Do you use SingLife Visa Debit Card to spend up to $500 to earn the 0.5% pa interest? If yes, what do you normally spend on to earn this interest?

Hi Anon,

As Nicholas has mentioned, it is definitely not worth it to be spending the $500/month for the extra 0.5% interest - because it is only on the first $10k account balance.

Some simple maths to convince you:

Extra 0.5% interest on $10k = $50/year

Spending incurred = $6000/year

Effective "cashback" = 0.83%

Even if you use the Standard Chartered debit card from your Jumpstart account, which earns 1% cashback, you will get $60/year for the same spending, which is more than the extra interest from the Singlife campaign.

The campaign is merely Singlife's way to get more people to use their products, but is by far not the best for consumers.

Regards,

thefrugalstudent

The additional 0.5% p.a. interest only applies to the first $10,000. The additional interest per month would be approximately $4.16.

For a spend of $500 a month, that would effectively be a "cashback" rate of less than 1%, which isn't really worth it. There are cashback cards (with no requirements) that give you higher cashback rates, such as Citi Cash Back Plus (1.6%), Standard Chartered Unlimited (1.5%) and Amex True Cashback (1.5%).