POSB Everyday Card Review

POSB everyday Card Review: Best For Your Day-to-Day Expenditures With the Biggest Cash Rebates

POSB Everyday Card is a perfect match for moms who go on a shopping spree for household items  or for those who spend regularly on a wide variety of products. Get rebates up to 10% of your online food delivery and other rebates on grocery purchases among others. Easily recoup your annual fee charge on your POSB Everyday Card by simply utilizing it through your spending habits.

What is a POSB Everyday Card and how does it work?

The POSB Everyday Card is a must have for those spending high volumes on daily essentials and other cravings. It gives various cash rebates depending on the usage may it be dining, online shopping, or gas ups.

For every $1 earned from cashback is already equivalent to s$1. The cashback that you earned is credited to your card account monthly. Those cashbacks that you earn will remain valid so long as your POSB Everyday Card is not closed or cancelled.

 

Key Features

  • No minimum spend – With selected partner merchants of your POSB Everyday Card, you even can buy a candy bar and still get cash rebates.
  • Base cash rebates rate – Cash rebates for all your purchases with the POSB Everyday Card is at 0.3%.
  • No more auto top-ups – In order to use your POSB Everyday Card as an EZ-Link card, you have to activate SimplyGo. With this, your MRT and bus fares are charged directly to your credit card.
  • ATM functions – Link your POSB Everyday Card to your DBS or POSB Savings or Current account to use your card at an ATM.
  • Interest Rate- Annual Interest Rate of 26.80% and interest free period of 25 days

 

Pros and Cons

Pros

  • Big cash rebates – By spending with selected “unlimited cash rebate” merchants, you can earn big cash rebates with POSB Everyday Card.
  • No minimum spend – Applicable in select payment services such as Watsons, Amazon, or SPC, you can get rebates for any amount of purchase.
  • Ideal for bills payment – Your POSB Everyday Card can be used as payment on most utilities giving you instant 2% cash rebates.
  • Versatile spending – You can use your POSB Everyday Card when dining out, online shopping, or even through online food delivery and still get cash rebates.
  • Economic use – With oil prices going up, you can use your POSB Everyday Card and still get up to 20.1% plus 2% fuel savings at SPC.

Cons

  • Minimal coverage – POSB Everyday Card might not have the best cash rebates when used aside from dining, online food deliveries, or online shopping.
  • Not for everyone – It is a case-to-case basis when it comes to spending to the monthly minimum spend requirements of POSB everyday might not appeal to some.
  • Foreign coverage – Some financial products on par with POSB everyday might not offer competitive income requirements for foreigners.
  • Economic flexibility – Some cashback credit cards might offer a more flexible option when it comes to the fuel saving aspect.
  • Shopping preference – POSB Everyday Card is best used when you are shopping at Sheng Siong or if you pay recurring bills.

 

Benefits of POSB Everyday Card

1. Dining

  • Online food delivery – You can get up to 10% cash rebates when you order via Foodpanda, Deliveroo, And WhyQ. This is achievable if you spend $800 above in a month using your required. For a stay-at-home foodie, this is a plus while factoring in that there are no promo codes required.
  • Dining – With a spending amount of $800 above monthly, you can get 3% cash rebates when you dine and transact with caterers, restaurants, bard, and cocktail lounges. Fast food spends are exempted.
  • Food transactions – You can get 0.3% cash rebates for other food transactions

2. Groceries

  • RedMart – If you do your groceries in RedMart, you can get up to 8% cash rebates when you spend more than $800 in a month using your POSB Everyday Card.
  • Sheng Siong – Get up to 5% cash rebates on any grocery items in Sheng Siong bought in-store. It is capped at $600 spend per calendar month.
  • Pet Lovers Centre – You can get 3% cash rebates on regular-priced items with a $15 minimum spend per transaction. However, it is not applicable in conjunction with PLC VIP member’s discount.

3. Fuel/Petrol

  • Fuel savings – Get up to 20.1% on fuel savings by utilizing the 10% SPC&U member discount, the 5% DBS/POSB Card discount, and the 6% POSB Everyday Card cash rebates.
  • Additional savings – When you fuel up above $800 on your card per calendar month, you can get an additional 2% cash rebate.

4. Utilities & Telecommunication

  • Telecommunication – You can get a 3% cash rebate when paying for your telecommunication bills. It is capped at $3 monthly cash rebates for a maximum spend of $100.
  • Utilities – It has the same rate when you wish to pay for all your utility bills. Still at 3% cash rebate capped at $3.

5. Online Shopping

  • Watsons Online Shopping – You can get 3% cash rebates when you shop online or in-store at Watsons for your health and beauty purchases.
  • Various online stores – Purchases made with Amazon.sg, Lazada, Qoo10, Shopee, RedMart, iHerb, Taobao, and other online stores will have an 8% cash rebate.

 

Should I Get a POSB Everyday Card?

If you are a wise spender intending on cash rebates and fuel savings, then yes, the POSB Everyday Card is suitable for your spending needs. Aside from the usual eating spree spends and the frequent groceries, you can also earn cash rebates on recurring bills with select merchants. To add to that, frequent travelers only have to activate the SimplyGo feature to be able to use the card as payment directly on buses and MRT.

