Best Credit Cards in Singapore [2025]

Introduction

Looking for the best credit card in Singapore that suits your spending habits? Singapore’s credit card market is thriving, with over 6 million principal cardholders. While credit cards still lead, they now account for about 36% of the payment card market, as digital wallets and debit cards gain traction. With so many options available, choosing the right card can be confusing, especially with various rewards programs and benefits on offer.

Whether you prefer rewards, cashback, or miles, the market offers a range of choices tailored to different lifestyles and financial goals. Our team has thoroughly researched the current offerings and provided the following details to help you choose the best credit card options in Singapore.

Best Credit Cards in Singapore [2025]

Compare the Best Credit Cards Available in Singapore:

1. Rewards Credit Cards

2. Cashback Credit Cards

👉 Check out our list of the 10 best cashback credit cards in Singapore 

3. Miles Credit Cards

4. Premium/Luxury Credit Cards

Best Credit Cards in Singapore 2025

Looking for the perfect credit card to match your lifestyle, spending habits, or travel goals?

Below are Singapore’s best credit cards—ranked and reviewed to help you make smarter financial choices:

1. HSBC Revolution Credit Card

Best For: Online and contactless spenders who want high rewards without paying an annual fee.

The HSBC Revolution Credit Card is one of the best credit card singapore that is perfect for those who do a lot of online shopping and prefer mobile contactless payments. It provides a fantastic 10x rewards on your eligible online purchases, mobile payments, restaurants, and transport. This is the equivalent of roughly 4 miles per dollar or 2.5% cashback.

With no annual fee and the rewards being valid for 37 months, it’s ideal for those looking for great value in a no-cost card. The card’s interest rate is around 26.9% p.a. and a foreign transaction fee of 3.25%. Additionally, you can convert your points to miles, cashback, or hotel points, giving you flexibility in how you redeem rewards.

2. Citi Rewards Card

Best For: Those who shop frequently online and want to earn high-value rewards on everyday spending.

Citi Rewards Card is designed for shoppers, diners, and ride-hailing fans. You can earn 10 times points, equivalent to approximately 4 miles per dollar, for online shopping. In addition, dining, groceries and ride-hailing will also qualify for earning points. However, your monthly spending earns you S$1,000 worth of points at most. All other spend earns 1x point. This card best suits the users who wish to maximise rewards on more of their day to day spend and can utilise Citi’s wide transfer partners for miles.

The annual fee is S$194.40, typically waived for the first year, and the card has an interest rate of approximately 27.9% p.a. The foreign transaction fee is 3.25%, making it the best credit card Singapore for both local and international spend.

3. American Express CapitaCard

Best For: Regular CapitaLand mall visitors who want rebates and lifestyle perks.

The American Express CapitaCard is designed for those who frequent CapitaLand malls and selected merchants. It allows users to enjoy a rebate of 5% in STAR$. The rebate can be used for dining, shopping, or entertainment at designated outlets of CapitaLand’s malls. Although the offers are restricted to certain locations, it is ideal for people who shop or dine often there.

The card charges an annual fee of S$172.80, and while the interest rate is not disclosed, the foreign transaction fee is 3.25%. The card also includes free parking at CapitaLand malls, adding to its appeal for frequent mall-goers.

4. OCBC 365 Credit Card

Best For: Households and individuals with regular spend across food, fuel, groceries, and utilities.

The OCBC 365 Credit Card is the best cashback credit card Singapore. It is made for those who have regular day-to-day expenses, whether dining, petrol, groceries or utilities. You can earn 6% cashback for dining, 5% cashback for petrol and 3% cashback for groceries, utilities and telco bills. You need to spend at least S$800 each month to enjoy these cashback rates. All other spending gives you a base cashback of 0.25%.

It carries an annual fee of S$196.20, which is waived for the first two years. The interest rate is 27.78% p.a. and the foreign transaction fee is 3.25%. This card is perfect for individuals who want a straightforward cashback experience with high returns on daily spending.

5. UOB One Card

Best For: Consistent spenders looking for high cashback across groceries, transport, and bills.

