In a country like Singapore, there is no dearth of financial products. Credit cards being one of them, are available aplenty. But when you’re spoilt for choice like this, how do you know which one you should get? How do you decide which card will give you the best benefits and rewards? Take a look at some of the best credit cards available in Singapore right now and compare their various features to see for yourself.
Updated on January 22nd 2019
The Standard Chartered Visa Infinite Credit Card has been designed to give you a unique card experience whether you’re travelling abroad or spending within the country. Earn air miles on your local and foreign transactions and get more value for every mile you fly.
The HSBC Revolution Credit Card offers you Rewards points when you use it to pay for eligible transactions. Now earn points when you use the card to spend on your favourite purchases.
5x Rewards when you spend on online purchases, local dining, and local entertainment. This is equal to 2 miles for every dollar spent.
1 Rewards point for every dollar you spend on all other purchases.
Principal card: S$160.50 (Annual Fee is Waived for 2 Years)
Supplementary card: Free
Whether you are looking for credit card with best benefits, credit card deals, rewards, cash back or for daily spending. Find out if you are pre-qualify for a credit card by answering simple questions.
The CIMB Visa Signature Card is a card that comes with a permanent annual fee waiver. That’s right, as the principal cardmember, you get to enjoy the benefits of this card without having to pay a yearly charge.
The POSB Everyday Card is specifically designed to help you make the most of your daily spends on daily essentials, dining, electricity, and public transport.
Cash rebates of up to 20% on spends related to daily essentials.
Cash rebates of up to 15% on overseas spends, dining, and transport.
Cash rebates of up to 6% on other eligible spends including groceries, electricity bills, and personal care products.
Consolidate your recurring bills into a single payment.
Split larger purchases into smaller instalments and pay them over time.
Use this as an ATM card as well as for bus/MRT ride.
Principal card: S$192.60(Annual Fee is Waived for 1st Year)
Supplementary card: S$96.30
The HSBC Visa Infinite Credit Card is a gateway to a world of pure luxury where you not only get to travel in style and ultimate comfort but also get to indulge in some of the best experiences from around the world.
Up to 2.25 miles for every dollar spent in foreign currency.
Up to 1.25 miles for every S$1 spent on local transactions.
Unlimited lounge access at Priority Pass Lounges all over the world.
Free travel insurance coverage of up to US$2 million.
Principal card: S$650
S$488 (HSBC Premier Customers)
If dining out is what gets you excited, the OCBC 365 Credit Card is probably what you need. It lets you earn cashback on dining and other spends all throughout the year, every day of the week.
6% cashback on dining spends, both local and overseas, and also on online food orders.
3% cashback on local, overseas, and online groceries purchases.
3% cashback on private hire rides and taxis (local and overseas), and on recurring bills and eligible travel spends.
Up to 23% cashback on petrol purchases at Caltex stations and up to 20.4% cashback at Esso stations.
5% cashback at all other fuel stations.
0.3% cashback on all other purchases.
Principal card: S$192.60 (free for the first 2 years)
Supplementary card: S$96.30 (free for the first 2 years)
The UOB YOLO Card is designed to be just as cool and outgoing as you are. With cashback on a variety of spends, it makes your entertainment and shopping purchases that much cheaper. Having a good time doesn’t have to be too expensive anymore.
Up to 8% cashback on entertainment, dining, and Grab ride spends.
Up to 8% cashback on online fashion, travel, and other online spends.
0.3% cashback on all other purchases.
Dining offers all over the country.
Principal card: S$192.60 (fee waived for the first year)
Supplementary card: S$96.30 (second card onwards.)
The UOB Delight Card is a good option to use when the bulk of your card spending is related to groceries. Everyday grocery shopping doesn’t have to be as boring as you think it is anymore.
Rebates of up to 8% at supermarkets such as Market place, Cold Storage, Giant, Jasons, and Guardian.
10% discount on more than 4,000 house brands at Giant, Cold Storage, and Guardian.
Rebates of up to 3% on recurring bills and contactless transactions.
Rebate of 0.3% on every other transaction.
SMART$ rebates of up to 10% at more than 400 outlets.
Principal card: S$85.60 (waived for the first year)
Supplementary card: S$53.50 (first card is free)
The Citi Cash Back Credit Card can help you save money when you use it to pay your petrol bills. It also rewards you with cash back on dining spends, groceries purchases, and Grab spends.
Up to 20.88% savings on fuel purchases at Shell and Esso.
Up to 8% cash back on other fuel spends, Grab rides, groceries purchases, and dining spends all over the world.
0.25% cash back on every other retail purchase.
Travel insurance coverage of up to S$1 million when you purchase tickets using the card.
Principal card: S$192.60 (waived for the first year)
The UOB Visa Infinite Metal Card offers you a world of pure luxury and indulgence. From accelerated miles earning rate to a host of customised services to meet your high standard of living, this card has it all.
Up to 2 miles for every dollar you spend on it.
Specially curated privileges such as luxury hotel collection, dedicated travel concierge, golf programmes, and gourmet dining options.
Free access into airport lounges 4 times every year, courtesy of DragonPass.
