Gold set for worst week in six months as trade calm dents safe-haven appeal
[BENGALURU] Gold prices eased on Friday (May 16) and were on track for their steepest weekly decline in six months, as a stronger US dollar and waning trade war concerns dampened its appeal as a safe-haven asset.
Spot gold was down 0.1 per cent at US$3,235.59 an ounce, as at 0027 GMT. Bullion lost more than 2 per cent so far this week, and on track for its their worst weekly performance since last November.
US gold futures rose 0.4 per cent to US$3,239.20.
The US dollar was up 0.4 per cent so far for the week, heading towards its fourth consecutive weekly gain. A stronger US dollar makes greenback-priced gold more expensive for overseas buyers.
Earlier this week, the US and China agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war which sparked fears of global recession.
Meanwhile, data showed US producer prices unexpectedly fell in April, while retail sales growth slowed. Earlier this week, a report showed consumer prices rose less than expected in April.
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Federal Reserve governor Michael Barr said on Thursday the US economy is on solid footing with inflation heading to the central bank's 2 per cent target, but trade policies have clouded the outlook.
Markets are pricing in 57 basis points of rate cuts this year, with the easing projected to start in September.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment.
'While imminent concerns have eased, risks remain in terms of tariff implementation and the fact that even reduced tariffs pose inflation risks and could weigh on demand,' Suki Cooper, an analyst at Standard Chartered said in a note.
Spot silver eased 0.2 per cent to US$32.61 an ounce, platinum rose 0.3 per cent to US$992.55 and palladium lost 0.7 per cent to US$961.50. REUTERS
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AsiaOne
2 hours ago
- AsiaOne
Best credit card promotions in Singapore (June 2025): Citibank, DBS, HSBC, UOB and more, Money News
PUBLISHED ON June 08, 2025 12:20 PM By Vanessa Nah This June, sign up for a credit card and you could walk away with welcome gifts like: Apple 10.9-inch iPad 10th Gen WiFi 64GB (worth $499) Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth $589) LEVEL8 Gibraltar Aluminum Carry-On 20 inch Luggage (worth $719) Up to $450 cash Clearly, we're spoilt for choice — banks in Singapore are competing so hard for new credit card customers that they are practically raining Apple products, Nintendo Switches, ergonomic chairs, and other freebies on us. Even if you don't see any item you want, some welcome gifts are just straight up cold, hard cash! But which are the best credit card promotions in Singapore? Here are our top picks from Citibank, Standard Chartered, UOB, DBS, and more. An overview: Best credit card promotions in Singapore (June 2025) Credit card Credit card promotion Minimum spend Promotion valid until Citi Cash Back+ Mastercard , Citi Cash Back Card , Citi Rewards Card , Citi SMRT Card , Citi M1 Credit Card ★ Your choice of gift: – 5 ,040 SmartPoints – $400 cash via PayNow Redeem your SmartPoints for any gift on our Rewards Store . Plus, get an extra $50 cash when you spend monthly on your card for 3 months. $500 (within 30 days) 7 June 2025 Citi PremierMiles Card ★ Your choice of gift: – 5,040 SmartPoints – $400 cash via PayNow Plus an extra $50 Hotel Coupon. $500 (within 30 days) 7 June 2025 Citi PremierMiles Card + Citi Wealth First Account ★ Your choice of gift:– $500 cash– Apple 10.9-inch iPad 10th Gen WiFi 64GB (worth $499)– Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth $589) – LEVEL8 Gibraltar Aluminum Carry-On 20 inch Luggage (worth $719) – $500 spend within 30 days – Start a Citigold relationship, make a $300,000 deposit within 3 months 15 June 2025 Standard Chartered Simply Cash Credit Card ☆ Your choice of gift: – $350 cash via PayNow – 4,000 SmartPoints Redeem your SmartPoints for any gift on our Rewards Store . $800 (within 30 days) 7 June 2025 Standard Chartered Smart Credit Card ☆ Your choice of gift: – $230 cash via PayNow – 2,990 SmartPoints Redeem your SmartPoints for any gift on our Rewards Store . $800 (within 30 days) 7 June 2025 Standard