Credit card welcome offers: A comparison of the best gifts
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Banks often use attractive welcome rewards as a means to entice consumers to snag a credit card, and also to stand out from the rest of the pack. But before you apply for a credit card to get yourself that reward, let’s first examine when is the best time for you to get a credit card.
When should you get a new card
- When you are new to bank
Being new to the bank is one of the main criteria to be eligible for a credit card’s sign up reward. To be classified as a new-to-bank customer, you cannot have owned the bank’s credit card in the last 12 months. This means that fortunately, you are not limited to receiving just one sign up bonus from the bank in your lifetime.
If you play your cards right, you can enjoy the welcome gifts from the same bank every few years. If you are an existing customer, you will not be eligible for most of the bank’s welcome promotions. You can instead consider applying for the credit cards from other banks to make the most of sign up promotions.
- When you have a big spending coming up
Most credit card welcome bonuses require a minimum spending within the first three to six months. It often ranges between $3,000 and $6,000.
If you know you have a big ticket purchase coming up, such as home furniture, wedding expenses or multiple travel bookings, you can consider getting a new credit card beforehand. This allows you to hit the spending requirement with ease.
To be eligible for this promotion, you’ll have to be a new Standard Chartered Bank cardholder and activate your new card within the first 30 days of card approval. Also, a min. spend of $200 is required. If you already have a Standard Chartered credit card, you’ll be rewarded with $30 cash via PayNow when you sign up. Promotion is valid till April 18, 2021, T&Cs apply.
List of cards eligible for this promotion here.
Credit card preferences also differ based on lifestyles. Some prefer to chase miles, while others might opt for monetary returns in the form of cashback. Here are the credit card welcome offers currently available.
Miles credit cards
For the globetrotters, having a miles card (or a wallet full of miles cards) is a given. Earning miles on all your spending can go towards paying for your next travel (whenever that will be). You can even earn yourself a luxurious experience by flying first class with your miles.
Here are the miles card for you to consider to help you get a headstart on your miles journey.
| Credit Card | Welcome Offer | Requirements | Key highlights of card |
| American Express KrisFlyer Credit Card | Apple AirPods with charging case (worth $239) or $180 cash5,000 KrisFlyer Miles1-night stay at the Conrad Centennial Singapore (worth $300++)$20 Dairy Farm Group Voucher | Apply by Apr 30 2021Spend $3,000 in the first three months | 1.1mpd on local spend 3.1mpd on Grab (capped at $200 every month)12,000 Bonus KrisFlyer miles upon upgrade to KrisFlyer Ascend Credit CardReceive 3,000 KrisFlyer miles when you successfully refer a friend |
| American Express KrisFlyer Ascend | S$150 Dairy Farm Group voucher1-night stay at the Shangri-La Hotel (worth $450++)10,000 KrisFlyer milesS$20 Dairy Farm Group voucher |
Spend $5,000 in the first three months Min. annual income of $50,000Apply by April 30, 2021 |
1.2mpd on local spend3.2 mpd on Grab (capped at $200 every month)Complimentary one night stay at participating Hilton Properties each year4 complimentary airport lounge access passes each year |
| Citi PremierMiles | 2D1N staycation at Andaz Singapore (worth $420++)Earn 4 miles per $1 on food delivery and home entertainment merchants |
No min. spend needed Apply by April 25, 2021 |
1.2mpd on local spend2 complimentary visits every year to airport lounges worldwideCiti Miles never expire |
| Citi Rewards | Apple Watch SE (worth S$419) or S$350 via PayNow | Spend $200 within 30 days of card approval. Apply by April 15, 2021. | Earn 10X Rewards Points (4 miles) on: – Online and retail purchases– Rides with Grab,ComfortDelGro, Gojek etc.– Online food delivery– Online groceries |
| Citi Prestige | Apple Watch SE (worth $419) or $350 via PayNow | Spend S$200 within 30 days of card approval. Apply by April 15, 2021. | 5 ThankYou Points (2 miles) for every $1 spent overseas3.25 ThankYou Points (1.3 miles) for every $1 spent locallyUnlimited complimentary access to hundreds of Priority Pass airport lounges8 complimentary one-way airport limousine transfers |
| DBS Altitude | Get up to 38,000 miles when you apply using the promo code ALTAF or DBSALT | Spend at least $6,000 within 90 days of card approval and pay $192.60 annual fee | 1.2mpd on local spend3mpd on online flight and hotel transactionsUp to 50per cent more miles on your spend in the first 3 months for DBS Altitude American Express (not applicable for DBS Altitude Visa) |
