Looking for the best credit card in Singapore can be a daunting task, especially with so many options available. Credit cards offer a wide range of benefits, including cashback, rewards, and exclusive promotions. However, with so many options, it can be challenging to figure out which card is the best fit for your needs.
Understanding credit cards is the first step in finding the best one for you. Credit cards are essentially a form of borrowing that allows you to make purchases and pay for them at a later date.
When you use a credit card, you are essentially borrowing money from the bank or financial institution that issued the card. It’s important to understand the terms and conditions of the card, including the interest rate, annual fees, and any other charges that may apply.
Key Takeaways
- Understand the basics of credit cards before applying for one.
- Look for credit cards that offer benefits that align with your spending habits.
- Be sure to compare different credit cards and their terms and conditions before making a decision.
Understanding Credit Cards
Credit cards are a popular financial tool that can help you manage your expenses and build your credit score. With a credit card, you can borrow money from the bank or credit card issuer to make purchases, pay bills, and more. However, it’s important to understand how credit cards work and their potential pitfalls before you apply for one.
Credit Cards vs Debit Cards
The key difference between credit and debit cards is that credit cards allow you to borrow money, while debit cards do not. When you use a debit card, the money is taken directly from your bank account. With a credit card, you are borrowing money that you will need to pay back with interest.
Interest, Credit Score, and Credit Limit
When you use a credit card, you will be charged interest on the money you borrow if you do not pay it back in full by the due date. The interest rate can vary depending on the card and your credit score.
Your credit score is a number that represents your creditworthiness and is used by lenders to determine whether to approve your application and what interest rate to offer you. The credit limit is the maximum amount of money you can borrow on your credit card.
Fees
Credit cards may also come with various fees, such as cash advance fees and balance transfer fees. Cash advance fees are charged when you use your credit card to withdraw cash from an ATM. Balance transfer fees are charged when you transfer a balance from one credit card to another. It’s important to read the terms and conditions carefully to understand what fees you may be charged.
Paying Back
When you use a credit card, you will need to pay back the money you borrow, plus any interest and fees. You can choose to pay the minimum payment or the full balance. If you only pay the minimum payment, it will take longer to pay off your debt and you will end up paying more in interest. It’s important to make payments on time to avoid late fees and damage to your credit score.
In summary, credit cards can be a useful financial tool if used responsibly. However, it’s important to understand how they work and the potential fees and pitfalls before you apply for one. Make sure to read the terms and conditions carefully and use your credit card wisely to avoid getting into debt.
How to Apply for Credit Cards
Applying for a credit card can be an exciting experience, especially when you find the perfect one that suits your needs. Here are some tips to help you navigate the application process smoothly:
Eligibility Requirements
Before applying for a credit card, make sure you meet the eligibility requirements. Most credit card issuers require you to be at least 21 years old, have a minimum income, and be a Singapore citizen or permanent resident. Some credit cards may have additional eligibility requirements, such as a good credit score or a certain level of employment.
Applying for a Credit Card
Once you’ve found a credit card that you’re interested in, you can apply online or in-person at a bank branch. Applying online is usually faster and more convenient, but you may prefer to speak to a representative in-person to ask any questions you may have.
When applying for a credit card, you’ll need to provide personal information such as your name, address, and contact details. You’ll also need to provide employment and income information, as well as any other financial obligations you may have.
Tips for a Successful Application
To increase your chances of a successful credit card application, here are some tips to keep in mind:
- Make sure you meet the eligibility requirements before applying.
- Check your credit score beforehand to see if you’re likely to be approved.
- Provide accurate and complete information on your application.
- Avoid applying for multiple credit cards at once, as this can negatively impact your credit score.
- If you’re unsure about anything, don’t hesitate to contact the credit card issuer for clarification.
By following these tips, you can increase your chances of a successful credit card application and start enjoying the benefits of your new card.
Best Credit Cards for Purchases
When it comes to making purchases, you want a credit card that will give you the most bang for your buck. Luckily, there are plenty of credit cards in Singapore that offer cashback, points, and rewards for your spending. Here are some of the best options:
Cashback Credit Cards
Cashback credit cards are a great option for those who want to earn money back on their purchases. The UOB Absolute Cashback Card is a popular choice, offering a flat cashback rate of 1.7% on all spending with no minimum spend or cashback cap. The DBS Live Fresh Card is another good option, offering up to 5% cashback on online and contactless spending, with a cashback cap of $60 per month.
Rewards Credit Cards
If you prefer to earn points or rewards for your spending, the Citi Rewards Card is a great choice. You can earn 10X rewards points on online and retail purchases, and 1X rewards points on all other spending. Plus, you can redeem your points for a variety of rewards, including shopping vouchers, air miles, and more.
