SG Budget Babe
Asked on 30 Nov 2019
Looking for a credit card that has the best perks for big purchases and comes with interest free installments. Any recommendations? What rewards program should I be looking at?
The best credit cards for what you're looking for should be:
1 - SCB's Unlimited Cashback Credit Card - 1.5% cashback on all your spends, they provide 0% interest installment plan which offers you a choice of tenures up to 36 months with no additional charges for signing up plus you still enjoy your cashback.
2 - OCBC Cashflo Card - 1% flat rebate with S$1,000 minimum spend (0.5% if below), 0% Interest Instalment Plan with no processing fee, payments earn rebates. Purchases above $1,000 will break into 6 months' payment automatically.
Do check with the banks if you have specific questions.
Hope my answer helps!
In my view, the current card with the best sign up perk is still SCB's X card, with the 60K bonus miles upon spending $6K within 2 months of card approval. 60K miles is worth quite a fair bit even if you don't know what to do with it just yet.
Cashback cards tend to be a bit restrictive in their rebates, although with a big spend, you would easily cross the threshold to earn their enhanced cashbacks. SCB does have a 0% installment scheme with no strings attached, so there's some hope there still.
I wouldn't pay over installments unless absolutely necessary, since it does create the illusion that you can afford what you are buying as the monthly payments are small, which tends to lead some people add and spread even more purchasess over installments in a never ending downward spiral.
Amex True Cashback Card with 1.5% to 3% cashback is good way to have instant cashback & also you can convert them into installment via "Pay Small" facility with extra cashback for choosing it.
For such purchased i will prefer airmiles card like amex krisflyer. However if you are a cashback person Stanchart unlimited will do or may bank FC Barcelona
It depends on how big the expenses are, and whether you prefer cashback or miles.
If you prefer cashback and is able to split the payments over time, then consider UOB One. Alternatives include Amex True Cashback and Standard Chartered Unlimited Cashback card.
If you prefer miles, then you can consider Amex Kris Flyer Ascend, UOB Priv Miles, Citi Premier Miles.
Most of these cards have instalment options that you can use - call the bank, use internet banking, or select the option through the mobile app.
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If you can control timing - you want to take advantage of the sign up bonuses which come with a spend requirement. If you do the math, you might be getting 10% of spend as value for a spend requirement of 5k-10k which is great way to use the big purchase.
If based on just general schemes - consider something like the Standard Charter Unlimited Cashback - the nice part is in the name - it is unlimited (whereas other cards would cough at a large enough purchase). They do instalment plans for sure (it accessible in the app; you get an option to convert the purchase into a "easy pay" plan when you look at transaction list)
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