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  • Family Credit Card

    Family expenses driving you crazy? Well, not when you use the right credit card. Most cards are known for the types of rewards they give you, there are another set of cards that are designed to suit the needs of certain groups of people. Family cards form one such category. Although a few of them are specifically called ‘family cards’, there are also other credit cards in Singapore that offer you great ways for you and your family to spend time together, have fun, and to get rewarded while doing so.

    The following is a list of cards that can work well for your family:

    Card Name Best for
    BOC Family Card Cash rebates on dining
    Maybank Family & Friends Card Cash rebates on groceries
    POSB Everyday Credit Card Cash rebates on children’s classes
    OCBC 365 Credit Card Cashback on CDA medical spends
    Citi PremierMiles Visa Credit Card Air miles
    Citibank SMRT Card Savings on toys and books
    OCBC Platinum Credit Card Discounts on travel & hotels

    Disclaimer: The cards on this list are only suggestions for the types of rewards offered by credit cards in Singapore, and in are in no way termed as being the ‘best’. The list has been prepared without prejudice or favouritism towards any card.

    A Comparison of the Various Cards in Singapore That Offer Family Benefits

    Credit cards that offer rewards for Singaporean families also offer a range of other benefits. The rewards and benefits they offer help you save money in different ways when you spend on daily essentials, child enrichment classes, booking a holiday, hospital bills, dining, and many more. Let’s take a look at what these cards cost and exactly what they offer:

    Card Name Annual Fee Earning Rate Minimum Spend Requirement (per month)
    BOC Family Card S$190 p.a. ( Waived for the first year) 10% on dining and cinemas. 5% on supermarket & hospital bills. S$700
    Maybank Family & Friends Card S$180 p.a. (Waived for the first 3 years) 8% on groceries. S$1,000
    POSB Everyday Credit Card S$192.60 p.a. (Waived for the first year) Up to 15% cash rebate on child enrichment courses. No minimum spend required.
    OCBC 365 Credit Card S$192.60 p.a. (Waived for the first 2 years) 3% cashback on CDA medical spends. S$600
    Citi PremierMiles Visa Credit Card S$192.60 p.a. 2 Citi Miles & 1.2 Citi Miles on each S$1 spent in foreign currencies & local spends. No minimum spend required.
    Citibank SMRT Card S$192.60 p.a. (Waived for the first 2 years) 5% savings on books & toys. S$300
    OCBC Platinum Credit Card S$160.50 p.a. (Waived for the first 2 years) Varying discounts on travel and hotel deals worldwide. No minimum spend required.

    Disclaimer: The cards on this list are only suggestions for the types of rewards offered by credit cards in Singapore, and in are in no way termed as being the ‘best’. The list has been prepared without prejudice or favouritism towards any card.

    These credit cards give you rewards in the form of cashback, cash rebates, air miles, savings, and discounts when you use them to pay for your purchases at eligible participating merchants and brands.

    Cashback in most cases is an instant reward and is directly credited into your bank account. The discounts you get are direct reductions on your bills when you shop with specified merchants. You can accumulate cash rebates and use them at a later date to offset your bills or redeem them for eligible merchandise. Air miles can be accumulated to get discounts on flight tickets and in some cases, hotel bookings as well.

    The following tables highlight the main family features offered by some of the credit cards in Singapore. These cards are only given as examples & suggestions, without any prejudice towards any of them and are in no manner to be considered as the ‘best’ in any category.

    Best for Cash Rebates on Dining

    BOC Family Card

    This card gives you cash rebates when you use it to pay for your dining expenses.

    Card highlights:
    • Get 10% cash rebate on dining transaction at your favourite restaurants both in Singapore and when you travel abroad.
    • Get 10% cash rebate when you book movie tickets at participating cinema theatres.
    • The card also gives you a cash rebate of 5% on your hospital and supermarket bills.

    Best for Cash Rebates on Groceries

    Maybank Family & Friends Card

    This card helps you get cash rebates when you spend on groceries for your family.

    Card highlights:
    • Get cash rebates of 8% when you buy groceries using this card, provided you spend a total of at least S$1,000 per month on the card.
    • You will get 5% cash rebate if you spend less than S$1,000 but at least S$500.
    • This benefit is available at selected supermarkets in Singapore and Malaysia.

    Best for Cash Rebates on Children’s Courses

    POSB Everyday Credit Card

    This card helps you get cash rebates when you use it to pay for your children’s child enrichment courses.

    Card highlights:
    • Get cash rebates of 15% when you enrol your kids for the Kidz Can Bake workshop by Genius R Us.
    • Get 5% cash rebate for trial classes with KinderGolf.
    • To get the rebates, book online.

    Best for Cashback on CDA Medical Spends

    OCBC 365 Credit Card

    CDA Trustees can get cashback when they use this card to pay for medical expenses over the counter.

    Card highlights:
    • Get cashback of 3% on medical transactions at dental clinics, hospitals, cord blood banking institutions, and clinics.
    • Get 3% cashback on grocery spends at local supermarkets and on recurring telecom bills such as M1, StarHub, and SingTel.

    Best for Air Miles

    Citi PremierMiles Visa Credit Card

    This card offers you Citi Miles (air miles) when you use it to spend on both local and overseas transactions.

    Card highlights:
    • Get 2 Citi Miles for every S$1 you spend in foreign currencies.
    • Get 1.2 Citi Miles for every S$1 you spend on transactions in Singapore.
    • Citi Miles don’t have an expiry date.
    • Each Citi Mile is equal to 1 regular mile.