Chartered Rewards+ Credit Card ☆ Standard Chartered Journey Credit Card ☆ – $180 cash via PayNow– 5GB Eskimo Global eSIM (worth US$25) – Up to 30 ,000 miles (with payment of annual fee) or 20,000 miles (annual fee waived) $800 (within 60 days) 7 June 2025 Standard Chartered Visa Infinite Credit Card ☆ – $250 cash via PayNow or 3,000 SmartPoints– 50,000 miles – Pay your income tax with the card, and spend $2,000 in eligible transactions within 60 days. – Spend $2,000 in 60 days and pay annual fee 7 June 2025 CIMB World Mastercard – $50 cash and $70 voucher – Up to $188 cashback – $108 spend within 30 days – $988 spend within 60 days 30 June 2025 CIMB Visa Signature CIMB Visa Infinite UOB One Card , UOB EVOL Credit Card, UOB Absolute Cashback Card, UOB Lady's Card, UOB PRVI Miles Credit Card (MASTERCARD / VISA / American Express) – – – Lazada-UOB Card Up to $230 worth of gifts: – $200 cashback – $30 worth of Lazada Vouchers – $100 spend per month at Lazada for 3 consecutive months – Add Lazada-UOB card as a payment card on Lazada App 30 June 2025 HSBC Advance Credit Card Your choice of gift: – $370 cash via PayNow – 5,000 SmartPoints Redeem your SmartPoints for any gift on our Rewards Store . $500 spend from Card Account Opening Date to end of the following month + provide marketing consent 7 June 2025 HSBC Live+ Card HSBC Revolution Credit Card HSBC TravelOne Card Your choice of gift: – $370 cash via PayNow or 5,000 SmartPoints – 5GB Eskimo e-SIM Redeem your SmartPoints for any gift on our Rewards Store . $500 spend from Card Account Opening Date to end of the following month + provide marketing consent 7 June 2025 American Express True Cashback Card $120 eCapitaVouchers or Apple AirPods 4 (worth $199) $500 spend within 30 days 30 June 2025 American Express Platinum Credit Card $200 Statement Credits (new customers) / $150 Statement Credits (existing customers) $1,000 spend and annual fee payment within 2 months 30 June 2025 American Express The Platinum Card 95,000 Membership Rewards® points $4,000 minimum spend and annual fee payment within 2 months 30 June 2025 American Express Singapore Airlines KrisFlyer Ascend Credit Card 40,000 KrisFlyer miles (new cardmembers) / 30,000 KrisFlyer miles (existing cardmembers) $2,000 spend and annual fee payment within 3 months 30 June 2025 American Express Singapore Airlines KrisFlyer Credit Card Up to 17,000 KrisFlyer miles $1,000 spend within 2 months 30 June 2025 The American Express Singapore Airlines Business Credit Card Up to 54,000 HighFlyer points $3,000 spend and annual fee payment within 2 months 30 June 2025 DBS yuu Visa Card / DBS yuu American Express Card $300 cashback (new cardmembers) $800 spend within 60 days 31 July 2025 DBS Live Fresh Card $300 cashback (new cardmembers) $800 spend within 60 days 31 July 2025 DBS Altitude Visa Signature Card Up to 38,000 miles $800 spend and payment of annual fee within 60 days 31 Aug 2025 DBS Altitude American Express Card Up to 38,000 miles DBS Vantage Visa Infinite Card Up to 60 ,000 miles (new cardmembers) $4,000 spend and payment of annual fee within 30 days 31 Aug 2025 DBS Takashimaya American Express Card $100 cashback + 200 Takashimaya Bonus Points $300 spend within Takashimaya within first month from card approval date. 30 June 2025 DBS Esso Card $120 (new cardmembers) / $50 cash rebate (existing cardmembers) $180 fuel spend per month for 2 consecutive months 30 June 2025 POSB Everyday Card $300 cashback $800 spend within 60 days 31 July 2025 OCBC INFINITY Cashback Card 1,960 SmartPoints or $150 Cash via PayNow Apply and charge at least 1 qualifying transaction within 30 days. 5 June 2025 OCBC Rewards Credit Card OCBC 365 Credit Card 90°N Card / 90°N Visa Card ★ On top of your baseline gift, apply for selected Citi credit cards and stand to take home rewards like: Panerai Quaranta 40mm PAM01572 (worth S$8,500) $5,000 cash Apple 14″ MacBook Pro (worth $2,199) Apply by June 15, 2025. T&Cs apply. ☆ Standard Chartered Pinball Sure Win Promotion From now till July 31, 2025, sign up for selected Standard Chartered credit cards to win 1 turn in the SC Pinball Sure Win Promotion. You'll stand a chance to win prizes like a Paris Getaway for Two (flights, hotels and iconic experiences), Samsonite luggage, FairPrice/ Klook vouchers, and more. T&Cs apply. 