• Best credit cards in Singapore

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    Credit cards have made a mark for themselves within a very short period of time. They are popular not just in the developed world but also in emerging economies across the planet. In the beginning, credit cards were created to offer people with a means to obtain instant credit. Based on the concept of revolving credit, they allow people to make purchases first and then pay for them later. However, the function of these plastic products is not limited to offering people with access to revolving credit. Today, credit cards can provide people with a wide range of benefits in the form of discounts, cash rebates, deals, privileges, promotions and so on.

    In Singapore, most of the banks and financial institutions issue credit cards and they are used by people from all walks of life. The top 3 domestic banks in Singapore, DBS, UOB and OCBC issue a variety of credit cards that cater to the needs of all kinds of customers. Even foreign banks in the Lion City, such as ICBC, Standard Chartered, HSBC, Bank of China etc. offer a ton of credit cards to people living in Singapore. Given that a variety of options are available, you can easily get confused when it comes to choosing the right credit card for you. Here, we will talk about the best credit cards in Singapore, in different categories such as travel, cashback, fuel benefits, shopping etc.

    Let us take a look at some of the best credit cards offered by the top banks in Singapore:

    Credit Cards

    Features

    HSBC Revolution Credit Card

      • You will get 1 reward point whenever you spend S$1.

      • You will get 5 rewards points when you make online purchases.

      • If you apply online, you will get a cashback of S$20.

    ANZ Optimum World MasterCard Credit Card

      • You will receive a cashback of up to S$100.

      • You will get cash rebates of up to 5% on dining, shopping, travel, and groceries.

      • You will get cash rebates of up to 1% on all other types of expenses.

    Standard Chartered Unlimited Cashback Credit Card

      • You will get a cashback of 1.5% without any minimum spending limit and cashback cap.

      • When you apply, you will receive Uber credits worth S$150 OR Caltex StarCash card worth S$138 OR cashback of S$138.

    OCBC 365 Credit Card

      • This card will give you a cashback on all your everyday expenditures.

      • You will get up to 23.9% cashback on your fuel expenses.

      • You will get free travel insurance of up to S$200,000 if you buy your air tickets with this card.

      • You will get extra 3% benefit for Child Development Account Trustees for medical expenditures.

    Citi PremierMiles Visa Card

      • Whenever you spend S$1 online for making your travel plans, you will get up to 10 Citi Miles. These Citi Miles will never get lapsed.

      • You can use these miles to make payments for your air tickets, hotel rooms, etc.

    UOB PRVI Miles American Express Card

      • You will receive 20,000 loyalty miles on an annual basis.

      • When you spend S$1 with this card, you will get 6 miles.

      • When you spend S$1 on local purchases, you will get 1.4 miles and when you make overseas purchases, you will receive 2.4 miles.

    Citibank SMRT Card

      • You will be able to obtain 3% savings when you make online purchases.

      • You will get 5% savings when you buy groceries with this card. At FairPrice Xtra Kallang Wave, you will get 7.3% discount.

      • This card will provide you with 3% savings when you shop with this card.

    POSB Everyday Card

      • You will get up to 6% cash rebate on your daily purchases and up to 14% cash rebate on your dining bills.

      • You can make savings of up to 20.1% at SPC.

      • You will get cash rebate of 5% at SPC.

    American Express Platinum Credit Card

      • You will get savings of up to 50% at certain restaurants with the help of Love Dining.

      • You can enjoy special Platinum privileges for golf, wellness services, and travel plans.

    Maybank Family & Friends Card

      • You will get a cash rebate of 8% on everyday purchases in Singapore as well as Malaysia.

      • When you spend S$300 on a monthly basis, you will get a cash rebate of 5%. This is applicable until June 30, 2017.

      • You will get unlimited cash rebates of 0.3% on other expenses.

      • With this card offered by Maybank, you will get cash rebates of 8% on train and bus rides in Singapore.

    Best Credit Cards for Travel

    If you are someone who travels on a frequent basis, you will not have any difficulty finding a credit card that will offer you with air miles and numerous other travel benefits. Some of the top travel credit cards available in Singapore are as follows:

    1. ANZ Travel Visa Signature Card – This is a great card for those who want to earn air miles at a faster rate and also get access to other travel benefits. You will earn 1.4 air miles every time you spend S$1 with this card in Singapore. You will also earn 200 air miles as a bonus when you sign up for this card and then spend S$500. The card will also help you to travel in peace as it will provide you with Travel Accident coverage of up to S$1 million. Your annual income needs to be minimum S$60,000, if you want to apply for this ANZ Signature Card.
    2. OCBC Voyage Card – It is one of the most popular travel credit cards in the island and is the ultimate card for those who are always on the move. The card provides higher air miles for a variety of transactions and a ton of travel benefits to the cardholders. Every time you spend an amount which is equal to S$1 in any foreign currency, you will earn 2.3 voyage miles. You will also earn the same amount of voyage miles for each S$1 spent on dining in Singapore. Once you have accumulated the voyage miles, you can redeem them for air tickets, airport transfers, hotel bookings and so on. You need to have a minimum annual income of S$120,000 to be eligible for this card.

