Best credit card promotions in Singapore (February-May 2024): 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 (Feb – May 2024)

★ Stand a chance to win an additional $588 in cash with selected HSBC credit cards:

• Stand to win an extra S$500 Cash Bonus when you are one of three successful claims at 2pm and 9pm daily from now till Feb 19, 2024.
• Stand to win an S$88 Cash Bonus from now till Feb 29 when you meet the giveaway criteria.

1. Citibank credit card promotion

Looking to sign up for a new Citibank credit card? Well, you're in luck! This month, Citibank credit card welcome gifts are coming with the ultimate flexibility — earn 5,040 SmartPoints and choose any gift at our Rewards Store, including:

• Apple 10.2-inch iPad Wi-Fi, 64GB (5,040 SmartPoints)
• Sony WH-1000XM5 Wireless Noise Cancelling Headphones (4,990 SmartPoints)
• ErgoTune Supreme V3 (5,000 SmartPoints)
• The Morning Machine (works with Nespresso capsules) (5,000 SmartPoints)
• Nintendo Switch OLED (5,000 SmartPoints)

Prefer cold, hard cash? You can also simply opt to receive $300 cash.

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 four Citibank credit cards on promotion. 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:

The Citibank SMRT Card does 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, you can get tiered gifts from applying for the Standard Chartered Simply Cash Credit Card. Spend $500 within the first month to get $330 cash or 4,500 SmartPoints. If you spend another $500 within the next month, you'll get an additional 500 bonus SmartPoints.

Alternatively, get the Standard Chartered Rewards+ Credit Card or Standard Chartered Smart Credit Card and spend $200 in 30 days. to receive $100 cash or 1,600 SmartPoints. Spend an additional $1,000 within the next 30 days to get a total of $230 cash or 1,890 SmartPoints instead. Use these SmartPoints to redeem gifts like a Logitech Wireless MX 3 mouse, an Amazon Kindle, a FitBit Luxe, and more. You get to choose the gift you want!

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 $0 minimum spend per month. Note, however, that you'll need to hit $1,00 a month to enjoy the card's higher two per cent unlimited cashback rate.

Here are all the CIMB credit card promotions:

4. AMEX credit card promotions

This month, AMEX credit cards are offering up to 135,000 Membership Rewards points with the American Express The Platinum Card — that's enough for a return trip to Europe, the USA (West Coast), or Canada!

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

This month, the American Express CapitaCard does 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 — cash credit or welcome miles. 

One of the most accessible UOB credit cards is the $0 minimum spend UOB Absolute Cashback Card, which will get you $350 Cash Credit 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:

At the time of writing, the UOB Preferred Platinum Visa Card and UOB Visa Infinite Metal Card have no ongoing promotions.

6. HSBC credit card promotions

Check out all the HSBC credit cards for the latest credit card promotions.

Among their cards, 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.

Plus, on top of your choice of gift, stand a chance to win an additional $588 in cash:

• Stand to win an extra $500 Cash Bonus when you are one of three successful claims at 2pm and 9pm daily from now till Feb 19, 2024.
• Stand to win an $88 Cash Bonus from now till Feb 29 when you meet the giveaway criteria.

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 $388 cashback promotion and a 85,000 miles promotion. The former applies to the DBS yuu Card: 

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:

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

• DBS Esso Card
• SAFRA DBS Card
• DBS Live Fresh Card
• DBS Live Fresh Student Card
• DBS Woman’s Card
• DBS Woman’s World Card
• DBS Takashimaya American Express Card

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.

8. POSB Credit Card Promotion

The POSB Everyday Card is a straightforward cash rebates card with (strictly speaking) no minimum spend; certain bonus reward categories require you to spend above $800/month.

As the name suggests, you can apply for the POSB Everyday Card to make the most out of your day-to-day spending. The latest POSB Everyday Card promotion is as fuss-free as the card-$388 cashback when you apply and spend $800 within 60 days.

9. OCBC credit card promotions

At the time of writing, there are no ongoing OCBC credit card sign-up promotions. However, there's one OCBC credit card with a limited-time cashback promotion we want to highlight.

The OCBC INFINITY Cashback Card is currently offering 1.8 per cent unlimited cashback from now till March 31, 2024 — that's the highest unlimited cashback rate in town with no minimum spend:

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 like MoneySmart 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: 5 common credit mistakes to avoid making

This article was first published in MoneySmart.