5 Money Saving Hacks Using Credit Cards In Singapore
Irresponsible and reckless spending, regardless of what mode of payment you use, can land you in debt.
Contrary to what some may think, credit cards can actually help you save a lot of money if you have the discipline to pay off all your balance each month and use them simply as a tool of making payments, rather than a credit line.
To help you get more for your money, we at GET.com will share with you how credit cards can help you save money.
Should You Stop At Two?
There are a few factors to consider.
The cards you have in your wallet from years ago may no longer have competitive benefits compared to newer cards in the market as banks fight for bigger market share.
Also, if you have a Visa card, it might be good to get a MasterCard as well so that you can maximise the rewards of each type of card.
And not to forget there are also American Express cards that are known to offer higher-end dining privileges and exceptional travel perks.
Whether you have one or more than one card, we strongly recommend you set up automatic GIRO deduction so that you don't miss any payments.
On top of that, if you want to maximise your rebates and rewards, you need to make sure that you meet the minimum spending requirement (if any).
At the end of the day, your credit card should complement your lifestyle and spending habit!
5 Money Saving Hacks
Here are 5 hacks that will help you earn the most money back:
1. Your Choice Of Credit Card May Depend On Which Bank You Place Your Savings In
For instance, OCBC customers may want to charge their spending to an OCBC credit card to meet the minimum spend required to earn bonus interest on savings in their OCBC 360 account.
It's the same story for DBS and POSB customers who have savings in a DBS Multiplier account.
2. What Do You Spend Most On?
Figure out which category you make the most frequent (or largest) purchases, and then choose a credit card that will help you maximise your rewards.
Using our comprehensive comparison tool, we have shortlisted the following for your easy reference:
- best credit cards for groceries,
- best credit cards for dining,
- best credit cards for shopping,
- best credit cards for petrol, and
- best credit cards for travel.
3. Don't Miss Out On Shopping And Dining Deals
Download the GETdeals™ app, which tracks all the discounts and privileges you can get with your credit card!
Named by 8 Days magazine as 'App of the Week' in the 17 Sep issue, the app shows you the deals nearest to your location, which you can also filter by banks and category (e.g. entertainment, dining, shopping, petrol, etc). You can even search for deals by merchant name or location.
You can actually save a lot of money with promotions and deals just by using your credit card at certain stores and restaurants.
4. Use The Right Card For The Right Purchase
Citibank credit cards give you 10% cash back when you buy something from Starbucks, whereas UOB credit cards give you 10% cash back at Coffee Bean.
This is a great example of how certain credit cards give you discounts at certain places. So make sure to whip out the right card at the right place!
5. Plan Ahead For Big Ticket Expenses
Always check with the merchant if you can split or stagger your bill across multiple credit cards.
Many couples already do this to reduce the cost of their wedding banquet, and you can also try this when buying furniture, appliances, electronics and luxury goods. Of course the answer may be no - but hey, asking is free.
This article was originally on the GET.com blog at: 5 Money Saving Hacks Using Credit Cards In Singapore.
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