Dedicated medical concierge and privilege banking centres from UOB.
Principal card: S$642
Supplementary card: S$288 (waived for the first year for the first card)
The options when it comes to these types of cards in Singapore are practically endless. Whether you’re earning a salary every month, running a business, or are still a student, there’s always an option for you.
Take a look at the various choices that lie at your disposal and see if you’re eligible for one or more of them. What’s more, when you sign up for a particular card, you might stand to get welcome gifts as well.
Just because there are many credit cards available in the country, it doesn’t mean that you will be able to apply for all of them. Before you apply for one, you need to make sure that you qualify for it.
Keep in mind that multiple card application rejections can adversely affect your credit score. So, checking your eligibility before applying is quite important. Check out the following main criteria given below:
|Minimum Income for Application||S$30,000 p.a.|
|Minimum Age Requirement for Principal Cardholder||21 years|
|Minimum Age Requirement for Supplementary Cardholder||18 years|
|Citizenship Requirement||Singapore citizen or Permanent Resident|
The above criteria are those that generally apply for card applications in Singapore. Card issuers in the country also offer credit cards for foreigners. These may require you (the foreigner) to fulfil certain other criteria as well.
Apart from the regular criteria that you need to fulfil before you apply for a card, you also need to make sure that you have all the necessary documents in order. Not providing the required documents can result in your application getting rejected.
We’ve put together a list of the main credit card application documents that are required by banks in Singapore:
|Salaried Individuals||Variable Income or Commission Earning Individuals||Self Employed Individuals||Foreigners|
Depending on the card issuer, you may be asked to provide all the documents given above or only a few of them.
This is probably one of the most attractive benefits of using credit cards. Most cards in Singapore offer a plethora of rewards in the form of cashback, rewards points, air miles, and rebates. Depending on which card you’re using and how much you spend every month, you will get to earn these rewards. For many cards, spending a certain amount within the specified period or spending on certain categories will help you earn rewards at higher rates.
You get a variety of offers on some of your favourite spend categories such as dining, travel, retail shopping, and health and beauty products, among others. For example, using a particular promo code when you pay using a card can get you a discount.
Many cards in Singapore give you a warm welcome in the form of a bonus welcome gift when you apply for them. These could be in the form of cash credits, vouchers, air miles, cashback, etc. In some cases, you may get these bonuses when your card gets approved. In other cases, you may have to spend a certain amount of money on the card within a specified period to get the bonus.
There are a number of special benefits that you get when you use a credit card. For instance, many of them come with complimentary travel insurance coverage which you can use when you fly overseas. Some cards offer you access to some of the best dining and entertainment privileges all around the world. You can also make use of the free airport lounge access, if available, to relax before your flight.
You get to buy the goods and services you want without having to pay for them out of your own pocket right away. You get to enjoy a grace period until the amounts become due. You have to pay them only on the due date mentioned on your monthly card statement.
You can also get insurance protection for the products you buy using your card. Some of the cards in Singapore insure your products and services so that you don’t bear the losses arising of out of non-delivery, defective products, and others. Every facility like this will come with certain terms and conditions, so make sure you read up on them when you apply.
Some of the cards give you the option of converting your larger purchases into a series of smaller instalments. You can then pay them over the next few months or years, making such purchases less of a financial burden.
A credit card is a financial instrument that involves monetary transfers. Therefore, it is important to use it wisely. Here are a few things you need to keep in mind before you apply for one:
Will You Be Able to Use It Well? Every financial decision needs to be a well-thought-out one. A credit card can turn into a debt trap if you don’t use it wisely. Ask yourself whether you will be able to repay the outstanding amounts on time every month or not.
More Is Not Always Better: Do you already own a card? Then maybe you shouldn’t be getting another one. Having multiple cards can become confusing, especially when you have to keep track of the various repayment amounts. So, unless you’re absolutely sure of handling multiple cards at the same name, stick to just one.
Always Check Your Eligibility: Before you apply, check if you’re eligible for a particular card or not. If you apply for a card that you don’t qualify for, your application will get rejected. Having multiple card applications rejected will have an adverse impact on your credit score. And we all know that a bad credit score is not exactly something you want in your financial report.
Like we mentioned earlier, there are tons of cards out there in the market today. So, when you’re spoilt for choice like this, how do you choose the right card? We’re putting together a few points that may help you find a card that’s just right for your needs. Take a look at the following tips:
Match Your Spending Patterns with the Card Category: The first step is to identify your most common expenses. Now based on this, select the card category. For example, if you love to travel, choose the category of cards that give you air miles on your purchases.
Compare Your Options: Once you’ve figured out the category, check out the various cards that are available under it. Look at the what these cards offer in detail along with the joining perks, rewards programmes, additional benefits, and special features for each of them. This should help you narrow down on a card. But wait, there’s more.
But wait, there’s more.
Read the Terms and Conditions: Before you settle on a card and apply for it, make sure you go through its fine print. This will give you everything there is to know about it (such as the various fees and charges) and how it works.
