gives you 5% cashback on groceries too, as well as online shopping, hospital bills and NETS FlashPay, plus 7% on dining, up to $100 rebate each month. It does have a minimum spend of $500 though.

    Since there’s no minimum spend, the POSB Everyday Card is definitely a card to hang on to, at least for the utilities rebate. It makes sense to pair it with the Citibank SMRT Card to make use of the slightly different spending categories, and/or the HSBC Visa for better rebates on telco bills.

    If you’re able to spend $500 a month on a credit card, the BOC Family Card is a better alternative to the POSB Everyday Card as it has a great rebate of 5% for medical bills and for NETS FlashPay. Its 5% cashback on groceries is not limited to Sheng Siong either.

    For (many) more cashback credit card reviews, see the all-purpose and grocery cashback cards sections of our cashback cards roundup here.

     

    POSB Everyday Card minimum income

    Singaporeans & PRs: $30,000
    Foreigners: $45,000

     

    POSB Everyday Card annual fee

    $192.60 (waived for first year)

     

    Related articles:

    Best POSB / DBS Credit Cards in Singapore – Credit Card Reviews 2018

    The Best Cashback Credit Cards in Singapore 2018

    Cashback vs Air Miles vs Rewards – Which credit card is best for you?

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    Clara Lim

    I used to be MoneyDumb. I hung out at H&M every day and thought that a $50 lunch set was a good deal. These days, I spend my time researching the crap out of life and trying to maximise utility on micro-decisions. I'm not sure if that's an improvement.