The UOB One Card is great for those who prefer cashback over points or miles. It offers up to 10% cashback on groceries, petrol, and spending at selected merchants. To qualify for these high cashback rates, cardholders must meet specific monthly spending thresholds, such as spending at least S$500, S$1,000, or S$2,000 for three consecutive months.

The annual fee is S$196.20, which is waived for the first year, and the interest rate is 27.8% p.a. The foreign transaction fee is 3.25%. This card is ideal for people who want straightforward cashback on essential spending.

6. OCBC FRANK Card

Best For: Young adults and digital natives with contactless or online spending habits.

The OCBC FRANK Card is designed for younger cardholders who want cashback on mobile payments, online shopping, and green merchants. The card offers up to 8% cashback on mobile contactless payments and online transactions, along with 2% cashback on green merchants and 0.3% on other purchases.

The card comes with an annual fee of S$196.20, waived for the first two years, and the interest rate is 27.78% p.a. The foreign transaction fee is 3.25%. This card is perfect for millennials who are tech-savvy and want to earn cashback while maintaining a sustainable lifestyle.

7. Standard Chartered Smart Credit Card

Best For: Cashback seekers who want flexibility with no annual fee.

The Standard Chartered Smart Credit Card offers up to 6% cashback on eligible retail purchases, making it an excellent choice for individuals who want to earn cashback without paying an annual fee initially. The first-year annual fee is waived, and from the second year, a fee of S$91 (excluding 9% GST) applies.

The card allows cardholders to split large purchases into interest-free monthly instalments for up to three months, providing added flexibility in managing payments. The card’s interest rate is 27.9% per annum (Effective Interest Rate, or EIR), with a cash advance fee waived for Smart Credit Cardholders. A late payment charge of S$100 applies if the minimum payment is not received by the due date. This card is ideal for those who value cashback and flexibility but want to avoid annual fees for the first year.

8. Citi PremierMiles Card

Best For: Frequent travellers seeking flexible air miles with strong global redemption options.

The Citi PremierMiles Card is the best miles credit card Singapore for frequent travellers. It allows you to earn 1.2 miles per dollar on local spend and 2.2 miles per dollar on foreign currency spend. You can earn up to 10 miles per dollar when booking through Citi’s travel partners. This best credit card for travel singapore also includes two complimentary visits to Priority Pass lounges every year.

There’s no expiry on Citi Miles, so it’s a solid choice for long-term travellers. The annual fee is S$196.20, with the first year waived, and it comes with an interest rate of 27.9% p.a. The foreign transaction fee is 3.25%. Additionally, the card provides up to S$1 million in travel insurance coverage.

9. OCBC 90°N Card

Best For: Budget-conscious travelers looking to earn high miles on travel platforms.

The OCBC 90°N Card is a suitable card for frequent travelers who wish to earn high miles on accommodation bookings. You earn 7 miles per dollar for Agoda bookings, 2.1 miles per dollar on spending in foreign currency and 1.3 miles per dollar on local spend.

The annual fee is S$54, waived for the first year, and the interest rate is 27.78% p.a. The foreign transaction fee is 3.25%. This card is great for those that book often via Agoda and want to earn miles on international spends.

10. American Express Singapore Airlines KrisFlyer Card

Best For: KrisFlyer members and loyal Singapore Airlines travelers.

With this card, you’ll earn 2 miles per dollar on Singapore Airlines, Scoot, KrisShop, and Grab (up to S$200 per month), and 1.1 miles on everything else. New cardholders can enjoy up to 17,000 KrisFlyer miles if they spend S$1,000 within the first 2 months. The annual fee is S$179.85, but it’s waived for the first year.

Plus, you’ll get S$150 cashback for future Singapore Airlines bookings if you spend S$12,000 or more. The interest rate is 27.8% p.a., and the foreign transaction fee is 2.95%. This card is ideal for frequent flyers who want to earn miles easily and enjoy travel perks.

11. UOB KrisFlyer Credit Card

Best For: Regular Singapore Airlines and Scoot passengers who also spend on dining, online shopping, and transport.