    Best for Savings on Toys and Books

    Citibank SMRT Card

    This card helps you save money when you use it to buy toys and books for your kids at selected stores.

    Card highlights:
    • Get savings of up to 5% on books and toys.
    • The offer is valid only at Toys“R”Us and POPULAR bookstores.
    • The card also gives you up to 5% savings on groceries, fast food dining expenses, and movie tickets at selected theatres.

    Best for Savings on Discounts on Travel & Hotels

    OCBC Platinum Credit Card

    Known as the family card, this credit card gives you discounts and deals on flight tickets and hotel bookings across the world.

    Card highlights:
    • Discounts differ from one participating airline or hotel/resort to another.
    • The card also gives you discounts on movie tickets.
    • The card offers discounts on health & beauty products, and dining deals for your family at participating restaurants.

    How Can You Get the Most out of Your Family Card?

    Having a credit card is one thing but using it in the right way is a different thing altogether. Many people in Singapore have credit cards but fail to make the most of the rewards and benefits they offer. Using your card to its fullest potential will help you maximise the rewards you get. Let’s take a look at how you can do this:

    • Know your card: Knowing your card inside-out is the best way to make sure that you utilise it to the fullest. Go through the card pamphlets or talk to your bank to know everything regarding what it offers, rewards rates, and other terms and conditions.
    • Check up on promotions: Apart from the standard rewards that your card offers, your bank may also offer promotions from time to time. You can save more money or get additional rewards during such promotions. But do keep in mind that promotions are seasonal or may be valid only for a short while. Keep checking with your bank on a regular basis to find out what promotions it is offering and when.
    • Plan your purchases: Planning your purchases according to the offers being given by your bank can help you save money. Once you know the details of the promotions offered by your bank, you can then plan your expenses accordingly. For example, if you want to take your family on a holiday, find out what airline and hotel offers your card is eligible for and plan accordingly. This way you just may be able to get better airline seats and hotel rooms at much lower rates.

    Why Should You Use Family Cards?

    A family card much like any other credit card, not only helps you pay for your purchases, but also rewards you every time you use it.

    However, the advantage of using a family card is that along with standard rewards on many different spends, it gives you specific offers on groceries, movie tickets, toys and books for children, vacation stays and airlines tickets, and many other expenses that a family would usually incur.

    This is one of the main reasons why a family credit card would be of immense help, especially if you feel that the expenses are increasing week after week. Using a card like this can help you give the best that your family deserves while saving money at the same time.

    How Does It Work in Singapore?

    The rewards that you get on family credit cards in Singapore are based on the collaboration between banks and participating merchants in the country and abroad. This is how they generally work:

    • Go through various cards that are offered by the different banks in Singapore.
    • Choose the one that you feel suits your needs in the best possible manner and apply for it.
    • Once you get your card, use it to pay when you shop at any of the eligible outlets.
    • If you’re shopping online, use promo codes that the bank may specify for certain promotions, to get rewards.
    • Accumulate your rewards points, rebates, and miles over time and redeem them to offset your future purchases or for merchandise from selected brands.
    • Make sure that you keep an eye on the expiry dates of certain rewards. Use them before they cease to be valid.

    Things to Consider Before Getting a Family Card

    A family card can be of great financial help, but at the end of the day it still is a credit card and there are a few things that you need to keep in mind before you apply for one:

    Assess your need: Analyse your need for a credit card. If you use them to make payments, you have to make sure that you pay back the amounts on time. If you don’t pay the minimum amount due every month, you will end up paying exorbitant amounts in penalties and interest charges.

    Do a cost-benefit analysis: The rewards that many cards in Singapore offer can seem very tempting. Banks also offer sign-up deals where you are rewarded when you apply for a card and your application gets approved. Just because a card offers you good rewards, it doesn’t mean you have to immediately apply for it. These cards charge an annual fee every year. Check and see if the rewards you get in a year are more than the annual fees, and be sure that you will use the card to maximise the rewards.

    Read the terms & conditions thoroughly: Before you apply, be sure to go through the terms and conditions of your card. Be aware of the various charges and fees that apply on the card usage. If you have any questions, get them answered before you sign up.

    Be wary of fancy offers: Almost all banks in Singapore offer “0% interest” instalment plans on their credit cards. Offers like this can seem very attractive, but be wary of them. Nothing is free, so there definitely will be a charge on such services. Ask the bank for the effective interest rates on these facilities. This will give you the true cost of borrowing. Don’t apply for a card simply because it offers various benefits.

    Consider caps on rewards: Many cards have limits on how much you can collect in terms of rewards every month. Once you reach this limit, you will not get any rewards no matter how much you spend.

    Why Choosing the Right Card Is Important

    With so many options available in Singapore, how do you choose the right one? The following tips may help you narrow down your choices:

    Match your expenditure with the card benefits: Since credit cards give many different rewards, it is important to choose the right one that will suit your spending patterns. A quick overview of all the cards at your disposal will help you get an idea of which type of reward will give you the most benefit. For example, if you prefer getting cashback, choose a card that gives you cashback on your most frequent spends. This will help you make the most out of your card.

    Weigh the pros and cons: Some cards in Singapore charge very high annual fees. While they may offer better benefits than other cards, you still will have to spend a lot more than usual to get these rewards. Choose a card that fits your budget and gives you satisfactory rewards at the same time.

    Sometimes more is better: Some credit cards don’t charge you annual fees or waive off the annual fees for 1 or more years. In such situations, you may choose to apply for more than one card to make use of the combined benefits of both cards. However, remember that charges and interest rates on unpaid amounts still apply.

    A family card when used in the right way will help you manage your family expenditure well.

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