Unlimited Cashback Cards
For those who want unlimited cashback on their spending, the HSBC Advance Credit Card is a great option. You can earn 1.5% cashback on all spending with no minimum spend or cashback cap. Plus, you can enjoy up to 16% instant discount at Caltex and Shell petrol stations.
No matter what type of credit card you choose, make sure to read the terms and conditions carefully. Some cards may have cashback caps or other restrictions that could limit your earning potential. With the right credit card, you can earn rewards and cashback on your purchases and save money in the long run.
Credit Cards for Travel and Overseas Spend
If you love to travel, then you need a credit card that can help you save money on your trips. There are many credit cards in Singapore that offer perks like miles, travel insurance, and foreign transaction fee waivers. Here are some of the best credit cards for travel and overseas spend in Singapore:
UOB PRVI Miles Card
The UOB PRVI Miles Card is a popular choice for frequent travellers. It offers an impressive miles rate of 1.4 miles per S$1 spent locally and 2.4 miles per S$1 spent overseas. Plus, you can enjoy up to 12 complimentary airport transfers per year and a free travel insurance coverage of up to S$1 million.
DBS Altitude Visa Signature Card
The DBS Altitude Visa Signature Card is another great option for travellers. It offers 1.2 miles per S$1 spent locally and 2 miles per S$1 spent overseas. You can also enjoy free travel insurance coverage of up to S$1 million and up to S$1,000,000 in coverage for accidental death and disablement.
KrisFlyer UOB Credit Card
If you are a frequent flyer with Singapore Airlines, then the KrisFlyer UOB Credit Card is a must-have. You can earn KrisFlyer miles for every dollar you spend and enjoy perks like free airport transfers and lounge access. Plus, you can earn bonus miles when you book your flights with Singapore Airlines.
Citi PremierMiles Card
The Citi PremierMiles Card is a versatile credit card that allows you to earn miles on all your spending. You can earn 1.2 miles for every S$1 spent locally and 2 miles for every S$1 spent overseas. You can also enjoy perks like free travel insurance coverage and up to 8 complimentary visits to Priority Pass lounges each year.
Maybank World Mastercard
The Maybank World Mastercard is a great option for those who want to earn air miles. You can earn 1.5 air miles for every S$1 spent overseas and 1 air mile for every S$1 spent locally. You can also enjoy up to 3% cashback on your overseas spend and a waiver of the foreign transaction fee.
Overall, these credit cards are some of the best options for travel and overseas spend in Singapore. With their miles rate, travel insurance coverage, and other perks, you can save money and enjoy your travels to the fullest.
Rewards and Promotions
When it comes to credit cards, rewards and promotions are some of the most exciting features. With the right card, you can earn rewards points, bonus cashback, and enjoy exclusive privileges. In this section, we’ll take a look at some of the best rewards and promotions offered by credit cards in Singapore.
Rewards Points
Rewards points are a popular way for credit card users to earn benefits. With each purchase, you earn points that can be redeemed for a variety of rewards, including shopping vouchers, air miles, and cashback.
Some of the best credit cards that offer rewards points include the Citi Rewards Card, OCBC Titanium Rewards Card, and HSBC Revolution Card. These cards offer high rewards points for specific categories, such as dining, groceries, and online shopping.
Credit Card Promotions
Credit card promotions are a great way to save money and earn rewards. Many credit cards in Singapore offer promotions for new customers, such as bonus cashback or waived annual fees.
Some of the best credit card promotions in Singapore include the Maybank Family and Friends Card, which offers up to 8% cashback on groceries, and the DBS Live Fresh Card, which offers 5% cashback on online shopping.
Annual Fees and Annual Fee Waiver
Annual fees are a common feature of credit cards, but they can be a burden for some users. Fortunately, many credit cards in Singapore offer annual fee waivers, either for the first year or for subsequent years. Some of the best credit cards with annual fee waivers include the UOB One Card, which offers a waiver for the first year, and the Standard Chartered Unlimited Card, which offers a waiver for the first two years.
Privileges
Finally, credit cards in Singapore offer a range of exclusive privileges for their users. These privileges can include discounts on shopping, dining, and entertainment, as well as access to airport lounges and concierge services.
Some of the best credit cards with exclusive privileges include the American Express Platinum Credit Card, which offers access to over 1,200 airport lounges worldwide, and the UOB Lady’s Solitaire Card, which offers exclusive deals and discounts on luxury brands.
In conclusion, rewards and promotions are an exciting feature of credit cards in Singapore. By choosing the right card, you can earn rewards points, enjoy exclusive privileges, and save money with promotions and annual fee waivers.
