Travelling abroad can be an exciting adventure, but it can also be expensive. One way to save money and earn rewards while travelling is by using a credit card that offers benefits for overseas spending. Singapore has a wide range of credit cards that cater to global travellers, with different rewards, fees and charges. To help you choose the best credit card for overseas spending in Singapore, we have compiled a list of top options and tips to maximise your rewards and perks.
Understanding overseas spending with credit cards is crucial before choosing the right credit card. Some credit cards charge a foreign transaction fee, which can add up quickly and make your trip more expensive. However, other credit cards offer no foreign transaction fees, making them a great option for overseas spending. Additionally, some credit cards offer rewards and perks such as air miles, cashback, and travel insurance, which can help you save money and make your trip more enjoyable.
Top credit cards for global travellers in Singapore include Standard Chartered Visa Infinite, Citi Prestige Card, and UOB PRVI Miles Card. Each of these cards offers different rewards, fees and charges, and eligibility requirements. By understanding these factors and comparing credit cards, you can choose the best option for your travel needs and budget.
Key Takeaways
- Choosing the right credit card for overseas spending in Singapore can save you money and earn you rewards.
- Understanding overseas spending with credit cards is crucial to avoid foreign transaction fees and maximise rewards and perks.
- Top credit cards for global travellers in Singapore include Standard Chartered Visa Infinite, Citi Prestige Card, and UOB PRVI Miles Card, each with different rewards, fees and charges, and eligibility requirements.
Understanding Overseas Spending with Credit Cards
When travelling overseas, it is important to have a credit card that is suitable for overseas spending. Using your credit card abroad can be convenient, but it is important to understand the potential fees and exchange rate implications that come with it.
Foreign Transaction Fees
When you make a purchase in a foreign currency using your credit card, you may be charged a foreign transaction fee. This fee is typically a percentage of the transaction amount and can vary between credit cards. It is important to check with your credit card provider to understand the foreign transaction fees associated with your credit card.
Dynamic Currency Conversion
When you make a purchase in a foreign country, you may be given the option to pay in your local currency or the local currency of the country you are visiting. This is known as Dynamic Currency Conversion (DCC). While it may seem convenient to pay in your local currency, it is important to note that DCC can come with additional fees and a less favourable exchange rate.
Exchange Rate Implications
When you use your credit card for overseas spending, the exchange rate used to convert the foreign currency to your local currency can have an impact on the total cost of your purchase. It is important to understand the exchange rate implications of your credit card to avoid any unexpected costs.
In summary, when using your credit card for overseas spending, it is important to understand the potential fees and exchange rate implications. Make sure to check with your credit card provider to understand the fees associated with your credit card and consider the exchange rate implications when making a purchase.
Top Credit Cards for Global Travellers
If you’re a frequent traveller, you know the importance of having the right credit card to make the most of your overseas spending. Here are some of the best credit cards for overseas spending in Singapore that offer great rewards and benefits.
Best Air Miles Credit Cards for Overseas Spending
If you’re looking to earn air miles for your overseas spending, the UOB PRVI Miles Card and DBS Altitude Card are great options. The UOB PRVI Miles Card offers 1.4 miles per dollar spent overseas, while the DBS Altitude Card offers 3 miles per dollar spent on online flight and hotel bookings.
Another great option is the American Express Singapore Airlines KrisFlyer Ascend Credit Card, which offers 1.2 miles per dollar spent overseas. This card also comes with a complimentary airport lounge access and a bonus of 15,000 miles when you spend $10,000 in the first 3 months.
Best Cashback Cards for Overseas Spending
If you prefer cashback over air miles, the Citi Cash Back Card and CIMB Visa Infinite Card are great choices. The Citi Cash Back Card offers up to 8% cashback on dining, groceries, and petrol worldwide, and 0.25% cashback on all other spend.
The CIMB Visa Infinite Card offers 1% cashback on all overseas spend, with no minimum spend required. This card also comes with a complimentary airport lounge access and travel insurance coverage of up to $1 million.
Conclusion
When it comes to the best credit cards for overseas spending in Singapore, there are many great options to choose from. Whether you prefer air miles or cashback, there’s a card out there that’s perfect for you. So, go ahead and choose the card that suits your needs and start earning rewards points or miles on your next overseas trip!
Maximising Rewards and Perks
When it comes to choosing a credit card for overseas spending, maximizing rewards and perks is crucial. Here are some tips on how to get the most out of your credit card:
Strategic Spending for Maximum Rewards
One way to maximize your rewards is by strategically planning your spending. Look for credit cards that offer higher rewards for specific categories such as dining, hotels, shopping, and online transactions. For example, the Citi PremierMiles Card offers 1.2 miles for every $1 spent locally and 2 miles for every $1 spent overseas. Additionally, you can earn bonus miles for purchases made on travel-related expenses such as flights and hotels.
Another way to maximize your rewards is by taking advantage of welcome bonuses. Many credit cards offer welcome bonuses in the form of air miles or cashback when you spend a certain amount within the first few months of card approval. For example, the DBS Altitude Visa Card offers up to 10,000 bonus miles when you spend $6,000 within the first 3 months of card approval.
Exclusive Travel Benefits
Credit cards for overseas spending often come with exclusive travel benefits such as airport lounge access, complimentary airport lounge visits, and travel insurance coverage. For example, the Citi Prestige MasterCard offers complimentary Priority Pass membership, which gives you access to over 1,000 airport lounges worldwide. Additionally, the card offers up to $1 million in travel accident insurance coverage.