Also, by linking your card to your DBS/POSB accounts, you can even withdraw funds with the same card. Alternatively, you can use your POSB Everyday Card to purchase without a minimum spend and still get cash rebates. But of course, spending over a certain amount will provide even more higher rebates.

 

How Does It Differ from Other Cards?

This POSB Everyday Card review is not complete without a head-to-head comparison of available credit cards from various financial institutions in the market. That given, here is a quick rundown containing the interest, cashback rates, minimum spend, and rewards to keep you guided.

MINIMUM INCOME INTEREST CASHBACK RATES
Singaporean Foreigner
POSB Everyday Card $30,000 $45,000 26.80% per annum
  • Up to 10% on dining and online shopping with selected vendors
  • Up to 3% on eligible one-off and recurring bills with certain providers
Citibank SMRT Card $30,000 $42,000 26.90% per annum
  • +4.7% bonus rate available with qualifying monthly spend
  • Customers who exceed the monthly spend limit will earn 0.3% + 4.7% = 5% overall
OCBC Plus Visa Credit Card $30,000 $45,000 26.88% per annum
  • Cash rebates and discounts at FairPrice Unity and Warehouse stores
  • Fuel savings, bonus, Linkpoints and more
DBS Takashimaya Visa/ American Express Card $30,000 $45,000 26.80%
  • $30 worth of Takishimaya gift vouchers earned with every 100 Takashimaya bonus points
  • Even greater perks available to Takashimaya Amex card members
Standard Chartered Unlimited Cashback Credit Card $30,000 $60,000 26.90%
  • Up to 1.5%
  • Unlimited cap
DBS Live Fresh Card $30,000 $60,000 26.80%
  • Up to 5% available both online and via contactless payments

 

Minimum Spend Rewards
POSB Everyday Card Depending on utilizing the best cash back rates, there may be minimum spend requirements and maximum spend limits on certain purchases per calendar month
  • Additional cash rebate of $200 upon registering with promo code “200CASH
  • Get 0.40% per annum or more with a DBS Multiplier Current Account, if you open alongside your card account.
  • Up to 20.1% + 2% fuel savings at SPC
Citibank SMRT Card $500 to qualify for +4.7% rebate rate
  • All card account owners are eligible to earn up to 5% SMRT$ on online shopping, buying groceries online and in-store, and private hire rides.
  • Use your Citi SMRT Card as an EZ Link card for EZ Link auto top up and EZ reload on public transportation
OCBC Plus Visa Credit Card Monthly spend of $500 outside of FairPrice (Alternatively, monthly spend of $400 outside of FairPrice for OCBC NTUC union member customers)
  • Up to 7% off in store purchases at FairPrice
  • Up to 3% off for online purchases at FairPrice
  • Fuel savings of up to 20.3%
  • Cashbacks for Telecommunication bills and other essentials
  • Increased percentages for customers with NTUC membership 
DBS Takashimaya Visa/ American Express Card $300
  • Earn up to 300 Takashimaya bonus points per transaction for DBS Takashimaya Amex card members
  • Redeemable Takashimaya rebates and gift vouchers for every customer
Standard Chartered Unlimited Cashback Credit Card N/A
  • Waived fee for 2 years
  • Up to 22.61% fuel savings at Caltex
DBS Live Fresh Card $600 minimum spend per calendar month
  • Waived fee for 1 year
  • Earn 0.3% cash rebates on all other types of spending

 

Businessman Paying With Credit Card Online

Eligibility and Requirements

  • Age: You should be 21 years of age and above before you can apply for this credit card account. 
  • Annual Income: For Singapore citizens and Singapore permanent residents, you should have a minimum annual income of $30,000. For foreigners, the minimum annual income requirement is $45,000. Either or, POSB would still require income documents to support your claim.

 

How to Apply? 

Here are your three options:

1. Apply through digibank Mobile

2. Apply through the digibank Online

3. Apply through the DBS Website for new-to-bank customers.

After application, it would take around 5 to 7 working days, after receipt of all the requirements, to complete the process.

 

Other Things You Need To Know

1. How long is the interest-free period on purchases?

You are entitled to get 25 days of interest-free purchases.

2. How long is the promotional fee membership and how much will I pay afterwards?

The first annual fee will be waived and after which, there will be a $192.60 annual fee for the succeeding years.

3. What is the minimum amount I need to pay every calendar month?

The minimum monthly repayment limit is at $500 or 3%, whichever is higher.

4. What is the interest fee and other charges if I fail to make the minimum payment for one month?

In the event that you do not meet the minimum payment, there will be a prevailing interest rate of 26.80% per annum aside from the $100 late payment fee for missed payments and an outstanding balance that exceeds $200.

 

Conclusion

The POSB Everyday Card is perfect for the average foodie may it be dining out or via online orders. It is also perfect for the wise mom that wishes to save on daily groceries or the witty dad that is keen on fuel savings. No matter the use, POSB Everyday Card is versatile enough to meet your day-to-day expenditures and give appropriate cash rebates correspondingly.

  • Avail up to 8% cash rebates for your groceries and veterinary needs with participating shops.
  • Get instant cash backs even while paying for your utilities
  • Convert your card account to an EZ-Link card and ride the MRT and buses without the need for top-ups.

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