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Best Sheng Siong Credit Cards

Sheng Siong Credit Card
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Established in 1985 by the Lim brothers, Sheng Siong has grown to become one of Singapore’s top retailers, with over 60 stores today. With most stores primarily located in the heartlands of Singapore, the retail giant also has one of the best online supermarkets in Singapore.

To date, the supermarket has over 1,200 products under 18 house brands to offer customers quality product alternatives. But what other benefits do customers enjoy?

Unlike other retailers such as Cold Storage who provide their customers with loyalty and membership cards, the retail store partners with credit card companies and banks to provide rebates to its customers.

Which are the best Sheng Siong credit cards of 2022? This article will examine each of them, their key features, terms and conditions, cash rebates, how customers earn money, and the pros and cons. Here’s a list of credit cards to consider.

Credit Card Companies Offering Rebates For Sheng Siong Customers

Name of Bank Credit Card Rebate Cashback cap per month Min Spend per month
BOC Sheng Siong Visa Card 12% S$75 S$600
POSB Everyday Card 5% S$50 No minimum spending requirement
Citibank SMRT Platinum Card 5% S$600 S$500
AMEX Credit Card 3% Unlimited No minimum spend
Diners Club Sheng Siong Cobrand Credit Card 5% S$500 5% for S$1,000

2% for S$500

 

BOC Sheng Siong Card

The BOC Card enables customers to save more money on their groceries shopping. The card is offered by the Bank of China (BOC), Singapore, which has been in existence since 1963. Although it’s strategically located in Singapore, the BOC operations extend beyond SouthEast Asia.

BOC has a network of over 20 financial touchpoints, including 10 self-service banking outlets and 13 sub-branches.

Overview

The BOC Sheng Siong card has a higher cash rebate compared to the other cards at 12%. The rebate is also available for overseas spending. Click here to read more on the best Singapore credit cards for overseas use.  

To apply for this card, you must be 21 years and above. Your minimum income should also be S$30,000 and above, while it should be S$60,000 and above for foreigners.

These cards have annual fees, late payment charges, foreign currency transaction fees, and earn an annual percentage rate (APY).

The greatest competitor for this card is the OCBC NTUC Plus! Credit Card, which is ideal for shopping at NTUC FairPrice online. Customers earn a 12% cash rebate on grocery runs.

The other competitor is CIMB Visa Signature card which offers a high cashback rate at 10%. These CIMB visa signature cards can be used for grocery shopping at the supermarket, warehouse club and pet shops such as pet lovers centre.

Key Features

If you apply for the BOC card, here are the key features you should expect.

1. Cash Rebates

The card by BOC offers unmatched cashback rate at 12% if you have a minimum spend of S$600 within the same billing cycle. Customers who shop at this retail store enjoy a total cash rebate that’s capped at S$75.

On overseas spend, shoppers enjoy a 1.6% unlimited cash rebate which also includes online shopping. All other purchases are eligible for 0.3% cashback.

2. Fees

The card also comes with a first-year annual fee waiver for principal and supplementary cards. Before you qualify for card approval, you must meet the minimum requirements, i.e., be 21 years and above, or 18 years if you are a supplementary applicant.

The BOC card comes with some charges. The foreign transaction fee has a 2% administrative fee and a 1% cross-border fee for Visa credit cards.

If the customer doesn’t meet the minimum amount by the due date, the bank will charge you a late payment fee of 5% on the outstanding amount and a minimum of $100 per calendar month. The interest rate on cash advances is 28.88%, and the repayment period is 23 days.

Pros

  • High cash rebate at 12%
  • Most ideal for cash rebates on overseas spending
  • It has a first-year annual fee waiver
  • Best for buying groceries

Cons

  • Min spend at S$600
  • The annual income for eligibility is relatively high

 

POSB Everyday Card

These financial products are issued by the Singaporean bank, POSB. As the oldest bank in operation, it was established in 1877 and got acquired by DBS Bank in 1998.

Overview

With the POSB Everyday Card, customers can shop at the friendly neighborhood stores and get a 5% cash rebate every time. This offer comes with no minimum spending requirement. To apply, you must be 21 years and above, with a minimum of S$30,000 and above per annum if you are a local and S$45,000 and above per annum if you are a foreigner.

Key Features

Here are the key features that come with this card.

1. Cash Rebates

The POBS Everyday card has several cash rebates for different shoppers. The cash rebate is at 5%, whereas customers can earn up to 10% if they dine, order food delivery and do online shopping at selected e-marketplaces such as Foodpanda, Deliveroo, and WhyQ.

They also offer a 3% cash rebate if you use your card to settle recurring utilities and telecommunications bills. In addition, you can also offset purchases at over 200 partners outlets using the DBS PayLah! App You’ll also get a S$200 cashback if you apply for a card online.