1. Citibank credit card promotion Looking to sign up for a new Citibank credit card? Well, you're in luck! Citibank credit card welcome gifts are looking very attractive right now with gifts like up to $400 cash or 5,040 SmartPoints for the taking. With 5,040 SmartPoints, you can redeem awesome gifts from our Rewards Store, including: Apple Watch SE, 40mm, GPS, (worth $383) - 4,070 Points Apple AirPods Pro, 2nd Gen (worth $363) - 4,030 Points Among the Citi credit cards on promotion, our top pick is the Citi PremierMiles Card which lets you earn Citi Miles that never expire. If you prefer a no-fuss cashback card, the Citi Cash Back+ Mastercard, an unlimited cashback card with no monthly minimum spend. Here's a summary of all the Citibank credit cards with ongoing promotions: Citibank credit card Key features Promotion Valid until Citi Cash Back+ Mastercard 1.6% cashback that never expires. No minimum spend required and no cap on cashback Your choice of gift: – 5,040 SmartPoints – $400 cash via PayNow Spend criteria : Spend a minimum of $500 within 30 days from card approval date. Plus get an extra $50 cash when you spend monthly on your card for 3 months. 7 Jun 2025 Citi Cash Back Card 6% cashback on dining, 8% cashback on groceries and petrol Citi Rewards Card 10X Rewards on online purchases, ride-hailing and shopping Your choice of gift: – 5,040 SmartPoints OR – $400 cash via PayNow Spend criteria : Spend a minimum of $500 within 30 days from card approval date. Plus get an extra $50 cash when you spend monthly on your card for 3 months. 7 June 2025 Citi PremierMiles Card $1 = 1.2 Citi Miles on Local spend and 2 Citi Miles on Foreign currency spend. Citi Miles never expire Your choice of gift: – 5,040 SmartPoints OR – $400 cash via PayNow Spend criteria : Spend a minimum of $500 within 30 days from card approval date. Plus get an extra $50 cash when you spend monthly on your card for 3 months. 7 June 2025 Citi PremierMiles Card + Citi Wealth First Account – $1 = 1.2 Citi Miles on Local spend and 2 Citi Miles on Foreign currency spend. –Up to 7.51% Interest on your Citi Wealth First Account Your choice of gift: – $500 cash – Apple 10.9-inch iPad 10th Gen WiFi 64GB (worth $499) – Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth $589) – LEVEL8 Gibraltar Aluminum Carry-On 20 inch Luggage (worth $719) Criteria : – Spend a minimum of $500 within 30 days from card approval date. – Start a Citigold relationship, make a $300,000 deposit within 3 months of account opening and maintain the funds until gift fulfilment. 15 June 2025 Citi SMRT Card 5% savings on Online Purchases, Groceries, Taxi, Ride-hailing & Public Transport Your choice of gift: – 5,040 SmartPoints – $400 cash via PayNow Spend criteria : Spend a minimum of $500 within 30 days from card approval date. Plus get an extra $50 cash when you spend monthly on your card for 3 months. 7 June 2025 Citi M1 Credit Card Up to 10% rebate on recurring M1 bills, 10% off device accessories at M1 shops Your choice of gift: – 5,040 SmartPoints – $400 cash via PayNow Spend criteria : Spend a minimum of $500 within 30 days from card approval date. Plus get an extra $50 cash when you spend monthly on your card for 3 months. 7 June 2025 On top of the rewards above, you can also score get additional prizes like a Panerai Quaranta 40mm PAM01572 (worth $8,500), $5,000 cash, or an Apple 14″ MacBook Pro (worth $2,199). All you need to do to qualify is meet the spend requirements for the gifts above. 2. Standard Chartered credit card promotions This month, it's tough to pick the best Standard Chartered credit card promotion. However, the unlimited cashback Standard Chartered Simply Cash Credit Card promotion comes up top in terms of cash value with $350 cash or 4,000 SmartPoints. This month, you can also get $230 cash via PayNow or 2,990 SmartPoints when you apply for the Standard Chartered Smart Credit Card or Standard Chartered Rewards+ Credit Card. Here's a summary of all Standard Chartered credit card promotions this month: Standard Chartered credit card Key features Promotion Valid until Standard Chartered Simply Cash Credit Card – [MoneySmart exclusive] 2% unlimited cashback for transactions charged after the first $800 spend – 1.5% unlimited cashback with no minimum spend on spends below $800 Your choice of gift: – $350 Cash via PayNow – 4,000 SmartPoints Redeem your SmartPoints for any gift on our Rewards criteria: Spend a minimum of $800 in eligible transactions within 30 days of credit card approval. 