With so many credit cards out in the market, it can be a head-spinning challenge trying to decide which one is worthy to rule them all (and to earn that extra slot in your wallet). In the first of this “Singapore’s Best Credit Cards” series, we take a look at the best credit cards for couples who are getting married.
Words by Lee Weiliang
Buying a flat, getting married, and having kids are some of the important stages in life that can cause a major setback in one’s finances.
Did you know that getting married in Singapore costs at least $50,000 and can go up to $130,000 or more? The engagement ring, wedding bands, photography, banquet dinner and honeymoon all easily add up to an avalanche of expenses.
[Free Ebook] How should you invest your first $20,000?
We asked 14 Singapore finance bloggers to share what they would do if they could go back in time and invest their first $20,000. They can no longer rewind time, but you can learn from their experience and hopefully start with a better footing.
With the impending financial haemorrhage that my fiancée and I are about to face, we have shortlisted 3 best credit cards to have when preparing to get married.
Why you need this card:
- As an introductory offer, you enjoy a 5% cashback on any purchase made during the first three months. This is a really huge alluring factor. Although the amount is capped at $5,000, the cashback immediately provides a decent 5% concession for big-ticket items such as the diamond engagement ring, wedding photography packages and so on (notwithstanding other discounts or freebies you can negotiate with the vendors).
- Beyond the $5,000 cap, you earn a 1.5% Cashback on any purchase of goods and services all year round, with no minimum spending required. This is useful for smaller purchases such as wedding bands, wedding gifts and any other spending couples might need leading up to the big day.
- For couples who are planning to do an overseas photoshoot or honeymoon, booking(s) made with American Express Cards (booking by 30 September and travel by 31 December 2015) are rewarded with a 12% savings at participating hotels, plus a 2% rebate on all flight bookings with Zuji.
- Additionally, the American Express True Cashback Card also comes with a first year fee waiver.
Why you need this card:
- Imaging having $800 cashback a year when you charge eligible purchases to the card – from your shopping to dining to entertainment bills, both locally and overseas. The only catch is that it is capped at $200 per quarter (up to a maximum of $800 per year).
- You earn a 3% cashback for monthly spending of $3,000 and above, and 0.5% and 1% for spending below $1,000 and $3,000 respectively.
- This card is ideal for couples who are planning to hold their wedding banquets or solemnisation over a period of more than six months, whereby arrangement of quarterly payment ($3,000 and above) can be made. This is so as to fully utilise the $200 per quarter rebate.
- Besides, couples who plan to stay at Starwood Hotels & Resorts Asia Pacific while having their bridal shoot or honeymoon overseas can enjoy an additional 50% bonus Starpoints®. They will also enjoy an automatic room upgrade at check-in and 4pm late checkout.
- Not a fan of Starwood and prefer to stay elsewhere? You can also check out Roomorama and get 8% off your total booking with no minimum spending.
- Another card privilege worth mentioning is the complimentary Hertz Gold membership that offers up to 15% discount for participating Hertz locations worldwide; up to 15% discount for Hertz Prestige, Fun, Family and Green Collections; as well as a FREE one-car-class upgrade (subject to availability). This is great for couples who plan to drive around on their own during the honeymoon or perhaps during overseas photography shoots.
3. UOB One Card
Why you need this card:
- You can earn up to 3.33% cash rebate per quarter, so long as you spend over $300 and use your UOB One card successfully for at least 3 transactions every month.
- The amount of cash rebate varies depending on how much you spend:
– Quarterly cash rebate of $30 if you spend between $300 to $800 per month
– Quarterly cash rebate of $80 if you spend between $800 to $1,500 per month
– Quarterly cash rebate of $150 if you spend $1,500 or more per month
- Similar to the Standard Chartered Manhattan World MasterCard, this UOB One Card will be useful for couples who have recurring wedding bills to pay. Just make sure you meet the minimum spend criteria every month, otherwise you forfeit the rebate for the entire quarter.
- Another notable benefit of the UOB One Card is the 0% instalment payment plan, which offers interest-free instalment payments of up to 36 months at over 4,000 participating merchants. These include jewellery brands like Gordon Max, Goldheart and Larry Jewelry, which will come in useful if you have yet to purchase your engagement ring or wedding bands.
- There is also an entire section under the 0% instalment payment plan dedicated to wedding merchants – from hotels to bridal boutiques to photography studios – so be sure to check it out if you have yet to decide on a bridal package.
- Last but not least, UOB also offers some additional wedding promotions that are not tied specifically to the UOB One Card. For example, if you’re eyeing Royal Plaza on Scotts as the venue for your wedding banquet, you can enjoy one of the following perks with a minimum booking of 9 tables:
– Additional one night stay in Executive Suite with breakfast for two and club benefits
– 1 bottle of house wine per table
– $300 rebate on total bill
Many of these promotions are time-sensitive, so check back periodically for updates.
Which of these credit cards will you be using for your wedding? Do you have other useful credit cards to recommend? Let us know in the comments box below!
Also in this series: