My Credit Card Strategy For 2023

Now that it’s done and over, we can safely say that 2022 wasn’t a great year for cashback cards. Popular cashback card OCBC FRANK was nerfed to near-uselessness, once-great cashback card UOB One also received multiple cuts, and GrabPay of course has been gutted and continues to see nerfs even as recent as this week.

In my opinion, miles are becoming increasingly relevant again as we head into a post-Covid world for travel. Tourism seems to be as close to what we remember it to be pre-pandemic, and I’m looking forward to more travels this year.

It is hence time to update my card strategy for the new year.

Strategy: team value

People familiar with my site/YouTube will know that I’m a proud member of Team Value who picks whichever card that gives better value rather than just sticking with cashback or miles. This strategy continues this year, and I will often pick the larger number when it comes to deciding between cashback or miles.

For instance, in a toss-up between 6% cashback and 4 miles per dollar, the 6% cashback card is going to win. Lower the cashback to around 3% and the 4 miles per dollar card would now win. This is based on my personal valuation that each mile is worth around 1 to 1.25 cents each.

Primary card

My primary card remains the UOB EVOL which gives an effective cashback rate of 6.67% for spends on Paywave or online transactions. This earn rate is very difficult to turn down, especially given the relatively easy conditions. It is even an eligible card for the UOB One account, and this combination is hard to beat if you want high cashback on your spend and good interest rates for your savings.

I have considered the Maybank Family and Friends which gives an excellent 8% cashback rate on selected categories, but it is a little bit more work for me compared to UOB EVOL’s conditions, so I’m sticking with my primary card for now.

Card for groceries

While it is a primary area of spend, grocery spends are best placed on the Citi Cash Back Card which gives 8% cashback. It also gives its high 8% rate on petrol, and 6% on dining, but the card is particularly easy for groceries since you can just make the minimum spend of S$800 on vouchers. I recommend going S$875 or S$1,000 of spend a month due to the way Citi credits cashback for this card (read the review for more details).

If you choose Maybank Family and Friends card as your primary card, it could also subsume the grocery spend portion.

Secondary card for excess spending

On some months where my spending exceeds the maximum cashback limits of the UOB EVOL, I turn to 4 miles per dollar cards to soak up such excess expenditure.

The cards available are UOB Preferred Platinum, HSBC Revolution, or Citi Rewards paired with Instarem Amaze card. They all have some quirks and things to look out for (which I’ll cover in a separate piece), but each works generally well with both Paywave or online transactions with no minimum spend to worry about.

Cards for bigger spends

When I need to spend on bigger expenses, say a new phone or laptop, the UOB Preferred Platinum, HSBC Revolution, and Citi Rewards aren’t as suitable because they are only good for around S$1,000 of spend within a month.

I turn to DBS Woman’s World Mastercard instead for bigger online transactions up to S$2,000 within the month for 4 miles per dollar. The UOB Visa Signature also gives 4 miles per dollar for S$2,000 a month for contactless Paywave transactions.

Cards for even bigger spends

If the spending gets even larger, there are more cards to consider such as the OCBC Titanium Rewards which gives 4 miles per dollar on mostly electronics and furniture shops, and the Citi SMRT which gives a decent 5% cashback on most online spend. Instead of a monthly limit, both cards have an annual limit (S$13,330 for OCBC Titanium Rewards, S$12,000 for Citi SMRT) for their high earn rate which can be used entirely within a single month if you wish.

Lifestyle card

The final card on my list is technically a miles card, but given its poor earn rate of 1.3 miles per dollar, I will almost never use it for my spending. The Citi Prestige card is used more for its perks and benefits, such as getting the fourth night hotel free, and unlimited lounge access for the cardholder and one guest.

Combined with PayAll promos and getting free limousine rides, the Citi Prestige card is a great one to have for my travels in 2023.

Great deals

Last updated: 4th December 2023

🔥 Great deal
💳 Sign-up gifts for existing bank customers

★	Cards	Rewards	Ending	Remarks	Reward Provider
🔥	Citi Cards	Get miles or S$300 cashback!	31st January 2024		Citi
🔥💳	Citi Prestige	Get 71,000 miles, even for existing Citi cardholders	29th February 2024	Works even for existing Citi cardholders. Great deal offsets annual fees; useful features. Read this for promo analysis	Citi
🔥	DCS Cards	Get a pair of luggage!	31st December 2023		DCS
🔥🔥	OCBC Cards	For OCBC 365: Dyson Supersonic hair dryer or iPad 9th Gen or Nintendo Switch OLED or S$350 Cash via PayNow	7th December		SingSaver + OCBC
🔥	Maybank Cards	S$200 cashback, suitcases, or AirPods	Ongoing		Maybank
🔥 💳	DBS Cards	DBS Yuu Card: $150 DBS Altitude: up to 40,000 miles	Ongoing	Many DBS promos work even for existing DBS cardholders!	DBS
	CIMB Cards	Receive S$250 cash via PayNow	7th January 2024		SingSaver
🔥	StanChart	StanChart Journey: 45,000 miles + S$100 cash / 4 AirTags StanChart Simply Cash: S$350 cashback	7th January 2024		StanChart + SingSaver
🔥💳	HSBC Cards	Sony Portable Theatre System HT-AX7 (worth S$759) Dyson Supersonic™ hair dryer (worth S$699) Apple iPad 9th 10.2″ WiFi 64GB (worth S$503.65) S$350 upsized cash via PayNow	8th December 2023	Existing HSBC cardholders get some rewards too!	HSBC + SingSaver
🔥	UOB Cards	Up to 31,000 Miles!	Ongoing		UOB
	Amex Cards	Up to 31,500 miles for KrisFlyer cards. Up to 140,000 points for Amex Platinum Charge	Ongoing		Amex
🔥	Kris+	$5 Multiple promos happening in-app	Ongoing	Wallet app with great promos and extra rewards No income requirement	Direct
	Big Pay	S$5 cashback	Ongoing	Wallet app; no income requirement	Direct
	iChange	S$5	Ongoing	Multi-currency wallet app No income requirement
	YouTrip	S$5	Ongoing	Multi-currency wallet app No income requirement	Direct
🔥	Instarem Amaze	325 points (S$3.25)	Ongoing		Direct

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