We are lower-middle income family going to start our BTO renovation soon. Which credit card would be best for large purchases like these? Should we play cashback or the miles game? - Seedly

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Asked by Anonymous

Updated on 18 Apr 2019

We are lower-middle income family going to start our BTO renovation soon. Which credit card would be best for large purchases like these? Should we play cashback or the miles game?

Going to start BTO renovation soon

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It depends if you plan to take the whole family on a trip with the miles or if you rather get rebates for your family expenses

I think it is a good time to sign up for a new Credit card. Check out the current promos such as Citi PRVI or Amex true cash at 3% for the first 6 months

as mentioned by some of the others here it is critical to check it cc is accepted else there is no point in the sign up.

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Jay Liu
Jay Liu, Diploma in Accountancy at KHEA
Level 6. Master
Answered on 19 Sep 2018

Depends on your preference. Whether you prefer cashback or you want miles for travelling. Remember not to get installments from courts to get laptops etc. As you will end up paying much more than the original price.

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 6. Master
Answered on 19 Sep 2018

Miles or cashback - it all depends on your preference. Are you planning for a trip involving flights in the next few years? Or is your immediate concern about saving as much as possible through cash back for your renovation?

Speaking of which, do check if your vendor accepts credit card payments. My main contractor only accepted cash / cheque when I was doing renovation for my BTO. If you are using it to buy furniture or electrical items, then it's likely to be accepted.

Assuming you decide to go for cash back, can look at StanChart's Manhanttan card, which gives up to 3% cashback (minimum $3,000 spend and capped at S$200 per quarter). Other alternatives would be their Unlimited Cashback card which gives 1.5% (without cap or minimum spend) or Amex's True Cashback card going at the same cashback rate.

For miles, the best cards breakdown is available on the MileLion website (https://milelion.com/credit-cards/credit-card-overview/).

Hope this helpe and all the best.

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American express true cashback card is 1.5% and promotion 3% for first 6 months cap at $5000. Maybank FC Barcelona Visa is 1.6%. SCB unlimited cashback is 1.5%. This 3 credit card have no earn cap and cashback is for all spending but just remember to double check the T&Cs. I feel to choose miles or cashback is your preference. Im not too sure about miles card.

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Nicholas Chan
Nicholas Chan,
Level 5. Genius
Answered on 19 Sep 2018

I think cash back would more suited for you, unless u can save up enough miles for business class tickets. I think bto renovation might charge more for credit card though.

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