Singapore’s fascination with shopping and the shopping experience itself that Singapore offers, is the stuff that modern legends are made of. And it goes unsaid that the average Singaporean’s dependency on his or her credit card is only increasing with each passing day— the card now is no more than just a credit card and is in truth a full fledged shopping credit card, loaded with frills to induce shopping and to make shopping more profitable with deals, discounts and cash backs.
Shopping Credit Cards
It is against this socio- cultural -economic backdrop that the shopping credit card has evolved, gaining rightfully the reputation of an ideal companion for a purchase spree. The Specialized Shopping Credit Card comes in a variety of forms.
Types of Shopping Credit Cards
Lets take a look at some of the main types of Shopping Credit Cards, their main features and the rewards associated with them.
Online Shopping Cards These cards are optimized for use on ecommerce platforms and on online shopping malls. Typically they may have more acceptability online than offline, though not necessarily. A fine example is the Citi Globeshopper.
Co-branded Shopping Cards These cards feature an additional brand apart from the Issuer and the affiliate (Visa, Master, Amex etc). This brand is generally a major retailer. It entitles the cardmember to a variety of shopping offers at that retailer’s. Eg: The Citibank TANGS Platinum Visa Card enables customers to get 10% cashback on shopping at TANGS all the year round.
Business Shopping Cards These appeal to small business owners who can use them to earn a variety of rewards while doing all their business shopping. As businesses often go for consolidated purchases, arrangements are made for considerable discounts, keeping in mind the special needs of the businesses.
Social Networking Cards A new paradigm in Credit Cards, Social Networking Cards allow you to enjoy both virtual and real life rewards on your Credit Card shopping in addition to leveraging your social media presence to customize your card rewards. The Citibank Clear Platinum Card of this category is the first of it’s kind in Singapore.
Shopping Credit Cards Rewards
Shopping Credit Cards reward their users in a number of ways including:
Discounts These could range from discounts on the total shopping spend or for particular items.
Additional Reward Points Almost all credit cards provide you with reward points for most transactions, online/offline. However, shopping optimized cards provide additional reward points for a variety of shopping purchases; these rewards points can be redeemed against card charges or against subsequent shopping.
Cashback Shopping Cards provide more Cashback against a wider variety of shopping transactions than conventional credit cards. You can maximize on all your necessary shopping through a great Cashback card like the Citi DIVIDEND Card.
Special Deals These vary from card to card and could include a variety of discounts, offers and waivers. Eg: Discount on/waiving off of shipping charges.
And, to encourage you to shop even more, Shopping Vouchers!
It is not only the Card Issuers who comes up with great credit cards for shopping. Card affiliates like Visa and Master also offer discount deals and shopping, dining, holidaying, spa and other privileges on cards, bearing their logo irrespective of the issuing bank. Check out the deals on offer before you settle for a particular Shopping Credit Card.