POSB Everyday Credit Card Reviews
If cashback is what you are really looking for in a credit card, then you could apply for the POSB Everyday Card. POSB Credit Cards suits your different spending needs in Singapore. This card stands out as a cash rebate card, providing you with significant rebates across various categories. The card is designed to meet your everyday needs, so that your monthly expenses don’t burn a hole in your pocket.
The card provides great cash rebates on fuel purchases, and you can earn higher rebates when you fill petrol at SPC stations. You can also earn rebates on your travel expenses using the POSB Everyday Credit Card.
This is one of the few credit cards in Singapore that provides you rebates on other spends such as groceries, health, personal care and beauty. Besides, the credit card also helps you save on your medical, utilities, and recurring telecommunication bills. However, rebates earned on this card never expire and can be used across several outlets in the island.
Features and benefits
Some of the primary features of the POSB Everyday Card include:
- You can use the card as an all-in-one card to pay for your daily essentials, as well as MRT/bus rides.
- You can use your POSB Everyday Credit Card as an ATM card or for cash withdrawal by linking it with your savings account.
- You can use your credit card as an EZ link card by topping-up your POSB Everyday Card.
- The card provides you with a recurring utility bill payment feature to automatically pay your telecom and broadband bills.
- There’s a 0% interest instalment plan for your retail purchases, available over a period of 3, 6, 12, 18, and 24 months.
- Cardholders can also use ‘Tap and go’ – MasterCard’s contactless feature – to pay up to S$100 in one transaction.
There are several ongoing promotions on the POSB Everyday Card. Let’s take a look at some of them:
Cash rebate on payments made overseas: Up to 28 February 2018, the first 5,000 existing cardholders who enrol into posb.com.sg/everydaydeals can get 5% cash rebate on all their overseas spends. You’ll get this 5% rebate if you make overseas retail transactions – not in Singapore dollar or online payments – worth at least S$1,000 per month. You cannot earn more than S$50 a month, though.
Cash rebate on medical expenses: Until the end of July 2018, you also qualify for a 3% rebate on payments towards local medical bills across clinics, hospitals, and dental clinics. You need to make retail spends of at least S$500 per month to qualify for this.
SPC: Spend at least S$20 on fuel at SPC and get a maximum discount of S$5 on Chinese New Year Abalone Sets up to 28 February 2018.
Watsons: Pay only S$46.90 instead of S$79.90 – which is a discount of around 41% – when you buy Redoxon Triple Action Effervescent 2 x 45s + Vita Immune 15s. This offer expires on 31 January 2018.
This card rewards you with cash rebates every time you use it. Let’s look at the rebate-earning system in detail:
- The card lets you save as much as 20.1% savings on petrol when you fill your vehicle at SPC.
- The card also gets you a 5% cash rebate at Sheng Siong for your grocery purchases.
- You can also earn 3% rebate on beauty, health, and personal care purchases from Watsons.
- You can also earn cashback on your utilities and recurring telco bills. This includes a 1% cash rebate on your recurring SP Group bills, and 1% cash rebate on in-store expenses as well as repeated payments to StarHub mobile, broadband and digital cable bills.
- Every other spend earns you a 0.3% cash rebate.
The cash rebates you earn on the POSB Everyday Credit Card don’t expire and you can offset your purchases at over 400 outlets of StarHub, SPC, Pet Lovers Centre, Watsons, SP Group, Harris and Prologue.
Your rebates can be redeemed instantly. You could also log into the account using iBanking and redeem the rebates. You can use the cash rebates to offset your credit card bills or exchange for City Cab taxi vouchers.
Instalment Payment Plans With this Card
The card provides you with the option of paying for your large purchases in monthly instalments. The plan, known as My Preferred Payment Plan (MP3), allows you to convert retail spends of S$500 and above into instalments. You need to apply for an MP3 conversion of a transaction within 14 days of the date of purchase.
