Credit Card Tips


    • TIP 1#

      Always pay more than the minimum due payment – If you are unable to pay the full outstanding balance on your credit card, try to pay more than the minimum due mentioned on your statement. This will decrease the amount of interest you will pay on your purchases and help you clear off your debt faster.

    • TIP 2#

      Get the right card: Every credit card has its own benefits and features. The key to getting the right card is to understand your lifestyle requirements. There’s no point getting a travel credit card if you are not a frequent traveller. Similarly, if you are someone who loves shopping, you should consider a card that rewards you for shopping in form of cashback or rebates. But again, if you have the habit of carrying an outstanding balance on your card, be careful while getting a rewards card; you might end up paying more interest than what you save through.

    • TIP 3#

      Avoid having too many cards: Having a credit card is a good idea, but having too many is not. It’s easy to overspend when you have multiple credit cards. So, the more cards you have, the higher your chances of overspending and getting into debt. In addition, when you have too many cards, it gets tough to manage all of them at the same time. Any delay in payment of one single card can hurt your credit score, which will have consequences on your ability to borrow from lenders.

    • TIP 4#

      Credit statement and report check: No matter how careful you are while spending on your card, it’s always important to check your credit card statement every month. Take a look at all the transactions carried out in that month. If you find anything unusual, get in touch with your credit card issuer immediately. You will also know if any charges or fees were levied on you during that month.

    • TIP 5#

      Credit utilisation ratio: This ratio indicates how much of your total credit limit you have already used. For instance, if your total credit card limit is S$1,000 and your total card balance is S$500, your credit utilisation ratio is 50%. The lower the ratio, the better your credit score. It’s generally advisable to keep this ratio below 30%.

    • TIP 6#

      Compare credit cards: You probably already know the purpose behind getting your credit card. Maybe you are an avid traveller looking for travel benefits or someone who is looking for dining benefits. The bottom line is, just knowing what you need your card for isn’t sufficient. You should do your research and compare cards from different banks since the rebates and rewards they offer may differ. Getting the right credit card will ensure that you get the best out of using your card.

    • TIP 7#

      Look for promotions: When you are applying for a new credit card, always look for promotional offers. Many credit card issuers offer exciting rewards and fee waivers as incentives. If you apply for a card around the holidays, then you can make use of a number of seasonal offers.

    • TIP 8#

      Add a savings account from the card issuer: Most banks increase the rewards that they offer if you open an additional savings account or a current account with them. Banks like UOB and DBS provide higher rates of interest to customers who have a credit card and a savings account with them. Other banks, like HSBC, provide 1% additional cashback to customers who have an HSBC Advance Credit Card and an HSBC Advance account.

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