Issue #6: What’s Happening This Week?—$300 CDC Vouchers, CNY “Fit” Notes, Credit Card Nerfs, and More

The start of a new year always comes with a host of exciting updates. 2025 is no exception. This year, we’ve started off strong with the release of the latest tranche of CDC Vouchers—$300 per household! And though it feels like the Christmas and New Year festivities were just yesterday, it’s almost time to get your fit-for-gifting notes ready for Chinese New Year, which is coming up at the end of the month. 

Some updates, however, are far less thrilling. For one thing (or rather, two), HSBC and MariBank are both nerfing credit cards in Jan 2025. And if you’re looking to buy a resale flat, 2024’s resale prices do not bode well for your bank account.

Get all the details in this edition of What’s Happening This Week?, our weekly series rounding up the latest finance news and updates that matter to you.

TLDR: Singaporean households can now claim $300 in CDC vouchers, with $150 for hawkers/heartland merchants and $150 for major supermarkets. From 7 Jan 2025, you can book clean “fit-for-gifting” notes online for festive giving, with increased pop-up ATMs and walk-in options prioritising seniors and persons with disabilities. HDB resale prices soared by 9.6% in 2024, driven by strong demand and limited supply, though Q4 sales dipped slightly due to the launch of 8,500 new BTO flats in prime locations. Nerfed: The 5% Shopee Coins cashback on the Mari Credit Card will end on 23 Jan 2025. Nerfed: The HSBC Revolution Card no longer earns 10X Rewards points on travel-related expenses. Singapore’s economy grew 4.3% in Q4 2024, closing a strong year with 4% annual growth, boosted by construction, trade, and retail sectors.

Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.

 

It’s time to claim your $300 CDC Vouchers

They’re back, folks! From 3 Jan 2025, you can claim $300 in Community Development Council (CDC) vouchers to help with rising costs. These vouchers are split as follows:

• $150 for use at participating hawkers and heartland merchants
• $150 for use at these 8 supermarkets: Ang Mo Supermarket, Cold Storage, Giant Singapore, HAO Mart, NTUC FairPrice, Prime Supermarket, Sheng Siong, and U Stars Supermarket

Claiming is easy—simply log in to go.gov.sg/cdcv using Singpass. Each household only needs 1 household member to claim the vouchers. Once claimed, a unique voucher link will be sent via SMS from “gov.sg,” which can be shared with other household members. Vouchers are valid until 31 Dec 2025.

This initiative not only benefits households but also pumps approximately $194 million into local businesses. To celebrate SG60, some heartland merchants and supermarkets are offering additional discounts and promotions for customers using CDC vouchers.

For a full list of participating businesses, visit go.gov.sg/cdcvouchers.

 

It’s almost time to reserve your fit-for-gifting notes for Chinese New Year

Mark your calendars for 7 Jan 2025—that’s the date from which you can book fit-for-gifting bank notes for festive giving, according to the Monetary Authority of Singapore (MAS). These “fit notes” are clean, high-quality, and environmentally friendly alternatives to new notes. MAS encourages everyone to consider using fit notes or even digital red packets to reduce waste.

Customers of DBS, OCBC, and UOB can book fit or new notes online via their banks’ websites or mobile apps and collect them at branches starting 14 Jan 2025. For walk-ins, only seniors (aged 60+) and people with disabilities can exchange old notes for fit or new notes directly at branches.

To make things more convenient, banks are increasing pop-up ATM locations:

• DBS: 72 pop-up ATMs at 48 locations (up 50% from last year).
• OCBC: 24 ATMs at 13 locations, including 4 for fit notes.
• UOB: 30 ATMs at 17 locations, with 4 designated for fit notes.

Pop-up ATMs will operate daily from Jan 14 to Jan 28. DBS even offers an online tool to check wait times and seating availability at selected ATMs.

