Life Hack #4 – FavePay

If you have been following all the life hacks so far, I hope you come to realize there are just a few things you need to do (right) to extract the maximum value EVER – and it’s incredibly fun when you can check the price tag of any item (in store /or online) and derive the rebate (cashback / miles) with a few permutations of payment options at your disposal.

Did anyone say knowledge is power? I actually think being resourceful is a step better because no one truly knows everything.

Well if anything goes, I have quite a few hacks to share before we wrap up this topic in the next couple of weeks, and tip our toes into the blue ocean around CPF, SRS and investing (for all those who believe in the FIRE movement).

So today brings us to FavePay – which in my opinion – is a wonderful addition to GrabPay (almost akin to having a twin brother who shares the same joy as you). Albeit I say this metaphorically as I don’t have one (but who cares?)

So what exactly is FavePay?

It functions as a few things altogether – first, a system where you can get cash back rebates after you visit merchants who accept FavePay as a payment method, or second – a marketplace where you can get some cheap good deals from a list of merchants (think GroupOn). But what gets me excited about them is really the cashback component. Let me bring this to life with an example below –

You have decided to get a new phone at Huawei store in Somerset 313, and upon checking out, you realize that the store accepts FavePay. You open your FavePay app, and search for the store, and realize that the store gives a 1% cash back. What that means is if the phone is $500, you would get a 1% cash back which is $5 if you use FavePay to pay.

The catch here is you can only use the rebate in your subsequent purchase.

Ok, I know this is not a good example because you are more likely to only buy a phone once (and not anytime soon), but you never know when you are going to buy some accessories to go with it. So say you decided to buy 2 or more items in the same store, the trick here is to split the purchases into two so you get a rebate on the second payment.

Pay for Huawei transaction using FavePay

Once you get the idea of how FavePay works, the sky is really the limit here. Below is a screenshot of some restaurants (small sample size) that accept FavePay, but you get the drift – the more often you dine, the more rebates you get in totality.

Just search for nearby to see what places accept FavePay

For example, I like Harvest for their quality of clean/good protein food so you can see I have $1.44 stored in FavePay under Partner Cashback. That means the next time I patronize Harvest and pay via FavePay, the total bill will be offset by $1.44 (how lovely).

The beauty of FavePay is really the wide selection of food merchants that they have managed to secure. Food Republic is probably a household name that you might be familiar with (available in some shopping malls) so the next time you dine there, remember to use FavePay. Following which, you get to store the rebates for your next visit, and they can be applied at any food stall (i.e. the rebate you get from purchasing at Stall A can be applied at Stall B).

So I talked quite a bit about the cashback but you must be wondering how exactly do I ‘pay’ FavePay – must be some form of a wallet where I need to top up right?

Well, yes and no. All you need to do is top up your Grab wallet, and link it to your Fave app. Once that is done, all your subsequent FavePay transactions will be deducted from your GrabPay wallet. You don’t need to manage another wallet (in this case with Fave).

Stored cashback rebates for every store you paid previously using FavePay

Wait wait. Am I reading this right? Does that mean we get all that juicy rebates we talk about in life hack #2? Yes, yes and yes.

I’m too lazy to repeat myself again, but the TL;DR version is you get (at the bare minimum) a triple dip –

Dip 1: Top up Grab Wallet using Citi Rewards – 4mpd (valued at $0.02 per mile)

Dip 2: Get cashback when paying for your transaction using FavePay (valued depending on the merchant cashback %)

Dip 3: By means of auto deducting from GrabPay wallet, you get Grab Rewards points

So the next time you see a FavePay sign at the merchant sales counter, do what I do – smile secret;y to yourself!

If you found this article useful and want to give FavePay a shot, download using this affiliate link and both of us get a $1 each (peanuts I know, but better than nothing). T&C applies.

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