*Update: The SingPost Platinum Visa Card has been discontinued and replaced with the Spree Credit Card*
Last year, a study found that an average Singaporean spends around S$1,860 annually on online transactions such as shopping and travel. Of course, when so many transactions can be done online from the comfort of our home or office, why would we pay in any other way, right?
This is why credit cards that give more benefits on different kinds of online transactions are popular among millennials today. The Standard Chartered SingPost Platinum Visa Card is a top contender for the position of the best online shopping credit card. Let’s find out if the card can live up to this.
What the SingPost Platinum Visa Card promises
Great cashback on online transactions
The SingPost Platinum Visa Card offers you:
- 7% cashback on online purchases
- 2% cashback on supermarket purchases
- 0.2% cashback on all other retail purchases
Discounts on Singapore Post services and Uber
In addition to this, there are shipping discounts on vPost (20% concession on air shipping fees with a maximum concession of S$1,250 per order) and Singapore Post (a variety of discounts of up to 25%), and the ongoing Uber promotion allows you to enjoy 20% cashback (up to S$20 per month) on its fares anywhere in the world.
The ability to shop online without worrying about price differences
One of the best features of this card is the Online Price Guarantee. If you buy an item from, say Lazada, at S$120, and you find that item for S$90 on Amazon after a few days, you can file a claim with AXA Insurance.
If you’ve reported the lower price within 30 days, the insurance company will reimburse 50% of the price difference – S$15 in case of the example we used. Cool, isn’t it? Of course, there are a few conditions here – you can get reimbursements only on items covered by the insurer and the maximum amount you can claim is S$250 – but it’s still an awesome cover to have!
A generous sign-up offer
Talking about sign-up bonuses that we Singaporeans love so much, the card gives you cashback of up to S$138 if the application is done online and approved by 30 September 2017.
Reading between the lines
Now, did you notice the terms “eligible online transactions” and “eligible supermarket purchases”?
Whether an online transaction is eligible will on how Visa labels the purchase. Supermarket purchases are determined by the merchant category codes (for example, 5411 is for supermarket).
According to the examples given by Standard Chartered, online travel and hotel bookings are eligible, and so do online shopping and online food orders. So, the definition of ‘eligible online transactions’ looks pretty generous.
That said, we understand that insurance premium payments typically do not qualify for cashback when it comes to SC cards. So double check if you wish to use the SingPost Card for insurance premium payments.
On the subject of caps…
How you wish you got unrestricted spending and cashback, eh? But sadly, no. You can only earn up to S$60 per month (or S$720 per year) as cashback on the SC SingPost Platinum Visa Card, and you have to spend at least S$600 per month to get the higher cashback rates. Spend lower than S$600 and all your payments that month will earn just 0.2% cashback.
Assuming you’re using this card solely for online transactions, you need to know that your cashback cap kicks in when you have spent S$857.20 online. i.e. buying a pair of tickets to Tokyo on Singapore Airlines using this card is probably not the wisest thing to do.
How does the Standard Chartered SingPost Card fare against similar cards in Singapore?
DBS Black credit card – Great for shopping and groceries
DBS Black gives 5% cashback on clothes, bags, shoes, jewellery and watches shopping both in Singapore and abroad, and on department store purchases. The DBS Black Card offers 5% cashback on grocery shopping at supermarkets and online stores for those who get their application for the card approved by 30 September 2017.
OCBC Frank credit card – Online shopping rebate negated by the need to spend offline as well
OCBC Frank gives 6% cash rebate on online shopping, up to 5% on entertainment, and 3% on the first two NETS FlashPay Auto Top-Ups. With the OCBC Frank Card, you have to spend at least S$400 on offline purchases to get cashback on online purchases, which can get a bit expensive and lower your cashback earning rate.
All in all, the Standard Chartered SingPost Card still remains the best in the market if you’re going to be spending your money online.
Mix and match to get more cashback
Though the Standard Chartered SingPost Platinum Visa Card is THE BEST for online transactions, it is a little restricting because that’s the only category of spending it gives good rebates for.
To make the most of your spending, we suggest using an all-rounder for your regular, daily purchases, and taking the SC SingPost Platinum Visa Card out only on months when you’re going to spend at least S$600 online.
Card pairing #1: BOC Family Card + SC SingPost Platinum Visa: Minimum spend – S$1,100; Maximum cashback – S$180 per month
The BOC Family Card gives 7% cashback on dining both locally and overseas, and 5% on online purchases (which is quite decent in itself), supermarkets, hospital bills (yay!), 4 NETS FlashPay Auto Top Ups and some other stores. This is perfect for a family. The minimum monthly spending requirement is S$500 and the maximum cash rebate per month is S$100.
Card pairing #2: OCBC 365 + SC SingPost Platinum Visa: Minimum spend – S$1,200; Maximum cashback – S$160 per month
The OCBC 365 Card gives up to 23% at Caltex and 5% on other petrol stations, 6% cashback on weekend dining, 3% on weekday dining, overseas dining, online shopping, supermarkets and recurring telecommunication bills. The minimum spend is S$600 and the maximum cashback is S$80 per month.
But if you want to take advantage of these pairings, you need to make sure that you are reaching the minimum spending amount on both the cards every month (or in the months that you’re using SingPost as well) so that having both the cards is justified.
The last word
Should you get the Standard Chartered SingPost Platinum Visa Card? With higher rebates on just online purchases, we don’t think we’ll be wearing out the card very quickly. With supermarkets, 2% is hardly any good; these cards will serve you better.
But if you are disciplined enough to use a different card every time you make a purchase online, nothing’s better than the Standard Chartered SingPost Platinum Visa Card. After all, the 7% cashback includes not just online shopping but also other online transactions. You also get the benefit of a generous sign-up gift and 2 years annual fee waiver.
Be careful with your spending though, the high cashback + low cashback limit means that you shouldn’t be buying multiple flight tickets at a go.
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