Best credit card promotions in Singapore (July to August 2023): Citibank, DBS, HSBC, UOB and more

When it comes to credit card promotions these days, we're spoilt for choice. Banks offering credit cards in Singapore are competing so hard for new customers that they are practically raining Apple products, Nintendo Switches, ergonomic chairs, cold hard cash and other freebies on us.

But which are the best credit card promotions in Singapore? Here are our picks from Citibank, Standard Chartered, UOB, DBS, and more.

An overview: Best credit card promotions in Singapore (July-Aug 2023)

1. Citibank credit card promotion

Looking to sign up for a new Citibank credit card? Well, you're in luck! Here's the spread of what Citibank has to offer this month:

• $300 + $50 Cash via PayNow
• Nintendo Switch OLED (worth $549)
• ErgoTune Supreme V3 Ergonomic Chair (worth $599)
• Apple iPad 10.2' 64GB 9th Gen (worth $503.65)
• Apple AirPods Pro 2nd Gen (worth $362.35)
• $400 eCapita Vouchers

All you need to do is sign up for one of the following Citibank credit cards via MoneySmart and spend $500 within 30 days.

There are three Citibank credit cards this promotion applies to. Our top pick is the Citi Cash Back+ Mastercard, an unlimited cashback card with no monthly minimum spend.

If you'd prefer a miles card, the Citi PremierMiles Card lets you earn Citi Miles that never expire.

Here's a summary of all the Citibank credit cards with ongoing promotions:

Other Citibank credit cards, such as the Citibank SMRT Card and Citibank Lazada Card, do not have any ongoing promotions.

2. Standard Chartered credit card promotions

There are a few Standard Chartered credit card promotions ongoing this month that are all very enticing.

It's hard to pick the best, but the Standard Chartered Simply Cash Credit Card promotion comes up top in terms of cash value. This card is an unlimited cashback card with no cashback cap and no minimum spend.

This month, sign up for any Standard Chartered credit card for your chance to win NOTHING. We haven't gone crazy, we're talking about winning a NOTHING Phone and NOTHING Ear Earbuds, the whole bundle worth $1,078!

Here's a summary of all Standard Chartered credit card promotions this month:

The other Standard Chartered credit cards don't have ongoing sign-up promotions this month.

Wondering what happened to the Standard Chartered X Card, with its infamous 100,00 miles sign-up promotion? The X card got X-ed, and has been replaced by the Standard Chartered Journey Credit Card.

3. CIMB credit card Promotion

There are three ongoing credit card promotions for those new to CIMB credit cards.

The most accessible CIMB credit card is the CIMB World Mastercard, which has a low $0 minimum spend per month. (Note, however, that you'll need to hit $1,000 a month to enjoy the card's two per cent cashback rate.)

Here are all the CIMB credit card promotions:

4. AMEX credit card promotions

Are you a Singapore Airlines (SIA) loyalist? Or a staunch Apple fan? This month, AMEX credit cards are offering up to 21,500 KrisFlyer miles if you sign up for the American Express Singapore Airlines KrisFlyer Ascend Credit Card via MoneySmart.

If you aren't a frequent SQ flyer, the American Express Platinum Credit Card might pique your interest instead:

Here are all the American Express credit card promotions this month:

This month, the American Express True Cashback Card and American Express CapitaCard do not have any ongoing promotions.

5. UOB credit card promotions

This month, UOB is full of credit card promotions. Currently, there are two main types of UOB credit card promotions — cashback and/or Grab vouchers,and miles. 

One of the most accessible UOB credit cards is the $0 minimum spend UOB Absolute Cashback Card, which will get you cashback and Grab vouchers this month.

With a 50,000 miles bonus, the UOB PRVI Miles Card offers one of the biggest miles promotion this month:

Here’s a summary of all ongoing UOB credit card promotions this month:

6. HSBC credit card promotions

If wanderlust has gotten a hold of you, you'll be pleased with this next promotion. From now till Aug 31, 2023, charge at least $500 to a new HSBC credit card to get a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth $670) or $150 cashback.

There are three HSBC credit cards this promotion applies to, but our top pick is the HSBC Revolution Credit Card. The most accessible card with $0 minimum spend, this card is great for earning points through everyday spending.

Here are all the ongoing HSBC credit card promotions for the month:

There’s no current promotion for the HSBC Visa Infinite Credit Card.

7. DBS credit card promotions

The juiciest DBS credit card sign-up promotions this month are a $250 cashback promotion and a 60,000 miles promotion. The former applies to the DBS yuu Card-yes, the namesake of that annoying jingle that's been blaring in our supermarkets!

The DBS Vantage Visa Infinite Card comes with a fat miles welcome gift this month, but do note that this is not an entry-level miles card:

Here’s the full list of ongoing DBS credit card promotions:

A word on the DBS Woman’s and Woman’s World Card: Don't be fooled by the name. You can apply for these cards no matter your gender.

These other DBS credit cards do not have ongoing sign-up promotions:

• DBS Esso Card
• Safra DBS Card
• DBS Live Fresh Student Card
• DBS Takashimaya AMEX Card

8. POSB credit card promotion

The POSB Everyday card is a straightforward cash rebates card with no minimum spend. If you plan on applying for it to make the most out of your day-to-day spending, do so online with promo code 150CASH to get $150 cashback.

Credit card promotions - is there a catch?

With free AirPods Pro, ergonomic standing desks and thousands of miles raining down on us, you might be wondering: Is there a catch to all these freebies?

Truth is, there is one drawback to signing up for credit card promotions: You won't be eligible for more freebies in the future. Well, at least for a year. Here's how it works:

Banks and comparison sites usually offer the best giveaways for new sign ups. Usually this is defined as people who either:

• Have never ever owned a credit card from that bank, or
• Cancelled their card at least 12 months ago

If you're thinking of gaming the system by cancelling your card and re-applying, tough luck!

Another thing to note is that you must hit the minimum spend to get your reward. If you're really lucky, you'll get your shiny new iPad or cashback immediately upon card approval.

However, most banks require you to spend a minimum sum (say, $1,000 in the first month) and sometimes even fork out the first year's annual credit card fee (goodbye, fee waiver!). After all that, banks will make you wait a few months before you can even smell the freebie.

So what's the lesson here? Read the T&Cs carefully, and only sign up when you're confident you can hit the minimum spend.

ALSO READ: How to maximise credit card rewards and beat inflation

This article was first published in MoneySmart.