7 June 2025 Standard Chartered Smart Credit Card Up to 10% cashback on digital subscriptions, at fast food outlets and daily commutes (minimum $1,500 monthly spend) Your choice of gift: – $230 cash via PayNow – 2,990 SmartPoints Redeem your SmartPoints for any gift on our Rewards criteria: Spend a minimum of $800 in eligible transactions within 30 days of credit card approval. 7 June 2025 Standard Chartered Rewards+ Credit Card 10X Rewards Points per S$1 spent in foreign currency, 5X Rewards Points per S$1 local dining spend Standard Chartered Journey Credit Card 3 miles per S$1 spent on online Transportation, Food Delivery & Online Grocery transactions – $180 cash via PayNow – 5GB Eskimo Global eSIM (worth US$25) – Up to 30 ,000 miles with payment of annual fee / 20,000 miles with annual fee waived when you spend $800 within 60 days. 7 June 2025 Standard Chartered Visa Infinite Credit Card 3 miles per S$1 overseas spend; 1.4 miles per S$1 local spend Your choice of gift: – $250 cash via PayNow – 3,000 SmartPoints When you apply, pay your income tax with the card, and spend $2,000 in eligible transactions within 60 days. Plus, get an extra $70 voucher when you are among the first 500 eligible customers to apply, get approved and submit the claim form. Get 50,000 miles from Standard Chartered when you spend $2,000 in the first 60 days of card approval, and pay the card's annual fee. 7 June 2025 The other Standard Chartered credit cards don't have ongoing sign-up promotions this month. From now till July 31, 2025, sign up for selected Standard Chartered credit cards to win 1 turn in the SC Pinball Sure Win Promotion. You'll stand a chance to win prizes like a Paris Getaway for Two (flights, hotels and iconic experiences), Samsonite luggage, FairPrice/ Klook vouchers, and more. The best part? This giveaway runs on top of your welcome gifts in the table above. 3. CIMB credit card promotion There are three credit cards with an ongoing promotion to get $188 cashback for those new to CIMB credit cards. The most accessible CIMB credit card is the CIMB World Mastercard, which has a $0 minimum spend per month. Note, however, that you'll need to hit $1,000 spend a month to enjoy the card's higher two per cent unlimited cashback rate. Here are all the CIMB credit card promotions: CIMB credit card Key feature(s) Promotion Valid until CIMB World Mastercard 2% unlimited cashback on Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods. No annual fees for life. $50 cash and $70 voucher with $108 spend within 30 days+ $188 cashback with $988 spend within 60 days OR $88 cashback with $108 spend within 30 days 30 June 2025 CIMB Visa Signature 10% cashback on Beauty & Wellness, Online Shopping, Groceries and more, capped at S$100 per month and up to S$20 per category. Minimum spend $800. CIMB Visa Infinite 2% unlimited cashback on Travel, Overseas, Online Spend in Foreign Currencies with $2,000 minimum monthly spend. 4. UOB credit card promotions Right now, there's only 1 UOB credit card on promotion: the Lazada-UOB Card. This card gives you up to 20 per cent rebate on your spending on Lazada, and will reward you with $230 worth of gifts if you sign up for it: $200 cashback when you spend a minimum of $100 per month at Lazada for three consecutive months from their card approval date $30 worth of Lazada Vouchers when you successfully add Lazada-UOB card as a payment card within the Lazada App. Although it doesn't have an ongoing promotion, I want to give a shout out to the UOB PRVI Miles Card — did you know it has the highest base miles earn rate for general spending among other entry-level miles cards in Singapore? I recently reviewed it in comparison with the Krisflyer UOB Credit Card, and it's my clear pick between the 2. 