 

HDB resale prices jump 9.6% in 2024

Up, up and away. HDB resale prices jumped 9.6% in 2024, nearly doubling the 4.9% increase in 2023, according to HDB’s latest flash estimates. The Resale Price Index hit 197.7 in Q4, up 2.5% from the previous quarter, though growth slowed slightly compared to the 2.7% increase in Q3.

While resale prices soared, Q4’s resale volume dropped to 6,314 transactions, a 3.6% decline from the same period in 2023. Experts attribute this to the Oct 2024 Build-To-Order (BTO) launch offering some 8,500 new flats, many in prime locations, which diverted buyers toward BTO options. Year-end school holidays and travel also contributed to fewer property viewings and sales.

Despite the Q4 dip, 2024’s total resale volume climbed to 28,876, an 8% increase from 2023. HDB credited the surge to strong demand and limited supply, though the government has taken steps to cool the market, including lowering the Loan-to-Value limit from 80% to 75% in Aug 2024.

Looking ahead, Feb 2025 will see the launch of 5,000 BTO flats and over 5,500 Sale of Balance Flats (SBF), bringing over 10,000 units to market. Watch this space—we’ll review the Feb 2025 BTO flats’ location, prices, resale value, and more!

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ALSO READ: Buying an HDB BTO Flat in Singapore: A Step-By-Step Guide

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Mari Credit Card will no longer earn 5% Shopee Coins from 23 Jan 2025

Remember Shopee’s Mari Credit Card we reviewed last year? For Shopee-holics, this credit card could be a godsend—you earn 5% unlimited Shopee Coins on your Shopee purchases when you pay using Mari Credit Card Instant Checkout.

Alas, this perk is not a permanent one. From 23 Jan 2025, you can kiss the 5% unlimited Shopee Coins goodbye. You will still enjoy the 3% cashback on overseas card spend and the 1.7% cashback on local card spend…but then, what links this bright orange credit card to Shopee? Will it just function as a regular MariBank card, moving away from its Shopee association? We’ll have to wait and see. But for all you Shopee addicts out there, my finger are crossed that they’ll announce a new Shopee Coins promotion by 23 Jan 2025.

 

HSBC Revolution Card nerfs travel transactions

We knew this was coming, but now that we’ve crossed into 2025, it’s officially happened. The HSBC Revolution Card now no longer earns you 10X Rewards points (4 miles per dollar) on travel-related transactions—needless to say, a huge blow for miles chasers who have been banking on the HSBC Revolution Card to earn miles on from their travel expenditure.

This nerf is on the back of the payment mode nerf on 15 Jul 2024 that saw contactless payments being nerfed too. 2024 hasn’t been a great year for the HSBC Revolution Card, and 2025 isn’t off to the best start either.

Having said that, there are still reasons the HSBC Revolution Card is worth your while. Read our review to find out why it may still deserve a slot in your wallet.

 

Singapore’s GDP grew 4.3% in Q4 2024

Singapore’s economy wrapped up 2024 on a strong note, growing 4.3% in the last quarter compared to the same time last year. That’s according to advance estimates from the Ministry of Trade and Industry (MTI).

For the full year, the economy grew 4%, a big jump from 1.1% in 2023. That’s faster than expected and good news for many, as most workers saw wage increases that outpaced inflation, according to Prime Minister Lawrence Wong.

What’s behind the growth? The construction sector was a standout, growing 5.9% in Q4, thanks to more public sector projects. The wholesale and retail trade and transportation sectors also did well, growing 5.6%, as global demand picked up. Even manufacturing grew 4.2%, though it slowed compared to earlier in the year.

Economists say 2024 was a “blockbuster year,” but 2025 may be trickier. Challenges like US-China trade tensions and global uncertainties could slow growth, with predictions ranging from 2.2% to 2.8%. Still, demand for Singapore’s exports and its role in supply chains might help cushion the impact.

For now, Singapore’s economy is holding steady, and 2024’s strong performance means there’s a solid foundation heading into the new year.