| Credit Card | Local | Online | Cycle | Min | Cap | Tips |
|---|---|---|---|---|---|---|
| UOB ONE | 3.3% rebate | 5.33% | Quarterly | $300, $800, $1500 for 3 months | $30, $80, $150 | none |
| Maybank Family and Friends | 5% off Toys R Us, NTUC | none | Monthly | None | none | None |
| POSB Everyday | 2% off ezlink topup | none | Monthly | None | none | well, i got it for 5% rebate at Carrefour which closed down. think its time to cancel the card. |
| Standard Chartered Manhattan | 0.5%, 1%, 5% rebate | Quarterly | $0, $1000, $3000 | $200 | Spend only in 1 month, reaching 3k Tier | |
| Metro UOB | 5% rebate at Metro | none | Monthly | None | none | None |
| Taka DBS | 3% rebate at Takashimaya | none | Monthly | None | none | None |
| Citibank Clear 500 | none | none | Monthly | None | none | just for discount as and when a citibank card is needed |
| CIMB | 0.5% | 1% | Monthly | None | none | None |
| OCBC Frank | 0.5% | 6% | Monthly | $500 | $60 | None |
| Robinson OCBC | 5% rebate off robinson | none | Monthly | None | None | None |
Monday, April 15, 2013
Credit Breakdown 20130416
Manhattan Credit Card tips 20130416
Met up with Slash last night and was sharing some tips with him on using credit cards.
Slash has been using Standard Chartered Manhattan Card, but not in a very effective way.
Manhattan card is a very powerful card. but it has to be used in the correct way.
http://www.wowmanhattan.com.sg/benefits.html
Cash back for Manhattan is calculated quarterly. you have to find out when does your quarter starts and ends. i told slash, that with Manhattan Card, you will need to pick a month in that quarter to whack.
If you attack with Manhattan card monthly and below $1000 ($999), here is the total rebate in 3 months.
$999*0.005*3=$14.985
Not saying this is bad, but this is offered by ANY credit card by default. do note that some citi cards offer only 0.25% rebate.
If you attack with Manhattan card monthly and go above $1000 but below $3000 ($2999), here is the total rebate in 3 months.
$2999*0.01*3=$89.97
this is better than most credit cards already.
Why do you attack only 1 month with the Manhattan card? cos when it goes above $3000, the minimum rebate you will get is $150. as there is a cap of $200, try to spend above 3k but below 4k for maximum rebates.
in my case, which month to whack is decided by the sales going on. but if you do have a choice, try to do it on the last month. why?
here is a slight explaination on the difference between discount and rebates.
5% discount on $100 = $5
Hence actual cash you pay is ($100-5) = $95.
Effective discount = 1-(Payment/item value) = 1-(95/100) = 5%
rebates is slightly more complicated.
5% rebate on $100 = $100 + 5
Hence actual cash you pay is $100.
Effective discount = 1-(Payment/item value) = 1-(100/105)=4.76%
One good point about Manhattan card is that, they will give you the cash rebate on the last month of that quarter. in that quarter itself.
so if you do it on the first or second month, it will look like this.
Actual cash you pay = $4k
Rebate = $200
Effective Discount = 1- (Payment/item value) = 1-(4000/4200) = 4.76%
But if you do it on the last month, it will look like this
Actual cash you pay = $3800 after rebate deduction.
Effective discount = 1-(Payment/item value) = 1-(3800/4000) = 5%
The next question will arise, how do i clock 3k in a month? i dont spend that much. :) you can always look for me to help clock that amount. if you not comfortable with that (boooo~), you can always pay your telco and ezlink cards in advance. personally i have 3 ezlink cards which are linked to my UOB ONE card and i rotate them when i have already hit my requirement for that month.
Slash has been using Standard Chartered Manhattan Card, but not in a very effective way.
Manhattan card is a very powerful card. but it has to be used in the correct way.
http://www.wowmanhattan.com.sg/benefits.html
Cash back for Manhattan is calculated quarterly. you have to find out when does your quarter starts and ends. i told slash, that with Manhattan Card, you will need to pick a month in that quarter to whack.
If you attack with Manhattan card monthly and below $1000 ($999), here is the total rebate in 3 months.
$999*0.005*3=$14.985
Not saying this is bad, but this is offered by ANY credit card by default. do note that some citi cards offer only 0.25% rebate.
If you attack with Manhattan card monthly and go above $1000 but below $3000 ($2999), here is the total rebate in 3 months.
$2999*0.01*3=$89.97
this is better than most credit cards already.
Why do you attack only 1 month with the Manhattan card? cos when it goes above $3000, the minimum rebate you will get is $150. as there is a cap of $200, try to spend above 3k but below 4k for maximum rebates.
in my case, which month to whack is decided by the sales going on. but if you do have a choice, try to do it on the last month. why?
here is a slight explaination on the difference between discount and rebates.
5% discount on $100 = $5
Hence actual cash you pay is ($100-5) = $95.
Effective discount = 1-(Payment/item value) = 1-(95/100) = 5%
rebates is slightly more complicated.
5% rebate on $100 = $100 + 5
Hence actual cash you pay is $100.
Effective discount = 1-(Payment/item value) = 1-(100/105)=4.76%
One good point about Manhattan card is that, they will give you the cash rebate on the last month of that quarter. in that quarter itself.
so if you do it on the first or second month, it will look like this.
Actual cash you pay = $4k
Rebate = $200
Effective Discount = 1- (Payment/item value) = 1-(4000/4200) = 4.76%
But if you do it on the last month, it will look like this
Actual cash you pay = $3800 after rebate deduction.
Effective discount = 1-(Payment/item value) = 1-(3800/4000) = 5%
The next question will arise, how do i clock 3k in a month? i dont spend that much. :) you can always look for me to help clock that amount. if you not comfortable with that (boooo~), you can always pay your telco and ezlink cards in advance. personally i have 3 ezlink cards which are linked to my UOB ONE card and i rotate them when i have already hit my requirement for that month.
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