5. HSBC credit card promotions The HSBC credit card line-up gained an exciting new lifestyle card last year-the HSBC Live+ Credit Card. Although the card's generous eight per cent cashback on dining, shopping and entertainment was supposed to end on Dec 31, 2024, it's since been (sort of) extended. If you sign up for the card from now till Sept 30, 2025, you get to enjoy a total of eight per cent cashback at selected dining, shopping and/or entertainment merchants for the first two calendar quarters from your card issue date. Coupled with the welcome gifts it comes with, the HSBC Live+ is one attractive card. HSBC credit card Key feature(s) Promotion Valid until HSBC Advance Credit Card 1.5% cashback on local and overseas purchases with no minimum spend Your choice of gift: – 5,00 0 SmartPoints , which you can use to redeem any gift from our Rewards Store OR – $370 cash via PayNow Qualifying criteria : Spend $500 from Card Account Opening Date to the end of the following month and provide marketing consent in the application form. 7 June 2025 HSBC Live+ Card Up to 8% cashback on dining, shopping and entertainment; 5% cashback on petrol Your choice of gift: – 5,00 0 SmartPoints , which you can use to redeem any gift from our Rewards Store OR – $370 cash via PayNow Qualifying criteria : Spend $500 from Card Account Opening Date to the end of the following month and provide marketing consent in the application form. 7 June 2025 HSBC Revolution Credit Card S$1 = 10X Points on Online Spend on Travel, Shopping & Dining Your choice of gift: – 5,00 0 SmartPoints , which you can use to redeem any gift from our Rewards Store OR – $370 cash via PayNow Qualifying criteria : Spend $500 from Card Account Opening Date to the end of the following month and provide marketing consent in the application form. 7 June 2025 HSBC TravelOne Card S$1 local spend = 1.2 miles; S$1 on foreign spend = 2.4 miles Your choice of gift: – 5,000 SmartPoints, which you can use to redeem any gift from our Rewards Store OR $370 cash via PayNow – Plus a 5GB Eskimo e-SIM Qualifying criteria: Spend $500 from Card Account Opening Date to the end of the following month and provide marketing consent in the application form. 7 June 2025 There's no current promotion for the HSBC Visa Infinite Credit Card. 6. AMEX credit card promotions This month, the juiciest Amex welcome promotion is the 160,000 Membership Rewards® points (equivalent to 100,000 Air Miles) you'll earn with the American Express The Platinum Card. You'll need to spend $8,000 within the first six months from card approval, which will also earn you 10,000 Membership Rewards® points. Here are all the American Express credit card promotions this month: American Express credit card Key feature(s) Promotion Valid until American Express True Cashback Card 3% cashback on up to $5,000 spend in the first 6 months $120 eCapitaVouchers or Apple AirPods 4 (worth $199) Spend criteria: Spend $500 within 30 days 30 June 2025 American Express Platinum Credit Card $1.60 spend = 10 Points at participating Platinum 10Xcelerator Partners / 2X Points on all other spend $200 Statement Credits (new customers) / $150 Statement Credits (existing customers) with $1,000 spend and annual fee payment within 2 months of card approval . 30 June 2025 American Express The Platinum Card $1.60 spend = 2 Membership Rewards / 20 Membership Rewards points on 10Xcelerator spending 95,000 Membership Rewards® points Spend criteria: $4,000 minimum spend and annual fee payment within 2 months of card approval. 30 June 2025 American Express Singapore Airlines KrisFlyer Ascend Credit Card $1 local spend = 1.2 KrisFlyer miles; S$1 spend on Grab = 3.2 KrisFlyer miles 40,000 KrisFlyer miles (new cardmembers) / 30,000 KrisFlyer miles (existing cardmembers) with $2,000 spend and annual fee payment within 3 months of card approval. 30 June 2025 American Express Singapore Airlines KrisFlyer Credit Card $1 local spend = 1.1 KrisFlyer miles; S$1 spend on Grab = 3.1 KrisFlyer miles Up to 17,000 KrisFlyer miles (new cardmembers) with a minimum spend of $1,000 within first 2 months of card approval. 30 June 2025 The American Express Singapore Airlines Business Credit Card Up to 8 HighFlyer Points per S$1 spent on eligible Singapore Airlines and Scoot flights Up to 54,000 HighFlyer points with $3,000 spend and annual fee payment within 2 months of card approval . 