20 Oct 2021
Am currently using the DBS live fresh - usually hit the full cap for Visa paywave ($20) and some for online shopping. Spend around 1K monthly - mostly on grab (for work purposes).
Hence, was wondering if I should get another CC to maximize my cashback. But unsure as I realized there's a minimum spend of $600 for DBS Live fresh cashback.
Alternatively, I was thinking of increasing the tier of my DBS Live Fresh interest rate by doing some investments. I do, however, invest on the side as well (not with DBS).
In essence, I have two questions:
(1) Get another CC to max cashback? If yes, which CC should I get?
(2) If no to above, should I then invest to get a higher tier of returns with DBS?
Thank you in advance :)
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21 Oct 2021
Founder at thefrugalstudent.com
Personally, I wouldn't recommend getting another high cashback cc (ie one that requires monthly minimum spending). With your monthly spending of $1k and the monthly spending requirement of $600 for DBS Live Fresh, that only leaves you with $400 of expenses to put on another cc.
It's also likely that of the $1k spending you have, not all of it is eligible cc spending (ie spending that earns rewards). This means you have less than $400 of eligible spending to earn cc rewards with. Getting another cc with monthly minimum spending like UOB One will make it hard or nearly impossible to meet and you'll find yourself not earning the cashback you expect to.
Instead, I'd recommend you to use an unlimited cashback card that doesn't require a minimum spending every month. The cashback rates for these cards are low, but it's better than not getting any cashback at all like I think the way things are now. Also, some of these cards like UOB Absolute and AMEX True Cashback earn cashback for topping up the GrabPay wallet. This will allow you to double-dip rewards with the GrabPay card. Depending on your Grab membership status, you can earn up to 2.9% cashback via this method. You can read more about these cards here: https://www.thefrugalstudent.com/the-best-unlim...
I personally don't invest with DBS because the interest rates with DBS Multiplier are fairly low now anyway. I'd recommend investing via other platforms instead.
Hope this helps!
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DBS Live Fresh Card
Up to 10% on Online, Visa and Transport
MINIMUM ANNUAL INCOME
HSBC Visa Platinum Credit Card
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Can consider maybank visa (300 min spend) or fcb (no min but 1.6%)