2. Fees

While they also have a 1-year fee waiver, they charge an annual fee of S$192.60 on the principal card and S$96.30 on each Supplementary card. If you make a late payment, you’ll be charged S$100 for an outstanding balance above S$200.

Pros

  • The card offers cashback on unlimited spending
  • You can apply for the card online

Cons

  • The cashback rate is not as high compared to other credit cards

 

Citibank SMRT Platinum Card

Citibank Group offers the SMRT Platinum Card to its customers to earn cash rebates when shopping at select stores.

Overview

The Citibank SMRT card also comes with a 5% cash rebate when shopping in other supermarkets like, NTUC Fairprice online market place, Cold Storage and Giant. With a min spend of S$500, customers earn 5% savings on the supermarkets citi cash card on taxis, private hire rides, and EZ-Link Auto Top-Ups and SimplyGo transactions. For other retail spending, customers earn 0.3% cashback.

Customers can redeem SMRT$ earned for instant cash rebates or vouchers to earn items such as an Apple Watch SE. In addition, the cards come with a two-year annual fee waiver for principal cardmembers.

You must be 21 years and above to qualify for card approval or to earn rebates from the supermarkets citi cash card. The card can be used at Cold Storage, NTUC Fairprice online market place, Warehouse Club and Pet Lovers Centre.

Key Features

If you are considering this card, let’s take a look at some of the key features.

1. Two-Year Annual Fee Waiver

Unlike the other cards, the Citibank SMRT card has a two-year annual fee waiver at S$192.60.

2. Cashback

The card has a 5% cashback rate for all shoppers, online purchases, and taxi rides. The rate is 0.3% on all other retail transactions. The citi cash card is accepted in this supermarket and others such as Cold Storage.

Pros

  • Customers can use Apple, Google, or Samsung Pay
  • It citi cash card has a 5% cashback on S$500 monthly spend
  • It comes with a two-year annual fee waiver.

Cons

  • The cashback is much lower compared to BOC, Cold Storage, NTUC Fairprice or Maybank Family & Friends card

 

AMEX Credit Card

The AMEX card is offered by the American Express national bank, which has been operating since 1850.

Overview

Compared to the other credit cards, the AMEX card has a much lower cashback at 3%. However, the card also has an unlimited cashback cap, and no minimum spend required per calendar month.

Key Features

AMEX card comes with the following features.

1. Cashback

For the first 6 months, customers enjoy a 3% cashback on S$5,000 spend. All their purchases afterward are at 1.5%. In addition, if you register your card annually, you could enjoy an additional 1% cash back on payments in foreign currencies.

Pros

  • It has an unlimited cashback cap
  • The card doesn’t have a monthly min spend like BOC, NTUC Fairprice or Maybank Family & Friends card
  • You can earn money for both local and overseas shopping.

Cons

  • AMEX card have a lower rebate than other cards at 3%.

 

Diners Club Cobrand Credit Card

The Diners Club Cobrand Credit Card comes with a ton of privileges for customers who shop at this retail store.

Overview

The card offers shoppers two types of cashback. You will get a 5% cashback for up to S$ 1000 spent per month or get 2% cashback for up to S$500 spent. The latter is a $500 limit card that comes with different requirements.

To be eligible for the Diners Club Cobrand Card, you should be between 21 and 65. But for the $500 limit card, you can be 18-65 years.

Key Features

Let’s take a look at the key features of this card.

1. Rebates

To earn 5% cashback, you must have a minimum income of S$30,000 p.a. On the other hand, for the 2% rebate on the S$500 Limit Card, the minimum income is S$16,000 p.a.

2. Fees

The basic card comes with an annual fee of S$180, while the supplementary card is S$80. However, the first year is free for both.

Pros

  • You can earn air miles or win an Apple Watch SE with this card
  • Customers can choose between two cards
  • The more money you spend, the higher the cashback

Cons

  • The rebate expires after 30 days
  • There’s no extension after the rebate has expired

Paying with card

Which Credit Cards Have Special Benefits at Sheng Siong?

The preferred card types are POSB Everyday Card, BOC Card, and Citibank SMRT Platinum Card.

Does The Retail Giant Have Loyalty or Membership Cards?

No, unlike other retailers such as Cold Storage or OCBC NTUC Fairprice, this supermarket chain doesn’t have these high-cost loyalty programs. Instead, they partner with banks to provide rebates on credit cards. They have online shopping services for household and food delivery.

Conclusion

  • Sheng Siong shoppers save money by enjoying cash backs of up to 12% on grocery shopping.
  • BOC offers the best rebate among all other credit cards
  • The best credit card of 2022 comes with suitable terms such as no minimum spending requirement.

If you would like to take up a loan to fund your credit card, contact us at Loan Advisor. We will send you different quotes from Singapore’s top lenders to choose the best loan offer in the market at your convenience.

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