Are you planning a trip overseas and looking for the best credit card to use for your expenses? With so many options available, choosing the right one can be overwhelming. Fortunately, we’ve done the research for you and compiled a list of the top credit cards for overseas spending in Singapore.
When choosing a credit card for overseas spending, it’s important to consider factors such as foreign transaction fees, exchange rates, and rewards programs. The best credit cards for overseas expenditure offer low or no foreign transaction fees, competitive exchange rates, and generous rewards for spending abroad.
Maximising benefits on foreign transactions can help you save money and earn rewards on your travels. Some credit cards offer additional perks for the avid traveller, such as travel insurance, airport lounge access, and exclusive travel discounts. With the right credit card, you can enjoy your trip without worrying about excessive fees or unfavourable exchange rates.
Choosing the Right Card for Overseas Spending
When it comes to choosing the right credit card for overseas spending, there are several factors that you need to consider. Here are some of the most important things to keep in mind:
Understanding Foreign Transaction Fees
Foreign transaction fees are charges that credit card companies impose on purchases made outside of your home country. These fees can range from 1% to 3% of the total transaction amount, which can add up quickly if you’re travelling frequently.
To avoid these fees, look for credit cards that offer no foreign transaction fees. Some cards may also waive these fees for a limited time, so be sure to check the terms and conditions carefully.
Evaluating Rewards and Miles Programmes
If you’re a frequent traveller, you’ll want to choose a credit card that offers rewards or miles programmes that can help you save money on your trips. Look for cards that offer generous rewards for overseas spending, such as bonus points or miles for every dollar spent.
When evaluating rewards programmes, be sure to read the fine print carefully. Some programmes may have blackout dates or other restrictions that limit your ability to redeem rewards.
Considering Annual Fees and Minimum Spend
Credit cards that offer generous rewards programmes and other perks often come with annual fees. While these fees can be offset by the rewards you earn, it’s important to consider whether the benefits of the card outweigh the cost.
In addition to annual fees, some cards may also require a minimum spend in order to qualify for rewards or other benefits. Be sure to read the terms and conditions carefully to understand these requirements before applying for a card.
In conclusion, choosing the right credit card for overseas spending requires careful consideration of several factors, including foreign transaction fees, rewards programmes, annual fees, and minimum spend requirements. By taking the time to research your options and compare different cards, you can find the one that best fits your needs and helps you save money on your travels.
Top Credit Cards for Overseas Expenditure
If you are a frequent traveller, you need a credit card that offers high rewards on overseas spending or charges low foreign currency transaction fees. Here are some of the top credit cards for overseas expenditure in Singapore.
DBS Altitude Visa and Its Perks
DBS Altitude Visa is one of the best credit cards for overseas spending. It offers 1.2 miles per $1 spent overseas, and 1.5 miles per $1 spent on online flight and hotel transactions. You can also earn up to 3 miles per $1 spent on your first $5,000 of online flight and hotel transactions. The card has a low foreign currency transaction fee of 2.8%.
UOB PRVI Miles Card Features
The UOB PRVI Miles Card is another popular choice for overseas spending. It offers 1.4 miles per $1 spent overseas, and 2.4 miles per $1 spent on major airlines and hotels. The card has a low foreign currency transaction fee of 2.8%. You can also earn up to 10 miles per $1 spent on Agoda and UOB Travel transactions.
CIMB Visa Signature Advantages
The CIMB Visa Signature card offers 10% cashback on travel-related expenses, including flights, hotels, and travel agencies. The card also offers 2% cashback on foreign currency transactions, with no minimum spend required. You can earn up to $100 cashback per statement cycle.
OCBC 90°N Card Benefits
The OCBC 90°N Card is designed for frequent travellers. It offers 4 miles per $1 spent overseas, and 8 miles per $1 spent on selected airlines and hotels. The card has a low foreign currency transaction fee of 2.2%. You can also enjoy complimentary travel insurance coverage of up to $1 million.
In conclusion, these credit cards offer excellent rewards and benefits for overseas expenditure. Choose the one that best suits your needs and enjoy your travels without worrying about high transaction fees or low rewards.
Maximising Benefits on Foreign Transactions
When travelling overseas, using the right credit card can help you save a significant amount of money on foreign transactions. Here are some tips on how to maximise the benefits of your credit card when spending abroad.
Avoiding Dynamic Currency Conversion
Dynamic Currency Conversion (DCC) is a service that allows merchants to offer you the option of paying in your home currency instead of the local currency. However, this convenience comes at a cost. Merchants often charge a high conversion fee, which can be as much as 7% of the transaction amount.
To avoid this unnecessary charge, always choose to pay in the local currency. This way, your credit card issuer will handle the currency conversion at a more favourable exchange rate, which will save you money in the long run.