The KrisFlyer Credit Card Offered by UOB is for Frequent Singapore Airlines Travellers. For every dollar spent on Singapore Airlines, Scoot, KrisShop, and Kris+ you earn 3 miles. People can easily earn lots of miles whenever they dine, do online shopping or book transport as the card has 3x earn rates on these categories. Besides this, all other spending allows Chris miles earners.

The annual fee is S$196.20, and the interest rate is 26.9% p.a. The foreign transaction fee is 3.25%. This card is ideal for individuals looking to maximise miles to spend on Singapore Airlines and its partners or its services.

12. Citi ULTIMA Card

Best For: High-net-worth individuals seeking top-tier luxury experiences and unmatched exclusivity.

Citi ULTIMA card is a premium invite-only credit card for high net worth individuals. It gives 5 Citi ThankYou points per dollar on foreign currency transaction spends, which again is equivalent to 2 miles. With the card, you can access concierge services, yacht charters and dining at luxurious hotels.

The annual fee is S$4,160.16, and the interest rate is 26.9% p.a. The foreign transaction fee is 3.25%. It is a perfect card for wealthy people who want luxurious experiences and status.

13. DBS Insignia Visa Infinite Card

Best For: Private banking clients who want luxury travel and elite lifestyle perks.

The DBS Insignia Visa Infinite Card is a high-end best credit card singapore for those looking for premium travel benefits and luxury perks. On all spending, local and overseas, the card earns 2 miles per dollar. It comes with 100,000 welcome miles, concierge services, and luxury yacht rental access.

The yearly charge is S$3,210 and the interest rate is undisclosed. The foreign transaction fee is 3.25%. This card is made for people who spend a lot of money and expect great services and benefits.

14. UOB Visa Infinite Metal Card

Best For: Affluent travelers who prioritise travel miles and luxury perks.

UOB Visa Infinite Metal Card gives you 2.4 miles per dollar for the overseas expenses and 1.4 miles per dollar for locals. The card provides unlimited access to the DragonPass lounges (capped at 12 visits from June 2026), premium traveller services, golf privileges and luxury hotel benefits.

The minimum income per year is S$150,000 and the annual fee is S$654. 27.8%. The interest rate is 27.8% p.a., and the foreign transaction fee is 3.25%.This card is favourable for frequent travellers looking for high miles and premium benefits.

15. OCBC Voyage Card

Best For: OCBC Premier clients looking for flexibility between miles and cashback.

OCBC Voyage Card is one of the Singapore best credit cards for high-net-worth individuals who want flexibility between miles and cashback. This card earns 2.3 VOYAGE miles for every dollar spent or 2.3% cash back with no limits. You’ll enjoy monthly dining offers and no fees for redeeming KrisFlyer miles.

This card charges a yearly fee of S$498. For 150K VOYAGE miles is S$3,270 or for 50K VOYAGE miles is S$10,200. The interest rate is about 26.88% p.a. and foreign transaction fee is 3.5% The card is perfect for OCBC Premier clients who want both convenience and luxury.

How do Credit Cards Work?

So, if you have your credit card already, confirm activation, then you can use it in all sorts of ways. But don’t go crazy and do a shopping marathon at the mall the same day you get it, ah! Remember, a credit card lets you borrow money that’s not yours – you still gotta pay it back one day, you know?

Here are some common ways Singaporeans like to tap their cards:

1. Buy stuff at local or overseas shops.
2. Do online shopping.
3. Settle your bills.

But remember, some online or physical shops only accept certain credit card brands like MasterCard, VISA, or American Express (AMEX). So it’s smart to mix at least VISA and MasterCard if you want a place that only takes one brand.

Understanding How Credit Cards Work, Singaporean Style

Before you happily swipe your card at every store screaming SALE, take a moment to understand how credit cards work. Here’s the lowdown:

Step #1 – The Handover

After selecting your purchase, hand your credit card to the cashier for payment.

Step #2 – The Validation

The cashier swipes your card, transmitting your account information securely. The retailer validates your account and communicates with the issuing financial institution or bank to determine whether the purchase can proceed.

If a purchase is declined, it could be due to an inactive card, exceeding the credit limit, a late payment, or a hold on your account.

