Saturday, October 22, 2016

Sign Up Credit Cards, Get Free Money

I think y'all know me and y'all know my style. If it's not a REAL lobang, I don't anyhow say.

Last time got free house I really jio y'all. I don't think anyone took up that offer though. I don't see any of my web traffic coming from Italy.

Earlier this month I also let y'all in on the free credit report by CBS through SingSaver. I already had done it myself earlier this year and I am very pleased with my credit score.

Well the good folks at SingSaver actually are really nice and they notified me about their Shioktober credit card promotions that I might want to let readers know about. Unfortunately, I don't get anything mentioning it, but hey, it really looks like a good deal.

Personally, I have signed up for the SCB $138 cash rebate promotion just last month. I've already spent it! I'll be doing a follow up post on that in a while, but at least for SCB I can vouch that it is legit.

Actually what urged me to write about this even though the month is coming to the end is that I saw the upsized ANZ Optimum offering of $168 cash rebate (and a free luggage... but seriously, who cares about free luggages?). After tasting the forbidden fruit of the SCB $138 promotion, I myself am getting very, very tempted to sign up for the ANZ promotion. Maybe I can sign up to get back travel rebates and charge my travel expenses to it. I'd be looking at $168 + 5% off my travel expenses! Mmm... definitely something to consider, especially since I am contemplating another trip next year in March. Since the promotion is until then, I can just think about if I want to add an extra credit card into my life.

So when I thought about these cash rebates, I remembered about the SingSaver extra promotions. I actually have a friend who has been contemplating getting a more all-rounded credit card (she still uses NETS pin transactions, haha), the $100 Watsons voucher for the OCBC 365 card looked like it would be suited for her! I myself have switched to the OCBC 365 card after abandoning their Frank card.


Personally though, I would think that the "best" promotion (in the sense that the card would actually be useful, as opposed to hit-and-run promo grabbing) being offered is actually the AMEX True Cashback card. Even though I am very anal about getting my cash rebates, it actually isn't all too easy to ONLY spend in the category with good cashback. For a general purpose card, your expenses are all over the place in all different categories, The AMEX Cashback card gives 1.5% cashback with no minimum spending. Even with my Frank card, I only got 2.07% rebates and I had a minimum spending. In all FRANKNESS (ooo, a pun), I would imagine most people would be better off with the AMEX cashback card. No need to worry about minimum spendings or cashback category. The only problem is that I heard AMEX doesn't waive annual fees (just hearsay only) and that AMEX is honestly not that widely accepted.

However, the Frank card was in conjunction with my OCBC 360 account, so even though I only got a slightly better cashback than the 1.5%, I did get bonus interest on my entire bank balance and that is actually quite substantial. You really have to consider your own situation and what other products you have access to. Then you will be able to find a strategy that maximizes your cashback, bank interest and hopefully overall returns in regards to your current savings and monthly spending.

Don't be afraid to use credit cards. Credit cards can actually help you save money. Just look at how I saved $38 in July purely from taking advantage of promotions offered through my credit cards. If you count in the base cash rebates and also the bonus interest I get on my bank balances, you would be very surprised by how much money you are LOSING by not using credit cards.

I'm being really serious here. Banks are literally paying you to use credit cards. And as long as you use them smartly, you're going to end up paying less by using your credit cards. So why not?

There's only 1 golden rule to credit cards. Always, always pay off your balance due in full.

2 comments:

  1. I love that you put in the advice to pay off your balance in full each month because if people do not follow this, they may get the rewards that are offered during the promotion but it will not be near enough to outweigh the negatives that come with having an outstanding credit card balance. No percentage of cash back rewards can pay for an over-limit fee!

    ReplyDelete
  2. The Secured Bad Credit Cards - As these are good credit cards, but in order to apply one, you will need to open savings account, money deposited would be secured one as a collateral by issuing bank. Best Service

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