When OCBC announced the release of their Frank credit card which gives 6% rebates to all online transaction, it seems too good to be true. When it proves to be a worthy card for rebates on online transactions, a few other banks joined in, eg: Standard Chartered SingPost Platinum Visa Credit Card, Bank of China Shop! Card.
Now look who’s the latest bank to join in the crowd! None other than DBS, with their promotion on DBS Live Fresh Card. To be honest, I was really going to cancel my DBS Live Fresh Card, until I chanced upon this promotion on their website: http://www.dbs.com.sg/personal/cards/credit-cards/live-fresh-dbs-visa-paywave-platinum-card. So... DBS has just jumped onto the bandwagon of credit cards giving rebates for online purchases, together with a new rewards scheme.
For more info, here are the T&Cs: http://www.dbs.com.sg/iwov-resources/pdf/cards/credit-cards/live-fresh-dbs-visa-paywave-platinum-card/livefresh_visa_plat_tnc.pdf. For those who are tired of reading all that 3.5 pages of mumbo jumbo, here’s a summary:
What does this mean to us consumers when it comes to choosing a credit card for online purchases? Fret not! We have prepared a summary table comparing all the cards:
Seems like for the moment, DBS Live Fresh is the best online purchase rebate card around!
However, it is worthy to note that DBS & OCBC has higher interests savings account namely the Multiplier Account and 360 Account respectively, that has bonus savings interests rates for credit card spending.
DBS Muliplier Account requires at least a $7.5K/month cashflow to get the 1.08% interests rates, which is usually hard to reach unless you invest via this account, or loans with DBS.
Even though OCBC has recently reduced the bonus interests rates for credit card spending for the 360 Account, it is undoubtedly the best higher interests savings account around. If you have the 360 account, then it will be worthwhile to first use your Frank card, as you get an extra 0.5% extra bonus interests rates for at least $500 spending.
All in all, it is beneficial to hold at least 2 of such cards, which you can utilise when you have big ticket items to purchase for only 1 or 2 months (eg: hotels, air tickets, Christmas presents etc).
By the way, if you sign up for a new DBS Live Fresh Visa Card by 31 Aug 2015, you get $80 cashback if you charge a minimum of S$500 to your new DBS Live Fresh Visa Card within one month of card approval date! More details can be found here: http://www.dbs.com.sg/personal/promotion/livefresh-cashback.
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