POSB Everyday Card Review

Credit cards might seem like a heavy commitment - but that's where the POSB Everyday Card comes in, complete with cash rebates and a no minimum spend, unlike most of its counterparts. POSB Everyday Card lives up to its namesake as it provides cash rebates for your everyday essential needs like groceries, petrol, food and utilities. Stand to earn a whopping 15% rebate on Online Food Delivery services like Grab and 5% of rebates on groceries at major supermarkets like Sheng Siong. Enjoy 20.1% of petrol savings at SPC stations. For utilities, get 1% off selected open electricity market providers. Furthermore, your collected rebates do not expire. You can use these rebates at over 200 of DBS Lifestyle Partner merchants including Apple Store and Google Play. If you are a DBS Multiplier account holder, spending on this card can help you accrue bonus interest rates of 1.85% p.a. in your multiplier account. However, to obtain the maximum cashback rates, there are minimum spend requirements assigned by the bank according to your spending habits. Not hitting the minimum spend will subject your transactions to the base cashback rate of 0.30%.

Key Benefits of POSB Everyday Card

These are some features of the POSB Everyday Card and the cashback benefits it has to offer.

How does POSB Everyday Card compare?

Pros:

POSB Everyday Card lives up to its namesake as it provides cash rebates for your everyday essential needs like groceries, petrol, food and utilities. The cashback rates are pretty decent, a good general all-in-one card for individuals with spendings in multiple categories.

Cons:

It is also important to consider the minimum spend that is stipulated by the bank as the inability to meet it will reduce the advertised rebate rates to the base cashback rate of 0.30%.

Not ideal for individuals who preferred spend in other specialised areas like Dining, Shopping, or Entertainment.

Is POSB Everyday Card Worth it?

Credit cards might seem like a heavy commitment - but that's where the POSB Everyday Card comes in, complete with cash rebates and a no minimum spend, unlike most of its counterparts. POSB Everyday Card lives up to its namesake as it provides cash rebates for your everyday essential needs like groceries, petrol, food and utilities. The cashback rates are pretty decent, a good general all-in-one card for individuals with spendings in multiple categories. It is also important to consider the minimum spend that is stipulated by the bank as the inability to meet it will reduce the advertised rebate rates to the base cashback rate of 0.30%.

Eligibility for POSB Everyday Card

To be eligible for the POSB Everyday Card, you'll have to meet the following criteria:

• 21 years old and above
• For Singaporeans and PRs: Minimum annual income of S$30,000
• For foreigners: Minimum annual income of S$45,000

Fees and Charges for POSB Everyday Card

• Annual Principle Fee: $192.60
• Annual Supplementary Card fee: $96.30
• Fee waiver: 1 year annual fee waiver
• Interest-Free Period: 20 days
• Annual Interest Rate: Prevailing interest rate of 28% p.a. (subject to compounding if the charges are not repaid in full) on the amount withdrawn, chargeable on a daily basis from the date of withdrawal until receipt of full payment.
• Minimum Monthly Payment: 3% of the statement balance (or S$50, whichever is greater)
• Late Payment Charge: A fee of S$100 applies if the minimum payment is not received by the due date, this is provided that outstanding balance is above S$50
• Cash Advance Fee: 6% of the amount withdrawn per transaction or S$15, whichever is greater.

Still unsure? Find out everything you need to know about credit cards - including what the best credit cards in Singapore are for miles and cashback, factors to consider before getting one, fees to know, and why a good credit score matters.

Still have questions? You can ask the Seedly Community (anonymously, if you'd prefer) for their insights and discuss which credit card you should get.

Terms and conditions of POSB Everyday Card

• Cash rebates will be awarded on a maximum spend of S$1,000 (equivalent to Daily$50) at Sheng Siong per calendar month.
• Cash rebates don't have an expiry date
• 1% cash rebate on your POSB Everyday Card for SP Group and StarHub are capped at $100 per month. Cash rebates will be credited by the end of the following calendar month on the month the transaction is made.
• For SP Group, recurring charges are applicable only to accounts under the name of the main or supplementary cardholder.

Cash rebates are not awarded on:

• Payments to educational institutions
• Payment to government institutions and services (court cases, fines, bail and bonds, tax payment, postal services, parking lots and garages, intra-government purchases and any other government services not classified here)
• Payment to insurance companies (sales, underwriting, and premiums)
• Payment to non-profit organisations
• Betting (including lottery tickets, casino gaming chips, off-track betting, and wagers at race tracks) through any channel
• any top-ups or payment of funds to any payment service providers, prepaid cards and any prepaid accounts
• Bill payments and all transactions via AXS or SAM

How to apply for POSB Everyday Card

• Apply Online via POSB's official page OR
• Visit POSB

About POSB

As the oldest bank in Singapore, POSB aims to offer low-cost savings accounts for children, full-time students and National Servicemen. Some popular account types include POSBkids Account, POSB Savings, POSB Passbook Savings Account and POSB Current Account. On 16 November 1998, DBS Bank acquired POSB.