Best Credit Cards in Singapore

Navigating the various credit cards in Singapore can be overwhelming, with numerous banks vying for attention. Our simplified credit card comparison is designed to help you find the best credit cards in Singapore.

We’ve selected 15 popular credit cards from various providers, evaluating them based on key metrics like accessible minimum income requirements, low or no annual fees, and enticing cashback and reward options.

Singapore’s credit card balance is projected to reach $13.7 billion (US$10.2 billion) in 2023, reflecting a revival in economic activities. The market saw a 2.6% increase in balances outstanding in 2021 and a substantial 17.6% surge in 2022.

Singaporeans, known for their frequent card usage, recorded an average of 131.2 card payments per person in 2022, signalling a shift towards non-cash payment methods accelerated by the pandemic.

Overview of Singapore’s Best Credit Cards

1. Rewards Credit Card

2. Best Cashback Credit Card Singapore

Read also: Best Credit Card For Petrol in Singapore

3. Best Miles Credit Card Singapore

4. Premium / Luxury Credit Card

List of Best Credit Cards in Singapore 

1. HSBC Revolution – Ideal for Secured Card Options with No Minimum Income Required

The HSBC Revolution Credit Card offers unique advantages and is one of the best cashback credit cards in Singapore. Firstly, it comes with no annual fee. Secondly, for those who may not meet the minimum income requirements, there’s an option to apply with a 10,000 SGD deposit—a convenient way to initiate credit history building. In addition to these features, the card provides uncapped rewards, making it a compelling choice.

Key Features:

• Visa® card for global acceptance
• Up to 15% cash back for new customers
• Up to 3.33% cash back for regular spending
• Access preferential interest rates when you also save with UOB

2. Citibank® Rewards Card – Perfect for Shopping Enthusiasts On and Offline

Designed for avid shoppers, the Citibank Rewards Card¹⁸ offers elevated rewards for online and offline purchases. This includes various everyday activities such as ordering food delivery through an app or using ride-hailing services. With its Mastercard network, the card ensures widespread acceptance – one of Singapore’s best cashback credit cards!

Key Features:

• 10x points for online and offline shopping (including food delivery and ride-hailing)
• 1x rewards on all other eligible spending

3. Amex CapitaCard – Ideal for Free Parking During Your Shopping Spree

In collaboration with Capita, the Amex CapitaCard¹⁶ brings exclusive perks for frequent shoppers at Capita-branded malls. Earn rewards on mall spending and, if eligible, enjoy complimentary mall parking. With its American Express® network, the card boasts a lower annual fee than many counterparts.

Key Features:

• 3% to 5% rewards redeemable in Capita malls
• Complimentary parking

4. OCBC 365 Credit Card – Ideal for Two Years of Annual Fee Waiver

The OCBC 365 Credit Card⁹ is a versatile day-to-day option, especially for those unsure about committing to a credit card.

With an annual fee of 194.40 SGD, enjoy an automatic waiver for the first two years, allowing you to test its suitability risk-free, provided you make timely payments.

A minimum annual spend of 10,000 SGD is required for a continued annual fee waiver.

Key Features:

• Visa® card for global acceptance
• Minimum earning requirements: 30,000 SGD for Singaporeans/PR, 45,000 SGD for foreign residents
• 6% cash back on petrol, 5% on dining, and 3% on various eligible categories
• Monthly cashback is capped at 160 SGD across all cards on the account

5. UOB One – Tailored for Savings Enthusiasts

The UOB One card¹⁰ is designed for Singapore citizens and PRs with a minimum income requirement of 30,000 SGD. Perfect if you are looking for the best cashback credit card in Singapore! Unlock higher savings interest rates by crediting your salary to a UOB One account and regularly spending with the card.