30 June 2025 This month, the American Express CapitaCard does not have any ongoing promotions. 7. DBS credit card promotions The juiciest DBS credit card sign-up promotions this month are a $300 cashback offer and a 85,000 miles promotion. The former applies to the DBS Live Fresh Card and DBS yuu Card: The DBS Vantage Visa Infinite Card comes with a hefty miles welcome gift this month, but do note that this is not an entry-level miles card: Here's the full list of ongoing DBS credit card promotions: DBS credit card Key feature(s) Promotion Expiry DBS yuu Visa Card 5% Cash Rebate / 10x yuu Points with no minimum spend and no cap. $300 cashback (new cardmembers) with $800 minimum spend within 60 days. 31 July 2025 DBS yuu American Express Card $300 cashback (new cardmembers) with $800 minimum spend within 60 days. 31 July 2025 DBS Live Fresh Card Up to 6% cashback on shopping and transport spend with $800 minimum monthly spend $300 cashback (new cardmembers) with $800 minimum spend within 60 days. 31 July 2025 DBS Altitude Visa Signature Card $1 spend on Agoda = Up to 4.3 miles in the form of DBS Points that never expire Up to 38,000 miles with $800 spend and payment of annual fee within 60 days 31 Aug 2025 DBS Altitude American Express Card Up to 38 ,000 miles with $800 spend and payment of annual fee within 60 days 31 Aug 2025 DBS Vantage Visa Infinite Card 1.5 miles or 1.5% cashback per S$1 local spend; 2.2 miles or 2.2% cashback per S$1 overseas spend Up to 60 ,000 miles (new cardmembers) with $4,000 minimum spend and payment of annual fee within 30 days 31 Aug 2025 DBS Takashimaya American Express Card 2 Taka Bonus Points for every S$10 spend at Takashimaya, 10% additional discount during Takashimaya sales events $100 cashback + 200 Takashimaya Bonus Points with $300 minimum spend within Takashimaya within first month from card approval date. 30 June 2025 DBS Esso Card Up to 23% fuel savings at Esso; 1 Smiles Point per $10 charged outside of Esso $120 cash rebate (new cardmembers) / $50 cash rebate (or existing cardmember) with $180 spend on fuel per month for 2 consecutive months 30 June 2025 These other DBS credit cards do not have ongoing sign-up promotions: SAFRA DBS Card DBS Live Fresh Student Card DBS Woman's Card DBS Woman's World Card A word on the DBS Woman's and Woman's World Card: Don't be fooled by the name. You can apply for these cards no matter your gender. 8. POSB Credit Card Promotion The POSB Everyday Card is a straightforward cash rebates card with (strictly speaking) no minimum spend; certain bonus reward categories require you to spend above $800/month. As the name suggests, you can apply for the POSB Everyday Card to make the most out of your day-to-day spending. The latest POSB Everyday Card promotion is as fuss-free as the card — $300 cashback when you apply and spend $800 within 60 days. 9. Maybank credit card promotions While Maybank credit cards aren't currently offering welcome gifts, they're still worth checking out. My top pick is the Maybank Family & Friends Card, a cashback card that offers up to eight per cent cashback on five cashback categories of your choice, plus up to eight per cent cashback on Malaysian Ringgit and Indonesia Rupiah spend. 10. OCBC credit card promotions This month, OCBC credit cards come with goodies such as 1,960 SmartPoints or $150 cash. Don't know which card to choose? We got you. For the foodies, the OCBC 365 Credit Card earns you 5 per cent cashback on everyday dining with a minimum monthly spend of $800. For a card that earns rebates you on a wider range of spend categories, consider the OCBC Rewards Credit Card for up to 4 miles per dollar at selected retailers. Psst, this card is also a good choice to pair with the Amaze Card! OCBC credit card Key feature(s) Promotion Expiry OCBC INFINITY Cashback Card 1.6% in unlimited cashback with no minimum spend 1,960 SmartPoints or $150 Cash when you apply and charge at least 1 qualifying transaction within 30 days. 5 June 2025 OCBC Rewards Credit Card S$1 = 10 OCBC$ (equivalent to 4 Miles per S$1) on eligible local and overseas spend OCBC 365 Credit Card 5% cashback on everyday dining, 6% cashback on fuel, 3% cashback on groceries, land transport, online travel, recurring telco