Without doubt, I like to eat. What I like even more is to be able to eat for less.
I’ve met people who have something against credit cards. They feel that a credit card is a catalyst for spending, a black hole which will suck away their money. Well, I don’t have such a problem. In fact, I see credit cards as a way to save money.
First and foremost, it’s poor discipline which leads to increased spending. Granted, credit cards make it easier to spend, but end of the day, you’ll need to sign on the payment slip. Swipping of the card alone doesn’t work. Don’t blame it all on a piece of plastic.
Secondly, you can call the credit card companies/banks for a fee waiver. In fact, you should! But do note that terms and conditions apply.
Thirdly, signing up for credit cards do yield goodies. A recent promotion by HSBC gives you a $20 voucher simply by signing up and using the card at least 5 times with a period of 1 month. Hey, using the credit card to pay for a $3 item from Cold Storage counts as once. Using the card 5 times really isn’t that hard.
Fourthly, I got discounts at Man Fu Yuan and Greenhouse. For those who prefer to pay with cold hard cash, well, I don’t understand.
What a lot of people don’t see or ignore, are the reward points which come along with it. I have cards from OCBC, UOB, Citibank, HSBC, Standard Chartered and American Express, with UOB Visa Signature being the main card I use.
For foodies in Singapore, it’s quite important to arm yourself with Citibank & UOB cards as most restaurants offer promotions for these 2 cards. DBS is also another card you may want to get, as it’s getting more pervasive.
The objective of this post is not to garner more business for UOB (I’ve nothing to gain from this) but to highlight the benefits of having the right card.
For UOB Visa Signature card, I get to have twice the UNI$ for every S$5 spent (2 UNI$ for every S$5). Requirements is to have an annual income of > $50K. The only UOB card better than this is the UOB Infinity Card, where you get to have (5UNI$ for every S$10). Problem is, the annual income required is S$350k, probably not that easy for the average person.
I also get to enjoy 5% rebates at Shell petrol stations and a complimentary one-for-one Starbucks caffé latte. I drink (coffe) and drive, so this is great!
For the past year, I exchanged my points for vouchers which I’ve used to buy all sorts of things, etc. umbrellas, socks, clothes etc.
End of the day, you make your own credit card choices, based on lifestyle, spending habits & design of the cards. It all boils down to identifying which card/ cards suit you best. Point to note, you’ll need to spend a minimal sum before banks are willing to waive off that renewal fees. It makes more sense to consolidate your spending to as few cards as possible to get those reward points and waivers.