Key Features:

• Visa® card for global acceptance
• Up to 15% cash back for new customers
• Up to 3.33% cash back for regular spending
• Access preferential interest rates with linked UOB One Savings

6. OCBC FRANK – Perfect for Students and Graduates

Geared towards students and executives, OCBC FRANK offers digital and innovative features for saving and spending. While students receive a debit card, executives can access the FRANK Credit Card¹² with a cashback of up to an impressive 10%.

Key Features:

• Visa network widely accepted globally
• Up to 100 SGD/month cashback, category-dependent, with a maximum of 10%
• Automatic annual fee waiver for 2 years, subsequent waivers with minimum spending
• Built-in budgeting and tracking tools in the card app

7. HSBC Visa Platinum – Great for Family Expenditure

The HSBC Visa Platinum Card¹³ caters to families with enticing cash back options, offering up to 5% cash rebate on major categories like fuel, groceries, and dining—making it an excellent choice for everyday spending.

Key Features:

• Visa network card with global acceptance
• Up to 5% cash back on family spending across major categories
• Cashback capped at 1,000 SGD/year
• Environmentally friendly, using 85%+ recycled plastic for cards

8. Citi PremierMiles Card – Best Miles Credit Card Singapore

Key Features:

• Earn 1.2 Citi Miles for every $1 spent locally (no minimum spend).
• Earn 2 Citi Miles for every $1 spent in foreign currency.
• An annual fee applies.
• Receive 10,000 Citi Miles upon annual membership renewal and payment of the annual fee.
• Citi Miles never expires.
• Enjoy Priority Pass membership, offering access to over 600 airport lounges twice a year.
• Priority Pass membership is granted upon application and is exclusive to the Principal cardmember, with up to 2 complimentary visits per calendar year.
• Complimentary Travel Accident Insurance with coverage up to $1,000,000, along with a Medical Assistance Programme and Travel Inconvenience Coverage.
• Utilise Citi PayAll to quickly earn and accumulate Citi Miles, Citi ThankYou PointsSM, or Cash Back by paying significant bills such as rent, insurance premiums, education expenses, taxes, utilities, and more.

For those who prefer a gradual approach to accumulating miles without the pressure of significant spending, especially suitable for fresh grads or individuals with limited expenses, the Citi PremierMiles card offers an appealing earning rate.

Earn 1.2 miles for every $1 spent locally and 2 miles for every $1 spent in foreign currency.

9. OCBC 90°N Card – Best Travel Credit Card Singapore

Key Features:

• Earn 1.3 Travel$ for every $1 spent in Local Currency.
• Travel doesn’t expire and can be converted to loyalty points with 9 airline and hotel partner programs.
• Cash rebates up to 2.1% from earned Travel$, with no minimum spend or caps.
• Online purchases on the OCBC 90°N Card include e-commerce Protection, safeguarding against non-delivery, defective goods, or lack of seller reimbursement.

If you seek a non-expiring air miles card for overseas online shopping, the OCBC 90°N card is a strong contender. Earn 2.1 miles for every $1 spent in foreign currency and 1.3 miles for every $1 spent locally. Agoda bookings yield 7 miles per $1 in foreign currency and 6 miles per $1 in SGD.

Note: Points are awarded in $5 spending blocks, so spending $4.90 locally won’t earn points until you reach the $5 minimum spend.

10. Amex Singapore Airlines KrisFlyer – Best Miles Credit Card Singapore

Key Features:

1. Earn Rate:
   • 1.1 KrisFlyer miles = $1 for all eligible card spend
   • 2 KrisFlyer miles = $1 for foreign currency spent overseas in June & December (uncapped)
   • 2 KrisFlyer miles = $1 for eligible purchases on singaporeair.com, SingaporeAir mobile app, and KrisShop (uncapped)
   • 3.1 KrisFlyer miles = $1 for eligible Grab Singapore transactions (capped at $200 per month)
2. Welcome Bonuses:
   • Receive 5,000 KrisFlyer miles upon the first spend (for first-time American Express Singapore Airlines Credit Card applicants)
   • Spend $12,000 or more on eligible purchases on singaporeair.com within the qualifying period and receive $150 cashback on your next purchase on singaporeair.com
3. Annual Fee:
   • First-year annual fee waiver
   • Subsequent annual fee: $178.20 (waivable for the first year)
4. Travel Benefits:
   • Up to $350,000 Travel Inconvenience & Travel Accident Benefits

All earned miles are directly credited to your KrisFlyer account monthly, eliminating the need for manual redemption. While the basic earn rate is standard, offering 2 miles for every $1 spent in foreign currency during specified months and 1.1 miles for eligible local purchases, the absence of earning caps enhances its attractiveness.