Step #3 – The Debit

Assuming your credit card is not declined, the purchase amount is added to your account. This process repeats with each additional purchase.

Step #4 – The Bill

At the end of each month, the issuing financial institution or bank sends you a bill detailing all purchases made during that period. The bill includes the balance due and the minimum payment required for the month. Banks often calculate the minimum sum as 3% of the outstanding amount or SGD 50, whichever is higher.

For instance, if your credit limit is SGD 5,000 and you spend SGD 1,000, your minimum amount due would be SGD 50, not 3% (SGD 30). Paying only the minimum amount incurs a financing charge on the remaining balance. Consistently paying the minimum amount each month compounds the financing charge and may lead to exceeding your credit limit.

Aim to pay the bill fully by the due date to avoid additional interest and late payment fees.

Step #5 – The Credit History

Paying your credit card on time, maintaining a low balance, or, even better, paying the balance in full each month contributes to building a positive credit history. A good credit history demonstrates financial responsibility, making it easier to secure loans for significant purchases like property or a car in the future.

What are the Criteria For Evaluating Credit Cards?

Choosing a credit card in Singapore requires thoughtful consideration due to the vast credit card market. Not every option suits you since cards are tailored to specific customer needs. Conducting research based on your transaction habits and priorities is crucial.

Here are key factors to remember:

Minimum Income and Eligibility Rules

Minimum income and age requirements generally apply when applying for a credit card. The criteria vary for Singaporeans, PRs, and foreign residents, with the typical minimum age for a primary cardholder being 21.

Annual Fee

In our comparison, we’ve excluded cards with excessively high annual fees. Instead, we’ve identified cards with no annual fee and an average annual fee of just under 200 SGD. Keep an eye out for ways to waive this fee, as some cards offer smart options based on your choice.

Interest Rate

If you don’t fully settle your bill each period, you’ll incur interest on the remaining balance. Check the interest rates applicable to your card. While most Singapore credit cards offer similar rates, some have differentiated rates. A better credit score may qualify you for a lower rate, saving you money.

Cash Back and Rewards

Many people choose credit cards based on the potential to earn cash back, rebates, rewards, air miles, or other benefits. Opt for a card that provides benefits you’ll use, allowing you to earn valuable perks on your regular purchases.

Foreign Transaction Fees

A foreign transaction fee is usually imposed when using a credit card in a foreign currency, such as during travel or online shopping with overseas retailers. This fee is typically set at 3.25%, increasing the cost of your purchases abroad. Consider obtaining an international debit card from Wise as a way to avoid this charge. More details on that later.

Rewards vs. Cash Back vs. Travel: Which Suits You Best?

For those who don’t travel frequently and prefer a versatile approach to credit card benefits, a low or no-annual-fee cash-back rewards card offering cashback on specific spending categories is ideal.

Travel enthusiasts and frequent flyers may find a premium travel rewards card beneficial, providing exclusive perks like free checked bags and statement credits for services. These cards often offer point multipliers for categories like transit and dining, ranging from 2X to 5X points. Despite the travel focus, different categories of travel rewards cards accommodate various preferences and lifestyles.

Credit Cards for Specific Needs

Best for Students and Young Professionals

1. Maybank eVibes

For Singaporean students aiming to optimise savings and looking for the best cashback credit card in Singapore, the Maybank eVibes Credit Card stands out. With a guaranteed 1% cashback on all spending, you can accumulate savings effortlessly across various categories without spending restrictions or cashback caps.

Unlike many cashback credit cards that come with specific category requirements or minimum monthly spend thresholds, the Maybank eVibes card ensures consistent cash back without such limitations. It eliminates the risk of reduced cashback rates, which often drop to meagre figures ranging from 0.25% to 0.4% for non-compliance with criteria.

Moreover, the annual fee of $20 is divided into $5 quarterly service fees, which are waived for the initial two years as long as the card is used at least once every three months. With a reasonable monthly credit limit of $500, this card provides a simple and accessible way to manage expenses.

Additional perks include discounts on Agoda hotel accommodations and the convenient tap-and-go feature of Samsung Pay.

