Make The Most Of Your Dining Credit Card In These 5 Ways
In 2018, a Nielsen dining survey stated that 33% of people world over tend to either order food online or dine out on a daily basis. In Singapore, this number was 1.33 times greater at 44%. In fact, for Singaporeans, eating out isn’t just reserved for special occasions, it has become a part of life.
So, it would make sense that Singaporeans also tend to spend quite a bit when it comes to dining. If reports are to be believed, on an average, if you eat out every day, you could end up spending close to S$17,000 a year! And this doesn’t take into consideration the occasional visit to a fine dining restaurant.
If you are someone who dines out every single day, you’re probably reading this and thinking that you need to stop eating out ASAP if you are to save money. That is one way to go about it. The other way (and quite honestly, the better way) is to make the most of your dining credit card.
And here are 5 ways to help you do so –
Get the right credit card
In Singapore, there are a number of credit cards you can choose from. So, how do you know which card is the right one?
Well, it all starts with figuring out what type of reward you are looking for. In general, credit card rewards are of 3 types. They are:
- Air miles
- Cashback/cash rebate
- Rewards points
If you are someone who travels a lot or are looking to get free tickets for a holiday, you should get yourself a card that earns air miles. If you want to redeem your earnings for lifestyle vouchers or even more dining vouchers, get a rewards card. But if you are looking for a card that will help you offset your bills, a cashback card is what you need.
Once you have zeroed in on the rewards type, look for a card that rewards your dining spends (obviously) and any other activity you regularly spend on. So, if you drive to and from work, get yourself a card that also gives you discounts at petrol stations. This way you end up killing two birds with one stone, or one card in this case.
Here are a few examples of dining credit cards that offer different rewards:
- Air miles card for dining: Maybank Horizon Visa Signature Card (3.2 air miles per S$1 spent on dining)
- Rewards card for dining: American Express Platinum Credit Card (2 Membership Rewards points per S$1.60 spent)
- Cashback/cash rebate card for dining: CIMB Visa Signature (10% cashback on dining)
Use the right credit card at the right outlet
You’re probably reading this and thinking that this is common sense. But more often than not people tend to be unaware of the perks that come along with their credit cards. One question you should ask yourself is, “does my credit card have a dining programme?”.
Well, miles and points are important, but a dining program will help you save even more. For instance, the American Express Platinum Credit Card has 3 different dining programmes. Each programme allows you to save up to 50% when you dine at selected restaurants and hotels. The credit card also entitles you to a complimentary Far Card Classic Membership which allows you to save up to 50% on your food bill at Fairmont Singapore, Swissotel The Stamford Singapore, and Swissotel Merchant Court. So, if you plan to dine at any of these hotels, it would make sense to use your AmEx card instead of a different dining cardto make the most of these benefits.
Okay, so you’ve got the right type of card and are using it at the right type of restaurant. What comes next?Freebies, of course.
Apart from tie-ups with hotels for discounts, your credit card could even be the key to unlocking a free bottle of Prosecco or a free meal.
Hard to believe? Well, here’s some proof: with the Standard Chartered Visa Infinite Credit Card, you get to enjoy breakfast for 2, each time you stay at the Ritz Carlton, Mandarin Oriental, and Starwood Hotels & Resorts.
Look out for credit card dining promotions
Whether you have a dining credit card or a card that rewards you each time you shop at a department store, every bank worth their salt will have dining promotions running throughout the year. And you should be taking advantage of them.
Dining promotions don’t just include discounts, but they also include 1-for-1 offers at restaurants across Singapore.
Since the terms and conditions, as well as the validity of these promotions, keep changing, it’s a good idea to regularly go through the promotional offers available.
Check out websites with deals that can be used alongside credit card benefits
What’s better than earning rewards on your card each time you eat out? Earning additional rewards. How do you do that?
Let’s assume that you have the UOB YOLO Credit Card and you decide to order food via Foodpanda. Since it is a Saturday, you end up earning a cashback of 8% on your food bill of S$120. Being the savvy individual that you are, you decide to look for additional cashback by logging in to ShopBack. You immediately find a deal that gives you cashback of 3% on a minimum spend of S$60. To save even more, you take a look at the promotional offers that UOB is running. And voila,you
find a Foodpanda offer! The promo code gives you S$5 off with a minimum spend of S$30.
So, here’s how your savings add up:
|Cashback with UOB YOLO Card (amount used to offset your statement)||S$9.60|
|Cashback via ShopBack (credited to your ShopBack account)||S$3.60|
|UOB and Foodpanda promotional offer||S$5|
This is just one example. There are a number of sites and apps that help you earn benefits over and above the benefits you get with your card. Other sites you could consider checking out are:
Offer to pay for lunches and dinners that will be reimbursed
If you frequently dine out for official reasons and you get reimbursed for those spends, make sure you charge your expenses to your credit card. This is a great way to earn rewards without any of your hard earned money going from your account.
Remember, finding the right credit card is part art, part science, and part having read this article. Follow these steps to make the most of your dining credit card so that you can have your cake and eat it too!
This article was written by BankBazaar.sg.
BankBazaar.sg is a leading online marketplace in Singapore that helps consumers compare and apply for financial products such as credit cards and personal loans.