|Highlights||Credit Card Feature|
|Things We Like||Up to 6% cashback on everyday purchases|
|Our Least Favourite||The annual fee|
|Our Verdict||It is an all-round savings card that doubles as an ATM card|
To many in Singapore, POSB is synonymous with average banking for the average person, but we don't usually think of it as a cutting edge card issuer.
Coming from that background, POSB Everyday Card actually surprised us in a good way. Of course it is a good card for average spenders, but the cashback and perks that you get are well above average. With generous cashback on dining, supermarket and medical spending, this is a very effective all-round credit card and in this review we at GET.com will look at how POSB Everyday Card can help you save on your everyday expenses.
|Credit Card||Features||Intro Interest p.a.||Standard Interest p.a.||Annual Fee||Minimum Income||We least like||Related links|
POSB Everyday Card
|25.90% p.a.||$192.60 (1 year annual fee waiver)||S$30,000 (Singaporean), S$45,000 (Foreigner)||Related Links Read our review of POSB Everyday Card or view more details of POSB Everyday Card. See more POSB credit cards.|
Things We Like About POSB Everyday Card
Get 5% cashback on groceries. When you do your supermarket shopping at Sheng Siong you earn 5% cashback on up to $1000 of shopping per month (equals $50 cashback). Don't be surprised if you don't see the cashback show up right away. You get 0.3% of the cashback when you use your card to pay, and the other 4.7% cashback at the end of the month.
Up to 20.1% petrol savings. When you get petrol or buy anything else at SPC you can save up to 20.1%. That makes this one of the best credit cards to use when you fill up your tank, albeit only at SPC petrol stations.
3% cashback at Watsons. This card can help you get more medicines and beauty products for your money, with 3% cashback on your Watsons shopping.
1% cashback on recurring StarHub and SP Services bills. You earn 1% cashback on your recurring StarHub bills (mobile,digital cable,broadband) and 1% cashback on your recurring bills from SP Services. This 1% is made up of the base 0.3% cashback you earn for all purchases with this card, plus 0.7% bonus cashback. The one con is, you only earn the bonus 0.7% cashback on the first $100 you spend on combined recurring bills from Starhub and SP Services every month. Combined with the base cashback, this comes to a maximum of just $1 monthly, but that's still $12 per year ($120 in 10 years), so it still counts as savings.
0.3% cashback on your other spending. I'll admit that 0.3% is nothing, but this card lets you earn higher cashback on so many types of spending that this low cashback for other spending isn't a big deal.
Promotions. This card comes with a lot of offers and promotions that can save you money. For example the top-up fees for EZ-Reload are waived when you sign up for EZ Reload with POSB Everyday Card. Throughout the year you can get hundreds of deals and offers on dining, travel and leisure that are exclusive to this card. Here are a few that stand out:
- 10% cashback on regular-priced items at Americaya
- 5% cashback at Epicentre
- 3% cashback at Pet Lovers Centre
- 15% off admission ticket at 4D Magix Sentosa
- 10% cash rebates for developing services at Standard Photo
- 1% cash rebate on all air packages at Global Holidays
- 40% cashback on standard rates at Hawk Rent A Car
Discounts. You can use this card to get discounts or earn extra cashback on family fun, beauty and wellness, child development, shopping, dining and travel at POSB partners. You can also enjoy up to 15% discounts on dining thanks to the DBS Indulge Dining Programme.
Instant redemption. Just offset your bill at more than 300 partner outlets such as Watsons, SPC, Starhub etc.
You can use it as an ATM card and EZ-Link card. If you prefer not to carry a dozen different cards around with you, then the option of using your credit card as an ATM card (by linking it to your POSB or DBS current or savings account) and as an EZ-Link card might appeal to you. A huge advantage is that if you find yourself in a situation where you need to get cash at an ATM, you can use this card to withdraw money from your bank account instead of getting an expensive cash advance. You can even activate your card for overseas ATM withdrawals.
Most Singaporeans can get it. You only need to earn $30,000 or more to be able to apply for this card.
Our Least Favourite Things About POSB Everyday Card
The annual fee. The cashback you earn is great, but there's always the annual fee to think about. This card has a $192.60 card fee per annum, waived 1 year, which isn't super expensive by Singaporean standards, but it isn't cheap either. You'll have to do the math and see whether your spending will make it worthwhile. If you spend $500 every month at Sheng Siong, for example, the $25 cashback monthly ($300 per year) will more than double the cost of the card. If you spend a lot on dining or at Watsons, that cashback adds up too. You could potentially make a "profit" of hundreds of dollars in cashback, but it depends on how much you spend and where.
How Other Cards Compare With POSB Everyday Card
|Regular APR:||25.90% p.a.|
|Annual Fee:||$192.60 (1 year annual fee waiver)|
|Intro APR:||Transfer your outstanding balances on any other bank's credit card or credit line to OCBC at 0% nominal interest rate for 3/6/12 months with upfront processing fee starting at 1.80%|
|Regular APR:||26.88% per annum|
|Annual Fee:||$192.60 a year (First 2 years free)|
POSB Everyday Card is one of those card which doesn't really sweep you off your feet, but at the same time it has the steady features and savings potential to make a life-long financial companion. There really isn't much that we don't like about this card at all, and for what it is (an all-round savings card) it gives you a lot. However, there are other cards that do that as well. If you already bank with POSB or DBS, there are good arguments for choosing this card, including the option to use it as an ATM card.
As an all-round cashback solution this card faces heavy competition from OCBC 365 Credit Card, and the final choice really comes down to where you spend the most money. But the practical features and the fact that POSB has branches and ATMs all over Singapore make POSB Everyday Card a useful everyday tool that also happens to offer some of the highest cashback for certain kinds of spending.