Top Credit Cards for Business Owners

1. YouBiz Corporate Credit Card – Best for Startups Looking For A Long-Term Corporate Banking Tool

Fees, Rewards & Benefits:

• No annual fee
• Earn unlimited 1% cashback & enjoy 0% FX fees on all card expenditures
• No Annual Fees, Minimum Transaction Volumes, or Minimum Balance requirements
• Exclusive benefits with YouBiz partners
• Free Local Transfers
• Multi-currency accounts available in up to 9 currencies
• Unlimited virtual & physical corporate cards
• Real-time expense tracking

2. American Express Singapore Airlines Business Credit Card – Best for Credit Card for Travel Singapore for Business Owners

Fees, Rewards & Benefits:

• Annual fee: $301.79
• Supplementary card fee: $99.93 (First 2 cards free)
• Up to 8.5 KrisFlyer points (equivalent to 8.1% cashback) per $1 spent on SIA & SilkAir flights
• 1.8 KrisFlyer points (equivalent to 1.7% cashback) per $1 general spend
• Complimentary night’s stay and up to 50% dining discounts with Accor Plus across Asia-Pacific
• 2 free lounge visits per year for cardholder & a guest
• Accelerated KrisFlyer Elite Gold Status with $15,000 spend on Singapore Airlines Group within the first year of Card Membership
• Hertz Gold Plus Rewards Programme & rental car privileges
• Free travel inconvenience & accident insurance
• Extended payment terms: up to 51 interest-free days from the transaction date
• 0% interest instalment plans available across 6, 12, or 24 months via Pay Small

3. UOB Platinum Business Credit Card – Discounted Commercial Privileges

Fees, Rewards & Perks:

• Annual fee: $181.68 (first-year waiver)
• Earn 0.30% cash back on general spending
• Access to UOB SMART$ Rebate & UOB Commercial Privileges Programmes
• Benefit from MasterCard Easy Savings
• Complimentary travel accident insurance, up to $1 million per cardholder

Visa vs Mastercard vs American Express

Visa

Acceptance: Visa cards enjoy widespread acceptance at numerous establishments in Singapore, spanning retail stores, restaurants, hotels, supermarkets, online merchants, and various service providers. They are versatile for everyday purchases, dining, shopping, transportation, and more.

Security: Visa prioritises security with multiple layers, including encryption, fraud monitoring, and a secure payment network. Additional protection is offered through services like Verified by Visa, which requires a unique password or code for online purchases.

Speed: Visa transactions are known for swift processing in Singapore. The payment process is generally quick and seamless, with most transactions authorised within seconds. Transaction speed can vary based on the merchant’s payment system and the cardholder’s bank.

Mastercard

Acceptance: Mastercard is widely accepted throughout Singapore, covering retail stores, restaurants, hotels, online retailers, and various establishments. Its acceptance is almost universal among merchants accepting cards.

Security: Mastercard adheres to international security standards, employing features such as EMV chip technology, tokenization, encryption, and fraud monitoring. Mastercard SecureCode provides an additional layer of authentication for online purchases.

Speed: The payment process with Mastercard is typically seamless and swift, with authorization occurring within seconds.

American Express

Acceptance: American Express cards find acceptance in many major establishments in Singapore, including high-end retailers, hotels, restaurants, and online merchants. However, some smaller or local establishments may have limited acceptance, and it’s advisable to check for the Amex logo or inquire with the merchant before making a purchase.

Security: American Express employs technologies like EMV chip technology, tokenization, and encryption for transaction security. Additional authentication for online purchases is provided through services like SafeKey.

Speed: American Express transactions in Singapore are generally processed swiftly, akin to Visa and Mastercard. However, some establishments might have slightly slower transaction processing for Amex than other card networks.

The Difference – Visa vs Mastercard vs American Express

1. Comprehensive Global Coverage of Payment Networks

Visa and Mastercard:

As the two largest global card networks, Visa and Mastercard offer extensive global coverage and are accepted in over 200 countries and territories.

Their vast networks facilitate convenient payments and cash withdrawals from ATMs worldwide. From retail stores to online platforms, merchants widely embrace both Visa and Mastercard, providing cardholders with accessible payment options across diverse regions.

