A case for multi-purpose cash rebate credit card

I am one of those who likes to keep a slim wallet. Therefore, I am left with limited space and card slots. I prefer cash rebate credit cards because I am not patient enough to accumulate points for miles and plan far ahead for travel.

If you are like me, we are fortunate because there are a few multi-purpose cash rebate credit cards which cater to cash rebate chasers. Today, I shall compare be comparing three of them:

– Citibank Cash Back Visa/Mastercard
– OCBC 365 Visa
– Bank Of China Family Visa

I shall not elaborate further about each credit card because the tables at the end of this post summarises the details, rebate requirements and cap for each of the three cards. Therefore, I shall share who I think each card is suitable for.

Citibank Cash Back credit card is ideal for….

This card is ideal for parents with kids and drive because the bonus cash rebate categories cover all the major household operating expenses that a family will incur: grocery, dining and petrol. Even Grab (valid till 6 April 2018) is entitled to 8% cash rebate on the odd occasions when one chooses not to drive. Furthermore, spending anywhere in the world in these bonus categories is entitled to the 8% cash rebate. If you look further into the MCC for dining and grocery, it also covers a more comprehensive list of merchants.

OCBC 365 credit card is ideal for…

This card is ideal for parents with kids and drive but find it difficult to hit $888 spending requirements for the Citibank Cash Back credit card. This credit card has a lower spending requirement of $600. For parents who opened OCBC CDA account for their kids, they are entitled to 3% rebates at hospitals, medical and dental clinics. This means that they are entitled to rebates when they use this credit card when they bring their kids to paediatrician and dental clinics other than only hospitals (in the case of BOC Family)

This card is also ideal for OCBC 360 account holders so that they can meet the credit card spending criteria to earn additional 0.3% interest for their first S$70,000 in the account.

Bank of China Family credit card is ideal for…

This card is ideal for young working adults who do not drive. Most of their spending categories are covered with a low minimum spending requirement of S$500: dining (for artisan cafe-hopping and avocado toast) , online spending and even public transport (Nets Flashpay Auto-Topup).

This card is also ideal for parents with kids as a backup. This is because this card is entitled to 5% rebate for hospitals. You never know when emergencies happen.

This card can also be used by those who use Citibank Cash Back credit card who burst the grocery rebate cap (~S$322.58) every month. Culprit for high expenditures include formula milk and diapers for those with young kids, and food and snacks for those with bigger kids.

This card is ideal for Bank of China SmartSaver account holder so that they can meet the credit card spending criteria to earn additional 0.8% interest (S$500 to <S$1,500 spending) or 1.5% (S$1,500 and above spending) for their first S$60,000 in the account.

Conclusion

Each individual has unique spending and usage patterns. I hope my assumptions for the suitability of each credit card helps those who read this post. I hope the comparison tables is useful for those who are figuring out which credit card is ideal for them (it may be one of your new year resolution). Nevertheless, the most important thing to do is to list down one’s expenses and then analyse which credit card suits their individual spending pattern.

Cheers,
Naro