Credit Cards for Specific Spending Categories
If you have specific spending categories that you use your credit card for, it’s worth considering credit cards that offer rewards and cashback for those categories. Here are some of the best credit cards for specific spending categories in Singapore:
Dining
If you love dining out, consider the Citi Cash Back Card. It offers 8% cashback on dining, groceries, and petrol at Shell and Esso stations, as well as 0.25% cashback on all other spend. There’s a minimum spend of $888 per statement month to qualify for the cashback.
Groceries
For groceries, the Maybank Family & Friends Card is a great option. It offers up to 8% cashback on groceries, dining, and petrol at Shell and Caltex stations, as well as 0.3% cashback on all other spend. There’s a minimum spend of $800 per statement month to qualify for the cashback.
Petrol
If you’re a frequent driver, the HSBC Visa Platinum Credit Card is a good choice. It offers up to 21.4% savings on petrol at Caltex and Shell stations, as well as 5% cashback on groceries and recurring bills. There’s a minimum spend of $600 per statement month to qualify for the cashback.
Online Spend
For online shopping, the DBS Live Fresh Card is a top pick. It offers 5% cashback on online spend, as well as 5% cashback on contactless payments and Visa payWave transactions. There’s a minimum spend of $600 per statement month to qualify for the cashback.
Fashion
If you love fashion, the UOB Lady’s Card is a great option. It offers up to 10% SMART$ rebate at over 400 participating outlets, as well as 3% cashback on online fashion spend. There’s a minimum spend of $500 per statement month to qualify for the cashback.
Overseas Retail
If you frequently shop overseas, the OCBC 90°N Card is a great choice. It offers up to 8 miles per $1 spent on overseas retail and dining, as well as 1.2 miles per $1 spent locally. There’s a minimum spend of $800 per calendar month to qualify for the miles.
Remember to always read the terms and conditions of each credit card before applying to ensure that you meet the eligibility criteria and understand the rewards and cashback structure.
Top Credit Cards in Singapore
Are you looking for the best credit cards in Singapore? We’ve compiled a list of the top credit cards that offer great rewards and benefits.
UOB One Card
The UOB One Card is perfect for those who want to earn cashback on their daily expenses. With this card, you can earn up to 5% cashback on all your spending, including groceries, petrol, and utilities. Plus, you can enjoy additional benefits like discounts on dining and entertainment.
HSBC Revolution Card
The HSBC Revolution Card is a great option for those who love to travel and shop. With this card, you can earn 1.2 air miles for every dollar spent on online purchases, dining, and entertainment. Plus, you can enjoy exclusive travel deals and discounts on shopping.
POSB Everyday Card
The POSB Everyday Card is perfect for families and those who want to save on their daily expenses. With this card, you can earn up to 8% cashback on groceries, dining, and transport. Plus, you can enjoy discounts on petrol and utilities.
Maybank Horizon Visa Signature Card
The Maybank Horizon Visa Signature Card is a great card for frequent travellers. With this card, you can earn up to 3.2 air miles for every dollar spent on dining, petrol, and travel bookings. Plus, you can enjoy complimentary travel insurance and airport lounge access.
OCBC Frank Card
The OCBC Frank Card is perfect for those who love to shop and dine out. With this card, you can earn up to 6% cashback on online shopping, dining, and entertainment. Plus, you can enjoy discounts on movie tickets and other entertainment activities.
Citi Cash Back Card
The Citi Cash Back Card is a great option for those who want to earn cashback on their daily expenses. With this card, you can earn up to 8% cashback on groceries, dining, and petrol. Plus, you can enjoy discounts on shopping and entertainment.
American Express True Cashback Card
The American Express True Cashback Card is perfect for those who want to earn cashback on all their spending. With this card, you can earn up to 1.5% cashback on all your purchases, with no minimum spend required. Plus, you can enjoy exclusive deals and discounts.
UOB Lady’s Card
The UOB Lady’s Card is a great option for women who want to enjoy exclusive benefits and rewards. With this card, you can earn up to 10X UNI$ on shopping, dining, and entertainment. Plus, you can enjoy discounts on beauty and wellness services.
HSBC Advance Card
The HSBC Advance Card is perfect for those who want to earn rewards on their daily spending. With this card, you can earn up to 3.5% cashback on all your purchases, with no minimum spend required. Plus, you can enjoy exclusive deals and discounts on dining and entertainment.
Citi SMRT Card
The Citi SMRT Card is a great option for those who want to save on their daily expenses. With this card, you can earn up to 5% cashback on groceries, online shopping, and transport. Plus, you can enjoy discounts on movies and other entertainment activities.
Standard Chartered Simply Cash Credit Card
The Standard Chartered Simply Cash Credit Card is perfect for those who want to earn cashback on all their spending. With this card, you can earn up to 1.5% cashback on all your purchases, with no minimum spend required. Plus, you can enjoy exclusive deals and discounts on dining and entertainment.