The plan comes with a 0% applied interest and low processing fees. The available tenures and effective interest rates (EIR) are represented in the table below:
Fees and charges
|Type of fee
||S$192.60 (Waiver for the first year)
|Supplementary card fee
||S$96.30 (Waiver for the first year)
|Late payment charges
- Nil, if outstanding balance is S$50 or lower
- S$80, if outstanding balance is above S$50
|Cash advance fee
||6% of the withdrawn amount, subject to a minimum of S$15
|Interest on cash advance
How to activate Everyday Card for Domestic & Overseas Use?
Activation for local use
You can make your POSB Everyday Credit Card transaction-ready using one of the following methods:
iBanking: You must log in to your iBanking account using user ID and PIN. Under the tab ‘Card’, select ‘Activate Cards’. Next, login using your 6-Digit iB Secure PIN and select the card you want to activate. You can finish by accepting the terms, clicking next, and submitting it, once verified.
Digibank: For this method, you have to log in to Digibank and select ‘Card Services’ from the menu. Next, select ‘Activate Credit Card’, and follow by logging in with your 6-Digit iB Secure PIN. You can conclude by following the instructions and submitting the request.
SMS Banking: You have to send an SMS with the command “Activate” to 77767.
POSB/DBS ATM: Just insert the inactive new credit card and enter the new PIN received separately. Next, select ‘More Services’ and follow by selecting ‘Cards/PIN/iBanking/Phonebanking’. Conclude by selecting ‘Activate Card’.
Video Teller Machine (VTM): It involves you inserting your NRIC or credit card, or scanning the passport to complete the authentication procedure. You must select ‘Activate Card’ under ‘Card Services’ option. Enter the credit card you want to activate and punch in the new card PIN obtained separately. Conclude by providing your NRIC number, nationality, and date of birth, and complete the activation by clicking ‘Confirm’.
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Activation for overseas use
You can make your POSB Everyday Credit Card ready for overseas use through one of the following methods:
iBanking: You must log in to your iBanking account and select ‘Cards’. Then click on ‘Activate Card’s Magnetic Stripe for Overseas Use’. Next, login using your 6-Digit iB Secure PIN and select the card you want to activate. You must amend the overseas use status of the card’s magnetic stripe and set it according to your preference. You can conclude by submitting it, once verified.
Digibank: Login with your User ID and PIN, and select ‘Card Services’ from the menu. Next, you must click ‘Allow Card’s Magnetic Stripe for Overseas Use’ option, and follow by logging in with your 6-Digit iB Secure PIN. The card account must be selected next and you have to amend the overseas use status of the card’s magnetic stripe to the required preference. You can conclude by following the instructions and submitting it.
SMS Banking: You have to send an SMS with the command “Enableoverseas” to 77767 for permanent activation. For activation with specific end date, you must SMS the keywords “Enableoverseasstart dateend date.” You can disable it by sending the keywords “Disableoverseas” to 77767.
POSB/DBS ATM: Just insert the inactive new credit card and enter the new card PIN received separately. Next, select ‘More Services’ and follow by selecting ‘Card’s Magnetic Stripe for Overseas Use’. You have to select ‘Continue’ and amend the status as per what you need. Conclude by following the instructions on the ATM screen and submitting it.
Foreign currency transactions
The payments you make in a non-Singapore dollar currency will be converted to Singapore dollars through US dollars. For example, if you are paying in Euros, the amount will first be converted to US dollars and then into Singapore dollars. The exchange rate is decided by MasterCard. The leviable charges on foreign currency transactions is 1% conversion factor payable to MasterCard and 1.8% administrative fee payable to POSB. This total of 2.8% is charged on the transaction amount.
You can convert your card transactions to Singapore Dollars using the Dynamic Currency Conversion (DCC). These transactions attract a 1% administrative fee in Singapore dollars (the converted amount), charged by Visa or MasterCard. The merchant or DCC service provider will determine the process of conversion and the exchange rates.
If your transaction is paid in Singapore dollar without conversion, then MasterCard will charge an admin fee of 1% on it. This includes payments made to foreign websites and apps.
Cash advance/cash withdrawals
Cash advance, or cash withdrawal, is a feature offered by most banks on their credit cards. This means that you can withdraw money from your credit card in case of emergencies. But if you take out money from the credit card account through an ATM, then you will have to pay the following charges:
- 6% of the withdrawn amount – at least S$15
- Interest charges of 28% p.a., compounded daily, payable from the day of withdrawal until the credit is fully repaid
Any additional ATM usage charge might also be applicable if you are using this facility outside the country or at non-MasterCard machines.