    Best Credit Cards for Shopping

    If you want to save money when you use your card for daily expenses, or if you want to enjoy a wide range of shopping benefits, you should opt for the variety of shopping credit cards available in the island. Some of the most popular shopping credit cards in Singapore are listed below.

    1. Bank of China (BOC) Shop Card – As the name suggests, the BOC Shop Card has been designed to offer people with different types of features that will provide them with access to shopping privileges and discounts. With the card, you can enjoy cash rebate of 6 percent for purchases at select departmental stores and for online transactions. Even for regular transactions competed with this credit card from BOC, you will enjoy cash rebate of 1 percent. Thus, you can save a lot of money when you use the BOC Shop Card for your daily shopping needs. You should be aged 21 and above to apply for this credit card and be the primary cardholder.
    2. POSB Everyday Card – This is the credit card you should opt for if you want access to a world of shopping discounts and a range of other benefits. You can save up to 20.1 percent on the price of fuel, if you use this card to refuel at SPC. You can enjoy 2 percent cash rebate on all transactions completed overseas and 1 percent cash rebate on parking fees when you use this card to renew your parking tickets. You will enjoy a range of cash rebates and discounts for all other kinds of transactions completed with this card. The card comes with a low annual fee of S$38.52.

    Best Credit Card for Fuel Benefits

    You are probably a person who spends a lot of money every month on refueling his or her car. Thus, you should opt for a fuel credit card that can offer you with fuel benefits and help you save money. Such credit cards can help you save on the overall fuel expenditure by providing discounts, cashbacks and rebates every time you use these cards to refuel your vehicle. Some of the top credit cards in Singapore that offer fuel benefits are as follows:

    1. DBS Esso MasterCard Card – With this credit card from DBS, you can get an instant discount of 5 percent when you pay for your fuel transactions at Esso service stations in Singapore. When you opt for this card, you will be automatically enrolled into the Smiles Driver Rewards loyalty programme of Esso. Apart from that, you can also enjoy a range of other benefits with the DBS Esso MasterCard Card, which include the flexibility of converting purchases into EMIs. When you convert a purchase into EMIs, you can pay for it in easy installment and the total interest charged on the amount will be a lot lower.
    2. Citibank DIVIDEND Card – The DIVIDEND card from Citibank has been designed to offer you with benefits on regular expenses such as refueling, dining out, purchasing groceries, watching movies etc. You will enjoy cashback and other attractive rewards on all kinds of purchases completed with this credit card. In fact, you will enjoy up to 18.1 percent savings at Shell service stations and 18.3 percent savings at Esso service stations. As a welcome bonus, you will be offered with S$88 worth of e-coupons from Shell and the same can be redeemed at the Shell service stations. Hence, this credit card can help you save a lot of money on fuel charges.

    Which credit card to opt for?

    Apart from the card mentioned above, there are numerous other credit cards available to people living in Singapore. Some of these card offer dining benefits, while other can offer you with a variety of travel benefits. You can even find cards that will provide you with access to golf courts around the world and a variety of other luxury privileges. Depending on your monthly income, budget and your lifestyle, you can opt for a credit card that will be best suited to your specific needs. You can access the credit card pages of BankBazaar.sg and read about the different credit cards and their features as it will help you in making the right choice.

    Eligibility For Credit Cards in Singapore

    Most of the credit card issuers in the island will require you to have an annual income of minimum S$25,000 to apply for the cards that they offer. The income requirement is higher for foreigners living and working in the country. However, for cards that offer premium benefits, higher credit limits and a range of other advantageous features, the income requirement is generally a lot higher (in the range of S$60,000 and above per annum). You will also need to be an adult who is aged 21 and above and has a good credit score. If you are unsure about whether you qualify for a credit card, you can always contact the card issuer and get the required info.

    Documents Required To Apply for Credit Cards in Singapore

    In order to apply for a credit card in Singapore, you will usually need to provide the following documents:

    • Copy of your NRIC (both sides)
    • Address proof such as utility bills
    • Proof of income such as latest salary slips, bank statements etc.
    • CPF statement, Assessment of Income etc.
    • Recent Photograph
    • Passport, Driver’s License and other proof of identity

    When you apply for a credit card, you will need to provide the following documents and also a duly filled application form. The application form can be downloaded from the website of most credit card issuers and in most cases you can submit the form along with other required documents and apply for the card online. You can track the status of your application and if it is approved, the card will be issued within a few working days

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