Credit Card Promotion in Singapore – 2016

Credit Card Promotion

It has become de facto practice for banks to use promotions to gain credit card customers. With over 9.5 million credit cards in circulation as on March 2016, as per statistics released by the Monetary Authority of Singapore, for a population of approximately 5.53 million (putting together citizens, permanent residents and other residents as per statistics released by the Department of Statistics, Singapore) and a plethora of banks and financial institutions offering credit cards, the hunt for credit card customers is well and truly on!

Credit Card Promotion is one of the most important weapons in the arsenal of banks looking for credit card customers. Let’s look at some of the mechanisms by which banks leverage promotions in their holy grail quest for new customers:

Sign-up Promotions

These are meant for new credit card customers. Sign-up promos come in various forms – gifts, reward points, air miles, vouchers etc. For instance, when you apply online for HSBC’s Revolution Credit Card, you get a Samsonite RED Robo 65cm Luggage worth $335 plus $20 cash rebate. You will need to apply on or between 01st April 2016 and 31st May 2016 and should charge a minimum of $600 to your card within the month of issuance.

Another example is when you sign up for a credit card from DBS / POSB. You will need to apply online by 30th June 2016 for a DBS Live Fresh Card or DBS Black Visa Card, DBS Woman’s Card or the POSB Everyday Card and charge a minimum of $700 per month for the first 2 months from your card approval date.

On-going promotions

You can’t provide promotions for new credit card customers and leave existing ones in the lurch, can you?! On-going promotions are targeted at existing credit card customers. Here are a couple of examples:

If you have a Maybank credit card, you can enjoy 1-for-1 and up to 90% off deals with their Mid-Year Sale promotion that runs from 07th May to 31st July 2016.

The Citibank Expedia promotion offers you 6x Citi PremierMiles, 15x Rewards Points or 5% cashback depending upon the credit card used on Expedia. The promotion runs till the end of 31st July 2016.

Affiliate Promotions

Its not just banks that come up with promotional offers. Card affiliates like Visa and MasterCard also come up with promotions. For instance, Visa offers $1 off minimum for every $7 spend with Visa payWave and 4 movie tickets for the price of 3 with Visa Checkout at Golden Village.

MasterCard on its part offers 20% off any AirAsia international flights every Wednesday with their MasterCard AirAsia #PoseWinFly Photo Contest and a 10% admin fee waiver when you use book and pay for your taxi ride with MasterPass on the Comfort Delgro Taxi Booking App, amongst its currently running promotions.

Making The Most of Credit Card Promotions

This might seem like a no-brainer but you must use your credit card at the promotion offering store to avail of the offer. Sometimes, you must also ensure that the card is swiped at a particular bank’s terminal as well. Also, go through the fine print; promotions could be potential minefields.

Promos may be conditional on a certain amount of spend happening on the card; they may be restricted to the “Early Birds”, those who first take advantage of the offer; promotional offers may also not be clubbed with other existing offers either on the card or at the merchant’s.

For example, Citibank Singapore offers best deals in singapore on your Citi credit cards spends online or storewide at dining, online shopping, travels, petrols savings or fuels etc. Some of the promo offers are year-long offers or occasional, based on the merchants and availability. Another example, you get a $15 rebate when you shop on Taobao for a minimum of $100 with your Maybank credit card on the 11th of May 2016; however, this offer is limited to the first 500 redemptions.

5 Benefits of using a Debit Card over a Credit Card

The debit and the credit card from a certain stand point, are the same; they both are plastic money and they both  offer a sense of security and convenience while shopping. Both the cards let you withdraw money and both the cards let you enjoy discounts and offers. However these similarities aside, the cards are fundamentally different, in that, one is based on credit while the other is an extension of your account with your own money.

If you are someone who is conscious of your spending and someone who does not like the “credit way”, the debit card should be your plastic card of choice.

Credit  Card Versus Debit Card
Credit Card Versus Debit Card

Here are 5 good reasons why the debit card is better than a credit card

1.The first defining difference is that your debit card is free, you don’t pay interest to anyone for spending on your card. You are using your money and so there are no interests or fee or billing cycles that you need to constantly be careful of.
2.When you withdraw cash from an ATM, you don’t pay a transaction fee. And even in some of those rare arrangements, where you pay, the fee may be far far lesser than what you pay, if you were to use your credit card.
3.You can never go over budget with your debit card, since you will always be within your balance limits. Your credit card, however, can take you way over board and this applies to a lot of young, first time card users, who get all excited with their first card, even more so in a very tempting marketplace like Singapore.
4.Strangely for some reasons, credit cards are always the primary target, while luckily debit cards don’t even come close to enjoying that negative attention. 7 out of 10 cases of fraud with cards happen to be ones that involve credit cards.
5.If you need a safe plastic card to use, without a credit check, a debit card is the one that you go for. It is easy to apply and doesn’t require the rigorous scrutiny of the standard credit card. It comes with even most basic bank accounts.