and electricity bills 90°N Card / 90°N Visa Card S$1 = Up to 7 Miles on Agoda accommodation S$1 foreign spend = 2.1 Miles S$1 local spend = 1.3 Miles Credit card promotions - is there a catch? With free AirPods Pro, ergonomic standing desks and thousands of miles raining down on us, you might be wondering: Is there a catch to all these freebies? Truth is, there is one drawback to signing up for credit card promotions: You won't be eligible for more freebies in the future. Well, at least for a year. Here's how it works: Banks and comparison sites like MoneySmart usually offer the best giveaways for new sign ups. Usually this is defined as people who either: Have never ever owned a credit card from that bank, or Cancelled their card at least 12 months ago If you're thinking of gaming the system by cancelling your card and re-applying, tough luck! Another thing to note is that you must hit the minimum spend to get your reward. If you're really lucky, you'll get your shiny new iPad or cashback immediately upon card approval. However, most banks require you to spend a minimum sum (say, $1,000 in the first month) and sometimes even fork out the first year's annual credit card fee (goodbye, fee waiver!). After all that, banks will make you wait a few months before you can even smell the freebie. So what's the lesson here? Read the T&Cs carefully, and only sign up when you're confident you can hit the minimum spend. [[nid:717809]] This article was first published in MoneySmart . Credit/Debit cardsSavingsTipsfinance This website is best viewed using the latest versions of web browsers.
Business Times
3 hours ago
- Business Times
Can US ports handle a freight spike or will they be overwhelmed?
ARE Los Angeles and Long Beach heading for another port congestion crisis? Since the United States put tariffs on hold for a 90-day trade war truce with China on May 14, the market has expected a shipping surge driven by Chinese exports. Ocean carriers have re-instated suspended services, restarted vessels lying idle, and introduced new routes – revitalising transpacific lanes. But how much capacity has actually returned to the US-bound trade? Estimates vary. According to maritime consultancy eeSea, total capacity from Asia to North America will reach 2.4 million twenty-foot equivalent units (TEUs) in June – 400,000 TEUs more than May. That figure is projected to climb further in July to 2.8 million TEUs. The majority of this added capacity targets the US West Coast, particularly the ports of Los Angeles and Long Beach. Data provider Sea-Intelligence reports similar trends. Its latest weekly update shows a 17 per cent year-on-year rise in Asia-US West Coast capacity in June, with a projected 19 per cent jump in July. Meanwhile, East Coast capacity is growing more modestly – up only 7 per cent in June but expected to match the West Coast's 19 per cent rise in July. These figures are based on carriers' existing schedules, which remain subject to change. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The big question is whether Los Angeles and Long Beach can handle this influx. Will the port congestion seen in the pandemic era re-appear? Preliminary forecasts indicate that container volumes at both ports will begin rising in the second week of June, topping 100,000 TEUs a week. Volumes will continue climbing in the third week. While fourth-week data is not yet available, estimates suggest traffic will remain elevated. Many extra sailings are scheduled to arrive in late June and early July, suggesting persistently high throughput at least into mid-July. Historically, both ports handled their highest Asian import volumes in 2021 during the Covid-19 pandemic – about 10 million TEUs for the year. The Port of Los Angeles alone processed a record 520,000 TEUs in May 2021, while the Port of Long Beach reached its single-month peak of 400,000 TEUs the same month. Will the same influx appear again this time? Industry opinion is divided. Senior executives at leading carriers and terminals suggest the tariff deferral may not trigger a pandemic-style shipping boom. While June volumes are likely to exceed May's, early expectations may have overshot. Much of the inventory that had been sitting in warehouses shipped