We are used to the convenience of using credit cards and enjoying the benefits. One point of concern is paying the annual fee for such cards. We all know that banks have annual fee waiver on credit cards, but the lesser known fact is that few cards have absolutely no fees. Let’s understand in detail about no-fee credit cards.
How to choose No Annual Fee Credit Cards
There are various parameters that you should consider when choosing a credit card with no annual fees:
Credit card issuer – There are over 10 reputed banks in Singapore that offer a plethora of credit card options to customers. It is advisable to choose one that offers good customer service and assistance.
Interest rates – Interest rates on credit cards in Singapore average between 24% p.a. and 28% p.a. You don’t want to choose a credit card that does not charge an annual fee but charges a very high interest rate. This will cost you more in the long run.
Promotional rates – Many banks offer promotional rates when using a credit card for a balance transfer or offer promotional rates on other credit lines such as loans, deposits, etc. for maintaining a relationship with the bank.
Credit card rewards – Choose a credit card that offers high rewards on categories that you spend on the most such as travel, shopping, dining, etc. This way, you’ll get the maximum rewards on your credit card spends.
Sign-up bonuses – Many credit card issuers offer sign-up bonus when applying for a credit card. This can be in the form of gifts such as luggage, a wrist watch, shopping vouchers, etc. or even in the form of air miles, cashback or credits.
Best Credit Cards with No Annual Fee
- The annual fee is perpetually waived for HSBC Advance Banking customers.
- You can earn up to 3.5% cashback on all your purchases.
- Non-Advance Banking customers will earn up to 2.5% cashback.
- Cashback is applicable on all retail transactions with no minimum spend requirement or cashback cap.
- The annual fee is perpetually waived for those who have a premier relationship with HSBC bank.
- You can get up to 5% cash rebate on internet, mobile and cable TV bill payment.
- Get up to 6% cash rebate on petrol and up to 16% instant discount at all Shell and Caltex stations.
- Earn up to 2% cash rebate on local dining.
- All cardholders of this card will enjoy perpetual annual fee waiver.
- Earn up to 3.3% cash rebate on your local spending and 0.3% cash rebate on overseas spending.
- At Shaw Theatres you can get up to S$3 off on movie tickets.
- You will have access to eStatements any time.
- Annual fee is perpetually waived for all principal cards and the first supplementary card. This card will only be issued if you are a member of certain associations that are listed below:
- Alumni Associations
- Law Society of Singapore
- Institute of Singapore Chartered Accountants (ISCA)
- Singapore Medical Association
- The Association of Chartered Certified Accountants (ACCA)
- You will get up to 10% SMART$ rebate instantly at more than 400 participating outlets across Singapore. 1 SMART$ is equivalent to S$1, you can use this to offset your expenses at Cathay Cineplexes, Giant, Shell, Cold Storage, Guardian, and more.
- Enjoy up to 24% savings at SPC and up to 20.8% at Shell.
- There is no annual fee for Safra members.
- You can get up to 3% cash rebate on local contactless transactions and on online shopping.
- Get up to 0.3% cash rebate on other retail transactions.
- Enjoy Safra membership privileges like access to 6 SAFRA clubs across Singapore.
- Annual fee is permanently waived for NUSS Members.
- For each S$5 spent at NUSS F&B outlets, you can earn 2 DBS rewards points.
- For each S$5 spent elsewhere in Singapore, you can earn 1 DBS reward point.
- You can exchange these points for rewards listed in DBS Rewards catalogue.
- Enjoy cash rebate of 10% on wine and dine transactions.
- Get cash rebate of 10% on foreign currency transactions done online.
- Overseas transactions in foreign currencies will not be charged an administrative fee.
- Enjoy 0.2% cash rebate on all other spends without any minimum spend requirement.
- Spend at least S$2,000 per statement month and get 2% cash rebate on travel purchases, online purchases in foreign currency and overseas purchases.
- Get a Priority Pass Membership with access to more than 700 VIP airport lounges in the world.
- Enjoy a Personal Concierge service with this credit card.
- Get complimentary travel insurance for you and your family.
- Dining Privileges with up to 50% off at partner merchants.
- Enjoy 10% cash rebate on purchase of travel tickets and hotel bookings.
- Enjoy 10% cash rebate on purchases related to Health, Beauty and Wellness.
- Enjoy 0.2% cash rebate on everything else with no cap.
- No administrative fee charged on transactions in foreign currency.
Credit score grade of AA? What are you waiting for?? Apply for a credit card already!Apply Now
Best Credit Cards with Annual Fee Waivers
- Annual fee waiver – 2 years.
- Get 3% cashback on local weekday and overseas dining. 6% cashback on local weekend dining.
- Get 3% cashback on online shopping including purchase of movie tickets, fashion and travel purchases using OCBC 365 Card.
- Get 6% cashback on fuel purchases at Caltex. 5% cashback across every other fuel station.
- Get 3% cashback on purchases at supermarkets in Singapore.
- Get 3% cashback on recurring telecommunication bills including M1, StarHub and SingTel.
- Get 0.3% cashback on everything else.
- Minimum monthly spend of S$600 is required to earn cashback, otherwise you will get 0.3% cashback on all purchases.
- Annual fee waiver – 2 years.
- Earn 6% rebate on online transactions including purchase of gadgets, clothes, flight and hotel bookings, etc. Enjoy an additional 2% rebate on the Apple Online Store when making eligible purchases.
- Earn 5% rebate on entertainment related purchases with OCBC Frank Card between Fridays and Sundays at KTVs, clubs, bars, cinema and select cafes. 3% rebate on entertainment related purchases during the rest of the week.
- Minimum monthly spend of S$400 is required and the monthly rebate is capped at S$60.
- Design your own credit card by choosing from 120 different card designs.
- Annual fee waiver – 2 years.
- Enjoy 5X Rewards points or 2 air miles on your online transactions including flight/concert/movie tickets, travel/hotel/taxi bookings, paying insurance premiums, ordering food online, online shopping, etc.
- Enjoy 5X Rewards or 2 air miles on your dining transactions in Singapore at cafes, restaurants and fast food establishments.
- Enjoy 5X Rewards or 2 air miles on your entertainment transactions with hsbc revolution in Singapore at bars, pubs, clubs and family KTVs.
- Earn 1X Rewards per S$1 spent on everything else.
- Annual fee waiver – 1 year.
- Until July 31, 2017, spend at least S$2,500 every calendar month and earn double reward points on your transactions where S$1 spent will be equivalent to up to 6 miles.
- Earn 3 miles per S$1 spent on online flight ticket purchases and hotel bookings up to S$5,000 a month.
- Earn 2 miles per S$1 spent overseas in foreign currency.
- Earn 1.2 miles per S$1 spent in Singapore.
- Get a complimentary Priority Pass Membership where you will enjoy 2 complimentary access to global airport lounges per 12 month period.
- Enjoy complimentary travel accident insurance cover up to S$1 million.
- Enjoy personalized assistance from DBS Altitude Butler Service.
If you are hesitant to pay an annual fee, you can compare these cards and choose one according to your suitability. However, absence of fee must not be the only factor to be considered while choosing a card.