American Express (Amex):

While American Express (Amex) has a slightly more limited acceptance footprint than Visa and Mastercard, it still exists in over 160 countries and territories. This enables Amex cardholders to enjoy payment options in numerous popular travel destinations and major commercial hubs.

Amex distinguishes itself by focusing on premium card offerings and services, catering to a specific clientele that values exclusive benefits, travel perks, and exceptional customer support.

Expansion Efforts:

Despite its relatively narrower acceptance scope, American Express is actively expanding its global coverage.

This is achieved through strategic partnerships with merchants and financial institutions worldwide, ensuring a broader reach and enhanced accessibility for Amex cardholders.

2. Costs and Charges

Merchants differentiate between Visa, Mastercard, and American Express based on the fees associated with each network. When a customer uses a card from these networks, the corresponding network imposes a moderate fee on the merchant.

These fees vary: Mastercard typically costs 1.55% to 2.6%, American Express charges 2.5% to 3.5%, and Visa/Discover range from 1.43% to 2.4% and 1.56% to 2.3%, respectively.

Merchants must understand these fee structures to decide which card networks to support.

3. Benefits

The benefits you enjoy from your card’s network depend on your card’s service level. However, it’s crucial to understand that not all cards guarantee every benefit at each level. Issuers have the flexibility to combine available benefits across different tiers.

While your card may offer additional perks beyond the network benefits, the following outlines the minimum benefits available.

1. Visa

Visa Traditional:

• Protection against fraudulent charges (typically 0 liability)
• Cardholder inquiry service
• Roadside dispatch for emergencies
• Emergency cash disbursement
• Emergency card replacement
• Coverage for collision damage in auto rentals

Visa Signature (in addition to Traditional benefits):

• Travel/emergency assistance services
• Lost luggage reimbursement
• Fine wine and food discounts
• Visa Signature Concierge
• Visa Signature Luxury Hotel Collection
• Golf discounts

Visa Infinite (in addition to Traditional and Signature benefits):

• Purchase security
• Return protection
• Travel Insurance
• Visa Infinite car rental privileges
• Priority Pass lounge access
• Airline incidentals statement credit
• Global Entry statement credit

2. Mastercard

Standard:

• Zero liability protection for unauthorised transactions
• Extended warranty coverage for eligible purchases
• Price protection for eligible purchases
• Satisfaction guarantee on eligible purchases
• Global Mastercard Service for emergency card replacement/cash advances
• Mastercard ID Theft Protection
• Rental car insurance

World (in addition to Standard Benefits):

• Worldwide acceptance
• Purchase assurance
• Lost or damaged luggage insurance
• Baggage delay insurance
• Trip cancellation/interruption insurance
• Travel accident insurance
• Master Rental Insurance
• Mastercard Luxury Hotel & Resorts Portfolio
• Mastercard Airport Concierge
• Fuel Rewards Network
• Shop Runner
• Onefinestay membership
• Priceless Cities
• Discounts on car rentals, hotels, and more

World Elite Benefits (in addition to Standard and World Benefits):

• Extra levels of travel insurance
• World Elite luxury travel benefits
• Personal travel advisor
• Elite hotel privileges
• Exclusive dining
• Mastercard Global Service Premium

3. American Express

American Express offers various card types with regular benefits, including:

• Membership rewards
• Extended warranty
• Purchase protection
• Return protection
• Cell phone coverage
• Amex mobile app
• Airport lounge access
• Concierge service
• Amex Offers
• Baggage insurance plan
• Car rental loss and damage insurance
• Trip delay insurance
• Trip cancellation and interruption insurance
• Global assist hotline

Note: The provided benefits are a general overview, and specifics may vary based on the issuer and the individual card. It is advisable to review the terms and conditions of the specific Visa/Mastercard/American Express card issuer for comprehensive and accurate information on associated benefits.

Understanding Fees and Charges When Choosing a Credit Card

Beyond the annual fees, it’s crucial to be mindful of other charges, such as credit card transaction fees, cash advance fees, and balance transfer fees, to avoid unexpected costs that could impact your personal finances.