These are just a few of the top credit cards in Singapore that offer great rewards and benefits. Be sure to compare them carefully and choose the one that best suits your needs and lifestyle.
Additional Benefits and Services
When you choose a credit card, it’s important to consider the additional benefits and services that come with it. Mastercard holders can enjoy exclusive deals and promotions, including discounts on travel, shopping, and dining. Some cards also offer insurance coverage for travel, medical emergencies, and purchase protection.
If you’re looking to save money, some credit cards offer cashback or rewards points that you can redeem for discounts or vouchers. You can also enjoy savings on petrol, groceries, and other everyday expenses with certain cards.
Contactless payments are becoming more popular in Singapore, and many credit cards now offer this feature. This makes it easier and more convenient to make purchases, especially for small transactions.
If you need assistance with anything, some credit cards offer a concierge service that can help you with travel arrangements, restaurant reservations, and more. This can be especially useful if you’re travelling overseas and need help navigating a new city.
In addition to these benefits, many credit cards offer a range of other credit card benefits, such as discounts on movie tickets, access to airport lounges, and more. Some cards also come with the Entertainer app, which offers 1-for-1 deals on dining, entertainment, and leisure activities.
Overall, the additional benefits and services that come with your credit card can add significant value to your overall experience. Be sure to choose a card that offers the benefits and services that are most important to you, and take advantage of them whenever you can.
Credit Cards for Specific Brands
If you are a frequent user of specific brands, you may want to consider getting a credit card that offers rewards and benefits for those brands. Here are some credit cards that cater to specific brands:
Grab
If you frequently use Grab services, you can consider getting the GrabPay Card. This card allows you to earn GrabRewards points for every transaction you make, which can be used to redeem discounts on Grab services. Additionally, you can also earn cashback on your spending with Grab’s partner merchants.
Shopee
For avid Shopee shoppers, the Shopee Credit Card offers cashback on your Shopee purchases, as well as discounts and vouchers for other partner merchants. You can also earn Shopee coins, which can be used to redeem further discounts on your purchases.
Save Money
If you are looking to save money on your daily expenses, the Citi Cash Back Card offers cashback on your spending on groceries, dining, and petrol. Additionally, you can also enjoy discounts and promotions at various partner merchants.
Other Brands
There are also credit cards that offer rewards and benefits for other popular brands, such as the HSBC Revolution Card, which offers rewards points for online shopping, dining, and entertainment, and the DBS Live Fresh Card, which offers cashback on online and contactless transactions.
Overall, getting a credit card that caters to your specific brand preferences can help you save money and earn rewards on your spending. However, it’s important to choose a credit card that suits your spending habits and needs, and to use it responsibly to avoid accumulating debt.
Frequently Asked Questions
What’s the top credit card for earning miles in Singapore?
If you’re looking for a credit card that offers the best miles rewards in Singapore, you should consider the DBS Altitude Visa Signature Card. This card offers up to 4 miles per dollar spent on travel, which includes flights, hotels, and ride-hailing services. Additionally, you can earn 1.2 miles per dollar spent on other categories.
What’s the most rewarding credit card in Singapore?
The most rewarding credit card in Singapore depends on your spending habits. If you’re a frequent shopper, you should consider the Citi Cash Back+ Card. This card offers up to 1.6% cashback on all spend with no minimum spend required. If you’re a frequent traveller, you should consider the UOB PRVI Miles Card. This card offers up to 1.4 miles per dollar spent on all spend, including overseas spend.
Which credit card in Singapore offers the best cashback rewards?
If you’re looking for a credit card that offers the best cashback rewards in Singapore, you should consider the HSBC Advance Credit Card. This card offers up to 3.5% cashback on all spend with no minimum spend required. Additionally, you can earn up to 2.5% cashback on online and contactless spend.
Are there any credit cards in Singapore with no annual fees?
Yes, there are several credit cards in Singapore with no annual fees. Some of the most popular options include the Citi Clear Card, HSBC Revolution Credit Card, and OCBC 365 Credit Card.
What are the benefits of having a credit card in Singapore?
Having a credit card in Singapore can offer several benefits, including cashback rewards, miles rewards, and discounts on dining and shopping. Additionally, many credit cards offer exclusive promotions and deals for cardholders, such as free travel insurance or discounts on flights and hotels.
Which Singapore bank offers the best credit card deals?
All major banks in Singapore offer credit cards with various benefits and rewards. Some of the most popular banks for credit cards include DBS, Citibank, UOB, and OCBC. It’s important to compare credit cards from different banks to find the one that best suits your needs and spending habits.