Did you see these coming? Public transport fares are going up (boo), and one of the most exciting new cards launched this year is getting its 8% cashback extended (yay!).
These are headlines you might have missed this week, amidst the Christmas parties, present exchanges, and annual get togethers. But that’s why we bring you What’s Happening This Week?, our weekly series where we round up the latest finance news and updates that matter to you.
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TLDR:
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Want more details? Let’s dive in.
Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.
MRT and bus fares to increase by 10 cents from 28 Dec 2024
Starting 28 Dec 2024, adult commuters in Singapore will pay 10 cents more per train or bus ride, as a 6% fare hike takes effect. Concessionary fares for seniors, students, people with disabilities, and low-wage workers will rise by 4 cents per journey.
These changes apply to debit, credit, and fare cards. There is (sorta) one way to escape the hike—fares paid in cash for buses and the cost of monthly travel passes remain unchanged.
Truth is, public transport fares rose by 10 – 11 cents around this time last year too. Check out our article on tips to save money on bus and MRT fares.
Why do bus and MRT fares increase?
The adjustment, part of the Public Transport Council’s (PTC) annual fare review, reflects rising core inflation and wages in 2023. While the maximum allowable increase for 2024 was 18.9%, the council chose to implement only 6% to ease the impact on commuters. The remaining 12.9% will be rolled over for future reviews.
To support lower-income households, the Government will offer $60 public transport vouchers to residents with a monthly income of $1,800 or less per person. Students moving to their next phase of education or work will also benefit from a 4-month extension of concessionary fares, helping about 75,000 students annually.
HSBC Live+ Card’s 8% cashback extended to 31 Mar 2025
When HSBC launched their HSBC Live+ Card in Jun 2024, its generous 8% offer came with 1 catch: it would only be 8% till 31 Dec 2024. Come 2025, it was set to revert to 5% cashback on dining, shopping, and entertainment. It was.
HSBC has since extended the 8% promotional cashback rate till 31 Mar 2025. The other parts of the mechanic remain the same—you still need to spend a minimum of $600 in eligible purchases per month, for all 3 months in a calendar quarter. If you want to take advantage of this 8% cashback, even just for 1 quarter from Jan to Mar 2025 , now is the time to apply for the HSBC Live+ Card.
Not sure how the HSBC Live+ Card’s cashback mechanism works, or uncertain if it’s the best card for you? Read our HSBC Live+ Card review for some answers.
- on Dining, Shopping and Entertainment
- 8% Cashback*
- on fuel at Caltex and Shell gas stations in Singapore
- 5% Cashback*
- on All Other Spends
- 0.3% Cashback*
Get S$199 Cash via PayNow or 3,500 SmartPoints when you apply, spend a min. of S$500 from Card Account Opening Date to end of the following calendar month! Pay Annual Fee for HSBC TravelOne Card. T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE and stand a chance to win 50,000 SmartPoints. That’s enough to redeem ANY item from our Rewards Store, such as a Sony BRAVIA 3 85-Inch 4K Ultra HD Google TV (worth S$5,799) + an Apple iPhone 16 Plus 128GB (worth S$1,399).
Mark your calendars: Singapore’s 2025 Budget to be delivered on 18 Feb 2025
Singapore’s 2025 Budget statement will be delivered by Prime Minister and Finance Minister Lawrence Wong on 18 Feb 2025, the Ministry of Finance (MOF) has announced.
The Budget process officially kicks off in April with the start of the financial year.
What will the 2025 Budget cover?
Broadly, this highly anticipated statement will outline key financial plans for Singapore for the year ahead. This could cover a wide range of areas—CPF changes, housing subsidies, education grants, (hopefully) more CDC vouchers, and tons more. If you’re curious, here are 10 highlights from the 2024 Budget.
How do I tune in to the 2025 Budget statement?
The 2025 Budget statement will be broadcast live on television, radio, and the Singapore Budget website. Real-time highlights will be shared on MOF’s Facebook and X accounts, while the full Budget statement will be available online after delivery.
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About the author
Vanessa Nah pens articles on the ins and outs of buying your first home, the T&Cs of credit cards, and the ups and downs of alternative investments. A researcher at heart, she gets a kick out of breaking down complex finance concepts for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most impawtently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.
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