I'm currently using Grabcard for all expenses. I'm applying for multiplier CC to build my credit as it does not have a 30k income requirement. Should I cont.using Grabcard or make all payments on CC?

I'm a fresh grad and only qualify for multiplier CC for my current pay. I've been crediting my salary into multiplier acc and transferring all my salary to Singlife now and am looking at Gigantiq next. I will be using multiplier CC for all my recurring bills.

So if I don't plan to keep any money in the bank, should I even use the CC for expenses as I won't earn much interest?

Do CC cashback outweigh grab points?

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Gabriel

03 Oct 2020

Undergraduate at National University of Singapore

Hey Anon, after VISA revised the MCC for Grab a few months back, I've completely stopped using the Grabpay card. The reason being that the cashback earned from my student credit card outweigh the grab points/value of rewards.

After Grab revised their rewards scheme at the start of this year, you will either earn 2 points (Member/Silver), 3 points (Gold), or 4 points (Platinum) for every dollar spent. Looking at the rewards store, the average amount of points needed to exchange for a $5 voucher is 2,500. Assuming that you're a platinum member, you'll have to spend $625 in order to accumulate sufficient points for a $5 voucher.

4 points - $1 spent

2500 points - $625

In my case, I'm using the Maybank eVibes and DBS Live Fresh student credit card which offers 1% and 0.3% (default) cashback respectively. With the eVibes card, I just need to spend $500 to get $5 cashback, as compared to $625. Not to mention, DBS occasionally has some promotions which offer higher cashback. For instance, I was getting 8% cashback on my DBS Live Fresh card for the past 2-3 months because of their "Go Online Go Contactless" Promotion.

Basically, if the perks of a student credit card outweigh the grab points, I suppose an adult credit card would far outweigh the grab points even more.

TL;DR Yes, CC cashback outweighs the grab points and I suggest you use your CC instead.

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Nicholas Beh

03 Oct 2020

Student Ambassador 2020/21 at Seedly

There is no Multiplier credit card. If you already have the DBS Live Fresh Student credit card, it will count towards the credit card spend requirement of the Multiplier account. As you are a fresh grad I am not sure if you will be able to apply for it as it is only for current students.

To determine which card to use, you need to see what value you can derive from each of them. The GrabPay card earns 4 points per dollar (for Platinum users) while benefits varies across different DBS cards.

It is generally good to keep some money in the bank in case of emergencies. Singlife deposits and withdrawals are fast, but not immediate, so you should not count on it and set aside a small amount to leave in the bank.

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