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1. What can you do with Credit Card Reward Points?
2. Credit Cards Rewards Points Redemption Options
3. Singapore Credit Cards Rewards Points Cash Redemption Rates Comparison
4. Is it Better to Redeem Points for Cash?
While often seen as the poorer cousins of Cashback credit cards, Reward points credit cards are actually much more flexible than their well-publicised peers. Reward points can be used to redeem cash credit, air miles or vouchers from various merchants although they are mainly used for miles redemption. Reward points credit cards also usually do not have any monthly minimum spend and a pretty high or no limit to the number of points earn.
The best way to utilise Reward points is to redeem them for air miles, followed by vouchers if you intend to shop at the specific merchants that link up with the Reward programme. The worst way to utilise Reward points is to redeem them for cash credit unless your credit card allows you to redeem cash credit at a better rate commonly seen among higher-end cards.
With redemption rates for air miles to be more or less the same (2.5 reward points for 1 air mile or other equivalent ratio depending on earn rate) and redemption rates for merchant vouchers not a fair comparison considering the large number of merchants around, one can safely say that redemption rates for cash credit is the best way to compare Reward points by the various card-issuers.
| Credit Card Issuer | Default Earn Rate / Redemption Rates / Expiry |
Cashback Rate |
|
- 1.3 Voyage miles for every $1 spent |
1.30% Cashback |
|
|
- 1.2 Travel$ for every $1 spent |
1.20% Cashback |
|
|
- 3 DBS Point for every $5 spent |
0.50% / 0.60% / 0.60% / 0.84% / 0.87% / 0.89% / 0.90% / 1.20% Cashback |
|
|
- 3.5 UNI$ for every $5 spent |
0.80% Cashback |
|
|
- 1.2 Citi Miles for every $1 spent |
0.727% Cashback |
|
|
- 2 Membership Reward point for every $1.60 spent |
0.60% Cashback |
|
|
- 1 DBS Points for every $5 spent |
0.167% / 0.20% / 0.20% / 0.28% / 0.29% / 0.30% / 0.30% / 0.40% Cashback |
|
|
- 1 Reward point for every $1 spent |
0.313% Cashback |
|
|
- 1 Reward point for every $1 spent |
0.313% Cashback |
|
|
- 5 TREATS point for every $5 spent |
0.294% Cashback |
|
|
- 1 OCBC$ for every $1 spent |
0.278% Cashback |
|
|
- 1 Reward point for every $1 spent |
0.25% Cashback |
|
|
- 1 UNI$ for every $5 spent |
0.23% Cashback |
|
|
- 1 Citi ThankYou Point for every $1 spent |
0.227% Cashback |
|
|
- 1 UNI$ for every $5 spent |
0.20% Cashback |
|
|
- 1 OCBC$ for every $1 spent |
Not Applicable |
The redemption rates for cash credit and hence cashback rates seemed pathetically low in the comparison table above which makes you wonder if there is any point in doing the comparison at all. However do note that the default earn rates in the table above are for the average credit cards (for eg. Classic cards) and it is perfectly possible to find higher end cards that earn 10 times or even 20 times the default earn rate and hence cashback rate.
Some notable cards include Citibank Reward Card which awards 10X Citi ThankYou Points (2.27% cashback) for all shopping, American Express Platinum Card which awards 10X Membership Reward points (3% cashback) at Platinum 10Xcelerator Partners, OCBC Rewards Card which awards 10X OCBC$ (2.78% cashback, Titanium card exclusive) for shopping and mobile payments and the UOB Visa Signature Card which awards 10X UNI$ (2.3% cashback) for overseas and online transactions in foreign currencies, petrol and selected contactless and mobile payments.
With the widespread popularity of online shopping websites such as Lazada, Qoo10 or Shopee which promise lower prices...
What is the current average fixed deposit rates in Singapore?
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