out quickly after the May 14 tariff suspension. And even if buyers place new orders, lead times mean many shipments will not depart until late June or July. Moreover, despite the suspension of a 125 per cent reciprocal tariff, the 30 per cent levy added this year – on top of 2018's Section 301 duties – means US-China trade has not returned to normal. The truce may offer temporary relief, but it is unlikely to generate a prolonged surge. Freight rates on transpacific routes have spiked in recent weeks. But does that signal true demand strength? A key indicator is the balance between cargo booked under negotiated contract (NAC) rates versus freight-all-kinds spot rates. At present, many freight forwarders are still able to secure lower-priced NAC slots — suggesting excess capacity remains. While sentiment may push prices upward temporarily, ultimate rate direction hinges on ship utilisation. If vessels sail full, rates will hold firm. If not, the rally will fade. So, will there be port congestion? A sudden and sustained spike in volume could strain operations. However, if elevated cargo volumes last only two to three weeks, the ports can manage. If imports climb more than 20 per cent above normal and stay high through July, congestion risks increase sharply. The bottom line is that Los Angeles and Long Beach are entering a high-alert phase. If disruption comes, it will probably begin to show in late July. CAIXIN GLOBAL Zhang Huafeng is the chief operating officer of Duke Shipping Agency
Business Times
3 hours ago
- Business Times
ECB's Schnabel says now is right time to boost role of euro
[DUBROVNIK] European Central Bank Executive Board member Isabel Schnabel sees a favourable moment now to strengthen the euro's global role as investors turn to Europe. There is a 'window of opportunity' to increase the international role of the euro, she said in a question to a panel at the 31st Dubrovnik Economic Conference on Saturday (Jun 7). Earlier at the same conference, she said that there are signals that investors are focusing on the continent to diversify their portfolios, calling it a 'positive confidence effect.' The remarks reinforce comments from policymakers including president Christine Lagarde and show how officials are seeking to turn President Donald Trump's attacks on global trade and US institutions to their advantage. Investors have rushed out of the US dollar so far this year, with the greenback falling against every other major currency tracked by Bloomberg. At the end of May, Lagarde said that Trump's erratic policies offer a 'prime opportunity' to strengthen the euro's role and allow the currency bloc to enjoy more of the privileges so far reserved for the US dollar. The changes 'create the opening for a 'global euro moment,'' that politicians should seize, she said. Schnabel on Saturday referred to talks with financial market actors showing that investors are becoming more interested in diversifying and 'moving a bit into Europe – again, great news.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up She said that this is also due to expected higher public spending in Europe in defence and infrastructure. 'In the case of Germany, which has a lot of fiscal space, actually also investors saw it very positively that finally Germany gave up on its austerity,' she said. Schnabel highlighted that more investment into Europe ease financial conditions and lowers fragmentation – 'which is another very positive effect.' In recent weeks, Schnabel has emphasised the need for a big European bond market to strengthen the euro's global role and suggested considering joint debt to finance public goods in Europe. Commenting in an interview with El Pais published on Sunday, Spain's central bank chief Jose Luis Escriva also highlighted that 'the US dollar's dominance as an international reserve currency seems to be peaking.' 'The euro has the potential to compete with the US dollar, especially if it maintains its macroeconomic and institutional stability,' he said. 'With a strong economy and a trade volume larger than that of the US, Europe has room to strengthen the euro's role as a reserve and reference currency in an international trade still dominated by the US dollar.' BLOOMBERG