Leveraging Promotions and Partnerships
Many credit card issuers offer promotions and partnerships that can help you save money on foreign transactions. For example, some cards offer cashback or rewards points for overseas spending. Others may have partnerships with airlines or hotels, which can give you access to exclusive discounts or upgrades.
Before you travel, check if your credit card issuer has any promotions or partnerships that can benefit you. Make sure to read the terms and conditions carefully to understand the eligibility criteria and any restrictions that may apply.
By following these tips, you can make the most of your credit card when spending abroad. Remember to always compare the foreign currency exchange rates and conversion fees of different credit cards to ensure you are getting the best deal. With the right credit card, you can enjoy your travels without worrying about unnecessary expenses.
Additional Perks for the Avid Traveller
When travelling overseas, having a credit card that offers additional perks can make your trip even more enjoyable. Here are some of the travel-related perks that you may want to consider when choosing the best overseas spending credit card in Singapore.
Travel Insurance Coverage
One of the most important perks that you should look for in a credit card for overseas spending is travel insurance coverage. This can provide you with peace of mind knowing that you are protected in case of any unexpected events during your trip. Some credit cards offer complimentary travel insurance coverage of up to $500,000, which can include medical expenses, trip cancellations, and lost luggage.
Airport Lounge Access and Other Travel Perks
Another perk that can enhance your travel experience is airport lounge access. Some credit cards offer complimentary access to airport lounges, which can provide you with a comfortable and quiet place to relax before your flight. Additionally, some credit cards offer other travel perks such as discounts on hotel bookings, complimentary airport transfers, and concierge services.
When choosing a credit card for overseas spending, it’s important to consider the additional perks that can make your trip more enjoyable. By choosing a credit card that offers travel insurance coverage and other travel-related perks, you can have a worry-free and enjoyable trip.
Managing Your Overseas Credit Card Spending
Travelling abroad can be an exciting experience, but it can also be a costly one, especially if you don’t manage your credit card spending effectively. Here are some tips to help you manage your overseas credit card spending:
Tracking and Budgeting for International Expenditure
Before you travel, it’s important to create a budget for your trip and track your expenses. This can help you avoid overspending and keep track of your finances. You can use a spreadsheet or download a budgeting app to help you track your expenses. It’s also a good idea to keep all your receipts in one place so you can easily review your spending.
When you’re creating your budget, make sure to include all your expenses, such as flights, accommodation, food, and activities. Don’t forget to factor in any foreign transaction fees that your credit card may charge.
Safeguarding Against Fraudulent Transactions
When you’re travelling in a foreign country, it’s important to be vigilant against fraudulent transactions on your credit card. Here are some tips to help you safeguard against fraudulent transactions:
- Notify your bank or credit card company that you’ll be travelling overseas. This can help prevent your card from being blocked due to suspicious activity.
- Keep your credit card with you at all times and don’t let it out of your sight when making transactions.
- Be cautious when using ATMs, especially if they’re located in isolated areas. Criminals may install card skimmers to steal your credit card information.
- Check your credit card statements regularly for any suspicious activity. If you notice any fraudulent transactions, report them to your bank or credit card company immediately.
By following these tips, you can manage your overseas credit card spending effectively and enjoy your travels without worrying about your finances.
Frequently Asked Questions
Which credit card offers the most rewarding points for international purchases?
When it comes to earning rewards points on international purchases, the DBS Altitude Visa Signature Card, Citi PremierMiles Card, and American Express KrisFlyer Ascend Credit Card are great options. These cards offer higher reward points on overseas spending and come with additional travel-related perks.
What’s the top choice for a credit card with zero foreign transaction fees?
If you’re looking for a credit card with zero foreign transaction fees, the HSBC Revolution Credit Card is a great option. With this card, you won’t be charged any transaction fees when you make purchases in a foreign currency.
Can you recommend the best credit card for globetrotters who love to travel?
For frequent travellers, the American Express Platinum Credit Card is a top choice. This card comes with a range of travel-related perks, including airport lounge access, travel insurance, and concierge services. Plus, it offers higher rewards points on overseas spending.
What is the ultimate debit card option for spending abroad without hefty fees?
If you prefer using a debit card for your overseas spending, the DBS Visa Debit Card is a great option. This card offers zero foreign transaction fees, and you can earn rewards points on your spending.
Which credit card provides the best perks for international online shopping?
For online shopping, the Standard Chartered SingPost Platinum Visa Credit Card is a top choice. This card offers cashback on online purchases, as well as additional rewards points on overseas spending.
What’s the most cost-effective credit card for foreign currency transactions?
The UOB Visa Signature Card is a great option for cost-effective foreign currency transactions. This card offers a low foreign transaction fee and higher rewards points on overseas spending.
With these credit card options, you can travel and shop overseas with ease, without worrying about hefty fees or missing out on rewards points.