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POSB Everyday Card – MoneySmart Review 2018

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Clara Lim

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The POSB Everyday Card looks like a plain ol’ auntie card, but don’t be fooled by its ho hum exterior. It’s actually one of the best cashback credit cards for cash rebates at Sheng Siong, Watsons and SPC petrol kiosks.

That’s because it’s one of the few cashback credit cards with no minimum spend requirement. The cash rebates 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 completely approve. Here’s a closer look at the POSB Everyday Card to see if it is the one for you.

 

POSB Everyday Card terms & conditions

POSB Everyday Card
Annual fee & waiver $193 (waived for 1 year)
Supplementary annual fee $96.30
Interest free period 20 days
Annual interest rate 25.90%
Late payment fee $80 if outstanding balance is above $50
Minimum monthly repayment 3% or $80, whichever is higher
Foreign currency transaction fee 2.80%
Cash advance transaction fee 6% or $15, whichever is higher
Overlimit fee $40
Minimum income $30,000 (Singaporean) / $45,000 (non-Singaporean)
Card association MasterCard
Wireless payment MasterCard PayPass, Apple Pay, Samsung Pay, Google Pay

 

How the POSB Everyday Card works

The POSB Everyday Card probably owes its auntie reputation to its key bonus rebates for Sheng Siong and Watsons, where you can earn 5% and 3% cashback respectively. For the former, cashback is capped at $50, which means you can spend up to $1,000 per month.

But perhaps the best cashback for the POSB Everyday Card is for petrol at SPC: 6% bonus cashback and a direct 15% discount when you use it with an SPC&U card. That makes the effective savings 20.1%.

As if 20.1% is not attractive enough, unlike other credit cards, there is absolutely no cashback cap for petrol.

The POSB Everyday Card is also one of the rare credit cards that let you get cashback on your utilities and StarHub bills. Sure it’s only 1%, but better than nothing right?

DBS has also been quite aggressive with bonus cashback promotions recently, but they do have pretty high minimum spends. Here’s an overview in case you’re interested:

Bonus cashback Minimum spend Other requirements Expiry
20% on food delivery + 10% on dining (capped at $100) $800 New card applicants 30 Sep 2018
10% on food delivery + 5% on dining (capped at $50) $800 Register through DBS Lifestyle app 30 Sep 2018
10% on ComfortDelGro taxi (capped at $50) $800 Register through DBS Lifestyle app 30 Nov 2018
5% on overseas spending (capped at $50) $1,000 overseas Register through DBS Lifestyle app 31 Jul 2018
3% on local dental, clinics, hospitals (capped at $50) $500 Have a POSB Smiley Child Development Account 31 Jul 2018

 

Who should use the POSB Everyday Card?

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 average Singaporeans who eat cai png, not “protein bowls”.

In short, it’s best for thrifty Singaporeans who don’t mind doing their shopping for necessities at Sheng Siong and Watsons. You get a pretty decent cashback of 5% to 3% on these everyday items without any pressure to spend.

Additionally, because there’s no cashback cap for petrol, it’s great for those who spend a lot on petrol, like sales agents or those who need to drive around a lot for work.

(Those with a Private Hire Car Driver’s Vocational License (PDVL) are better off with the newly introduced Esso Private Hire Smiles Card instead. Read more about the 3 best credit cards for petrol here.)

 

Alternatives to the POSB Everyday Card

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 and public transport. 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. Cashback is capped at $60 per quarter though.

BOC Family Card The closest competitor of the POSB Everyday Card is the BOC Family Card, and as of April 2018, it got an upgrade. The rebates (most notably 10% for dining and 5% for telco bills) and $100 cashback cap are one of the highest in the market, but it’s worthy to note that there is no bonus rebate for petrol spending. 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 (unless you drive) as the rebates are dramatically higher. 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.

Decided that the POSB Everyday Card will literally be your everyday card for daily necessities? Apply here:

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

     

    What’s your favourite cashback credit card? Share it with us in the comments below.

     

    Related articles:

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

    The Best Cashback Credit Cards in Singapore 2018

    https://blog.moneysmart.sg/credit-cards/no-minimum-spend-cashback-credit-cards-singapore/

     

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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.