1. Credit Card Transaction Fees

These fees, incurred by merchants for accepting credit card payments, vary based on the cards and transaction locations. Most Singaporean cards charge around 3% for overseas transactions, with merchants deciding whether to pass these charges to customers or absorb them.

2. Cash Advance Fees

Charged by credit card providers when withdrawing cash, these fees are typically a percentage (5% to 8%) of the cash advance amount, plus interest. Due to the high associated costs, it’s advisable to resort to cash advances only as a last option.

3. Balance Transfer Fees

One-time charges are applied when transferring balances between credit cards, these fees usually range from 1% to 5% of the total amount transferred. While balance transfers can help consolidate debts and leverage lower interest rates, cardholders should carefully consider and understand the associated fees before proceeding.

How to Apply for a Credit Card

Step 1: Opt for either online or in-person credit card application

Decide whether to apply for your credit card online, a more convenient yet potentially delayed process, or in person, allowing immediate query resolution and possible instant card issuance.

Step 2: Gather the necessary documents

Prepare essential documents, including proof of identity, proof of income, and relevant work passes for non-Singaporeans/PR, ensuring accuracy for a seamless application.

Step 3: Complete the application form

Fill out the credit card application form accurately, especially personal, employment, and income details. Take this opportunity to review and comprehend the card’s terms and conditions.

Step 4: Await confirmation and approval

Submit your application and patiently await confirmation, which may take a few days. Avoid multiple submissions to prevent impacting your credit score. Upon approval, you’ll receive a notification, and your credit card will be sent to you by mail. Activate it, and you’re ready to use your new card.

Understanding How Certain Negative Actions Can Impact Your Credit Score

Various factors can adversely affect credit scores, influencing the overall assessment of creditworthiness. It’s crucial to be mindful of the following elements:

1. Late or Missed Payments: Failing to make timely payments on bills can significantly lower your credit score, signalling potential financial instability to creditors.

2. Collection Accounts: Accounts sent to collections due to non-payment can severely impact your credit, reflecting a failure to meet financial obligations.

3. High Account Balances: Maintaining elevated balances on credit accounts, especially credit cards, in relation to the credit limit can be viewed negatively by creditors, suggesting potential financial strain.

4. Utilisation Ratio: The utilisation ratio, representing the ratio of outstanding credit card balances to the credit limit, is critical. A ratio too close to the limit may indicate a higher risk of overextension.

5. Short Credit History: A limited credit history can challenge the establishment of a robust credit score. Lenders often prefer a more extended credit history to assess creditworthiness accurately.

6. Multiple Accounts with Balances: Holding numerous accounts with outstanding balances may negatively impact the credit score, implying a higher level of debt and potential challenges in managing multiple financial obligations.

Understanding these factors is essential for proactive credit management. Regularly monitoring your credit report, ensuring timely payments, and maintaining a healthy balance between credit usage and available credit can foster a positive credit profile over time.

Conclusion

Discover peace of mind with our guide to Singapore’s 15 best credit cards. This comprehensive article provides insights into Singapore’s best credit card features and benefits, empowering you to make an informed choice tailored to your financial needs and lifestyle. Stress less and confidently embark on your credit card journey with our curated selection.

It’s crucial to discern the benefits you desire from a corporate card while also considering the perks a specific payment network provides. For example, you may prioritise a card offering airport lounge access, cashback rewards for specific spending categories, or featuring 0% APR balance transfers.

Additionally, ensure the payment network supports your employees with travel benefits, baggage insurance, warranty, and purchase protection. Select the best credit card in Singapore and payment network that aligns with your business needs for optimal utilisation.

Tips: Check out our list of the best saving accounts in Singapore with high-interest rates to help your savings grow. Click here to read! 

Frequently Asked Questions

Financial Disclaimer:

This article is for informational purposes only and should not be considered professional financial advice. Content reflects personal views and may differ from individual experiences. We recommend consulting a financial advisor or doing your own research before making financial decisions. The accuracy and completeness of information are not guaranteed, and we accept no responsibility for errors. Investing involves risks, and it’s important to consider your financial situation and risk tolerance before acting. We are not liable for any financial losses or damages incurred from using this information.