Is it possible to do credit card churning in Singapore like the US?

Beyond all the feedback that other commenters have given, I want to chime in and point out that having a credit card also comes with costs/requirements–if you don't keep tabs on all of them, things could get complicated and end up providing more pain than gain.

The main thing to look out for is annual fee. Does the card have a waiver? If so, how long does it last? Some cards have no annual fee whatsoever (like most CIMB cards), so you can essentially put them in your drawer and forget about them without being penalised. Others have fees that are waived just 1 year so you'll need to start paying up when 12 months is over (unless you call in and ask for another waiver–but if you're not using the card at all, the bank may not entertain your request). Finally, several cards have spend-based fee-waiver (ie, waived w/ S$12k annual spend), but you'll need to use the card to reach that amount. If you have 3 cards each with a S$12k waiver, you'll need to evenly distribute S$3k monthly spend to avoid paying a fee!

You also might want to keep perk-restrictions in mind. Some cards require you to spend a minimum amount in order to unlock certain privileges. This is especially true with lounge access. If you're getting a card for its perks, check to see if there are requirements that might limit your access.

Finally–at least in this brief overview–consider minimum spend requirements. Most cashback cards require you to hit a set spend amount to earn at their advertised rates (ie, Citi Cash Back requires S$888/mo spend to earn 8% rebate). If you want to take advantage of specific card's rewards rates, you'll need to manage your budget across cards accordingly. This applies when you're using one card for it's top-notch dining rate, another for its shopping rewards, and so on (different cards to max out different categories).

That being said, most people own more than 1 credit card, and taking advantage of great promotions makes sense. As long as you can manage the cards you take on–paying the necessary fees, making payments on time, etc–it's perfectly reasonable to take on more than one (or even two). Personally, I have 3 credit cards. Two of them have no annual fee, and one has no minimum spend requirement. Others have already talked about credit implications, but I thought it might be important to cover this side as well.

Final note–if you want to track promotions, I do so here:

https://www.valuechampion.sg/best-credit-cards-...

Hope this helps!

Carrie

Hi anon,

You can do so, but be aware that if you apply too many cards at a go, you may be declined.

Credit score comprises of a number of factors, but if you say, apply a new card on average every quarter to take advantage of a promo, that's very unlikely to affect your score. The banks definitely know what is going on and have build in buffer to their promotions to account for cards that will be cancelled after the offer is claimed. The only worry is if you cannot keep track of your cards and end up paying annual fees because you forgot to cancel them, or if you mis-time your application as you were not sure of your new-to-bank status.

By far the biggest impact on your credit score would be if you didn't pay your bills in full and on time.

I wouldn't recomnend it,

seems a doubtful practice,

if you were the CEO of the cc company, would you love that practice?

I believe it's quite common to do so, especially with competition across the banks and also companies like Grab trying to enter the market. As long as you keep track of your credit card bills and pay them in full on time, your credit score should not be affected much.