Useful Credit Cards for New Families

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Settling down, getting married and starting a new family are part of the wonderful journey of life.

For couples in Singapore though, these checkpoints also represent some of the most financially-challenging moments in life – because despite what Hollywood believes, most of us aren’t actually Crazy Rich Asians.

Crazy expenses, not-so-rich Asians

Expenses are going to quickly rack up, as groceries, mobile and internet bills, online shopping spending and other amounts add to existing long-term bills, such as mortgage payments. When baby comes along, prenatal care, gynae visits, hospital and delivery fees, then diapers, formula and childcare expenses will add more digits to your monthly expenditure.

A smarter way to manage spend (and be rewarded)

Don’t worry, we’re not trying to scare you into thinking that financial ruin is around the corner. For most families in Singapore, a dual-income household with a little financial savvy can see your money going a long way to building a comfortable home for you and your little ones.

What we’re saying is, you’re going to be spending on necessities anyway – so, why not get the best value on your expenditures with valuable discounts, cashbacks and rewards with every dollar you spend?

The easiest way to do so, is with one of these family-friendly credit cards.

American Express True Cashback Card

Couples who anticipate an influx of spending in the next 6 months (especially with pregnancy and baby-related expenses) will appreciate the American Express True Cashback card.

In addition to receiving immediate 1.5% cashback on all purchases with no minimum spend requirement, this card gives holders a very attractive 3% cashback for the first 6 months! That’s double the regular cashback amount of 1.5%.

Standard Chartered Bank Unlimited Cashback Credit Card

Jet-setting families will love the far-reaching benefits of this card, which promises 1.5% cashback on all your spending, anywhere in the world. Take it along on your honeymoon for even bigger rewards – how does a 3% cashback sound?

Best of all, there’s absolutely no cap on the cashback amounts you can receive, and no minimum spending amount – making this a simple, straightforward card that gets right to the point. All rewards, all the way, anywhere in the world.

OCBC Cashflow Credit Card

Starting a new family is tough on finances, we understand. Even professionals with good incomes can find it challenging to suddenly finance the many large purchases necessary for building a home and raising a child – expenses like furniture, household appliances, a baby cot, stroller and more.

This card puts cashflow back into your family’s bank account by converting your one-time payments into instalments that you can pay over 3 or 6-month periods. Even better, you’ll earn up to 1% rebate on purchases charged to this card.

OCBC 365 Credit Card

Families that enjoy the convenience of online shopping will appreciate the all-rounded usefulness of the OCBC 365 credit card.

In addition to giving your family a healthy 3% rebate on all your online shopping expenses, this card also grants you the same 3% rebate on local groceries and all recurring bills – which means you can instantly make your mobile and internet bills more affordable by simply charging them to this card.

As a bonus, you are also covered with up to $200,000 of insurance coverage on your travels.

Need more suggestions?

These are just a few credit cards that new families can benefit from. There’s a plethora of choices out there, and at least a few credit cards that are perfect for your growing family’s lifestyle. If you’d like some personalised recommendations, just visit Finty and drop us a note!

wayne quek
Wayne is a Chartered Financial Analyst (CFA), and holds a Bachelor of Business Management (Finance) from Singapore Management University (SMU). A successful Relationship Manager during his time with DBS and HSBC, Wayne used his expertise in financial markets to help his clients build up comprehensive investment portfolios. The entrepreneur is also the founder of Home Loan Whiz, a mortgage consulting firm that assists clients with selecting ideal mortgages for their needs.
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