The Best Credit Cards in Singapore for Online Shopping
Online shopping is often like dating. Your first time is naturally filled with some anxiety, but it usually gives you enough motivation to try again. You get good at it, you start to enjoy it, you stop taking precautions and soon a hacker is posting nude photos of you online.
But the fact still remains that some of the best deals and the widest selection are found exclusively online. So here are the best credit cards that will help you maximise your money in online shopping.
1. Online Shopping Cashback or Rewards
Let’s be honest here, the real value from a credit card comes from the cashback rebates and rewards you can earn no matter where you do your online shopping. Credit cards are like astute bartenders who keep passing you drinks while encouraging you to talk about your relationship problems. If they want you to keep spending, so they’ll need to give you a reason to.
Standard Chartered SingPost Platinum Visa Card
The Standard Chartered SingPost Platinum Visa Card is the best cashback credit card for online spending allowing you to earn 7% cashback on every online transaction. Not only that, but you also get 7% for all vPost purchases and 2% cashback for supermarket purchases. All other transactions earn 0.2% cashback.
The maximum cashback you’re able to earn is $60 a month, and you have to spend a minimum of $600 a month to qualify for cashback.
Get more information about the Standard Chartered SingPost Platinum Visa here.
OCBC Frank Card
The OCBC Frank Card used to be the best card for online shopping with 6% cashback on every online transaction. However, they’ve since made some changes to the terms and conditions which have made it less popular.
The maximum 6% cashback you’re allowed to earn is $60 per month, but now you have to spend at least $400 on non-online transactions. Sure you can now get up to 5% cashback for spending with the OCBC Frank Card at cafes, cinemas, bars and other entertainment, but if you don’t meet the minimum spend requirement, you won’t earn the 6% cashback.
Get more information about the OCBC Frank Card here.
Cards for the Ladies
Judging from the way blogshops are sprouting in Singapore like McDonald’s restaurants in China, it’s no wonder that credit cards for women are giving out huge rewards for online shopping.
DBS Woman’s World Card / DBS Woman’s Card
So if you’re part of the better half of the world’s population, consider the DBS Woman’s World Card, which gives 10X DBS Rewards Points for every $5 spent, up to a maximum online spend of $2000 per month. Or if you don’t meet their $80,000 annual income requirement, try the DBS Woman’s Card, which gives 5X DBS Rewards Points for every $5, up to a maximum online spend of $1000 per month.
You can learn more about the DBS Woman’s MasterCard here.
UOB Lady’s Card
Alternatively, if your regular expenditure exceeds $3000, consider the UOB Lady’s Card. It gives 5 UNI$ for every $1. Unfortunately, this is subject to several restrictions, including a minimum spend of $3000 and maximum spend of $5000, the transactions MUST be in foreign currency and only with stores that sell clothes, shoes, jewellery and bags as their main business activity.
You can learn more about the UOB Lady’s Card here.
Other Credit Cards for Online Shopping
For the other half of humanity, here are our options:
Citibank Rewards Card earns you 10X Citi Dollars for every $1 spent. This 10X bonus excludes spending on travel, airlines, government payments, cinema tickets and insurance. Citibank’s Rewards Programme allows you to convert your Citi Dollars into cash at a rate of 3000 for $10. That means for every $300 you spend online, you can get $10 in rebates.
HSBC Advance Card gives you 10X Rewards Points for every $1 spent online. 2500 Reward Points ($250 spending) get you a Golden Village movie ticket worth $10.
UOB Preferred Platinum Visa Card gives you 10 UNI$ for every $5 spent online (capped at 24,000 UNI$ a year). 1300 UNI$ ($650 spending) gets you a pair of Cathay Cineplex movie tickets worth $20.
Citibank Clear Card gives you 5X Citi Dollars for every $1 spent online (excluding travel, airline, government, cinema, insurance, etc.). 4230 Citi Dollars ($846 spending) gets you a pair of Golden Village movie tickets worth $20.
HSBC Revolution Card gives you 5X Rewards Points for every $1 spent online. 2500 Reward Points ($500 spending) gets you a Golden Village movie ticket worth $10.
DBS Live Fresh Card gives 3X Rewards Points for every $5 for any online transaction. 750 Rewards Points ($1250 spending) gets you a Golden Village movie ticket worth $10.
2. Online Shopping Direct Discounts
In addition to cashback rebates and rewards, using your credit card when making purchases online can also earn you additional discounts. Because these discounts are temporary, we’ll just look at the two cashback credit cards for online shopping
Standard Chartered SingPost Platinum Visa Card
The Standard Chartered SingPost Platinum Visa Card enjoys several online discounts that all Standard Chartered credit cards enjoy. These include 20% off all purchases at Luxola and up to 25% off foodpanda food delivery orders.
OCBC Frank Card
The OCBC Frank Card also enjoys discounts that all OCBC credit cards enjoy. These include 18% off with a minimum of $95 spent at Zalora and $10 off with a minimum of $50 spent at Lazada.
Better safe than sorry!
Of course, do take the necessary precautions with any online transaction. Don’t give out your credit card details on unsecured websites, sign up for 2-Factor Authentication where available, and always check the amount you’re being charged before confirming the transaction.
What is your favourite card for online shopping? Let us know!
The post The Best Credit Cards in Singapore for Online Shopping appeared first on the MoneySmart blog.
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