Review of the POSB Everyday Card - one of the best credit cards in Singapore?

Hannes Ausmees

The POSB Everyday credit card¹ is a popular option which offers cash back and rewards for customers, with exclusive offers and promotions. You can earn Daily$ cash back and spend it directly at participating merchants, to offset bills, or pay for goods and services with PayLah.

If you’re wondering about whether to sign up, this POSB Everyday Card review is for you. We’ll walk through the POSB Everyday Card benefits you can enjoy, the eligibility requirements and how to sign up. We’ll also take a quick look at the Wise multi-currency account and card as a potential addition to the credit card when travelling and shopping online.

Also, take a look at our countdown of the best credit cards in Singapore.

What is the benefit of having a POSB Everyday Card?

The POSB Everyday Card comes with a good range of benefits which can help customers earn rewards as they spend. Here’s an overview - we’ll look at some of these POSB Everyday Card benefits in more detail later:

  • Up to 10% cash rebates on online shopping and ecommerce
  • Up to 3% cash rebates on recurring bills
  • Earn 0.4% p.a. or more when you link your card to a DBS Multiplier Account
  • Access preferred payment plans to split the costs of purchases interest free
  • Arrange recurring bill payments and get rewarded at the same time

posb-everyday-card

POSB Everyday Card rebate and promotions

One of the most attractive aspects of the POSB Everyday Card is the opportunity to earn cash back when you spend. Different rebate levels apply to different types of spending. If you’re spending with a POSB partner merchant you could earn up to 10% - but even if you’re not there’s cash back of 0.3% which means you stand to save.

There are some stand out offers which could make the POSB Everyday Card really pay if they align with places you spend often. For example, the POSB Everyday Card Sheng Siong rebate is an impressive 5%, while the POSB Everyday Card SPC deal² can mean you benefit from over 20% off fuel purchases, depending on how you use your account.

POSB Everyday Card fees - annual fee

There’s an annual fee of 192.60 SGD for the principal card, with a POSB Everyday Card annual fee of 96.30 SGD for each supplementary card you require. The good news is that the annual fee waiver means this fee may be waived for the first year you have the POSB Everyday Card.

Minimum spending and limits for the Everyday Card

Before you sign up for the POSB Everyday Card you’ll want to take a look at the full account terms and conditions. There are minimum spend requirements for some cash back categories. For example, to benefit from the POSB Everyday Card rebate on dining, you’ll need to accumulate at least 800 SGD of spend on your card in the month³. Some promotions also come with different requirements, with rebates offered only on certain types of spending with particular partner merchants.

Cash back and rebate amounts may also be subject to monthly caps, which limit the amount of money you can get back for any category.

POSB Everyday Card exchange rate

When you spend in a foreign currency with your POSB card your transaction will be converted to USD before the amount is converted to SGD to be settled to your account⁴. There’s a charge for this service which takes the form of a foreign transaction fee. This means that in total you’ll pay an extra 3% - 3.25% on your international spending. There may also be a small markup on the exchange rate applied when your currency is converted, which can push up costs further.


Card comparison: POSB vs Wise

It makes sense to have a selection of credit and debit cards to reap the most rewards. POSB Everyday Card has very generous promotions and cash back/rebates to offer, but can be costly when travelling abroad or shopping online in foreign currencies. For this reason you might want to combine your credit card with the Wise multi-currency account and card

Wise-card

You’ll be able to hold 50+ currencies in your Wise account, and spend and withdraw all over the world with your Wise Visa debit card. There’s no annual or ongoing fee - just a low, one time charge to get the linked Wise card.

When you use the POSB Everyday Card overseas you’ll pay a foreign transaction fee of up to 3.25%, which pushes up costs. The Wise card instead offers currency conversion with the real mid-market exchange rate and low, transparent fees, which can work out far cheaper.

With Wise, you can easily open an account online, add money in SGD, and make transactions internationally with the real mid-market exchange rate without any rate mark-ups.

Here’s a summary of some of the key features between the two cards, so you can see at a glance which features interest you.

FeaturePOSB Everyday CardWise card
Card typeCredit cardDebit card
Eligibility

Singapore resident, over 21 years old

Income of 30,000 SGD/year for a Singaporean or PR, or 45,000 SGD for a foreigner

Wise accounts and cards are available in many regions globally
Card fee

192.60 SGD for the principal card

96.30 SGD for each supplementary card

Additional ongoing fees may apply to your linked POSB or DBS account

10 SGD
Cash back and rebatesUp to 10% for online spendingNo cash back, but partner offers and promotions are available
Foreign transaction feesUp to 3.35%No fee
ATM withdrawal chargesCash advance fees of 8% will applyUp to 350 SGD/month fee free. After reaching the limit or two withdrawals, 1.50 SGD+1.75% per transaction

If you're also looking for a debit card, here are the top 10 best debit cards available in Singapore.


How to apply for a POSB Everyday Card

Singaporean residents and PRs will be able to apply for the POSB Everyday card online easily using Singpass and Myinfo. This means you don’t even need to upload your personal data, as the bank can pull it securely from Singpass for verification. If you’re a foreigner in Singapore you may be able to start your application with Singpass, but you’ll usually need to still upload address verification documents, which can be done online or in branch depending on the situation. Here are the basic steps to take:

  • Head to the POSB desktop site and find the POSB Everyday card page
  • Click Apply Now
  • Choose the option to apply with Singpass or use the online application process
  • Follow the prompts to upload documents or link to your Singpass
  • Once your account has been verified you’re done!

Eligibility requirements

To get your card, you’ll need to make sure you meet the POSB eligibility requirements:

  • 21 years old or older
  • Income of 30,000 SGD/year for a Singaporean or PR, or 45,000 SGD for a foreigner

Summary

The POSB Everyday Card is a great option for anyone looking for a credit card which lets them earn cash back and rebates on different types of spending. However, there are fees and limits which apply and which can make this a relatively costly card - especially for international use. If you’re spending internationally in person or online, consider a specialist account and card, like the Wise multi-currency account and card which can help you save.

wise-account

Frequently asked questions

How to waive the annual fee for POSB Everyday Card?

The POSB Everyday Card annual fee waiver applies for the first year you have the POSB Everyday Card. After that fees will apply.

How to reach the POSB Everyday Card hotline?

Call POSB on 1800 339 6666 for support.

How to use and activate the POSB Everyday Card overseas?

Use your POSB card overseas in the same way as you would in Singapore - however, there are extra costs of up to 3.25% when you spend in foreign currencies, plus any applicable cash advance, ATM or merchant charges.


Sources:

  1. POSB Everyday Card
  2. POSB Everyday Card SPC
  3. POSB Everyday Card cashback terms
  4. POSB Everyday Card terms and conditions

Sources checked on 18.07.2022


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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