If you’ve been using credit cards for a while and know how to spend them wisely, then you’ll definitely become an expert in maximizing the rewards you receive from these cards in no time.
The Christmas season is drawing near, which means that it is time for us to buy gifts for ourselves and our loved ones. This means that we will be using our credit cards more frequently than usual during this time of the year and of course more reward points!
We are all familiar with the concept of cashback, in which a percentage or flat rate of a purchase made with a credit card results in a cash rebate that is either applied to your balance or linked bank account. The same thing holds true for incentives, which are converted into rewards points that may be used in the form of discounts, gift card redemption, and so on.
In other words, anything is possible with these cards. Here are some of our top ideas to help you get the most out of your credit card spending, whether you’re a newcomer to the world of credit cards or simply seeking for the most lucrative reward alternatives.
1. Diversify your cards
It’s crucial to understand the perks provided by each card.
Spending across multiple credit cards helps you get the most value for your money. For instance, If you’re trying to rack up frequent-flier miles, you should save your big purchases for a miles card, while if you spend a lot of money dining out and making purchases online, you should seek for cash-back cards that offer the highest rebates. If you have a family and you spend a huge portion of your income on things like groceries or gas, you should get a credit card that gives you rewards for your daily purchases and discounts at your gas expenses.
Before applying for appropriate credit cards, it can be helpful to create a monthly spending plan and track your monthly spendings where most of your money is going. You may rest assured that it’ll pay off and flying business class on your next overseas trip will be worth it.
2. Initiate paying off
Ultimately, we all know that the banks favor the big time spenders. If you want to get the most out of your points, you should make use of your card in purchasing expensive items you need first (e.g., refrigerator, air conditioner, and etc.). Perhaps you might want to give a family member an iPhone 14 as a Christmas gift? Or probably you have vacation plans with your friends and family? I guess it wouldn’t hurt to initiate paying off their tickets first? (just make sure you get reimbursed).
3. Add another supplemental card holder
You may choose to add your spouse or other family members as additional cardholders (rather than submitting an application for a new credit card). By doing so, their transactions can likewise be piled or added to the overall spending! Sounds appealing right? As long as you and your family benefit from greater rewards, it’s a win-win situation.
4. Join a loyalty or rewards program
Joining a loyalty or rewards program will not only help you save money, but it will also allow you to accumulate rewards, in addition to other perks. For instance, you may be eligible to receive additional cash back on top of the incentives you’ve already earned. Hence it can help you enhance your spending habits and optimize your money.
Apps like Shopee and Grab have their virtual currency in the form of coins or points you acquire – to finally gain some sort of incentive i.e. cashback, or discount off your next purchase. All of this is feasible because you keep spending MORE MONEY. In the same vein, popular apps like Shopback and Fave reel entice users with the promise of cash back or special discounts at their go-to stores.
There's no better time to shop than on Single's Day
According to Straits Times (2022), we’ll be dealing with high inflation and increase of goods prices and services tax scheduled for next year (GST). Thus, there is no better time for us to shop for deals than on Singles’ Day and Black Friday this year.
Recently, the Parliament in Singapore enacted the Goods and Services Tax (Amendment) Bill, which will raise Singapore’s GST starting on January 1. It is expected to climb to 8% from January 1 of 2023 to 9 % on January 1 of 2024.
If you’re still looking for a good deal, here are some of the popular retailer shops offering the best tech bargains on Singles’ Day or Black Friday. You can still get discounts on Nintendo, Microsoft, Apple, and other brands, so check out to see what’s available.
- Amazon SG: get a deal on smart homes, phones, computers, and more (opens in new tab)
- Apple SG: check out all of your favorite Apple items in one spot
- Lazada SG: find huge discounts on TVs, big-name electronics brands, vacuum cleaners, and more
- Shopee SG: find great deals on a variety of products, including electronics
- Samsung SG: find great deals on TVs, phones, and other Samsung electronics
- Microsoft Store Singapore: Purchase an Xbox or Surface laptop straight from Microsoft
Enjoy your holiday shopping!
Since the holidays only come around once a year, now is the time to make those large purchases you’ve been putting off and take advantage of the credit cards that offer the greatest rebates to maximize your rewards and other perks. As you can see, there are also benefits when you save money. Who doesn’t enjoy having the perks in return for your expenses? Certainly, we do.