When choosing a credit card for your travel needs, consider the annual fees and the travel plans you have in mind. Some credit cards may have higher annual fees but offer more comprehensive travel benefits, while others may have lower fees but fewer travel perks. Look for a credit card that suits your individual needs and travel plans.
In conclusion, choosing the right credit card for overseas spending can help you maximize your rewards and perks while enjoying your travels. By strategically planning your spending and taking advantage of exclusive travel benefits, you can get the most out of your credit card.
Understanding Card Fees and Charges
When looking for the best credit card for overseas spending in Singapore, it’s important to understand the fees and charges that come with using a credit card. Here’s what you need to know:
Annual Fees and Waivers
Most credit cards charge an annual fee, which can range from $0 to several hundred dollars. However, some credit cards offer annual fee waivers for the first year or for subsequent years if you meet certain spending requirements.
Before applying for a credit card, make sure you understand the annual fee and whether it can be waived. If you’re looking for a credit card with no annual fee, there are options available, but they may not offer the same rewards and benefits as cards with an annual fee.
Interest Rates and Minimum Spend
Credit cards charge interest on any outstanding balance that you carry from month to month. The interest rate can vary depending on the card and your creditworthiness. Some credit cards offer low or 0% interest rates for a limited time, but be aware that these rates may increase after the promotional period ends.
In addition to interest rates, some credit cards require you to meet a minimum spend requirement in order to earn rewards or qualify for certain benefits. Make sure you understand the minimum spend requirement and whether it’s realistic for your budget and spending habits.
Foreign Transaction Fees and Conversion Fees
When using a credit card for overseas spending, you may be charged foreign transaction fees and conversion fees. Foreign transaction fees are charged by the credit card issuer for transactions made in a foreign currency. These fees can range from 1% to 3% of the transaction amount.
Conversion fees are charged by the credit card network (such as Visa or Mastercard) for converting the foreign currency into your home currency. This fee is usually around 1% of the transaction amount.
When choosing a credit card for overseas spending, look for a card that offers low or no foreign transaction fees and conversion fees. Some credit cards also offer favourable exchange rates, which can save you money on your transactions.
By understanding the fees and charges associated with credit cards, you can choose the best credit card for overseas spending in Singapore that fits your needs and budget.
Eligibility and Application Tips
Income Requirements and Credit Limits
Before applying for a credit card, it is important to check the minimum income requirement and credit limit. Most banks in Singapore require a minimum income of $30,000 per annum to be eligible for a credit card. However, some premium cards such as platinum credit cards may require a higher minimum income. It is important to check the specific requirements for each card before applying.
Credit limits vary depending on the card and the individual’s creditworthiness. It is important to note that exceeding the credit limit can result in additional fees and interest charges. Therefore, it is important to choose a card with a credit limit that suits your spending habits.
Applying for Your Ideal Travel Card
When applying for a travel credit card, it is important to consider factors such as foreign currency transaction fees, rewards, and travel perks. Some cards offer cashback on overseas spending, while others offer air miles or hotel rewards.
To apply for a travel credit card, you can visit the bank’s website or visit a branch in person. You will need to provide personal and financial information, such as your income, employment status, and credit history.
It is important to compare different cards and their features before applying. Some popular travel credit cards in Singapore include the Citi PremierMiles Card, DBS Altitude Card, and UOB PRVI Miles Card. These cards offer attractive rewards and perks for overseas spending.
In conclusion, when applying for a travel credit card, it is important to consider your income, credit limit, and the specific features of each card. By doing your research and choosing the right card, you can save money and enjoy a more rewarding travel experience.
Frequently Asked Questions
What’s the top credit card for globetrotters to avoid international transaction fees?
If you’re a frequent traveller, you know how annoying it is to pay international transaction fees on your credit card. Fortunately, there are credit cards that let you avoid these fees. The DBS Altitude Visa Signature Card and UOB PRVI Miles Card are two great options to consider. Both of these cards offer zero foreign transaction fees, making them ideal for globetrotters.
Which card should I pack for my international online shopping spree?
If you’re planning an international online shopping spree, you’ll want a credit card that offers great rewards and low fees. The Citi PremierMiles Card is a great option to consider. This card offers 1.2 miles for every $1 spent overseas, as well as no annual fee for the first year. Plus, it offers a host of other travel benefits that make it a great choice for online shoppers.
Could you tell me which credit card is universally accepted for my world adventures?
While there is no credit card that is universally accepted around the world, there are a few cards that come close. The American Express Platinum Card and the Visa Infinite Card are both widely accepted and offer a range of travel benefits. However, it’s always a good idea to carry more than one credit card when travelling, just in case.
What’s the most brilliant credit card for use specifically in Japan?
If you’re planning a trip to Japan, you’ll want a credit card that offers great rewards and benefits for use in the country. The JCB Platinum Card is a great option to consider. This card offers 1% cashback on all purchases in Japan, as well as a range of other travel benefits that make it a great choice for Japan-bound travellers.
Is there a credit card that offers the lowest foreign transaction fee for Singaporeans?
If you’re a Singaporean looking for a credit card with low foreign transaction fees, you’ll want to consider the CIMB Visa Signature Card. This card offers a low foreign transaction fee of just 1%, making it a great choice for frequent travellers.
Which debit card reigns supreme for overseas expenditures?
While credit cards are often the best choice for overseas expenditures, there are a few debit cards that offer great benefits as well. The DBS Visa Debit Card and the OCBC Plus! Visa Debit Card are both great options to consider. Both of these cards offer low foreign transaction fees and a range of other travel benefits.