POSB Everyday Card Review: Is It Worth a Slot in Your Wallet in 2018?

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Early this July, we noticed that the POSB Everyday Card is back with an attractive promotion offering up to ‘20% cash rebates on everyday essentials’. That’s huge, but we all know that including the words ‘up to’ means we need to look at this closer to see what has changed.

POSB Everyday Card Review - Benefits in July 2018

POSB Everyday Card current benefits. Source: POSB website

Alright, so now we know that the 20% cash rebates are only for new cardholders and only for online food delivery. That is certainly going to appeal to quite a lot of people, but since POSB says that the Everyday Card is ‘Singapore’s most-owned’, we’d want to see if the promotion is also good for existing cardholders.

POSB Everyday Card review: Is this credit card still worth a slot in your wallet in 2018?

Key benefits of the POSB Everyday Card and its caveats

POSB Everyday Card - Petrol, Dining and Taxi Benefits

Source: POSB Everyday Card website

Petrol benefits:

You get a 5% discount on petrol purchases when you use a DBS/POSB credit or debit card, and another 10% discount with SPC&U Card. POSB Everyday Cardmembers get a further 6% cash rebates on the amount charged after other discounts. This is good mostly because there is no minimum spend required to enjoy the cash rebate.

If not having any minimum spends isn’t a concern for you, there are many other cards that offer similar or higher petrol benefits. Check them out here.

Dining benefits:

The POSB Everyday Card is running a promotion from 8 June – 30 Sep to let us enjoy 10% cash rebates on online food delivery, and 5% cash rebates at other dining options such as cafes, restaurants, fast food outlets and food courts. This offer is decent but requires you to register for the promotion (more on that below).

ComfortDelgro Taxi benefits:

The Grab promo codes have run out so it’s time to give Comfort taxis a chance again. From 4 July – 30 November, you can get a 10% cash rebates on your rides with your POSB Everyday Card.

Note though, if you pay directly with your Everyday Card, you’re going to incur the 10% credit card fee, so it’s best if you link your Everyday Card to the Comfort app through Masterpass, and you can avoid the extra fees when you pay through the app.

How do you get your dining and taxi benefits:

POSB Everyday Card - Steps to register for promotion

Your total cash rebates are capped at S$50 per calendar month

POSB Everyday Card - Overseas spending, grocery and medical benefits

Source: POSB Everyday Card website

Overseas spending benefit:

We thought that it’s good to be able to get 5% cash rebates on our overseas spends. That was until we saw that you need to hit a minimum overseas spend of S$1,000 in a calendar month, and the cash rebates are only given for overseas in-store purchases.

Firstly, we will advise you to be cautious with how much you’re spending on your credit card when overseas because the foreign transaction fees can be quite high.

Secondly, what if you only managed to spend S$900 and your vacation is over? Or what if you vacation spans across two calendar months? To be on the safe side, we would rather use an air miles card that gives us bonus miles for overseas spends and have no minimum spends or caps. The Citi PremierMiles Visa Card and DBS Altitude Card are two such examples.

Read this: Which Cashback Credit Card Should You Use For What Purpose…

Sheng Siong benefits:

We like it when the Everyday Card site doesn’t have a “Click here to find out more” under the benefits. This means there you can take the benefit pretty much as it is. The only thing to note is the consistent cash rebate cap of S$50 per month.

Having said that, you should also be aware that the BOC Sheng Siong Card offers 7% cash rebates at Sheng Siong, without the need for any minimum spend as well. The rebates are capped at S$70, which is S$20 more than the POSB Everyday Card.

Dental and other local medical benefits:

This isn’t a common benefit, so at first glance, it looked tempting. But then we realised that the CIMB Platinum Mastercard offers so much more – 10% on health, beauty and wellness (such as hospitals, doctors, dentists, optometrists, opticians, chiropractors, pharmacies, hairdressers, massage parlours, health and beauty spas)!

You need to spend S$500 and make at least 8 transactions of at least S$30 each in a month to qualify for the rebate. The plus side is that you don’t need to be a POSB Smiley Child Development Account Trustee.

POSB Everyday Card -Watsons and Recurring Bills Benefit

Source: POSB Everyday Card website

Watsons benefit:

A lot of Singaporeans love this feature. And it’s not hard to see why. 3% cash rebates with no minimum spend and no cash rebate cap. This and the SPC rebates are the two benefits that do not have any cash rebate caps.

SP and Telco bills benefit:

1% cash rebate on recurring telco bills is flatly beaten by credit cards like the OCBC 365 card and the BOC Family Card. Furthermore, the cash rebate for SP and telco bills combined is capped at S$1 a month. Not particularly useful.

Other benefits from participating merchants:

There are a few merchants that you can use your POSB Everyday Card at for cash rebate. There are places like Americaya, Singapore Colour Centre, Global Holidays, kinderGold, and a couple of car care companies. Most of these don’t really seem too enticing.

What BankBazaar thinks about the POSB Everyday Card

The POSB Everyday Card really does try to cater to many everyday essentials an average Singaporean might need. But in a crowded and competitive credit card space, this credit card doesn’t quite meet expectations. We find that there are many other cards, particular BOC credit cards, that offer more rewards on our daily essentials. Furthermore, with the impending tax increases, we would be wise to start saving as much as we can before the GST hike kicks in.

Looking for a better credit card? Check out BankBazaar.sg to compare credit cards from multiple banks.

POSB Everyday Card | Eligibility & Fees
Age 21 years and above
Annual Income S$30,000 and above (Singaporean and PR)
S$45,000 and above (Foreigner)
Annual Fees S$192.60 (Principal card)
S$96.30 (each Supplementary card)
1-year annual fee waiver

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