POSB Everyday Card review: A cashback credit card with no minimum spend requirement

PHOTO: POSB

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 and Watsons.

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 $192.60 (waived for one year)
Supplementary annual fee $96.30
Interest-free period 25 days
Annual interest rate 26.80 per cent
Late payment fee $100, if outstanding balance is above $50
Minimum monthly repayment Three per cent or $50, whichever is higher
Foreign currency transaction fee 3.25 per cent
Cash advance transaction fee Eight per cent or $15, whichever is higher
Overlimit fee $40
Minimum income $30,000 (Singaporean/PR) / $45,000 (non-Singaporean)
Card association MasterCard
Wireless payment MasterCard PayPass

How the POSB Everyday Card works

The POSB Everyday Card probably owes its auntie reputation to its key bonus rebates for Sheng Siong and Redmart, where you can earn five per cent and eight per cent cashback respectively.

The POSB Everyday Card is also one of the rare credit cards that let you get cashback on your utilities and telco bills. Electricity retailer bills qualify too! Sure it’s only one per cent, but better than nothing right?

Also, the cash rebates never expire. So you can make full use of them to offset purchases at over 200 partner outlets and via the DBS Lifestyle app.

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 peng, not “protein bowls” from Saladstop or similar shops.

In short, it’s best for thrifty Singaporeans who don’t mind doing their shopping for necessities at Sheng Siong and Redmart. You get a pretty decent cashback of five per cent to eight per cent 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. Get six per cent cash rebate on the final charge amount, after any other applicable discounts).

(Those with a Private Hire Car Driver’s Vocational License (PDVL) are better off with the newly introduced Esso Private Hire Smiles Card instead.)

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 spend:

Citibank Cashback+ Mastercard – Yay, another credit card with no minimum spend! This one is a fuss-free credit card with a flat 1.6 per cent cashback across most categories, but it doesn’t include utilities or telco bills.

UOB Absolute Cashback card – This card has the highest unlimited cash back in the market. at 1.7 per cent. It also has no minimum spend and no spend exclusions, so you can use this card to pay your bills and insurance premiums. But, and this is a very big but — it’s an Amex card, so smaller merchants might not accept it.

Standard Chartered Unlimited Cashback Card – This card plays second fiddle to the Citi Cashback+ Mastercard, because it’s essentially the same, but at a cashback rate of 1.5 per cent, 0.1 per cent less.

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

This article was first published in Moneysmart.

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