Choose the Most Valuable Card: This does not mean you pick the most expensive card. Rather, pick the one that gives you the most value in terms of rewards, spending criteria, other benefits, repayment options, and annual fees.
Cost Is Not Proportional to Value: There are quite a few premium cards available as well. But just because a card is more expensive and offers better benefits it does not mean that you should get it. Such cards usually require you to spend a lot more to get these benefits. Look at whether you will be able to afford to spend so much. As always, be prudent when making financial decisions.
The process of applying for a card can differ from one bank to another. Here at BankBazaar, the process is fairly simple. Compare your options and apply for the card you want. It really is that easy.
Rewards cards give you points for every dollar you spend, such as shopping, groceries, petrol, online stores, and more. These points can be redeemed for vouchers, air miles, and even cash credits.
A cashback card gives you back a percentage of every eligible transaction you use it for. This cashback is transferred to your account. This can help you save money every month and offset your bills.
A travel card can be your best travel partner. With a range of privileges such as travel insurance, airport lounge access, wallet protection, and designated concierge services, it redefines travelling.
A petrol card is what you need if you want to save money on your monthly fuel spends. You can save anywhere between 5% and 24% on petrol, not only in Singapore but also in Malaysia on some cards.
You can enjoy the benefits of some cards in Singapore without having to pay an annual fee. These come either with a permanent waiver or an option to get the fee waived on spending a certain amount.
The best dining cards in the country help you earn reward points and rebates, and even offer discounts on dining-related spends. Some of them may also provide you with exclusive dining privileges.
If you want to have a time of pure indulgence and tranquillity before you catch your flight, you can make use of the complimentary airport lounge access offered by some of the cards in Singapore.
When you apply for a card, the bank may give you welcome gifts, bonus miles, or cash credits. Check out the best credit cards in Singapore that offer you welcome benefits when you apply for them.
If you’re earning a low income or are a student, check out the best options available for you in Singapore. These are specially designed to meet the needs of people very much like yourself.
The following is a list of some of the fees and charges that are normally associated with credit cards in the country:
|Interest Rate||24% to 28%|
|Cash Advance Fee||6% or S$15 whichever is higher|
|Interest on Cash Advance||24% to 29%|
Note: The rates mentioned in the above table are only approximations. The rates differ from one bank to another. To get the rates that apply to your credit card, do check with the card issuing bank.
Q. Can I use my credit card to withdraw money as I do with my debit card?
A. Yes, you can. But there usually is a limit on how much you can withdraw every day using a credit card. Also, using it to withdraw cash will attract a high interest rate. So, use it only as a last resort.
Q. Can I increase the credit limit on my card?
A. Yes, you can. If you feel that you need a higher spending limit on your card, you can approach your card issuer for the same. You will have to make a separate application for this and also provide documents such as proof of increase in income.
Q. Can I carry forward the rewards I get on my card to the next year?
A. Yes and no. It depends on the type of rewards you earn on your spends and the terms and conditions associated with your card. Certain cards allow you to accumulate the rewards you earn over a period of a few years while others require you to claim them within a few months.
Q. How do I know when my card bill is due?
A. You will get your card statement every month containing the amount due, the minimum amount payable, and the due date of payment among others.
Q. How should I pay my bill every month?
A. In Singapore, you can pay your card dues every month in a number of ways, including online payment, via standing instructions, over the counter, etc.
Q. What does minimum balance payment mean?
A. The minimum balance is the amount you have to pay every month if you don’t have the required cash to pay off your card’s outstanding balance every month. This minimum balance depends on how much outstanding amount reflects on your card statement.
Q. What happens if I pay only the minimum amount every month?
A. If you pay only the minimum amount every month, the balance will get carried over to the next month and so on. The interest rate on unpaid dues will also apply.
Q. What happens if I don’t pay my card bill one month?
A. If you miss paying your card dues, they get carried forward to the next month. The next bill you get will have the amounts for that month as well as the one you skipped. This is something you don’t want because of the high interest rates that apply to overdue balances. Ever heard of people being in credit card debt? This is how it happens. Also, defaulting will adversely impact your credit score.
Q. What is a credit score and how does it impact me?
A. A credit score is a rating attached to you based on how you handle your finances and repay the loans you take. Not repaying your dues on time will give you a bad score, making it difficult for you to get loans and cards in the future.
Q. Can I get a credit card with bad credit?
A. Yes, you can. However, it may be extremely difficult and banks in most cases will not prefer giving you one because of poor repayment patterns. The best way to get a card in such situations is to first build your credit score and then apply for one.
Q. Can I apply for more than one card at a time?
A. Yes, you can apply for more than one card at a time. However, keep in mind that having multiple cards can become more of a hassle than a blessing. Yes, you might get a wider range of rewards and benefits, but it also means keeping track of multiple card bills and repayments. So, if you do get more than one card, make sure you handle them well.
Q. How long will the bank take to process my application?
A. This depends on which bank’s card you choose. Usually, this gets done within a few days.
Q. What if my card is stolen or lost?
A. The minute you find that your card is either lost or has been stolen, you need to get in touch with your bank and have it blocked. This will prevent it from being used without your approval.
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