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When you are planning to own a credit card in Singapore, your options are never-ending, you have an extensive range to choose from. Hence, finalising on a suitable card is not going to be an easy task. There are several factors you need to consider before shopping for one at banks or bankbazaar.sg or other top personal finance portals.
First and foremost you need to analyse your spending pattern. Secondly, assess what kind of a card you need based on your specific financial needs. You might need a card to pay for online shopping, fuel bills, groceries, dining, travel fares, day-to-day expenses, entertainment, etc. Thirdly, you need to see if you are in a position to afford a particular type of card.
Now, let’s look at the various types of credit cards that are available in Singapore. Also, let us learn what each card offers you.
Credit cards in Singapore are broadly classified into the following types:
A card that gives you a portion of money back with every purchase you make. However, this will not be an instant discount. After you complete a transaction successfully, your cashback amount will be credited to your card, usually in the following billing cycle.
|Credit card name||Cashback you earn|
|HSBC Advance||Up to 3.5% on all spends|
|Citi Cash Back||8% in selected categories|
|Standard Chartered Unlimited Cashback||1.5% with no minimum spend and no cap on your cashback amount|
|DBS Live Fresh||5% on every Visa payWave transaction made|
A card that gives you reward points when you make a transaction. The points you earn can either be converted into air miles, cash credits, vouchers, or can be used for paying bills or annual fee.
An ideal card for those who travel frequently. You will earn air miles on all purchases you make. Apart from air miles, few cards also offer:
|Credit card name||Air miles you earn|
|Citi PremierMiles Visa||
2 Citi Miles for every S$1 spent overseas
1.2 Citi Miles for every S$1 spent locally
No expiry date for Citi Miles
|UOB PRVI Miles||
2.4 miles for every S$1 spent overseas
1.4 miles for every S$1 spent locally
6 miles for every S$1 spent at selected hotels and airlines
|HSBC Visa Infinite||
Up to 2.25 miles for every S$1 spent overseas
Up to 1.25 mile for every S$1 spent locally
|DBS Altitude Visa Signature||
2 miles for every S$1 spent overseas
1.2 miles for every S$1 spent locally
Under each type of a credit card, there are sub categories such as:
With a grocery credit card, you will get discounts and rewards when you do your grocery shopping at select stores and supermarkets.
These credit cards give you exclusive shopping benefits in the form of cashback, reward points, promotional offers, and discounts. Few cards offer special discounts for online shopping.
Dining credit cards come with special privileges. These privileges are applicable when you dine at specific hotels, cafes and restaurants. Dining benefits include budget-friendly deals, special discounts, reward points, or additional cashback.
|Credit card name||Dining benefits|
|UOB YOLO||Rebate of up to 8% on dining|
|American Express Platinum||Save up to 50% on your dining bills at many famous restaurants across Singapore and worldwide|
|Citi Cash Back||8% cash back worldwide on your dining bills at cafes, bars, and restaurants|
6% cashback on local dining during the weekends
3% cashback on local dining during the weekdays
3% cashback worldwide on overseas dining
|HSBC Revolution||5x rewards on local dining|
Petrol credit cards give you higher cash rebate and reward points when you refuel your car at specific fuel stations.
|Credit card name||Fuel discounts|
|Citi Cash Back||
Save up to 20.88% on your fuel bills at Esso & Shell
Cashback of 8% at other fuel stations across the world
At SPC stations, save up to 24%
At Shell stations, save up to 20.8%
|OCBC Plus! Visa||Save up to 18.5% on your fuel bills at Esso stations across Singapore|
|HSBC Revolution||Instant fuel discount of up to 16% at all Shell and Caltex stations|
|Citi PremierMiles Visa||14% discount at Esso stations|
With an entertainment credit card, you get to enjoy extra perks on theme park tickets, movie tickets, entry into bars, pubs, clubs etc.
These cards come with exclusive luxury benefits and will allow you to earn endless reward points and air miles. However, these cards are reserved only for the high net-worth customers of the bank. In order to get these cards, you will need an invite from the bank.
An ideal card that offers you reward points, cashback and other privileges on your insurance premium amount. A few cards offer complimentary medical, personal accident or travel insurance.
These cards are exclusively for students. Student credit cards come with special privileges such as economical annual fee, no income criteria, etc. Students also get to earn higher reward points on common purchases made by them.
Business credit cards are usually offered by corporate firms to their company professionals. Employees can use these cards to make their payments for any kind of business-related expenses. For example, company sponsored trip expenses can be paid using a business card.
Lifestyle credit cards are suitable for people who are looking for special privileges with respect to luxury travel and shopping. These cards also comprise attributes of an entertainment card.
A golf card offers you exclusive golfing benefits like complimentary golf insurance and green fee waiver at select clubs.
With a utility card, you get to save a lot on your recurring bills in the form of cashback and reward points.