| HSBC Revolution | Get up to S$200 cashback |
Sign up via SingPass MyInfo and spend $500 in the first month after card approval Valid till April 30, 2021 |
10X Reward points (4mpd) on contactless payments and online purchasess1 Reward point (0.4mpd) for all other spends Enjoy complimentary ENTERTAINER with HSBC access |
| HSBC Visa Infinite | Receive 35,000 miles and $30 cashback | Min. annual income of $120,000Apply online using SingPass MyInfo | 1mpd for local spendEnjoy complimentary ENTERTAINER with HSBC accessUnlimited access to over 1,100 VIP airport lounges worldwide |
| The American Express® Platinum Credit Card | Get a $100 Dairy Farm Group voucherReceive a B&O Beoplay E8 3rd Gen (worth $499)Enjoy a $30 statement credit when you patronise Love Dining merchants | Spend $5,000 in the first three months of cardMin. spend of $60 required to receive statement credit at Love Dining merchantsValid till June 30, 2021 | Earn 2 Membership Rewards Points for every $1.60 spent Up to 50 per cent off your food bill at over 50 restaurantsReceive 12,000 Membership Rewards® points when you successfully refer a friend |
| Krisflyer UOB | 3,000 Krisflyer miles | Make a min. spend of $5 in a single transaction | 1.2mpd on all spend 3mpd on Singapore Airlines, SilkAir, Scoot and KrisShop purchases |
| Standard Chartered X Card | Get 30,000 air miles upon payment of annual fees | Pay $695.50 annual feeMin. annual income of $80,000 | Apply now and get $20 cashback when you apply via MyInfo2 complimentary visits to Priority Pass lounges around the world each year |
If you have plans to spend close to $5,000 over the next few months, you can consider the American Express cards. However, if you aren’t a big spender, you can instead consider the Krisflyer UOB or the Citi Rewards card.
Cashback credit cards
The most generous welcome gifts tend to be offered for miles cards, in the form of miles or reward points. However, not everyone chases miles, especially with the uncertainty surrounding travel, brought about by Covid-19. If you prefer a cashback credit card, here are a few that do offer welcome gifts.
| Credit Card | Welcome Offer | Requirements | Key highlights of card |
| American Express CapitaCard | Up to 192,000 STAR$® (worth $192 eCapitaVouchers) | Spend $2,400 within the first two months of card approval and sign up via SingPass MyInfo |
Earn 15 STAR$® for every $1 spent in participating CapitaLand Malls, capped at $1,200 per calendar month (5,000 STAR$® is equivalent to a $5 CapitaVoucher)Limited-time offer: Earn 30 STAR$® in participating CapitaLand Mall’s merchant Earn an additional 50 STAR$® when you spend at participating merchants in participating CapitaLand MallsReferral bonus of 20,000 STAR$® (worth $20 CapitaVouchers) when you refer a friend |
| American Express True Cashback | 3 per cent cashback on up to a total of $5,000 spend in your first six months |
Additional cashback is only for first $5,000 spent in the first six months |
1.5 per cent cashback on all purchases No min. spend required and no cap on cashback Register to enjoy additional 1 per cent cashback on all foreign currency spend |
| Citi Cash Back+ | Up to $225 cashback when you apply via MyInfo on the Citibank website and spend $5,000 in the first three months |
Make a min. spend of $200 within 30 days of card approval Get 4.5 per cent cash back on up to $5,000 spend in the first three month |
1.6 per cent cashback on all spend No min. spend required, no cap |
| HSBC Advance | Up to $200 cashback |
Make one qualifying spend to get $50 cashback; $500 min. spend to get $120 cashback Apply with MyInfo via SingPass to get $30 cashback |
1.5 per cent cashback on all purchases (if you spend S$2,000 or less) Up to 2.5 per cent cashback (if you spend more than $2,000)1 per cent bonus cashback if you’re an HSBC Everyday Global Account holder and meet the monthly criteriaEnjoy ENTERTAINER with HSBC perks |
| OCBC FRANK | Get S$50 cashback |
Make two qualifying transactions by the end of the next month following card approval. Promotion is available to first 600 new cardmembers who fulfil the spend requirements |
6 per cent cashback on online purchases 6 per cent cashback on mobile contactless payment and foreign currency spending You can read our review of the OCBC FRANK’s revamp here |
The American Express True Cashback, Citi Cash Back+, and HSBC Advance cards have competitive offers but act fast because these all end later in the month. The cards’ cashback rates are nothing to scoff at either and might prove to be more valuable than air miles in this environment.