Additionally, the card provides a generous welcome bonus of 5,000 miles upon the initial spend and a cashback incentive for significant purchases on singaporeair.com.

Commuters using Grab in Singapore can benefit from a noteworthy 3.1 miles for every $1 spent, capped at $200 monthly. The first-year annual fee is waived, and subsequent annual fees are reasonably priced, with potential waivers, making this card a compelling choice for KrisFlyer enthusiasts.

11. KrisFlyer UOB Credit Card – Best Travel Credit Card Singapore

Key features:

Earn Rates:

• • $1 = 3 KrisFlyer Miles for everyday spend categories with a minimum annual spend of $800 on Singapore Airlines Group
  • $1 = 3 KrisFlyer Miles on Singapore Airlines, SilkAir, Scoot, and KrisShop purchases
  • $1 = 1.8 KrisFlyer Miles on Dining, Online Shopping, Travel, and Transport Card Transactions with a minimum sum of $500 charged on Singapore Airlines Related Card Transactions in a year
  • $1 = 1.2 KrisFlyer Miles on all other spend

The UOB KrisFlyer card stands out among air miles cards by offering competitive rates for everyday local spending. With an appealing design, this card rewards users with 3 KrisFlyer miles per $1 spent on dining, online shopping, travel, and transport card transactions.

To qualify for the 3 miles per $1 earn rate, a minimum annual spend of $800 on Singapore Airlines-related transactions (including KrisShop) is required. The card also provides 3 miles per $1 on Singapore Airlines, Scoot, and KrisShop purchases and 1.2 miles per $1 on other expenditures.

While the card carries an annual fee of $194.40, which can be challenging to evade, there’s a limited-time offer until 30 Sep 2023, allowing you to enjoy the first year’s annual fee waiver and receive a welcome gift of up to 31,000 miles.

Despite not having the highest earning rates, the UOB KrisFlyer card offers attractive bonus miles as enticing incentives.

12. Citi ULTIMA Card

The Citi Ultima card is an invitation-only card featuring exclusive privileges tailored for high-net-worth individuals.

In addition to the mentioned benefits, new or renewing Citi ULTIMA Cardmembers will receive a welcome or renewal gift of 375,000 Citi ThankYouSM Points, equivalent to 150,000 miles, upon payment of the annual fee of $4,160.16 (inclusive of GST).

13. UOB Visa Infinite Metal Card

I particularly appreciate the UOB Visa Infinite Metal Card for its partnership with Parkway Hospitals Singapore, providing 24-hour toll-free access to premier medical concierge services.

Additionally, I find their Home Assistance service valuable, covering repair bills with up to $100 per visit, a maximum of two times a year.

14. DBS Insignia Visa Infinite Card

The DBS Insignia card is tailor-made for you, featuring your name laser-etched onto the card and a substantial $1 million credit limit for that extra personal touch.

Every time you use your card for shopping, you earn an impressive 4x DBS Points at select merchants like Takashimaya Department Store, Esso, and Tung Lok Group.

15. OCBC Voyage Card

The OCBC Voyage card, centred on miles, presents a compelling option for frequent flyers. Avail yourself of a 19% discount at Caltex for fuel spending without any minimum expenditure.

Additionally, benefit from eCommerce purchase protection, providing coverage for losses incurred during online transactions using your VOYAGE Card, with a maximum annual claim limit of USD 1,000.

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.