Supermarkets have been offering credit cards for years. They work in the same way a regular credit card, with one fundamental difference — they aim to reward shoppers with more specific rewards, such as discounts at the checkout.
In Singapore, most major supermarkets reward loyal customers for shopping their groceries with them. Look at NTUC Fairprice, Cold Storage, Sheng Siong and Giant- the leading supermarkets of Singapore offer cards on their own or in conjunction with major banks. The supermarket cards reward customers if you shop with them or with one of their partner stores, which include petrol stations and large brand-name retailers.
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- Principal Annual Fee: S$0 annual fee for 1 year - S$192.60 thereafter.
- Cashback Rate: 8%
- Annual Interest Rate: 26.9%
- Minimum Income (Singaporean & PR): S$30,000
- Minimum Income (Non-Singaporean): S$42,000
Retailers are trying to find new ways to promote customer loyalty and increase sales. No longer only providing store cards, supermarkets are partnering with banks to provide convenience as well as brand recognition to customers. When a credit card is combined with a supermarket rewards program, you get a versatile tool that’s able to be used in many locations, and one that’ll make your weekly shopping that bit easier.
There are a number of different types of supermarket credit cards available which work in slightly different ways:
- The card might earn points which are automatically redeemed for a cashback or discount on your shopping bill at the supermarket linked to the card
- The card might offer you cash rebates over the counter.
- The card might get you rebates and cashback at partner stores such as cosmetics, airlines, petrol stations, recharge on travel cards and more.
Let’s take a look at the features of the various cards offered by the supermarkets – NTUC Fairprice, Cold Storage, Sheng Siong and Giant. These features are comparable or even exceed non-supermarket credit cards. Take a look below:
|NTUC Fairprice||There are 2 cards offered by NTUC Fairprice in conjunction with OCBC Bank – the OCBC NTUC Plus! Credit Card and the OCBC Visa Plus! Credit Card. You can earn guaranteed cashback when you shop at Fairprice stores across the island with either of the 2 cards. Every S$1 spent earns Linkpoints that can be redeemed. There is also an additional Annual Cash Rebate as a loyalty reward if you shop with the store the whole year round. You can also earn Linkpoints and rewards for Visa transactions at designated partner stores besides FairPrice, FairPrice Online and Unity. The only catch is that you need to become an NTUC Fairprice member to be eligible for the two cards.|
|Sheng Siong||This popular supermarket has also tied up with POSB Bank and Citibank to offer rewards cards to consumers. The POSB Everyday Card and the Citibank SMRT Card offer cashback on shopping with the supermarket outlets. You can also receive cashback at Watsons and AirAsia, EZ-Reload, and on petrol at SPC with the POSB Everyday Card. As the name suggests, the Citibank SMRT card also allows cashback on SMRT travel, subject to certain limits.|
|Giant and Cold Storage||The UOB Delight Credit Card allows you to earn cashback across 3 major supermarkets- Giant, Cold Storage and Market Place as these are all part of the same company. Cashback is rewarded in SMART$ and is valid if purchases exceed S$800 on a monthly basis. You can also get discounts and rebates off Giant and Cold Storage house brand products when you shop with the UOB Delight Credit Card.|
|Cold Storage||Cold Storage has also tied up with the Maybank Family & Friends MasterCard Credit Card that not only rewards you for shopping in Singapore but also in Malaysia. Besides grocery shopping, the card also lets you earn cash back and rebates on petrol, transportation (taxi, bus and train rides) in both countries.|
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- A grocery credit card earns rewards points in many of the same ways as a regular rewards card. This means most purchases and even some bill payments are valid transactions which will net you points.
- You’ll need to be a part of whatever rewards scheme applies to your card. Sometimes these programs will make you a member automatically, but check to see whether you need to join separately and whether a joining fee will apply.
- You’ll usually get points for making purchases at any store, provided the transaction is eligible but if you make a purchase at the supermarket or partners who provide your card you may earn bonus points. See what purchases will get you bonus points so you can choose where to spend and watch your points balance increase.
- One of the easiest ways of knowing how you’ll earn points is to first work out what you don’t earn points for. Most cards issued by supermarkets list some transactions as being ineligible transactions — meaning you won’t earn points on them.