How to apply?
DBS/POSB’s existing account holders or cardholders can apply for this card through iBanking. They can alternatively use the existing number on your DBS credit card & its PIN. However, you have to visit the POSB Bank website and fill up the application form available online to apply for the credit card. You have to also qualify in terms of age and income criteria. You must also submit documents that certify your age and income, along with the application form. A POSB Bank customer care personnel will follow up and assist you with the application procedure.
- Minimum age: You must be at least 21 years old to apply for the POSB Everyday Card. Supplementary card applicants must be at least 18 years old.
- Minimum income:
- Singaporeans & permanent residents: You must have a minimum income of S$30,000 p.a.
- Foreigners: The minimum income requirement for foreigners stands at S$45,000 p.a.
- Copy of NRIC (both front and back)
- CPF contribution History Statement for the latest 1 year.
- Latest 1 year’s IRAS Tax Bill (Notice of Assessment) OR computerised salary slips for the most recent 3 months OR salary crediting personal POSB account number.
- Copy of NRIC (both front and back)
- CPF contribution History Statement for the most recent 12 months OR latest 2 years’ IRAS Tax Bill
- Copy of NRIC (both front and back)
- Latest 2 years’ IRAS Tax Bill
- Passport with at least 6 months of validity on it
- Employment pass with at least 6 months of validity on it
- Foreigners having length of service of 3 months and more must provide latest computerised salary slips AND latest IRAS Tax Bill. Foreigners serving less than 3 months must show latest computerised payslips AND latest IRAS Tax Bill, OR they can just provide a company letter certifying employment and salary, dated within 3 months from the date of card application, in place of the other two documents.
Supplementary card applicant:
- Copy of NRIC (both front and back) for Singaporeans and permanent residents
- Passport and proof of residential address for foreigners
The POSB Everyday Card charges an interest rate of 25.9% p.a., which will be compounded in case the bill is not paid in full and on time. This is calculated on the transaction amount, and charged on a per diem basis from the transaction date until complete repayment. The minimum charge stands at S$2.50. Usually there is a period of 20 days from the statement date when you will not be charged any interest, but this is generally applicable only if you have made full payments of the previous credit card dues.
As discussed earlier, the interest on cash advances is 28% p.a., levied on an everyday basis from the withdrawal date, until full payment.
The minimum amount you need to pay every month is 3% of the card dues – a minimum of S$50. It also includes any previous dues and credit limit excesses.
There are several ways of making repayments for the POSB Everyday Card. They are listed as below:
- SMS Banking
- POSB/DBS ATMs
- Video Teller Machine (VTM)
- Cheque deposit or mail
- AXS Stations
- GIRO payments
- At DBS or POSB branches
What should you do if your POSB Everyday Card is Lost/Stolen?
The bank’s hotline number for reporting lost or stolen card card is 1800 339 6963, and if you’re making an overseas call, you can reach the bank at +65 6339 6963.
In case you have lost your credit card or it has been stolen from you, then you are not liable to pay more than S$100. But this is conditional to the bank being notified immediately about the theft, loss, or unauthorised PIN disclosure. You also need to assist the bank in recovering the fraudulent charges incurred. You need to provide a police report and a written confirmation of the theft/loss/unauthorised PIN disclosure, in addition to other pertinent information.
Most importantly, the situation should not have arisen due to your negligence or default. After the bank is notified about the loss, theft, or disclosure, there will be no further liability on the transactions.
Cardholders can also reach the 24-hour POSB hotline number by dialling 1800 111 1111, for any queries, suggestions, complaints, or feedbacks. For overseas calls, they can contact +65 6327 2265. Alternately, you can submit your enquiries, feedback, suggestions or complaints, through the POSB Bank website.
Similar cards from POSB/DBS
POSB does not have any other credit cards, but its parent group, DBS offers the following cashback/cash rebate cards:
Cards similar to the POSB Everyday Card